Secure your family’s future even after your lifetime when you get a life insurance policy. Check out our comparison of the top life insurance in the Philippines based on their benefits and features.
Coverage | Premium Starts At | Eligible Age | COVID-19 Coverage | Maximum Coverage | Years to Pay | Investment Option |
---|---|---|---|---|---|---|
₱170/month | 0 to 79 years old | ✔️ | Upon request | Upon request | ✔️ | |
₱1,050/month | Upon request | ✔️ | At least ₱3 million | 5, 7, 10, or 20 years | ✔️ | |
₱1,250/month | 18 to 70 years old | ✔️ | Minimum of ₱1 million | 5 or 10 years | None | |
₱1,300/month | 0 to 84 years old | ✔️ | Up to ₱5 million | 5 or 10 years | ✔️ | |
Upon request | Upon request | ✔️ | Up to ₱2 million | 5 or 10 years | ✔️ | |
Upon request | Upon request | ✔️ | Upon request | 5 or 10 years | ✔️ |
Life insurance is a type of insurance that guarantees a sum of money will be paid to the insured or their beneficiaries when the insured meets an accident, suffers an injury, or dies. In exchange, the insured pays premiums for a certain period to enjoy insurance coverage.
While there’s no such thing as the right age to buy a policy, the policyholder’s age does matter when it comes to life insurance premiums. The best time to get life insurance is in your 20’s or 30’s or preferably when you’re under 35 years old when premiums are cheaper.
Your premiums can become more costly the longer you wait for the “right time” to buy life insurance. This is because life insurance products are generally age-banded and the risk for the insurance firm to pay out the benefits of a policyholder gets higher with each passing year.
Yes, most insurance providers have now added COVID-19 coverage for most of their insurance products. Always check with your preferred provider for the complete benefits and exclusions.
Annual premiums for life insurance can range from ₱24,000 to ₱55,000 and even higher if you opt for supplementary benefits. On average, that is a monthly payment of ₱3,300 (more or less ₱40,000 per year) you’ll have to pay over five to 30 years, depending on your chosen term.
Ensure that you have a steady source of income or continuous cash flow to make the payments on your premium. Even better, once you’ve decided to get life insurance, include your insurance payments as part of your monthly budget.
Most insurance providers accept payments from the following payment channels:
Life insurance premiums are usually paid annually, although some insurance companies offer monthly plans which are more convenient for low-income earners.
Before getting a life insurance policy, you should consider all your options first. Since there are more than one type of life insurance in the Philippines, you should ask the following questions:
While it’s rather easy to find an insurance agent since they can be people close to you, it’s still important to do your own research when it comes to getting a life insurance policy. You should identify your insurance needs, talk to more than one insurance agent, and research more than one insurance provider and compare their features and benefits.
It’s important to know who can file a life insurance claim. For death claims, the beneficiary of the insured should be the one to file the claim. For everything else, the policy owner or the person insured must be the one to file it. Here is the standard procedure when making a claim:
1. Prepare the necessary documents for filing a claim.
2. Fill up the necessary claim forms from your insurance provider.
3. Send all the documents and proof to your insurance provider.
4. Receive your proceeds through the approved payment channels.
To check the complete list of requirements for filing a claim, check with your insurance provider. But usually, these are the common requirements for each type of claim:
For personal accident:
For medical expenses:
For death:
Still can’t decide on the best savings account for you? Below are some guides to help you make the right decision.
Best Life Insurance in the Philippines
Choosing the best life insurance in the Philippines can take a long time. Here are the best ones out there to make your search a lot easier.
Don’t make the mistake of choosing a life insurance policy just because it has a cheaper premium. Take these factors into consideration first.