What is the Best Life Insurance in the Philippines?



Last updated April 05, 2022

Congratulations on making that decision to get a life insurance plan! As a breadwinner, being insured means sparing your loved ones from financial burden when something unexpected happens to you.

When life throws a curveball, you can lose your investments. Your savings can also run dry. Everything you’ve worked so hard to achieve can be quickly wiped out by an accident, permanent disability, critical illness, or death. So it just makes sense to know your options and get the best life insurance in the Philippines. 

But before you sign up for a policy, compare life insurance options just like you would compare credit cards and other financial products. You'll be spending your hard-earned money on insurance, so make sure that your choice will be worth paying for.

Why Compare Life Insurance Products?

Life Insurance Philippines

In the Philippines, you’re typically approached by an insurance agent who can be your relative, friend, or colleague. Nothing wrong with that—it’s good to know your options from someone you know and trust.

However, it also pays to do your own legwork. Identify your life insurance needs, actively shop around, compare your choices, and assess the results.

Your goal is to find a policy that meets your needs and budget, specifically one with the most coverage at the least possible cost. Narrow down your choices by comparing insurance companies, insurance types, and insurance policies.

Read more:

How to Choose the Best Life Insurance in the Philippines

Make sure that the insurance company you’ll choose won’t likely fold in five or 10 years. Look for these three essential qualities when comparing life insurance providers.

3 Things to Consider When Choosing a Life Insurance Company

Licensed to Operate in the Philippines

Check the Insurance Commission’s list of licensed insurance firms[1] to see if the companies you’re considering are legitimate.

Solid Company Background

If an insurance firm has been operating steadily for a long time with a good reputation in the industry, then you know it’s worth trusting. Visit the website of insurance providers to check their company background.

Strong Financial Performance

The best life insurance firms perform well based on the five criteria set by the Insurance Commission.

  1. Premium Income - This is the total amount a company receives from its clients’ premiums. It’s also a good indicator of an insurance firm’s financial strength, as a higher premium income means it serves a lot of policyholders.
  2. Assets - An insurance company's assets include all its properties that are available to use for paying its debts. The higher a firm's assets, the better it can manage its debt repayments.
  3. Net Worth - This is the value of all the company’s assets minus all its liabilities. So an insurance firm with a higher net worth can better withstand financial crises, as it has enough assets to enable its business to operate despite losses.
  4. Net Income - The net income is computed by deducting a company's total expenses from its total revenues. This financial performance indicator is different from the premium income, as the net income reflects the actual income that the company is earning from its business.
  5. New Business Annual Premium Equivalent (NBAPE) - The Insurance Commission uses this metric[2] to measure and compare life insurance revenue of insurance companies' newly issued policies within the calendar year. It's the sum of the total of actual first-year (regular) premiums plus 10% of single premiums.

Best Life Insurance Companies in the Philippines

What's the number one insurance company in the Philippines? Here's the Insurance Commission's latest ranking of life insurance companies in the Philippines, based on premium income, assets, net worth, net income, and new business annual premium equivalent.

Note: Data below are accurate as of March 3, 2021, based on the Insurance Commission's official website.

Life Insurance Companies with Highest Premium Income

Premium income is the revenue an insurer earns from payments from policyholders.[3] For this category, Sun Life of Canada took the top spot.

Life Insurance CompaniesPremium Income in 2019
Sun Life of Canada (Philippines), Inc.PHP 39,513,806,284
PRU Life Insurance Corporation of U.K.PHP 26,965,125,719
Philippine Axa Life Insurance CorporationPHP 26,236,763,146
Manufacturers Life Insurance Co.(Phils.), Inc.PHP 18,346,405,023
BPI-Philam Life Assurance CorporationPHP 17,236,004,380
Philippine American Life & Gen. Ins. Co. (life unit )PHP 16,636,434,473
BDO Life Assurance Company, Inc.PHP 14,875,396,349
Insular Life Assurance Company, LimitedPHP 12,674,304,438
FWD Life Insurance CorporationPHP 9,521,266,364
Allianz PNB Life Insurance, Inc.PHP 9,444,335,690

Largest Life Insurance Companies Based on Assets

As far as assets go, Philam Life ranked number one in terms of total assets, followed by Sun Life and Insular Life.

Life Insurance CompaniesTotal Assets in 2019
Philippine American Life & Gen. Ins. Co. (life unit )PHP 290,159,607,279
Sun Life of Canada (Philippines), IncPHP 254,515,246,721
Insular Life Assurance Company, Limited133,015,929,505
Philippine Axa Life Insurance Corporation127,551,783,462
Manufacturers Life Insurance Co.(Phils.), Inc.114,899,552,272
BPI-Philam Life Assurance Corporation108,825,947,777
PRU Life Insurance Corporation of U.K.106,222,905,282
BDO Life Assurance Company, Inc.56,516,354,142
Sun Life GREPA Financial, Inc.47,877,407,168
Manulife Chinabank Life Assurance Corporation39,335,482,553

Life Insurance Companies with Highest Net Worth

Net worth is the value of the assets a corporation owns, minus the liabilities they owe.[4] It’s one of the metrics you can refer to if you want to check an insurance company’s financial health and current financial position. For this category, Philam took the top spot, followed by Sun Life. 

