Published: July 8, 2020 | Posted by: Moneymax | Personal Finance
We face uncertainties every day. Sometimes, they even set us back financially. An unexpected hospital bill, property loss, or car accident can soil your savings and ruin plans you already have. An insurance policy, such as non-life insurance, can help minimize the financial damages these mishaps can do.
Non-life insurance protects you and your valuables from damages and losses. It can also cover you from legal liabilities. Keep on reading to know more about this type of insurance, its benefits, and which insurance companies in the Philippines offer non-life insurance policies.
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Non-life insurance is a type of insurance covering people, property, or legal liability. Also known as general insurance, it is a policy that can provide you with compensation for losses caused by certain financial events. Your insurance company will pay to cover some or all of your losses based on your coverage.
The coverage period for this type of policy is usually one year, with the premiums paid on a one-time basis. How much you have to pay for non-life insurance depends on your policy coverage and the insurance company’s premium rates.
Life insurance is a policy that provides compensation or death benefit to beneficiaries upon the death of the insured individual. Aside from premature death, some life insurance policies cover illness, income during retirement, educational plans, and estate preservation.
On the other hand, non-life insurance covers things not covered by life insurance. This policy can protect you from property loss, damages, or legal liabilities.
Many types of non-life insurance can financially protect you or the things that are valuable to you. Some of these are:
Auto insurance is a policy that protects you from financial losses due to a car accident, damage, or theft.
This policy covers losses from owning, maintaining, and using aircraft, hangars, or airports. You can claim for damages, personal injury, or property damage with this type of non-life insurance policy.
This policy can protect your business from losses due to events that may happen during regular business operations. The coverage may include property damage, legal liability, or employee-related risks.
Engineering insurance protects buildings and civil engineering projects from actual physical damage and losses during construction.
Health insurance covers medical treatments, hospital stays, or check-ups.
This type of non-life insurance covers losses from damages to your house and assets inside the home. Fire insurance may also be part of a home insurance policy.
It covers loss or damages of cargo, ships, or damages incurred during water transport.
This covers you from risks associated with traveling such as losing your luggage, delays, injuries, and other emergencies.
A non-life policy can help you live life risk and worry-free. Here are its benefits:
Non-life insurance policies aren’t one size fits all. Consider these factors when choosing the right one for you:
Here are some of the top insurance companies in the Philippines and their non-life insurance products:
AIG has more than 80 million customers in 100 countries. The company has been present in the Philippines since the 1920s. Some of their insurance products are personal insurance, aviation insurance, and marine insurance.
Alpha Insurance and Surety Company started as a domestic non-life insurance provider in 1957. As of 2018, the company has over 200 employees and more than 200 agents. It offers surety, bonds, and personal accident insurance.
This insurance company is owned and operated by AXA Philippines. It is one of the leading general insurers in the country. Charter Ping An offers education plans, health coverage, and income protection.
This insurance provider has comprehensive general liability policies, fire insurance, and even payroll robbery insurance. Commonwealth Insurance company was founded in 1935 by Don Andres Soriano, who also founded San Miguel Brewery.
The company started in 1930 as China Insurance and Surety Company, Inc and evolved into one of the country’s premier insurance providers. Malayan offers life and non-life insurance packages from motorcycle insurance to golf insurance for any untoward accidents during a round of golf.
Paramount is a leading OFW insurance provider. It has over 30 branches nationwide. Some of their insurance products are life insurance, homecare insurance, and health insurance.
The company was founded in 1954, specializing in non-life insurance. Pioneer offers micro-insurance for individuals and properties. They also offer travel and health insurance packages.
Prudential Guarantee has over 30 offices in the country. Some of their insurance packages include insurance for travel, property, and automobiles.
Standard Insurance was named Best General Insurance (Philippines) by World Finance. Some of the company’s insurance offerings are OFW Protect, Travel Protect, and Motor Vehicle insurance.
Stronghold Insurance started in the 60s as Mabuhay Insurance & Guaranty Co., Inc. Today, it is one of the most dependable insurance providers in the Philippines. It offers suretyship, comprehensive general liability, and property floater insurance, among others.
Non-life insurance can protect you from financial mishaps due to unexpected events. It can also give you peace of mind, knowing your valuables are protected. Choosing the right policy depends on your needs, the coverage you want, and its cost-benefit ratio. Make sure to do your due diligence and choose an insurance package from a reputable provider.
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