If the pandemic showed us something, it’s to be prepared for the unexpected. Death can strike at any time, whether it is the result of a pandemic or a heart attack. Being willing to speak about death is one aspect of being an adult. It is a debt that all men must pay. A life insurance policy can be a lifesaver for a family looking to be financially secure and prepared for the future, particularly if the deceased is the breadwinner.
We’ve previously addressed life insurance, concentrating on what to look for and what kind of plan you might need.
But now we’ll get down to business and offer you the best life insurance companies in the Philippines. PESOLAB, a Filipino financial literacy website, has released its list of the top ten life insurance companies in the world, based on data from the Insurance Commission of the Philippines. The Insurance Commission is a regulatory agency that regulates the life insurance companies and health maintenance organizations (HMOs) registered in the Philippines. It is part of the Department of Finance.
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The top ten life insurance firms in the Phillipines are…
- Philippine American Life & General Insurance Co. (Philam)
- Sun Life of Canada (Philippines), Inc. is a Canadian insurance company based in the Philippines (SunLife)
- Axa Life Insurance Company of the Philippines (AXA)
- Manufactured Life Insurance Company, Inc. (ManuLife)
- BDO Life Assurance Company, Inc. is a life insurance company based in New York (Generali Pilipinas Life)
- Insular Life Assurance Company, Limited is a company that provides life insurance (Insular Life)
- BPI-Philam Life Assurance Corporation is an acronym for the Bank of the Philippines-Philam Life Assurance Corporation (BPI-Philam)
- PRU Life Insurance Corporation of the United Kingdom (Pru Life)
- FWD Life Insurance Company (FWD Life)
- United Coconut Planters Life Assurance Corp. is a company that provides life insurance to coconut planters (Coco Life)
The top ten were calculated using consolidated data on each company’s assets, net profits, net worth, paid-up capital, premium income, and annual premium equivalent for new business (NBAPE). To summarize, it evaluates the financial results of each life insurance firm to reach this conclusion.
Philam topped the list because it outperformed all of the other companies in net worth and assets, while SunLife came in second place because it outperformed the others in net profits, premium income, and NBAPE.
What does all of this mean? When selecting a life insurance provider, it is important to look past the plans and consider the company itself. Financial stability in times of crisis, such as a pandemic, should be a deciding factor in your decision.
Which one do you pick?
Life insurance is a long-term commitment, which means the beneficiaries will have to wait years before they can make a claim. That may be decades away. A company’s financial strength will mean that it will be able to withstand market changes, such as a recession, in order to pay the heirs when the time comes. To cut a long story short, it will not be bankrupt when you die 40 years from now.
Based on data from the Insurance Commission, the ten companies on the list above are obviously the most financially strong life insurance companies in the Philippines, but it’s important to remember that financial strength isn’t the only thing to consider when selecting a firm.
Some firms are pickier than others when it comes to prospective policyholders’ current wellbeing, others have better riders and death benefits, and some have a more convenient claims process. Meanwhile, some providers are more senior-friendly for those purchasing life insurance later in life, with lower premiums despite lower claims.
When it comes to choosing the right company, the best advice is to canvass for policies from each company and compare the death benefits, VULs, PWD and serious illness passengers, accidental death benefits, and other features. Each organization has different policies with different combinations of benefits, riders, and so on, so before you meet with an agent, you should determine your priorities: Is death advantage more significant to you than VUL? Are you ready to pay for extra riders in the event of an emergency?
The fact that you’re reading this article indicates that you’re getting ready to make a decision, which is great news. Since each strategy is a 10-year or 20-year financial commitment, it’s best to go in prepared. So do your research, compare prices, and choose the best bid for your life insurance policy.