In the wake of the coronavirus disease (COVID-19) pandemic, many Filipinos have their minds awash with fear and worry. Not only are they worried about their own health and their families’, they are also uncertain about the future of their income. The Department of Labor and Employment has predicted in a Senate hearing in May that an estimated 10 million Filipinos will lose their jobs this year due to the COVID-19 pandemic.
This kind of fear and uncertainty is unhealthy for any business that is already struggling to survive in the crisis. Low morale can hurt productivity and inevitably lead to further losses in revenues and sales, not to mention the very human impact that hopelessness can wreak in the workplace.
Taking care of employees is important
One way that businesses can care for and show their support to their employees during this time is by giving them additional medical benefits through a group life insurance. People are worried about their health, so aside from ensuring the safety and cleanliness of their workplace, company leaders can further lessen the burden on employees through benefits.
“If we relate it to our situation now, studies undertaken by reputable organizations have shown that getting sick can really drain a person’s resources,” Ging De Venecia of Sun Life Philippines’ Head for Group Life and Employee Marketing said.
“If that happens to an employee, not only will the employee’s family life be affected, but the employer as well because the staff’s productivity takes a toll.”
Ms. De Venecia added that for companies, a protection benefit, whether it’s for life insurance or critical illness, is one of the least expensive packages an organization can give to their employees, yet it is the ones that provides the most substantial returns.
“While it may be viewed as the least costly form of benefit, the impact to the organization is significant. It builds up loyalty and can lead to high employee morale and productivity,” she added.
What is group life insurance?
Group life insurance is a single contract which provides life insurance coverage to a group of people. This type of insurance is offered mainly by organizations and companies to their members or employees. It’s one way for employers to protect their employees and members by creating a unique benefits package that can fit the needs of the business or organization.
Prioritizing health and safety
Currently, health and safety have become the foremost concern in Filipinos’ minds in the wake of the COVID-19 pandemic. Recognizing this, Sun Life of Canada (Philippines), Inc. (Sun Life), the first and longest-standing life insurance provider in the country, recently launched its Group Life Insurance Critical Illness Benefit Rider.
The benefit rider, one of the most comprehensive in the market today, would act as a supplementary benefit to the Sun Life Group Yearly Renewable Term Life base plan. It will provide a guaranteed lump cash benefit upon first diagnosis of any of the 36 covered critical illnesses, provided that such diagnosis happened 90 days after the employee’s coverage is in effect and is alive within 15 days after such diagnosis.
This means that employees who suddenly get diagnosed with critical illnesses such as invasive cancer, stroke, or even disabilities such as total blindness and paralysis can expect their insurance provider to pay a fixed and lump sum cash benefit that they can use for their treatment, on top of any existing medical coverage.
For companies with existing medical coverage, the Group Critical Illness Benefit Rider can act as a second layer of protection, providing a high amount of benefits yet budget-friendly.
“Health and safety are some of the main considerations that employees would be looking at. Having this type of benefit would help put an employee’s mind at ease knowing that his employer cares for him and his family,” Ms. De Venecia said.
“On the part of Sun Life, it is our thrust to look into what our clients need and we do our best to respond. The launch of this health coverage solution is our way of telling the general public that we are listening and we’re here to provide,” she added.
This article was originally published in the BusinessWorld website on July 8, 2020.