Latest news with #financialprotection
Yahoo
2 days ago
- Business
- Yahoo
Ph fintech GCash gives Filipinos free access to insurance through "Buy Load" service
MANILA, Philippines, June 4, 2025 /PRNewswire/ -- In line with the Philippines' efforts to further boost the local insurance industry, GCash, the Philippines' leading finance super app, introduces a new feature to unlock access to insurance for millions of Filipinos. The e-wallet is providing free health insurance, underwritten by FPG Insurance, when eligible users buy prepaid credits for themselves using the app's Buy Load service, empowering users to prepare for unexpected medical or hospitalization expenses. "This initiative, powered by our insurance platform, GInsure, in partnership with FPG Insurance, reflects our commitment to making financial protection accessible to every Filipino, ensuring that even the simplest transactions, like buying load, come with the added security of health coverage at no extra cost," said Winsley Bangit, VP and Group Head of New Businesses at GCash. The country's insurance penetration has grown in recent years, but it remains below 2%. With millions of Buy Load users on the app, GCash sees an opportunity to protect more Filipinos, offering an incentive beyond telecommunication services. "This benefit ensures users have funds for medical costs or can compensate for lost income during recovery, helping prevent families from falling into debt and alleviating financial struggles," Ren-Ren Reyes, president and CEO of GCash mobile wallet operator G-Xchange, Inc. The free health and accident insurance gives eligible users up to PHP 30,000 coverage and additional benefits. Users can also get income assistance when hospitalized due to illnesses and accidents, allowing them to receive PHP 500 per day salary assistance for a maximum of 5 days. They can also get up to PHP 10,000 disablement benefit, providing the user or their beneficiaries a safety net. View original content to download multimedia: SOURCE GCash Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Travel Daily News
26-05-2025
- Travel Daily News
Why travel insurance has become a necessity for vacations
Travel insurance can be used to cover a variety of possible problems, from serious issues like the cost of medical care if you become unwell to minor inconveniences like delayed or lost luggage. No one heads off on vacation expecting something to go wrong, but this can happen. Whether you lose your luggage, become unwell during your vacation, or a flight gets cancelled, these issues can ruin the entire trip. In some cases, it might even cause you financial losses, and this can turn a bad situation into an absolute nightmare. But this is where travel insurance comes in. Travel insurance is one way to protect yourself if any of these issues, or other common vacation problems, occur. It is wise to do your research before purchasing a travel insurance policy, and this post shares the most necessary information. What is Travel Insurance? There are numerous different types of insurance. Travel insurance is a type of insurance policy that is designed to protect an individual from financial losses that can occur when on vacation. This type of insurance coverage is recommended if you are travelling internationally, and it should be purchased before you head off. Travel insurance can be used to cover a variety of possible problems, from serious issues like the cost of medical care if you become unwell to minor inconveniences like delayed or lost luggage. How to Select the Right Travel Insurance Policy for You Although there might be a belief that any travel insurance policy will do, this is not the case. Instead, you must find a policy that suits your needs and preferences. To find the plan that is suitable for you, you must complete a comparison of travel insurance policies to find the one that provides the best value. However, there are a number of factors to consider when you decide which travel insurance policy is the one for you. Firstly, you should look at your personal circumstances, like age and pre-existing health conditions, before choosing an insurance policy. Both your age, especially if you are over 65, and pre-existing medical conditions can impact what coverage is available to you and the likelihood of claims being denied. You must also think about the destination(s) you will be visiting and any activities you might participate in when selecting a travel insurance policy. The risks can vary depending on the country you travel to, with some