21 Oct Sun Life Insurance to be available for QLO borrowers
By: Manila Standard | October 21, 2020
In photo (clockwise L-R): Sun Life Philippines CEO and Country Head Benedict Sison, Sun Life of Canada (Philippines), Inc. President Alex Narciso, MRACC CEO and President Mica F. Tan, and MRACC Vice-President Ruth Oquendo
In a bid to make insurance more accessible to Filipinos, select Sun Life of Canada (Philippines), Inc. (Sun Life) insurance products will be available to borrowers of Quick Loans Online (QLO), a cost-free and risk-free salary loan facility powered by fintech lending company MR Angel Credit Corp. (MRACC).
Under the initiative, qualified QLO borrowers will automatically enjoy free Sun Life personal accident insurance with a maximum coverage of P80,000. Once insured, the borrower will be covered for a full year for contingencies such as loss of life, dismemberment, and loss of sight due to accident. The insurance covers various occupations except police, military, naval or air service.
“We are excited about this tie-up with MRACC under their QLO facility, as it allows us to widen our reach and protect more Filipinos from life’s uncertainties. It’s a step towards Sun Life’s goal of helping Filipinos achieve lifetime financial security,” Sun Life Philippines CEO & Country Head Benedict Sison said. “We thank MRACC for their trust and support.”
Meanwhile, MRACC CEO and President Mica F. Tan shared, “Through QLO, it is our goal for working Filipinos to achieve financial security and peace of mind. This tie-up between QLO and Sun Life came at a time when the outbreak was at an unprecedented level. For this reason, it was important for us to find ways to provide free insurance coverage for our borrowers. QLO is not only lending funds in times of emergency – we are also committed to providing safety and security for our borrowers and their loved ones.”
The strategic partnership between Sun Life and MRACC was formalized through a virtual contract signing attended by Sun Life CEO & Country Head Benedict Sison, Sun Life President Alex Narciso, MRACC CEO and President Mica F. Tan, and MRACC Vice-President Ruth Oquendo.