HOW DOES LIFE INSURANCE HELP YOU SAVE MONEY? BEST 5 IN THE PHILIPPINES

 

Insurance is an instrument for risk management. You obtain protection against unforeseeable economic losses when you sign up for insurance. If something unpleasant happens to you, the insurance company compensates you or someone else of your selection. If you don’t have insurance and a mishap occurs, you can be liable for all expenses.

 

Most people are covered of some kind, whether it is for their home, automobile, or life. It aids against financial loss for the insured person or their family.  Insurance coverage comes in various forms: life, health, homeowners, and auto.

 

When considering one, find a trustworthy financial counselor. It is an excellent indicator if, after reviewing your case, your insurance agent suggests that you do not require term insurance, it implies that they try hard to match what you can afford with what you need rather than just looking for commissions. Take care of these agents and send them as many family members and friends as possible.

Minutes to Read: 12 minutes

Age Bracket: 18-50 years old

 

TYPES OF INSURANCES

A.     HEALTH INSURANCE

People with long-term illnesses or those who frequently require medical attention should seek healthcare insurance packages with lower deductibles.  Although the annual premium is more expensive than similar protection with a higher deductible, the trade-off may be worth it for more affordable access to medical care all year.

 

B.     HOME INSURANCE

Homeowners insurance, sometimes known as home insurance, guards your house and possessions against harm or theft.

Most financial institutions require insurance coverage from borrowers for a property’s fundamental or fair market value (often the purchase price). They won’t even consider a loan or fund a residential housing transaction without seeing evidence of this insurance.

 

C.     AUTO INSURANCE

Vehicle Insurance can give you peace of mind if you are in an accident or your car is hijacked, destroyed, or suffers natural disaster damage.  People pay annual payments to an automobile insurance company instead of paying for auto accidents out of pocket. The insurer then handles all or the preponderance of the costs related to an accident or other vehicle damage.

 

D.    LIFE INSURANCE

The insured and the underwriter come to a compromise for insurance coverage.  A life insurance policy ensures that the insurer will pay a specific sum to chosen beneficiaries after the insured makes its way away in exchange for the premiums paid by the policyholder throughout their lifetime.

 

E.     TRAVEL INSURANCE

The expenditures and hazards associated with trips are protected by a type of insurance called trip insurance.

This type of protection is helpful for both domestic and foreign patrons.

Nearly half of Americans who traveled without travel insurance had to pay fines or cover the cost of damages, according to a survey done in 2021 by the insurance provider Battleface.

 

 

HOW TO FILE AN INSURANCE CLAIM IN THE PHILIPPINES

A.     CAR INSURANCE CLAIM

STEP 1: REQUEST MEDICAL AND LAW ENFORCEMENT AID.

Begin by examining for injuries on yourself and the other parties involved before requesting an ambulance and police aid.  You should take the following crucial action: snap pictures of the cars involved in the collision, including their license plates and any damage.

 

Since vehicle insurance companies will need proof for their inquiry, it is best to gather as much as possible. You might also want to get the phone numbers of any witnesses if there are any.

 

STEP 2: DOCUMENT THE EVENT OF THE CRASH

Take photographs of the damaged vehicle’s license plate and the complete car with the permit at the accident scene. The other car involved in the traffic accident must also be caught on camera. This is to provide evidence of what occurred.

 

STEP 3: ASSEMBLE PERTINENT DOCUMENTATION

Make a note of significant specifics like the following:

 

• Names, addresses, and phone numbers for all parties involved, as well as the registered driver and any witnesses
• the very day, time, and vicinity of the accident
•  Manufacturers of the vehicles damaged in the collision and their number plates
•  specifics of the liable driver’s insurance policy

To submit a police report, you must also visit the police station.  The police report is essential when making a car insurance claim and can shield you from legal action.

 

If you are hurt, get a medical checkup and obtain a medical certificate detailing the damage’s severity and the necessary care or medication.  If you submit a bodily injury claim, your insurance company might need this as one of the supporting documents.

 

Your insurer will lead you through what to do with your car during the following steps when filing for auto insurance.  They will also give you a list of authorized auto repair businesses and the proper paperwork if you need to get your automobile fixed.

 

B.     DEATH CLAIM

 

STEP 1: COMPLETE AND SUBMIT THE CLAIM NOTIFICATION FORM

STEP 2: PREPARE THE FOLLOWING DOCUMENTS

• Death Certificate – (Original issued by PSA or Certified True Copy by Local Civil Registry Office)

 

Note: The death certificate must be validated by the Philippine Consular Office in the nation or state where the insured person’s death occurred if it happened outside of the Philippines.