locations having higher healthcare costs, such as Switzerland, and more disease outbreaks. Similarly, if you plan on participating in sports that are considered extreme like white water rafting, you might need additional coverage. Three of the Most Common Situations That Can Be Helped by Travel Insurance As briefly touched upon previously, there is a range of issues that can cause an individual to make an insurance claim while travelling. The three situations outlined below are some of the most common you might experience. Cancelled Trips A lot of money can be lost if a trip is cancelled and you do not have any travel insurance. Trip cancellations can happen unexpectedly, whether it is due to a natural disaster or the travel company has gone into financial default. Without insurance, you are unlikely to get a refund on accommodation or flights you have booked for a vacation. It is also worth noting that the right travel insurance policy could reimburse you if you need to cancel your vacation due to a family emergency, illness, or injury. Accidents and Illness With more than half of the Americans surveyed reporting that they have experienced an upset stomach while abroad, it is not unthinkable that you might fall unwell on vacation. This can be a tough situation to deal with when you are in an unfamiliar area, especially if you are unsure if you can access the country's healthcare system. As medical care can be expensive in different countries, you might also avoid seeking care to prevent paying costly bills. Thankfully, travel insurance can help. A good-quality travel insurance policy can cover the costs of hospitalization and medical treatments you might require. Other expenses, like surgery, could be included, too. Lost or Stolen Baggage Bags and suitcases can be delayed, lost, or stolen at any point during a vacation. When this happens, you might need to buy essential items that will see you through the remainder of your trip. This is unlikely to help reduce the stress you have felt during this experience, but your chosen policy might reimburse you for these purchases and any lost valuables. To conclude, travel insurance is clearly a necessity for anyone vacationing overseas or in a foreign country. This type of insurance coverage can protect you from unexpected costs in a number of situations, such as sudden illness and trip cancellations. If the latter occurs, for example, and the trip is costly, then you won't be out of pocket. With the information provided in this post, you will be better prepared to purchase a suitable insurance policy when you next travel. Photo by Ilnur Kalimullin on Unsplash
Reuters
19-05-2025
- Business
- Reuters
Britain to regulate buy now, pay later lenders
May 19 (Reuters) - Britain is to regulate buy now, pay later (BNPL) lenders from next year in a shift the government said would give shoppers stronger rights and more protections from the "wild west" of unregulated borrowing. The move, which comes alongside a wider set of changes to legislation for regulating consumer credit, will mean BNPL is treated like other credit products, the UK finance ministry said in a statement on Monday. Buy now, pay later companies are largely unregulated and typically offer on-the-spot short-term loans that spread consumer payments for retail products over multiple instalments. The new rules will require BNPL providers such as Klarna and Clearpay to carry out checks on whether customers can afford to take on the debt, and give them faster access to refunds, the finance ministry said. More than 10 million people in the UK use BNPL. The government says that when used responsibly it can be a useful tool to help people manage their finances. Consumer groups, however, have long raised concerns that cash-strapped shoppers are getting into debt by using BNPL to buy food or pay energy bills. "From next year, BNPL firms will need to follow consistent standards — so shoppers will know exactly what they're signing up to when they opt to break up payments, whether they can afford it, and how to get help when things go wrong," the finance ministry said. Economic Secretary to the Treasury Emma Reynolds said BNPL had transformed shopping for millions but for too long "operated as a wild west" - leaving consumers exposed. The previous UK government announced draft plans to regulate the sector in 2023, saying at the time that it posed potential harm to consumers without thorough affordability checks. An extra 2 million people have started using BNPL since 2022, the government said on Monday.
