What is Cash for Income Loss?
Cash for Income Loss safeguards customers and their loved ones from great financial distress in case of disability or death that can cause a person, especially a breadwinner, to become physically incapable of earning a monthly income. For as low as Php416 per year, a customer earning PHP20,000 per month can get cash to replace 100% of his income for 36 months, plus a cash bonus worth 2 months to help him and his family bounce back stronger.
Each Cash for Income Loss plan is tailored fit to the customer’s lifestyle, health condition, and family history. It takes into consideration a person’s age, lifestyle, health condition, and monthly take-home income to provide the best possible price for the right amount of coverage. It also comes in Bronze, Silver, and Gold coverage levels with different benefits and annual premiums.
Note: Premium depends on coverage level, take-home income, age, lifestyle, health condition and family history.
Sample Premium Computation
- Take-home income: Php 20,000/month
- Mode of transportation: Commutes to work
- Occupation Type: Office employee
- Health Condition: In excellent health
- Age: 20 years old
Note: The monthly premium payment plan is now available for annual premiums that are at least Php1,000!
How can I buy this product?
- You can buy this if you are:
- 18 to 54 years old
- a fully-verified GCash user
- in good health and able to work and do not have any pre-existing conditions
- a Filipino citizen or a foreigner who is a legal resident of the Philippines
What are the benefits of this product?
- Continue to support your family
- Monthly Cash Benefit
- Get cash to replace up to 100% of your declared monthly take-home income paid out over 36 months – giving your family enough time to recover.
- The total benefit is paid monthly instead of yearly to ensure a steady flow of income for daily needs.
- Cash Bonus
- Get a cash bonus equivalent to 2 months of your declared take-home income so your family can bounce back stronger.
What’s the coverage?
The benefit will be payable based on the following requirements:
- The accident or illness that cause the disability is not caused by exclusions and expanded accident coverage, we will pay 100% of the benefit
- The accident that cause the disability is caused by an expanded accident coverage, we will pay 50% of the benefit amount
- The disability is total and permanent.
- 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.
- 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:
- while you are at work as a Licensed Pilot, Helmsman, or Paid Driver;
- while you are in a commercial land vehicle, aircraft, or water-borne craft but not as a fare-paying passenger
- during any of the following incidents:
- Body Boarding
- Kite Surfing
- Jet Skiing
- Wind Surfing
- Hand Gliding
- Canopy Piloting
- Legal Road Racing
- Legal Water Racing
- during any act of terrorism*
- during any nuclear, biological, and chemical attack/warfare*
*For incidents during any act of terrorism and any nuclear, biological, and chemical attack/warfare, 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.
Exclusions – What we are not able to cover
- We will not pay any benefit for disability under your Policy if:
- 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.
- 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.
- 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.
- 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.
Who can be nominated as my beneficiaries?
- You can set at standard order or choose to name beneficiary/ies during purchase.
- The standard order is as follows:
- Surviving Legal Spouse;
- Surviving legitimate, illegitimate, legitimated, legally adopted children; or
- Surviving parents; or
- Surviving siblings
- 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.
How many insurance policies can I avail from Singlife?
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 Php6 Million.
STEP 1. Login to your GCash app, then click the GInsure icon
STEP 2. Choose “Cash for Income Loss”
STEP 3. Answer the eligibility questions and provide the other needed information for your personalized quote
STEP 4. Review your policy details and tick the Declarations box
STEP 5. Click “Confirm and Pay”