Managing a credit card is convenient, but unpaid balances can become a heavy burden during emergencies. U-Shield Premier is a credit insurance plan designed to protect UnionBank credit cardholders and their families from that financial stress.
In simple terms, this plan helps pay off your UnionBank credit card balance if something serious happens to you, such as death, critical illness, or hospitalization.
The insurance is issued by Insular Life, also known as InLife, one of the oldest life insurance companies in the Philippines.
What Does U-Shield Premier Cover?
U-Shield Premier can cover up to ₱2.5 million of your outstanding UnionBank credit card balance.
Here’s what it protects you against:
1. Death Benefit
If the insured cardholder passes away, the plan pays:
- 400% of the outstanding balance, plus
- The sum of the last 3 consecutive months of statement balances
The total payout is capped at ₱2.5 million per event.
It also includes a burial benefit, which pays:
- 100% of the outstanding balance (including unbilled installments), up to ₱300,000
2. Critical Illness Benefit
If diagnosed with a covered critical illness, the plan pays:
- 100% of your outstanding balance, plus
- The sum of the last 3 consecutive months of statement balances
Covered illnesses include:
- Chronic renal failure
- Coronary artery bypass surgery
- Heart attack
- Major organ transplant
- Malignant cancer
- Stroke
The maximum payout is also ₱2.5 million per event.
3. Hospitalization Benefit
If you are confined in a hospital for at least 3 consecutive days due to sickness or accident:
- The plan pays 100% of your outstanding balance as of the first day of confinement.
There is a maximum accumulated hospitalization benefit of ₱625,000 per calendar year.
Take note:
- Hospitalization must occur at least 30 days after your coverage starts.
- Confinement must be medically necessary.
How Much Does It Cost?
The monthly premium is 0.76% of your total outstanding balance. That means you only pay for the amount you owe.
Example 1: Small Balance
If your statement balance is ₱1,000 x 0.76% = ₱7.60. That’s your premium for the month.
Example 2: Larger Balance
If your balance is ₱50,000 x 0.76% = ₱380.
But if you pay your balance in full every month and your statement shows ₱0, you won’t be charged a premium. The premium is automatically billed to your UnionBank credit card.
Who Can Apply?
You can enroll if:
- You are a principal UnionBank credit cardholder
- You are between 18 and 69 years old
- You are in good health at the time of enrollment
Coverage automatically ends at age 70.
Eligible cards include select UnionBank Visa and Mastercard products such as Rewards, Miles+, Reserve, and Cash Back variants.
When Does Coverage Start?
Your coverage begins on your effective enrollment date, once your first premium is billed.
There is a 30-day free look period. This means you can review the plan and cancel within 30 days from activation. If you cancel within that period and no claim has been filed, your premium will be refunded.
How Are Benefits Paid?
When a valid claim is approved:
- The insurance first pays UnionBank to settle your outstanding credit card balance.
- Any remaining amount is paid to you (for critical illness or hospitalization).
- In case of death, any excess goes to your designated beneficiaries.
If no beneficiary is named, proceeds follow a legal order of priority, starting with the surviving spouse, then children, parents, and so on.
When Does Coverage End?
Coverage automatically terminates on the earliest of the following:
- When your credit card debt is fully paid and closed
- When you turn 70
- When premiums remain unpaid beyond the allowed grace period
- When your credit facility becomes seriously delinquent
- Upon death of the insured
What Is Not Covered?
Some key exclusions include:
For Critical Illness:
- Illness diagnosed within the first 3 months of coverage
- Pre-existing conditions treated within 6 months before coverage started
- Illness related to drug or alcohol addiction
- Illness connected to HIV infection
For Hospitalization:
- Confinement within 30 days from coverage start
- Cosmetic surgery
- Pregnancy and childbirth
- Self-inflicted injuries
- War-related injuries
- Non-medically necessary confinement
Always review the full policy terms for complete details.
How to File a Claim
To file a claim:
- Call UnionBank Customer Service at (+632) 8841-8600
- Or email InLife at groupportal@insular.com.ph
- Submit the required documents
Claims are processed by UnionBank’s Credit Card Collections Division and forwarded to InLife.
Claims must generally be reported within 90 days from the event.
Why Consider U-Shield Premier?
Credit card balances can grow quickly due to interest and installments. In unexpected situations, that debt does not disappear. It can pass on to your family or affect your financial stability.
U-Shield Premier acts as a financial safety net. Instead of worrying about unpaid balances during a crisis, you gain protection that:
- Covers up to ₱2.5 million
- Requires no medical exams
- Charges only 0.76% of your outstanding balance
- Adjusts automatically based on how much you owe
Final Thoughts
U-Shield Premier is designed for UnionBank credit cardholders who want peace of mind. It protects against major financial risks linked to credit card debt, especially during serious health events or death.
For a relatively small monthly premium based on your balance, you gain substantial coverage that can protect both you and your loved ones from unexpected financial strain.
Read the U-Shield Premier Terms and Conditions if you are still looking for more details.
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