 

• If the insured was an employee, A Certificate Of Employment; if the insured was a business owner, A Copy Of The Business Permit Or Registration.

 

• Each designated beneficiary, as well as the Trustee/Guardian of the minor beneficiary(ies), must complete the Claimant’s Statement (one form for each beneficiary or trustee).

 

• If a chosen beneficiary is the insured person’s spouse, a PSA-issued marriage contract must be provided.

 

• Affidavit of Declaration: If there isn’t a designated beneficiary listed on the application form, the surviving heir(s) must sign and submit a notarized Affidavit of Declaration along with documentation of their familial status (such as a marriage certificate for spouses or a birth certificate for children of the insured, etc.). It’s significant to keep in mind that the “Order of Preference” clause in the policy contract governs how death benefits are.

 

STEP 3: SCAN AND SUBMIT THE NECESSARY DOCUMENTS.

 

In some cases, more paperwork will still be needed to process the claim. Please take note that the Philippine Consular Office in the nation or state where the document was issued is required to authenticate any document that is issued outside of the Philippines.

 

 

BEST 5 INSURANCE COMPANIES IN THE PHILIPPINES

1.      PRU LIFE INSURANCE CORP. OF U.K.

1. History

Pru Life UK, a division of British financial services behemoth Prudential plc, was founded in 1996. One of the first life insurance firms authorized to market unit-linked plans denominated in US dollars nationwide is Pru Life UK, the inventor and current market leader in unit-linked or investment-linked life insurance products.  Pru Life UK is a life insurance company, not a provider of pre-need arrangements.

 

2.     SUN LIFE OF CANADA (PHILIPPINES)

2. History

Philippines-based Sun Life of Canada, Inc., a life insurance policy in the Philippines in 1895, three years before the Spanish sovereignty over the country for 300 years ended. Sun Life stopped operating during World War II operations after the Japanese soldiers’ invasion. It nevertheless carried on with its covert efforts.

 

After the conflict ended, the corporation handed out death claims equivalent to USD 1.2 million. Solar Life was the only insurance provider that covered death claims exclusively based on trust and confidence in the Filipino people, even without supporting documentation for the assertions. In the end, it is determined that all claims are valid.

 

Sun Life was established in Canada more than 150 years ago; we can trace our roots there.  Since then, we have grown internationally under the direction of our emphasis on the advantages of life insurance and its humanitarian aims.

 

Their global operations in Toronto serve significant markets such as those in the United States, Canada, the United Kingdom, Ireland, China, Hong Kong, the Philippines, Japan, Korea, Indonesia, India, and Singapore. They take great delight in assisting individuals all over the world in achieving enduring financial security and living healthier lives.

 

3.     Philippine AXA Life Insurance Corp. (Metropolitan Bank Trust and Co. partner)

1. History

 

AXA Philippines, founded in 1999, is one of the nation’s most extensive and rapidly expanding insurance businesses. Through its group and individual life insurance policies and general insurance products offered through its wholly-owned subsidiary Charter Ping An, it provides financial protection to close to 2 million people.

 

One of the first companies to launch bancassurance operations in the nation is AXA Philippines, which is also the first in the field of investment-linked insurance. For all of its customers’ insurance and financial protection needs, AXA now provides a full range of products, including savings and investments, health plans, and income protection. Additionally, its general insurance subsidiary, Charter Ping An, offers fire, motor/car, marine cargo, personal accident, bonds, casualty, and engineering insurance products.

 

 

AXA Philippines ended 2021 with a net income of P2.3 billion from its life and general insurance operations. AXA currently has more than 7,000 financial advisors working in more than 40 branches and 4,000 financial executives working in more than 900 Metrobank and PSBank locations around the country. On the other hand, Charter Ping An has over 900 agents and 21 branches nationally.

 

2. MyLifeChoice Retirement

Build your retirement plan as you become more successful and make the most of your riches through carefully thought-out investments.

By continuing to pursue your passions and making more special memories with your loved ones, you may make the most of your retirement years.

 

Significant elements and perks

1. With a Target Date Fund, design your retirement blueprint.

– Check to see whether you’re still on pace with your retirement goals and whether you intend to retire in 10 or 20 years. Suitable to implement to your advantage with AXA’s Target Date Fund as you control investment risks for potential future better returns.

