Many OFW’s have started to realize and understand the importance of insurance for them and their family members. This is the result of the financial literacy awareness projects being pushed by several individuals and groups.
However, there are cities and countries that have limitations when it comes to buying life insurance products. Or OFW’s simply have no access and means to get in touch with financial advisors in the country of their work.
Just a couple of days ago, I bumped into an old friend who works at AXA Philippines and told me about their latest marketing strategy to offer their insurance products: The AXA Insurance Online or AXA iON.
AXA iON boasts as the Philippines’ first online insurance store. Anyone (who has credit card) can apply for coverage and buy life insurance online with their simple and secure process.
This somehow eliminates the limitation for OFW’s to get an insurance product back in the Philippines because they only have to fill out certain information and answer questions. They can also pay the monthly premium online using credit card via PesoPay (DollarPay) facility.
(Note: An OFW or a Filipino who resides abroad should be within Philippine territory when applying for this and any other Philippine insurance product.
UPDATE-June 2015: OFWs like you may now avail AXA iON products even if you are currently abroad using your credit card. Visit their website for more.)
Although the coverage may not be that “big” enough for some, this is still a good start for those who are not yet insured and are itching to be insured soon.
And during the media launch two days ago, AXA also streamed the event live online via Google Hangout with the AXA President Rien Hermans. Here is the recorded version of the media launch posted on Youtube with Hermans explaining about AXA Insurance Online (iON) as the first online insurance store in the Philippines designed for the young and Internet savvy.
AXA Philippines is a partnership between Metrobank, one of the foremost financial institutions in the Philippines and the AXA Group, a worldwide leader in insurance and asset management.
With this initiative by AXA Philippines, we really hope that the rest of the top insurance companies follow suit and launch their own online insurance stores soon.
To know more about AXA iON and their other products, you can visit their website.
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hi burn, this is very convenient for us working abroad! 🙂 thanks for posting it. 🙂 i have query, im new to insurance thingy, as in no idea about it..but im itching to get one. i read a blog before (dunno if its here or pesos and sense) that someone can get insurance to protect their stock shares when they die..or something close to it. what kind of insurance product is that? thanks sooo much in advance! – ronron
Hi ronron. I actually about that here: http://burngutierrez.com/what-happens-to-your-stocks-if-you-die/
Basically, all your assets, including your stocks, will be “frozen” by the government and are subject to estate tax when you die. Which means your surviving spouse or family members will have to settle and pay the estate tax in cash before your assets can be transferred to them under their name/s.
If you have a life insurance, your family members will be able to use the proceeds to pay for this estate tax since life insurance is tax-free in the Philippines.
Any type of life insurance can do but make sure that the coverage will be enough to pay for the estate taxes.
hahh cheers! BURN, YOU-ARE-AN-ACE! thanks so much..that sums up all my questions. thanks again. 🙂