What is Cash for Income Loss (Any Cause)?
We provide fuss-free protection that is easy to purchase, manage and made even more affordable! GInsure in partnership with Singlife offers Cash for Income Loss (Any Cause) for as low as Php416/year that allows policy owners to get cash to replace income in case of disability or death. With just a few taps, you can get insured for up to Php 3,800,000.
Note: The monthly premium payment plan will be available soon!
What are the qualifications and benefits?
You can buy this if you are:
- 18 to 54 years old
- a fully-verified GCash user
- in good health and has never been a ‘confirmed COVID-19 case’
- a Filipino citizen or a foreigner who is a legal resident of the Philippines.
What are the benefits of this product?
Cash for Income Loss (Any Cause) provides monthly cash benefit if you get disabled or pass away. The cash benefits are paid to you, if you get disabled; or to your beneficiary, if you pass away.
The benefit will be payable based on the following requirements:
1. The accident or illness that cause the disability is not caused by exclusions and expanded accident coverage, we will pay 100% of the benefit
2. The accident that cause the disability is caused by an expanded accident coverage, we will pay 50% of the benefit amount
3. The disability is total and permanent.
4. The Insured has to have an occupation within 6 months before the accident that cause the disability. Also, he/she has to be in that occupation for at least 6 months.
5. The disability should fall into any of the following classifications:
- Functional Disability - A state or condition that prevents a person from performing at least 3 of the 6 Activities of Daily Living (ADL), which are (i) washing, (ii) dressing, (iii) transferring, (iv) mobility, (v) toileting, and (vi) feeding.
- Presumptive Disability - A state or condition where you suffer total and irrevocable loss of (i) the entire sight in both eyes, or (ii) the use of any two limbs at or above the wrist or ankle, or (iii) the entire sight in one eye and the use of any one limb at or above the wrist or ankle."
- Occupational Disability - A state or condition where you are unable to perform:
- your current occupation; or
- any occupation where you can earn more than half of your income prior to being disabled.
Expanded Accident Coverage
The following are considered as expanded accidents. These are accidents that happen:
1. while you are at work as a Licensed Pilot, Helmsman, or Paid Driver;
2. while you are in a commercial land vehicle, aircraft, or water-borne craft but not as a fare-paying passenger
3. during any of the following incidents:
4. during any act of terrorism
5. during any nuclear, biological, and chemical attack/warfare
For (4) and (5), the amount of benefit may be adjusted or payment may be delayed.
In case you pass away, we will pay the beneficiary/ies 100% of the Total Benefit Amount.
Frequently Asked Questions
How are the benefits paid out?
If you get disabled or pass away, you or your family will receive the benefits in monthly installments over 36 months rather than in lump sum. This is to assure you and your family that there will be a steady flow of income for daily needs and stay on track with long-term goals.
How many policies can I buy?
You can buy as many policies from Singlife as you want, as long as the Total Benefit Amount of all life policies does not exceed Php 6 Million.
Who can be nominated as my beneficiaries?
Your beneficiaries will receive the benefits should you pass away.
By default, policy benefits will be paid in this standard order:
- We will first pay the policy benefits to you
- Or if you pass away, to your surviving family members
- To your surviving legal spouse
- Or if non, to your surviving legal child/ren
- Or if non, to your surviving parents
- Or if non, to your surviving siblings
- Or if there is none, to your estate - meaning, your policy benefit will be included in your estate (properties that you will leave behind when you pass away).
You may also choose to name a specific person as your beneficiary. We encourage you to take time considering who to name as a beneficiary to ensure you nominate one who will genuinely suffer or face negative financial impact in case of your untimely passing - these are usually your immediate family and relatives.
By law, you may name a person who you know provided the law does not forbid him/her from receiving any donation, as indicated in Article 739 of the Civil Code of the PHilippines. The following donations shall be void:
- Those made between persons who were guilty of adultery or concubinage at the time of the donation;
- Those made between persons found guilty of the same criminal offense, in consideration thereof;
- Those made to a public officer or his wife, descendants and ascendants, by reason of his office.
Can I buy for someone else?
You can only buy the policy for yourself.
Am I covered outside of the Philippines?
Yes, you are covered even when the disability or death occurs outside of the Philippines. The cash benefit payable will be in Philippine Peso,
Can I cancel my policy?
You may cancel your policy within 15 days after you receive it (via email or through the Policy Page in your GCash app) and we will return all premiums paid. Your policy is considered received after we have sent the e-Policy to your registered email.
How do I pay for my insurance?
We will automatically deduct the amount for payment from your GCash e-wallet on the premium due date. Please make sure you have enough balance in the GCash e-wallet to keep your policy active.
When is the monthly premium payment schedule available?
The monthly premium payment schedule is available for coverage with a yearly premium of at least Php 1,000.
Any yearly premium below Php 1,000 will automatically be available in yearly premium payment schedule only.
What happens if I don't pay on time?
If we are unable to deduct your premium on its due date due to insufficient fund in your GCash wallet, your policy may terminate. Hence, we encourage you to keep track of your premium due dates so during the scheduled deduction dates, your GCash wallet has sufficient funds. However, if we failed to deduct your premium on its due date because of insufficient fund, you have a grace period of 31 days from the premium due date to make sure your GCash wallet has enough funds.
How do I file a claim for Disability?
You may call us at +632-8299-3737 or email us at email@example.com so we can assist you in filing the claim.
Please note that the review of the claim will only start once you have submitted all the required claim documents. We will contact you if we require any additional information and/or document(s).
How will my Beneficiary/ies file for a claim in case I pass away?
Your beneficiary/ies may call us at +632-8299-3737 or email us at firstname.lastname@example.org so we can assist them in filing the claim.
The review of the claim will only start once your beneficiary/ies have submitted all the required claim documents. We will contact your beneficiary/ies if we require any additional information and/or document(s).
“Beneficiary/ies” are the person/s designated to receive the policy benefits if you pass away.
How long would it take before I receive my benefit?
Validation of a claim for disability or death may take time. We understand that you or your Beneficiaries will continue to have financial needs after submitting the required claim documents and waiting for our decision on your claim. To help during this time, we can start paying the monthly cash benefit, to you or your Beneficiaries, within 3 business days that you or your Beneficiaries submit the required claim documents and you agree to the conditions for the execution of the advance cash option.
The payout of the advance cash option does not mean that the claim is approved, nor does it mean that we will not ask for additional supporting documents. We may still ask for supporting documents to allow us to decide on the claim.
These scenarios are not able to cover for Cash for Income Loss (Any Cause):
A. We will not pay any benefit for disability under your Policy if:
1. it is caused by a pre-existing condition
Pre-Existing Condition is any condition for which you may have already had signs or symptoms, received medical advice, diagnosis, medication, or treatment prior to the effective date or date of last reinstatement, whichever is later.
Any condition where a physician has certified that you have fully recovered for at least twenty-four (24) months prior to the effective date or date of last reinstatement (whichever is later) will not be considered as a Pre-existing Condition.
2. it is caused by:
- any attempted suicide, while sane or insane; or
- any intentionally self-inflicted injury; or
- any illegal or unlawful act, or any attempt to perform any illegal or unlawful act (including any act of terrorism) committed by you.
3. it happens while you are on duty and serving in the armed forces of any country or international authority, whether in the time of war or peace.
B. We will not pay any benefit for death under your Policy if it is caused by suicide within one (1) year from the following, whichever is later:
- the effective date; or
- date of the last reinstatement date; or
- date of change in coverage
However, if suicide is proven to have been committed while insane, it will be payable regardless of when it happens. If the suicide is not payable, we will refund the premiums paid in full for the policy year.