Even at this day, scams are still prevalent maybe because most of us want to get rich quickly. With that in mind, some people take advantage of this knowledge for their own benefit. As a client, you must do your due diligence when someone offers you products and services that seemingly “too good to be true”. Just like when someone offered you a life insurance plan you must check if the company is existing and in good standing.
Why You Need Life Insurance
Have you ever experience crossing the pedestrian lane and then suddenly a fast moving car appeared right before your face? The strong feeling of gratitude you will immediately say “thank you, Lord!”.
But if you have a life insurance plan your response will be replaced with “Thank you, Lord ‘di ko pa magagamit yung insurance ko!”.
That’s just one of the few near death we experience on our day to day lives. You may normally shrug it off your shoulders and that’s fine. But what if, just what if, it happened?
One thing is for sure, your family is not emotionally ready in your sudden departure. It is an uncontrollable feeling since they can’t help it but be drenched in tears knowing that someone they truly love is no longer with them.
At the same time, they might not be physically and financially ready yet to stand on their own. However, this is a controllable event since you can plan it ahead of time by getting a life insurance plan.
3 Things to Consider Before Buying a Life Insurance
Always be mindful that the insurance plan you are planning to get is something that will address your financial needs. Sometimes you just focus on price and fail to see that getting insurance has different facets that need consideration as well.
So here are the basic things you must consider in getting a life insurance plan:
1. Choose a Reputable Company
You can check if the insurance company is reputable if it is under the supervision of the Insurance Commission. As a rule of thumb, you may get a life insurance plan from the top 5 life insurance companies in the Philippines. Because these companies are financially stable and provide a positive client experience.
2. Meet a Financial Advisor
Go and meet a Financial Advisor. Don’t worry because you are not required to get anything from him. Remember that even though you can read about this and that on the internet it doesn’t mean you are getting the whole picture.
As a Financial Advisor myself I have to say that it is just the tip of an iceberg. He can also show you how it will add value to you and achieve your financial goal.
3. Remember to Ask Questions
Don’t forget to ask questions that you feel important to you. Put it like when you are buying a pair of shoes you will not get it just because it looks beautiful, right? You will check who made it, materials used, price, comfortability, etc. As the client, you have the responsibility and the right to do due diligence.
List of Life Insurance Companies in the Philippines
This is a complete list of life insurance companies in the Philippines under the Insurance Commission (IC).
Here is the list of Life Insurance Companies in the Philippines:
1. Sun Life of Canada (Philippines) Inc.
Founded in 1895, Sun Life is the first and the oldest life insurance company in the Philippines. Fast forward to 2019, the company is the number 1 life insurance company in the country for the 8th consecutive time.
Aside from the strong financial standing and ambassadors like Charo and Piolo, it is the commitment of the company to provide a bRIGHter life to every Filipino family that made it the top choice in most households.
2. Philippine AXA Life Insurance Corporation
AXA is one of the fastest growing life insurance company in the country established in 1999. The company also pioneered the bancassurance operation we know today. AXA is a joint venture of AXA Group, GT Capital Holdings, and Metrobank.
3. Pru Life UK
Pru Life UK is established in 1996 in the Philippines. The company is a subsidiary of Prudential plc with headquarter in the United Kingdom. Pru Life UK also pioneered the investment-linked life insurance plan or VUL plan that is one of the popular types of insurance plans in the country.
4. Philam Life
Philippine American Life & General Insurance Corporation or just Philam Life is founded by Cornelius Vander Starr and Earl Carroll in 1947. Today, Philam Life is the largest in terms of assets and net worth.
5. BPI-Philam Life
The company is the number 1 bancassurance in the country thanks to the strategic partnership between Philam Life and BPI.
Established in 1999 between the partnership of BDO and Generali Pilipinas Life. In 2016, BDO gains full control over the Generali Pilipinas Life.
Founded in 1907 making Manulife one of the oldest life insurance company in the Philippines. Manulife is a subsidiary of one of the world’s biggest financial services company, Manulife Financial Corporation.
8. FWD Life
FWD Life Insurance Corporation has begun operating in the country in 2014. Despite being new in the competition the company managed to rank 8th in the life insurance industry in terms of new business annual premium equivalent.
United Coconut Planters Life Assurance Corporation or simply Cocolife is the biggest Filipino owned stock life insurance company. Cocolife is also the first and only ISO certified life insurance company in the Philippines.
10. Insular Life
Insular Life is the first and biggest Filipino owned life insurance company with over 100 years in the business. It is also a mutual company which means it is owned by its shareholders.
11. Allianz PNB Life
Allianz PNB Life began its operation in 2001 and become one of the major life insurers in the Philippines. This is made possible with the exclusive distribution partnership between Allianz and the Philippine National Bank.
12. SunLife Grepa Life
Sun Life Grepa Financial, Inc. or simply Sun Life Grepa is a partnership between the Yuchengco Group of Companies (YGC) and Sun Life Financial Philippines (Sun Life). YGC being Asia’s largest conglomerate and Sun Life as the leading life insurance company in the Philippines.
13. Manulife Chinabank Life
Manulife China Bank Life Assurance Corporation is an alliance between Manulife Philippines and China Bank. The company aims to provide a wide range of innovative insurance products and services to China Bank customers.
14. Pioneer Life
Pioneer’s life operations were established in 1964. Following the joint venture in 2003 with Allianz AG of Germany, an agreement was reached to move forward as a 100 percent Filipino-owned company.
15. BenLife Insurance
Beneficial Life Insurance or BenLife is a wholly Filipino-owned life insurance company established on March 16, 1960. With an initial authorized capitalization of P2.5 million, the company has now almost P1 billion in Paid up capital, and over P6.0B in total resources.
Here are the other Life Insurance Companies under the Insurance Commission:
16. AsianLife & General Assurance Corporation
17. East-West Ageas Life Insurance Corporation
18. Paramount Life & General Insurance Corporation
19. Country Bankers Life Insurance Corporation
20. Fortune Life
21. Generali Life
22. Cooperative Insurance System of the Phils
23. CLIMBS Life & General Insurance
24. First Life Financial Company
25. Manila Bankers Life Insurance
26. Philippine Life Financial Assurance Corporation
27. Phil International Life Insurance Corporation
28. Caritas Life Insurance
29. Philam Equitable Life
30. United Life Assurance
Take time to know more about the company where you will be getting your life insurance plan. It will cost you money and your family’s future is in stake so make sure you are getting what you need. I hope the list of life insurance companies in the Philippines helped you in checking if the offer you got is from a legit company.
Federico is an electronics engineer, financial blogger, insurance agent, and a certified investment solicitor. A multi-awarded Sun Life financial advisor with clients ranging from lawyers, doctors, engineers, accountants, business owners, company directors, and OFWs to minimum wage earners had sought advice from him in achieving lifetime financial freedom.