Singlife offers funeral coverage of up to $9,000 via app

Funeral expenses in the Philippines often exceed $3,600.

Singlife Philippines has introduced a new whole life insurance product, Protect from Funeral Costs, via its Plan & Protect App.

The digital-only offering provides a lump sum benefit of up to $9,000 (₱500,000) to help families cover funeral expenses.

Premiums start at $8.05 (₱447) per month, with payment terms of 5 or 10 years, and coverage lasts until age 120. Coverage options range from $1,800 (₱100,000) to $9,000 (₱500,000). 

The product includes an automatic annual coverage boost, cash value accumulation, and a waiver of premiums in case of permanent disability.

The plan also offers extended coverage to a spouse or life partner and, starting in the second policy year, an option to enroll a child at no extra cost. 

Beneficiaries can receive 10% of the benefit immediately after submission of the policyholder’s death certificate and ID verification, with the balance released upon claim approval.

A built-in financial analysis tool helps users estimate how much coverage they need based on funeral preferences and expected costs. 

According to Singlife, funeral expenses in the Philippines often exceed $3,600 (₱200,000).

Protect from Funeral Costs is available exclusively through the Singlife Plan & Protect App, which also offers other insurance and investment-linked products. 

First-time users can receive $5.40 (₱300) in Singlife Credits upon using the app's financial analysis feature.

($1.00 = ₱56.13)