 

2. Develop a diversified wealth management portfolio.

– Utilize AXA’s Target Date Fund to take advantage of potential growth prospects for your assets. You can gain the flexibility you need to manage your investment portfolio more effectively by diversifying your holdings in various assets that fluctuate over time.

 

3. Increase investment growth while safeguarding returns.

– AXA’s fund managers use an extraordinary approach to enhance growth and assist you in protecting your money when you need it based on your projected retirement date. Your objectives are still within reach, thanks to AXA’s expertise in fund management.

 

(TABLE COMPARISON FOR LIFE BASIX AND LIFE  BASIX PLUS)

 

4.     Manulife Philippines

1. History

Manulife Financial Corporation has a subsidiary called The Manufacturers Life Insurance Co. (Phils.), Inc. (also known as Manulife Philippines).

With our global headquarters in Canada, we are pleased to serve more than 30 million clients by offering a wide range of insurance, investment, asset management, and financial planning services. Manulife Philippines, a division of the global financial services firm Manulife, has been recognized as one of the nation’s Trusted Brands for 2022. Since 2017, the business has won recognition in this category four times.

 

They served nearly 30 million clients by the end of 2020 with the help of more than 37,000 workers, over 118,000 agents, and thousands of distribution partners. Also, they managed and administered assets worth CAD1.3 trillion (USD1.0 trillion) as of March 31, 2021, and in the previous year, they paid our customers $31.3 billion.

 

They are an international insurance company. They have provided consumer services throughout Asia, Canada, and the United States for more than 155 years. On the Toronto, New York, and Philippine stock exchanges, they trade as “MFC,” while in Hong Kong, we trade as “945.”

 

2. MANULIFE EDUCATION BUILDER (Education)

A decent education is one of the best foundations you can provide your child. With their Education Builder, you can be confident that their needs will be met no matter what when they enroll in college so that everyone can look forward without optimism about the future.

Why should you choose it?

✔️ Spend less now and more later

Early college savings will help you prepare for your child’s decision to enroll in a four or 5-year program.

✔️ Enjoy investment flexibility.

Select the payment schedule and methods that are most convenient for you.

✔️ Enjoy security for your investment.

Premiums may be waived in the event of death or incapacity, and you can arrange for your kid to receive financial support up until age 17.

✔️ Faster wealth growth

Through Manulife’s investment funds, your life insurance policy is loaded with potential wealth-building value. You can pick from various funds that invest in some of the world’s biggest and most successful businesses.

 

2. HEALTHFLEX (Healthcare)

With HealthFlex, you can personalize your health insurance plan and only pay for your required protection.

Why should you choose it?

✔️ Affordable and customizable plans

Choose one of the four HealthFlex bundles for protection against up to 112 severe medical conditions.

✔️ Protection pledged until 100

Obtain advantages in good or bad health. Critical sickness, demise, or prizes for remaining healthy until age 100 are all covered by HealthFlex.

✔️ Security at any age

By enrolling in this health plan from the age of 15 days old or up to 70, you can put your anxieties to rest and benefit from protection until the age of 100.

✔️ Extra health insurance

Increase your protection with add-on benefits that pay for early-stage illnesses, second instances of cancer, heart attacks, or strokes, or financial support during hospitalization or your sickness recovery.

✔️ Premiums are not charged

You can concentrate on getting better without worrying about future costs.

✔️ Additional benefits of maintaining good health

Enjoy yearly dividends you can take out at any time or leave to build up until maturity.

 

3. FREEDOM (Savings & Retirement)

Retirement ought to be a chance to accomplish more, not less. Our Freedom policy offers one lump sum payment, recurring assured payouts, and long-term savings assistance. You are, therefore, prepared to enjoy the upcoming phase of your life’s adventure fully.

Why should you choose it?

 

✔️ Ensured Cash Values

Use your policy as collateral in an emergency.

✔️ Assurance of a Fixed Sum Benefit

Choose between receiving your cash compensation in one lump sum or over time.

✔️ Guaranteed Life Insurance

Enjoy life insurance protection up to the age 65 for your and your family’s safety.

✔️ Dividend Income

Make more money that you can invest or utilize for your purposes.

✔️ Gain additional advantages by using your savings

Have the opportunity to upgrade your plan with other features like guaranteed cash payments or broader coverage.

 

5.     BDO Life Assce. Co., lnc. (Generali Pilipinas Life)

History

Over the years, you’ve worked very hard to balance your family’s demands with your own goals. To give yourself peace of mind, purchase life insurance from BDO Life as well as non-life insurance from BDO Insure for your health, automobile, and vacations.

 

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