MANILA, Philippines – For millions of Filipino families, a simple goal remains frustratingly out of reach: being financially prepared. It means planning ahead, staying disciplined, and hoping to be prepared for whatever life may bring.
Building a financial safety net remains an impossible dream for many families with 64% of Filipinos unable to afford a ₱10,000 medical expense without going into debt or depending on an HMO, according to Boston Consulting Group (BCG). Although insurance penetration in the Philippines reached 2.03% in the first quarter of 2026—the highest level in recent years—the country remains an underinsured market, underscoring the need for greater financial protection and preparedness against unexpected health, life, and financial risks.
A sudden illness, an accident, or the loss of a breadwinner can instantly turn manageable monthly payments into overwhelming debt. In moments of grief, families are often left not only with emotional loss, but also with unpaid loans and financial uncertainty. When facing these realities, families are often forced to borrow from loan sharks or sketchy lending platforms, creating a cycle of debt that spans generations.
Recognizing this gap, AXA Philippines, in partnership with Home Credit, and supported by Bolttech Device Protection as third-party administrator, launched Borrower Protection, under the Home Credit Protect ecosystem. This strategic partnership aims to make affordable credit life insurance more accessible to Filipino families as part of the core mission of AXA’s inclusive insurance unit, AXA EssentiALL.
Borrower Protection provides coverage of up to 120% of the outstanding loan balance, ensuring that beneficiaries receive financial support during a difficult time. The benefit first covers any unpaid loan obligation, while any excess amount is paid directly to the designated beneficiaries, helping protect loved ones from financial burden and providing added assistance beyond loan settlement.
Seamlessly integrated into Home Credit’s financing process, the solution removes traditional barriers to insurance: no complex paperwork, no high premiums—making protection accessible even to low-to-middle income Filipinos with little to no credit history.
The partnership with Home Credit reinforces AXA Philippines’ commitment to closing the protection gap through inclusive, affordable solutions. By embedding insurance directly into everyday financial products, AXA helps ensure that protection is no longer a luxury, but a standard part of financial planning.
This initiative builds on AXA’s broader efforts to reach underserved communities through partnerships that extend protection to gig workers and other Filipinos who face daily risks without traditional safety nets.
“Inclusive insurance plays a critical role in fulfilling our purpose of acting for human progress by making financial protection accessible to those who need it most,” said Ayman Kandil, CEO of AXA Philippines. “Beyond protecting families from the burden of unpaid debt, credit life insurance also strengthens the financial ecosystem. By safeguarding lenders like Home Credit against unexpected risks, we enable them to extend responsible credit to more Filipinos, including those who are traditionally underserved. In this way, we are not only closing the protection gap, but advancing financial inclusion and supporting safer, more sustainable lending for communities across the country.”
By rethinking how insurance is designed and delivered, AXA, a worldwide leader in insurance, continues to move protection closer to where Filipinos live, work, and borrow, helping families move forward with confidence, even when life takes an unexpected turn.
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