AFP cooperative taps Manulife for Group Credit Life Insurance
Manulife Philippines has tied up with the Armed Forces of the Philippines Finance Center Multi-Purpose Cooperative (AFPFC MPC) to provide Group Credit Life Insurance to its members who take loans from the cooperative.
Manulife president and CEO Ryan Charland said the company is honored to help AFPFC MPC secure its assets while protecting its members and their families.
“With Group Credit Life Insurance, a borrower’s insurance can help cover unfulfilled obligations in case of the insured person’s unexpected passing. Once a borrower ’ s debt has been settled by the insurance proceeds, the remaining amount can help support his or her beneficiaries,” he said.
Group Credit Life Insurance is a Manulife Philippines product providing businesses with a solution that can help protect creditors and borrowers against unforeseen circumstances.
Under the agreement, AFPFC MPC would pay for the annual premiums of the Group Credit Life Insurance of AFP officers, enlisted personnel, office employees, pensioners, and civilians who belong to its cooperative.
Borrowers who secure loans from AFPFC MPC, who are between 18 and 70 years of age and are in good health at the inception of the policy shall be eligible for coverage under the plan subject to other terms and conditions of the product.
AFPFC MPC is a cooperative that aims to cater to the various financial needs of its members from the AFP, including thrift and savings mobilization and credit services
AFPFC MPC chairman Lysias Cabusao said the cooperative is committed in delivering the best possible services to improve the economic and social condition of its members.
“AFPFC MPC members have unique financial needs, and there aren’t many insurance products which can serve those needs well. We are happy to have forged this partnership with Manulife Philippines to provide group credit life insurance to members of our cooperative,” he added.
The Manufacturers Life Insurance Company opened its doors for business in the Philippines in 1907.
Since then, Manulife’s Philippine branch and later The Manufacturers Life Insurance Co. ( Phils.) Inc. ( Manulife Philippines) has grown to become one of the leading life insurance companies in the country.