MONETARY POLICY
Funeral Costs: pre-need plans for the funeral. your
Private Insurance Companies- under the
direct supervision and regulation of the Office of
the Insurance Commissioner
-conduct life or non-life insurance
business.
-offered include life, fire, health and
accident insurance
-asset [policy loans, real estate loans,
stocks , mortgages, bonds, fixed deposits
and collateral loans]
TOP 10 LIFE INSURANCE
COMPANIES IN THE PHILIPPINES
 1 Sun Life Canada (Philippines) Inc.
 2 Pru Life Insurance Corporation of U.K.
 3 Philippine AXA Life Insurance
 4 Manufacturers Life Insurance Company
(Philippines), Inc.
 5 BPI Philam Life Assurance Corporation
Inc.
 6 BDO Life Insurance Company, Inc.
(Generali Pilipinas Life)
 7 Philippine American Life and General
Insurance Company
 8 FWD Life Insurance Corporation
 9 United Coconut Planters Life Assurance
Corporation
 10 Insular Life Assurance Corporation
Life insurance Philippines is an important
part of our financial health
-protection against losses and an
investment for future use (retirement)
-could spare your family from a financial
dilemma
The Benefits of Getting Life Insurance
Philippines
Pension for your Spouse: money that your
spouse will receive when you are gone.
Education for Kids: This insurance benefit
ensures the education of your kids upon your
untimely death
Family: I breadwinner in the family
- your dependents will receive an amount of
money from life insurance
-your spouse, your children, parents, and
relatives.
Debt Payments: can also help you pay out your
debts
End-of-Life Healthcare Cost: Hospital bills,
medical expenses, health care cost
insurance company will cover any funeral costs.
Estate Tax Costs: you have to pay the
government’s estate tax
- insurance companies can cover the estate
tax.
Savings: “whole-life policy,” which offers long-
term savings; “variable universal life insurance.”.
Key Features of Life Insurance Philippines
INSURER
-the insurance company.
-write the policy and receive the premium.
-they keep the policy enforced
-they pay the sum insured to your beneficiaries
INSURED
-the individual who is covered by insurance.
-the insurer would pay your beneficiaries.
POLICY
-policy is the contract between you and your insurer
-It insurance coverage and your insurer’s duties,
POLICYHOLDER
-A policyholder is someone who owns the policy. -
must be at least 18 years old. You can be both the
policyholder and the insured. There are instances
where a policyholder is not the same as the insured.
For example, a parent buys insurance for their
child.
BENEFICIARIES
Beneficiaries are individuals who will receive the
money from the insurer. Anyone can be your
beneficiary. These are some lists of your possible
beneficiaries:
 Spouse
 Children
 Family members
 Descendants
 Heirs
 Guardians
 Employers
 Business partners
SUM INSURED
 -the amount of money that your beneficiaries will
receive
-amount is based on the length of the contract.
PREMIUM
- amount of money that you pay to the insurance
company
-can pay annually, semi-annually, quarterly, or
monthly
TYPES OF LIFE INSURANCE PHILIPPINES
FOUR (4) DIFFERENT TYPES OF LIFE
INSURANCE
ENDOWMENT
-grants a lump sum of a certain amount of money
-policy owner should pay a premium
PROS:
 It allows saving up for a specific purpose like
education or retirement.
 guaranteed return upon maturity.
 It offers some form of insurance coverage.
CONS:
 It asks for a higher premium.
 It is not the best option for those who are
looking for full life protection.
TERM
-simplest form of life insurance
-beneficiaries are paid upon the death of the
policyholder.
PROS:
 It requires a low amount of Premium.
 strong option for policyholders who couldn’t
afford the whole life or endowment type of
insurance
 It is easy to understand
CONS:
 policyholder outlives the term period,no
benefits.
 amount of premium gets higher every time the
terms are renewed
WHOLE LIFE
-offers coverage for the policyholder’s until they
reach 100 years old
-protection and a savings mechanism
PROS:
 permanent protection until 100 yrs old
 flexible terms of payment of premium
 It also has fixed premiums.
 additional features and ‘living’ benefits.
CONS:
 It comes with a higher premium.
 It can be harder to understand because of its
complexities.
VARIABLE UNIVERSAL LIFE INSURANCE
(VUL)
-offers both life protection and investment in one
package
PROS:
 life insurance and investment
 doesn’t have a maturity age.
 payable with the assured sum
 The death component is not limited
 Liquidity: you can access your fund in times of
need
CONS:
 cash values and dividends are not guaranteed.
 depending on the performance of the
investment.
 more investment fees.
BTID (BUY TERM, INVEST DIFFERENT)
-practice of buying term insurance
PROS:
 lower fee
 You can manage your investments.
 put your money in various mutual fund
 higher investment returns.
CONS:
 price is higher for long-term coverage
 split your money for insurance and investment
 know about insurance and investment.
Tips in Choosing the Best Life Insurance
Provider
 ESSENTIAL QUALITIES -know the required documents

1. Licensed to operate in the Philippines Here are some lists of requirements:

- search them from the list of licensed insurance firms
Death Claims
2. Company Background  Official claimant form
-research its background  Policy number
-search if they have a good reputatio!n  Death certificate of the insured

3. Financial Performance It should be issued by the Philippine Statistics

Authority. If the death occurred abroad, provide an
FIVE CATEGORIES authenticated death certificate from the Philippines
embassy.
a. Premium Income
-total amount a company receives from the clients’  Valid IDs
premiums

b. Assets Other Types of Claims

-the property that the company can use in paying its
debts  Claimant statement form
 Valid IDs
c. Net Worth  Attending Physician Statement Document
-the value of all the company’s assets minus its  Hospital Bill Receipt
liabilities  Police or Incident report
 Certified True Copy of Operating Room
d. Net Income Record
-the company’s total revenues minus the  Complete medical records
company’s total expenses

e. New Business Annual Premium Other Requirements:

Equivalent
-first year of regular premium plus 10% of single
premiums
Quick Tips in Comparing Life Insurance Types
 The insurance coverage that you need
 How long do you want to be insured?
 How much are you willing to pay?
 Can you afford the premiums?
 Do you want insurance for protection? Or
would you like to add savings to your life
insurance policy?
 Marriage Certificate
 Birth Certificate of a child
 Affidavit of Legal Guardianship
 Judicial Bond by the surviving parent
 Birth Certificate of the Insured
 Joint Affidavit of Two Disinterested Persons
 Police Investigation Report
 Autopsy Report
 Toxicology Report
STEP 2: Submit the Requirements
you can submit them online through the insurance
company’s website

 What if your claim is denied?

Tips in Comparing Life Insurance Policies
-don’t have to go to court when your claim is denied
-less than five (5) million pesos
Here are some tips that would help you in choosing
your life insurance policy:

 Insurance rates, quotes, and proposals:

 Benefits.
 Premiums
 Review the Fine print
 Ask questions

Filing A Life Insurance Claim

STEP 1: Requirements