Life Insurance CompaniesNet Worth in 2019
Philippine American Life & Gen. Ins. Co. (life unit )PHP 87,684,334,099
Sun Life of Canada (Philippines), Inc.PHP 38,002,386,250
Insular Life Assurance Company, LimitedPHP 33,572,950,760
Manufacturers Life Insurance Co.(Phils.), Inc.PHP 16,141,908,184
BDO Life Assurance Company, Inc.PHP 9,007,078,835
Philippine Axa Life Insurance CorporationPHP 8,285,050,497
BPI-Philam Life Assurance CorporationPHP 7,940,134,280
United Coconut Planters Life Assurance CorpPHP 4,970,389,867
PRU Life Insurance Corporation of U.K.PHP 4,642,466,688
Sun Life GREPA Financial, Inc.PHP 4,573,781,673

Life Insurance Companies with Highest Net Income

To calculate an insurance company's net income, get the total sales and deduct the cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses[5]. You can check the life insurance company’s net income as well if you want to learn more about its profitability. 

Sun Life ranked number one for this category, with Philam on the second spot. 

Life Insurance CompaniesNet Income in 2019
Sun Life of Canada (Philippines), IncPHP 8,210,981,224
Philippine American Life & Gen. Ins. Co. (life unit )PHP 7,665,044,618
PRU Life Insurance Corporation of U.K.PHP 4,395,140,002
Philippine Axa Life Insurance CorporationPHP 3,388,641,553
Insular Life Assurance Company, LimitedPHP 2,940,203,812
Manufacturers Life Insurance Co.(Phils.), Inc.PHP 2,787,913,240
BDO Life Assurance Company, Inc.PHP 2,225,365,775
BPI-Philam Life Assurance CorporationPHP 1,175,442,370
Sun Life GREPA Financial, Inc.PHP 845,855,710
United Coconut Planters Life Assurance CorpPHP 719,536,317

Life Insurance Companies with Highest NBAPE

The New Business Annual Premium Equivalent (NBAPE), a new metric by the Insurance Commission, measures and compares life insurance revenue of new business within the calendar year by life insurance companies. For this category, Sun Life once again took the number one spot.

Life Insurance CompaniesNBAPE in 2019
Sun Life of Canada (Philippines), IncPHP 9,613,968,994
PRU Life Insurance Corporation of U.KPHP 7,670,306,621
Philippine Axa Life Insurance CorporationPHP 5,497,228,940
Manufacturers Life Insurance Co.(Phils.), Inc., ThePHP 4,358,045,029
BPI-Philam Life Assurance CorporationPHP 3,903,271,770
BDO Life Assurance Company, Inc.PHP 3,676,916,026
Philippine American Life & Gen. Ins. Co. (life unit )PHP 3,475,138,508
FWD Life Insurance CorporationPHP 2,936,592,061
United Coconut Planters Life Assurance CorpPHP 2,175,946,553
Insular Life Assurance Company, Limited, ThePHP 1,913,216,661

What is the Best Life Insurance Type for Me?

What type of life insurance should you get? This is a major consideration, so compare different types of life insurance in the Philippines before making that purchase.

Life Insurance Considerations

To determine the right life insurance type for you, consider the following factors:

  • The insurance coverage you need
  • How long you want to be insured
  • How much you are willing and can afford to pay in premiums
  • Whether you want protection only or have additional savings in your insurance policy

4 Types of Life Insurance in the Philippines

Here are your different options for insuring yourself and your family.

1. Term Insurance

This type of life insurance provides protection over a specific time frame, ranging from one to over 10 years. Death benefits are paid to survivors if the insured’s death occurs within the policy period. If you outlive the term period, your coverage ends and you’ll get nothing back.

Being a pure form of insurance, term insurance has no savings component, making it the least expensive insurance type. Term life insurance in the Philippines is ideal for low-income earners who cannot afford whole life insurance but want maximized protection at a minimal cost.

2. Whole Life Insurance

Unlike term insurance, whole life insurance provides protection for your entire life or until you’re 100. Besides death benefits, it also has a savings component in the form of cash values and dividends. You can enjoy this savings component while you’re still alive to fund your retirement or your child’s college education.

3. Prepaid Health Cards

Unlike the other health insurance types, this one is a little bit more special. Similar to an e-voucher, a prepaid health card allows you to have a one-time visit to selected medical facilities and avail of certain treatments depending on your card.