CBS News
15-05-2025
- Business
- CBS News
3 insurance policies seniors should consider this spring
Seniors could enjoy greater financial protection by exploring some key insurance policies this spring. Yuri Arcurs Images While the economic and stock market uncertainty of March and April may have waned in the opening weeks of May, the impacts of that volatility are still being accounted for. And even for those who have since seen their retirement savings and investments bounce back, the recent market swings may have left them considering their long-term financial safety nets. This consideration is especially important for seniors and older adults. With limited income and a budget largely comprised of Social Security and retirement savings, there's often very little flexibility for financial changes or additional expenses. Understanding this dynamic, on the surface, it may seem unusual to consider adding another bill into the mix. But there are some insurance policies that seniors, especially, may find worthwhile right now. And, if they act this spring, they could potentially secure more coverage at a lower premium than if they had waited until the summer or until their next birthday arrived. But which insurance policies, specifically, should seniors be considering this spring? Below, we'll break down three to think about now. Start by exploring your Medicare supplemental insurance options here. 3 insurance policies seniors should consider this spring Here are three insurance policies seniors should consider this spring, either individually or in conjunction with each other, to establish broader financial protection: Medicare supplemental insurance Medicare supplemental insurance, also known as Medigap, helps fill in the holes in your insurance left over by regular Medicare. If you continually find yourself with bills for co-pays or deductibles that your traditional Medicare insurance didn't cover, then a supplemental plan could be worthwhile for you. Just be sure that the cost of coverage is lower than what you're currently paying in out-of-pocket costs. That said, while a Medicare supplemental insurance price may not be clearly valuable right now, it likely will be over time as physician visits increase in frequency and the lack of comprehensive Medicare coverage becomes more pronounced. Compare your Medicare supplemental insurance plans and offers online today. Long-term care insurance Long-term care insurance can cover the costs associated with nursing homes and assisted living facilities, offering a vital form of financial protection for your golden years. But it doesn't just stop there. It can also help cover the costs of in-home caretakers for those seniors who prefer to age at home. And, in some circumstances and with some providers, it may even reimburse family members and friends who are already providing these services free of charge. That said, like the other insurance options on this list, long-term care insurance is generally more robust in terms of coverage and less expensive the sooner you apply. So if you know you'll need this type of insurance in the future, even if not exactly this spring, it may make sense to start researching your options now. Learn more about your long-term care insurance options here. Whole life insurance There are two primary insurance types: term, which exists for a certain time only and has no cash value, and whole, which will last for the rest of your life and will come with a cash component that you can borrow from while still alive. Whole life insurance, largely because of the cash component, is typically more expensive. But if you're healthy, relatively young and have the budget to afford slightly higher premiums, this could be a valuable insurance type to pursue. Not only will it give you an account to borrow from while alive, but it will also leave your beneficiaries with a healthy amount of money to utilize after your death (as opposed to the other insurance types on this list, which typically end after the insured has died). That said, it will take time to build up your cash component, so it makes sense to speak with a whole life insurance agent who can answer your questions to better determine if this insurance type is the right fit for your needs and goals. Learn more about opening a whole life insurance policy now. The bottom line Whether you're looking to cover costs that your Medicare plan left you burdened with, need financial help for long-term care or simply want to build up a cash reserve that you can potentially use now (and leave to your loved ones in the future), there's likely an insurance policy that makes sense for you this spring. But remember that prices here vary and all three will increase for applicants the later they apply in life. So if you want (and need) the financial protection each offers, it's generally smart to start researching your options and start compiling policy quotes sooner rather than later.
Irish Times
13-05-2025
- Business
- Irish Times
Keeping your nest egg safe: is it time to increase the level of protection?
