Scams are still common today, maybe because the majority of us aspire to get wealthy immediately. Considering this, some people use this information to their own advantage. When someone offers you goods and services that appear “too good to be true,” as a customer, you have an obligation to conduct your own research. Similar to when someone gave you a life insurance policy, you need to make sure the company is legitimate and still in business.
Why You Should Get Life Insurance
Have you ever been in the middle of the pedestrian lane when suddenly a fast-moving car sped up in front of you? You’ll say “thank you, Lord!” with a deep sense of thankfulness.”
That is only one of the several near-death experiences we have on an everyday basis. It’s okay if you typically shake it off your shoulders. But what if it actually did happen?
Your family is not emotionally prepared for your sudden departure, that much is certain. As people are powerless to stop sobbing after discovering that someone they genuinely loved has left them, it is an uncontrollable feeling.
They might also not be financially and physically prepared to stand on their own just yet. But, since you may prepare for it in advance by obtaining a life insurance plan, this is a controlled situation.
3 Things to Ponder About Before Getting Life Insurance
Be sure that the insurance policy you are considering getting will meet your financial needs. You may occasionally only evaluate cost without realizing that getting insurance has significant factors to take into account.
In order to get life insurance, you must take the following into account:
1. Choose a Reputable Company
If the insurance firm is supervised by the Insurance Commission, you can determine its reputation. The top 5 life insurance providers in the Philippines are where you can generally get a life insurance plan, mainly due to the fact that these companies are dependable financially and offer satisfied customers.
2. Consult with a Financial Advisor
See a financial advisor in person. You are not compelled to accept anything from him, so don’t worry. Keep in mind that just because something is available online to read about doesn’t imply you are receiving the entire picture.
He may also demonstrate to you how it will benefit you and help you reach your financial goals.
3.Always Remember to Ask Questions
Don’t forget to bring up concerns that are significant to you. To put it another way, you wouldn’t buy a pair of shoes just because they were attractive, would you? You will examine the manufacturer, the materials used, the cost, the level of comfort, etc. You have the obligation and the right to do due diligence as the customer.
List of Philippines’ Life Insurance Companies
This is a full list of life insurance companies licensed by the Insurance Commission in the Philippines (IC).
The following is a list of Philippine Life Insurance Companies:
1. Sun Life of Canada (Philippines) Inc.
The earliest and oldest life insurance company operating in the country is Sun Life, which was established in 1895. In 2019, the company is the top life insurance company in the country for the eighth time in a row.
Apart from its solid financial position and celebrity ambassadors like Charo and Piolo, the company’s dedication to giving every Filipino family a better life has elevated it to the position of preference in the majority of households.
2. Philippine AXA Life Insurance Company
AXA, founded in 1999, is one of the nation’s life insurance companies with the quickest rate of growth. The business also created the present-day bancassurance system. AXA is a partnership between Metrobank, GT Capital Holdings, and AXA Group.
3. Pru Life UK
In the Philippines, Pru Life UK was founded in 1996. Prudential plc owns the company, which has its headquarters in the United Kingdom. One of the most well-known forms of insurance plans in the nation, the investment-linked life insurance plan, or VUL plan, was also invented by Pru Life UK.
4. Philam Life
Cornelius Vander Starr and Earl Carroll formed the Philippine American Life & General Insurance Company, often known as Philam Life, in 1947. The biggest company today in terms of assets and net worth is Philam Life.
5. BPI-Philam Life
Thanks to the close partnership between Philam Life and BPI, the company is the top bancassurance in the Philippines.
6. BDO Life
Founded in 1999 as a partnership between Generali Pilipinas Life and BDO. BDO acquires complete ownership of Generali Pilipinas Life in 2016.
7. Manulife
Manulife is one of the country’s oldest life insurance providers, having been established in 1907. Manulife is a division of Manulife Financial Corporation, one of the largest providers of financial services in the world.
8. FWD Life
In 2014, FWD Life Insurance Company started operations in the country. Despite being a new player in the market, the company managed to achieve the 8th-best new business annual premium equivalent ranking in the life insurance industry.
9. Cocolife
The largest stock life insurance company owned by Filipinos is United Coconut Planters Life Insurance Company, often known as Cocolife. Also, Cocolife is the country’s first and only ISO-certified life insurance provider.
10. Insular Life
With more than a century of experience in the industry, Insular Life is the first and largest life insurance company owned by Filipinos. Also, it is a mutual corporation, which implies that its shareholders own it.
11. Allianz PNB Life
In 2001, Allianz PNB Life commenced operations and has since grown to become one of the country’s top providers of life insurance. Due to Allianz and the Philippine National Bank’s exclusive distribution agreement, this is made possible.
12. SunLife Grepa Life
A collaboration between Sun Life Financial Philippines and the Yuchengco Group of Companies (YGC) is known as Sun Life Grepa Financial, Inc. or simply Sun Life Grepa (Sun Life). The largest corporation in Asia is YGC, while the top provider of life insurance in the Philippines is Sun Life.
13. Manulife Chinabank Life
A partnership between China Bank and Manulife Philippines results in Manulife China Bank Life Assurance Corporation. The business wants to provide China Bank clients with a variety of cutting-edge insurance products and services.
14. Pioneer Life
In 1964, Pioneer’s life operations were founded. Following the 2003 joint venture with the German corporation Allianz AG, a decision was made to proceed as a fully Filipino-owned company.
15. BenLife Insurance
A life insurance firm with 100% Filipino ownership, Beneficial Life Insurance or BenLife, was founded on March 16, 1960. With a P2.5 million initial authorized capitalization, the business today has about P1 billion in paid-up capital and more than P6.0 billion in total resources.
Other Life Insurance Companies Regulated by the Insurance Commission are listed below:
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