Good news! The Insurance Commission (IC) has released the top 10 life insurance companies in the Philippines in 2018. Among the 5 categories, only one of them is widely used worldwide—premium income.
Premium Income is the revenue that an insurer receives as premiums paid by its customers for insurance products. When a customer purchases an insurance product, such as a health insurance policy, the customers cost for a specified term of the policy is called the premium. (Investopedia)
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Sun Life Remains the Top Life Insurance Company in 2018
The latest financial reports of IC has hailed Sun Life as the number one insurer of 2017. It is the 7th consecutive time that Sun Life managed to top the premium income category both in traditional (whole life, term, and endowment) and variable plans.
So why it’s essential to be the number one (or to be included in the top 10) insurance company?
Because this serves as a validation that companies like Sun Life can still fulfill its promise to their clients. Remember that life insurance is an aleatory contract or a contract of promise that when a specified event occurs like death, then the insurer will have to pay the promised amount. Of course, you want your family to get the benefits by the time it happens to you, right?
Sun Life’s Traditional and VUL Plans
It is why it’s important to consider the standing of an insurance company before availing of any insurance plan. You want that by the time that the need arises, the company is still performing well to fulfill its obligations to you. But this shouldn’t be the sole basis for getting a plan might as well consider convenience, customer service, a reputable Financial Advisor, etc.
If you want income protection with a wealth accumulation plan, then a VUL plan is perfect for you. VUL plan is designed to give you financial security and peace of mind while growing your money over time. You can request a quotation and financial consultation by following the link below.
If you want a cheaper VUL from Sun Life, then you can follow the link below.
Top 10 Life Insurance Companies in the Philippines 2018
While knowing Sun Life as the number one life insurance company is good, it’s better to know more about the other companies who made it to the list.
So here are the top 10 life insurance companies in the Philippines 2018.
1. Sun Life of Canada (Philippines) Inc.
Officially founded in 1895, making Sun Life of Canada (Philippines) the first and the oldest life insurance company in the country. The ability to fulfill the promises to its clients has made Sun Life as the preferred life insurance company in most households. No wonder why it has sustained its position as the top life insurance company for the 7th consecutive time.
2. Philippine AXA Life Insurance, Corp.
Established in 1999 in the Philippines but has displayed enormous growth and penetration in the market thru its bancassurance business. AXA Philippines is a joint venture by AXA Group and Metrobank Group.
3. BPI-Philam Life Assurance Corporation
Previously known as Ayala Life Assurance Incorporated, which was founded in 1933. BPI-Philam is the top bancassurance in the list thanks to the strategic alliance between BPI and Philam Life.
4. Philippine American Life and General Insurance Company, Inc.
Founded in 1947 by Cornelius Vander Starr and partner Earl Carrol. Their partnership has made it the number 1 insurance company just in 2 years, 1949, of business.
5. Pru Life Insurance Corp. of UK.
The company started in 1996 or 22 years in the life insurance industry in the Philippines. Despite being relatively new compared to its rivals, Pru Life UK bagged the top 5 on the list.
6. Manulife Philippines
Manufacturers Life Ins. Co. (Phils.) or better known as Manulife, is a wholly-owned subsidiary of The Manufacturers Life Insurance Company. The company was established in 1907, making it one of the oldest insurance companies in the Philippines.
7. Insular Life Assurance Company, Ltd.
The company is the first Filipino owned life insurance company in the Philippines, which was founded in 1910. Insular Life is a mutual company which means its policyholders own it.
8. Generali Life Assurance Philippines Inc.
It was founded in 1999 is a joint venture between Generali Pilipinas Holdings Company Inc. (GPHC) and BDO. Generali is now renamed as BDO Life Assurance Co. Inc.
9. Manulife China Bank Life Assurance Corporation
Established in 1998 named Prumerica Life Insurance Company, Inc. is now known as Manulife China Bank Life Assurance Corporation after being acquired by Manulife.
10. United Coconut Planters Life Assurance Corporation
Founded in 1966 and provides insurance and loan products to special markets.
Federico is an electronics engineer, financial blogger, insurance agent, and a certified investment solicitor. A multi-awarded 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.