Savers in Northern Ireland could soon find themselves not just earning a better rate of return on their savings but also receiving a higher level of protection than their peers across the Border if changes afoot in the UK come to pass. At the moment, savers with AIB NI can avail of rates of as much as 4 per cent AER on savings that are protected through the UK's Financial Services Compensation Scheme up to £85,000 – pretty much on a par with the level of €100,000 offered in the Republic as part of the EU scheme. Listen to Better with Money, our new personal finance podcast Listen | 15:23 But the UK is considering strengthening that protection. Under proposals put forward by the Bank of England , savers could have deposits of as much as £110,000 (€128,000) protected. This represents an increase of some 30 per cent on the current level of £85,000, and would mark the first time the level has changed since 2017 when the UK was part of the EU scheme. The Bank of England has suggested the change is needed to keep protection in line with inflation to 'give consumers confidence that their money is safe if their UK-authorised bank, building society or credit union fails'. READ MORE Sam Woods, deputy governor for prudential regulation at the UK central bank, said: 'Confidence in our financial system is an essential foundation for economic growth. We want to support confidence in our banks, building societies and credit unions by raising the amount that people can keep in their account which is covered by the deposit guarantee scheme to £110,000 per person, so all that money is safe even if the firm fails.' A consultation is set to follow and, if adopted, the new rules will come into force on December 1st, covering both retail and SME customers. But should Irish savers be looking for a similar increase? Irish case In Ireland, savers are protected through the Deposit Guarantee Scheme up to €100,000 per person, per bank or financial provider, if those institutions are unable to repay your deposit. If a similar rate of increase to the UK was adopted, this would jump to €130,000. Of course, it's not as straightforward in Ireland. Post-Brexit, the UK is free to set its own agenda: as part of the European Union, Ireland must follow the EU's guidance on this. And, under the EU Deposit Guarantee Scheme Directive, protection schemes have been harmonised across the bloc at the level of €100,000. The scheme has been effective. Since its introduction back in 1994, depositors have not suffered any losses on holdings of less than €100,000. The scheme is obliged to pay out within seven days of an institution failing. In Ireland, depositors have claimed through the scheme in relation to liquidations at IBRC; Berehaven Credit Union; Rush Credit Union; Charleville Credit Union and Drumcondra and District Credit Union. And it continues to offer protection for most savers – according to the European Banking Authority (EBA), the current level of €100,000 fully covers the majority of European savers. Figures from end-2023, for example, show that 96 per cent of eligible depositors in the European Economic Area would be paid back the full amount of their deposits at any failed bank. 'Only a relatively small share of consumers hold deposits above this level, meaning few savers would see direct benefits from a higher limit,' Eoghan O'Hara, the country head of Raisin Ireland notes. The EBA simulated the impact of increasing the level of protection to €150,000, but found that it would have a 'very limited impact on the proportion of fully covered depositors since the level of full coverage is already very high'. As such, the EBA suggested that a potential increase in the €100,000 limit would have a 'positive' but 'limited' impact on financial stability and consumer protection. It would also be costly as more protection means more funding. While Ireland's deposit protection scheme is administered by the Central Bank, it is credit institutions covered by the scheme that actually fund it. It remains under review, however. The issue for savers is that, at a time of continued inflation, €100,000 is not worth what it used to be. According to the CSO's inflation calculator, €100,000 in March 2015 now has an equivalent of about €123,500. Irish savers may also have a lower choice of savings options, given the lack of competition in this space and the departure of so many providers in recent years – although they are covered for savings in other EU banks. The level of protection may be more relevant to Irish savers, given how much of our wealth is tied up in deposits. Latest figures from the Central Bank show that household deposits stand at about €143 billion. Irish households also have a strong savings rate. In the last three months of 2024 for example, Irish households saved almost 14 per cent of their disposable income – slightly below the euro zone average, and Germany, which has a savings rate of almost 20 per cent – but ahead of countries such as Denmark, Italy and Spain. Raisin Ireland is a pan-European savings platform that offers Irish savers the chance to put their deposits with a host of European banks, including Germany's Aareal Bank and Sweden's Klarna, that they might otherwise not have access to. O'Hara says the issue of protection for savers is a 'central topic' for the platform, and that 'any steps that give consumers more protection and strengthen financial security across Europe' should be encouraged. 'It's important to continually assess the protection level in line with savings behaviour, inflation and broader financial trends. We would also support any changes that help to promote a fair and fully competitive rate environment for savers right across Europe,' he says. Global comparison But what kind of protection do savers outside of the EU benefit from? While those in the UK may enjoy a greater level of savings protection if those current proposals do come into force, those in the so-called crown dependencies (Isle of Man, Jersey and Guernsey) benefit from a lower level of just £50,000. Farther afield, the amounts can be higher. Australians have protection of about €140,000; the Swiss about €107,000 and, in the US, deposit protection is as high as about €217,000. But not everywhere has one – in New Zealand, for example, a new scheme is set to be introduced only in July of this year, following a recommendation from the International Monetary Fund. It will protect savings of up to NZ$100,000 (€52,800)
