How many Filipinos remain uncovered by any type of insurance?

Based on statistical data, only around 50 million out of the 100 million Filipinos are covered by insurance. This is only around half of the population. These are individuals that have gotten insurance coverage from private insurance companies. 

Meanwhile, the government is hard at work to make sure that all Filipinos will receive healthcare coverage under PhilHealth, however, at the moment only around 50 million Filipinos are currently covered.

What happens to the population that does not have any type of insurance coverage?

If the person is not currently covered by a private insurance company and not under PhilHealth coverage either, these people would have to pay for any medical expenses out-of-pocket. These people usually have to deal with situations as they come. They do not have an insurance policy to help them with the expenses for the medical bills and other types of emergencies that may happen to them.

Insurance is designed to give a person and their family from financial crises that may befall them. More than 50 million Filipinos believe in the power of insurance, but sadly not all people have the funds to invest in any type of insurance.

Why people should invest in insurance

The need for insurance boils down to extra expenses that remain unaccounted for. Many people have so many expenses that they are unprepared for. Most Filipinos do not allot a part of their budget for emergencies. They usually rely on their meager income and savings to cover the costs of any emergencies.

Having an insurance policy will enable people to have peace of mind to be able to live their lives free from worry. They will have enough extra funds to face any kind of emergency without touching the savings they have in the bank.

Do you have insurance coverage?

If you are one of those Filipinos that still remains uncovered by any type of insurance, it may be high time to invest in insurance. Depending on the needs of your family the monthly budget you have and the amount of income that you receive every month, you should consider getting insurance coverage. Most life insurance companies can also offer health care coverage. Having a solid insurance plan can enable you and your family to reach financial freedom and security.

You will no longer need to touch your savings account every time you will need extra funds for an emergency. When a family member gets sick, you will not need to deplete your savings just to avail of treatment or a doctor’s appointment to get diagnosed. Your insurance policy can take care of that for you.

Even as our government continues to improve, medical insurance along with it, it is still wise for you and your family to invest in an insurance policy from a private insurance provider. You can never be too careful about the surprises that life can sometimes suddenly spring on you. Having an insurance policy will give you and your family the comfort to live your lives free from worries. What are you waiting for? Don’t be one of those Filipinos who are still uninsured in 2019! Get an insurance policy for you and your family today!

What are the top companies in the insurance industry?

When it comes to insurance, these companies really know what they are talking about. They offer a good number of insurance policies for their clients to choose from, and they make sure that they have something for everyone. Here are the top 5 names to look for in the life insurance industry, we hope that this list will make it easier for you to make a choice about which company to invest with.

Manila Bankers Life Insurance Corporation.

Manila Bankers Life, also known as MBLIFE, is one of the oldest and most well-known insurance companies in the Philippines. They have a wide range of insurance products that cater to all the needs of a policyholder.

They are one of the few companies that offer insurance for business owners who are in the lending business. They make sure that they offer products for every type of client. You can be able to customize your insurance policy when you invest with Manila Bankers Life.

AXA Philippines.

AXA is one of the newer providers for insurance but is growing into one of the most popular. They also have many insurance products and riders to make sure that they have many choices available for their clients. AXA’s life insurance and investment policies exist because of a joint effort between the AXA Group from France and the Metrobank Corporation.

BPI Phil Am.

BPI Phil Am is another company that is a result of a tie-up between an insurance company and a big bank in the Philippines. BPI Phil Am is a joint venture between the Bank of the Philippine Islands and The Phil Am Insurance Corporation. They are one of the most trusted bancassurance companies that offer quality insurance packages to their clients. 

Sunlife.

Sunlife also offers a great array of choices for insurance products in the Philippines. It has been consistently ranking in the top list of insurance providers for the previous years. They have many satisfied clients who benefit from the many insurance products that they offer to the public.

Manulife.

Manulife is another company that has been in the insurance game for a long time. It has established itself by offering good quality life insurance products and gathering a following of many clients that have continued to be satisfied with the services and products that they have been offering over the years.

These are the best providers for insurance products in the Philippines. They all have been accredited by the Philippine Insurance Commission, and are the most trusted in the business.

Now that you are aware of the biggest names in the industry, you are now ready to buy your very own insurance policy. Investing in insurance will take you one step closer to having financial freedom.

This is one dream that many Filipinos have, but few can achieve. Having an insurance policy under your belt will give you and your family the peace of mind that you will be ready to face any type of emergency that may crop up. 

It is not impossible to be able to live comfortably, work hard and have an investment to show for all the hard work you put in. Invest in an insurance policy today and hit all these birds with just one stone!