Manulife Philippines just launched a new insurance plan designed to be the MVP that can help Filipinos win in life and achieve their visions for themselves and their families.
Insurance penetration in the Philippines is less than 2% according to the Insurance Commission. Despite the availability of numerous products in the market, many Filipinos hold back in purchasing life insurance plans. Manulife Philippines gathered insights directly from customers to learn about their top concerns when purchasing life insurance plans.
https://www.youtube.com/watch?v=R5cq5HqmgUg
“When we spoke to customers, one of the things they told us is that they are worried that the market’s volatility could depreciate the value of their life insurance plans,” said Melissa Henson, SVP & Chief Marketing Officer of Manulife Philippines.
In 2018, 73% of life insurance policies sold were variable life insurance.2 This type of product is so popular because the prospect of growth and returns on your premiums is quite attractive. However, while this type of product does have the potential for growth, it is also exposed to the risk of losses, especially when markets fluctuate.
“Customers are also concerned that they could lose their and their family’s protection or have to pay extra if the market does not perform well. In addition to this, they shared that they often don’t have time to complete the process of filling up forms and undergoing medical exams to purchase life insurance,” Henson added. “The feedback we received gave us the inspiration behind our newest product, Manulife MVP or My Vision Plan.”
Manulife’s My Vision Plan (Manulife MVP) is a groundbreaking insurance and investment product that addresses customers’ concerns by offering guaranteed cash benefits on top of their investments, regardless of market movements; lifetime protection once the policy is fully paid; a fixed paying period of five, ten, or fifteen years depending on their needs and goals; and easy application for up to Php 1 million coverage*.
To launch their new MVP, Manulife developed an energetic and quirky video that showcased how Manulife MVP, like an MVP in sports, can help Filipinos win in life.
In the video, Manulife MVP is shown as an athlete who helps her team win in different sports. She starts off coming to the rescue of a weary fellow track and field runner, demonstrating Manulife MVP’s easy application and payment process. Next, she is seen breaking away from losses associated with market volatility in a game of basketball, eventually slam-dunking to victory. Lastly, she is shown as a soccer goalie, successfully blocking a shot against a secure future.
“Life’s a team sport. Manulife MVP will be your teammate who boosts your chances and helps you hurdle life’s financial challenges, so you and your family can live a better life,” says Henson.
Designed with customers in mind, Manulife MVP aims to make Filipinos’ financial decisions easier by combining the most valuable insurance and investment benefits in one solution. It also makes their lives better by offering them guarantees in the face of life’s uncertainties. By covering all these bases, Manulife MVP empowers Filipino customers to be MVPs in their own lives, in support of the people they love.
To know more about Manulife MVP, visit the Manulife Philippines website at www.manulife.com.ph.