In general, three types of prepaid cards come with any of the following coverage:

  • Emergency care
  • Hospitalization
  • Preventive care

Prepaid health cards are the more affordable and flexible option compared to regular health insurance. However, they have fewer services and typically expire after one year.

Read more:

4. Variable Universal Life Insurance (VUL)

This insurance type combines whole life insurance and investment. Death benefits are paid to survivors anytime the insured dies. Its accumulated cash value is invested in balanced, bond, money market, and/or equity funds. Thus, VULs are ideal for long-term investment and insurance needs.

Read more: What is VUL Insurance and Should You Get One?

Best Life Insurance with Investment in the Philippines

If you're looking for life insurance with an investment component, check out Sun Maxilink Prime offered by Sun Life Insurance in the Philippines. It provides life insurance coverage while also growing your money, which you can use to fund your long-term goals or any emergency.


  • Investment-linked life insurance plan
  • Guaranteed life insurance benefit (at least twice the face amount for untimely deaths)
  • Supplemental benefits and riders for added protection
  • Flexible investment options
  • Partial fund withdrawals during emergencies
  • Manageable payments
  • Loyalty Bonus when you keep your policy active for at least 10 years

This investment-linked life insurance plan in the Philippines offered by PRU Life UK provides you with maximum protection while also helping you achieve financial growth. 

  • High protection at affordable premiums (Annual premiums start at PHP 15,000.)
  • Coverage up to 100 years old
  • Option to add more benefits for increased protection
  • No charges on fund withdrawals
  • Loyalty bonus

Read more: There’s a New Card in Town: Why and How to Get a Robinsons Bank Pru Life Credit Card

Manulife Freedom

Manulife's life insurance products in the Philippines also offer investment options. Manulife Freedom helps you save for the future and gives you guaranteed payouts and a lump sum.


  • Guaranteed cash values and lump sum benefit
  • Life insurance coverage up to age 65
  • Dividend earnings
  • Added benefits with your savings

Axa Life BasiX Plus

This is a life insurance, health insurance, and investment product from Philippine AXA Life Insurance Corporation. With this insurance and investment package, you can focus on building your wealth and still be prepared for anything the future holds.


  • Guaranteed life coverage starting from PHP 1,000,000
  • Guaranteed medical fund when diagnosed with any of the covered major critical illnesses
  • Health coverage until age 100
  • Partial withdrawals for emergency expenses
  • At least 10 years payment to build your fund, with an option to pay longer to increase your investment

Philam Life Family Secure

Family Secure is a life insurance plan that allows you to live a life free of worry. It provides high-value life insurance coverage that you can convert into a retirement plan when you get older, with a minimum premium of PHP 16,000 a year.


  • High-value life insurance 
  • Convertible to a retirement plan (decrease your coverage to boost your account value)
  • Exclusive Philam Vitality rewards and perks 
  • Customizable plan to increase coverage
  • Issue age up to 70 years old 
  • Coverage age until 100 years old 

Read more: Starting a Family? Consider These 10 Insurance Types

Tips on Comparing Life Insurance Policies

Once you’ve chosen your top insurance companies and the right insurance type, it’s time to compare insurance policies.

Here are several tips to help you pick the best life insurance in the Philippines:

  • Ask for life insurance rates, quotes, or proposals for your preferred insurance coverage from two or three providers of your choice. For the same coverage, benefits and premiums may vary among insurance companies.
  • Compare benefits and riders. Evaluate which primary and supplementary benefits are suitable for your insurance needs and which ones you can do without. For example, decide whether you want to include critical illness benefits in your life insurance plan.
  • Compare premiums. For the same coverage, some policies are more expensive than others. For example, a policy may have a higher premium because it’s designed for a higher retirement fund. Ask your insurance advisor about the reasons for the price differences.
  • Thoroughly review the fine print. Check the life insurance charges and fees—such as taxes, policy fees, and rider charges—that will be deducted monthly from your total funds.
  • Ask a lot of questions. If something is unclear, make sure to ask questions. Discuss each policy feature with your insurance advisor. Probe into what would happen in different scenarios in the future. It’s better that you get all bases covered rather than regret your decision later.

Final Thoughts

So which life insurance is right for you? The best life insurance company in the Philippines should offer a product that's consistent with your life goals and has the best overall value for your money.

Do note that how much life insurance costs in the Philippines also varies with your age and your health condition. So before you apply for a life insurance plan, make sure you compare insurance companies, insurance types, and insurance policies first to get the best package.




Helping Filipinos lead a healthier financial life, Moneymax is your trusted source of information and tips on credit cards, loans, insurance, investments, and other personal finance topics. For more financial news and articles, follow Moneymax on LinkedIn.