An independent policy paper by a top law firm and commissioned by leading life insurer Pru Life UK calls for the government to review existing regulations on selling insurance policies to Overseas Filipino Workers (OFWs) while they are abroad to help them achieve financial security.
The paper, which looks into the current regulations on cross-border selling of insurance products and offers recommendations on certain measures that would allow OFWs effective access to different financial products and services while they are abroad, is in line with the company’s commitment to drive up financial inclusion among Filipinos.
Authored by leading law firm Quisumbing Torres, an affiliate of Baker McKenzie, the paper entitled “Improving Access of Overseas Filipino Workers to Life Insurance” also discusses the need to revisit and update these regulations in view of recent developments relating to migrant workers programs and financial inclusion plan.
“Our ESG framework remains pragmatic and faithful to our purpose of helping people get the most out of life and further drive up financial inclusion in the country. The current working arrangements of OFWs make them particularly vulnerable to life’s uncertainties. It is our intentional goal to help them prepare for a secure and stable future,” Pru Life UK President and Chief Executive Officer Eng Teng Wong shared.
The paper identifies key challenges surrounding access to life insurance that need to be addressed for the benefit of OFWs:
Given these findings, the paper cites these three recommendations:
The paper is part of Pru Life UK’s mission to help Filipinos get the most out of life by making health and financial security accessible to the unserved and underserved including our OFWs.
While we continue engaging regulators to help ease the restrictions on cross-border selling of insurance, we will strengthen our online presence and make life insurance affordable and easily accessible to OFWs to help them know about the different life protection and investment-linked products available to them.
We will continue to conduct financial literacy campaigns for OFWs and their families before they work abroad through caravans and informative materials, to educate them on the importance of saving up for themselves and their households and having layers of insurance protection after working overseas.
We have dedicated financial advisors from our OFW PRUTectors Club providing OFWs with sound financial advice that will enable them to secure a better future.
We also offer our OFW families with free financial consultations, educating them on how to set their financial goals and find ways to achieve them, as well as manage their finances with help from our over 33,000-strong digitally-equipped financial advisors.
To download Pru Life UK’s “Improving Access of Overseas Filipino Workers (OFWs) to Life Insurance” white paper, please visit www.prulifeuk.com.ph or this link.
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