What is term life insurance?

As the name suggests, term life insurance will cover a person and their family for a certain, set amount of time. Term life insurance packages can cover a person anywhere from one year to over 10 years. Depending on the inclusions of the plan as well as the amount of time for coverage, prices may vary per insurance company.

Many people wonder if investing in this type of life insurance is worth it. Since it can only offer coverage for a set amount of time, many people think it may not be worth it. We have compiled reasons why it may be beneficial for you and your family to invest in a term life insurance policy.

Advantages of term life insurance plans

Many advantages come with investing in a term life insurance plan. Many may prefer to get a whole life insurance plan, but there is a chance that you and your family may benefit more from term life insurance.

It is cheaper.

When compared with whole life insurance, term life insurance will naturally come cheaper because it only covers a person for a set amount of time. It is also easier to understand because when a person invests in term life insurance, they only have to decide on coverage duration, the amount of premium to pay and what is to be included in the policy.

It offers more flexibility.

Since it will only be valid for a certain amount of time, it is easier to customize it. With whole life insurance, it is very difficult to change an already existing policy. Even if needs change, it is very seldom that insurance providers will allow you to make changes to your whole life insurance policy. However, with term life insurance, you can be able to create a new policy when your old one expires. Depending on your needs, the term life insurance policy you create should answer all the needs your family has. No matter how many times the needs of your family might change, your term life insurance can change accordingly.

it is good for travelers.

If you will be traveling to another country for some time, term life insurance can offer good coverage for you while you are abroad. 

It is a good investment for growing families.

If your family is young and just starting, chances are you may still be financially stressed. You may still be paying for your first house or first family car. These expenses can put a strain on the budget and make it difficult to invest in more expensive whole life insurance. Term life insurance is a more affordable option that can cover you and your family until you will have enough money to invest in whole life insurance.

Invest in term life insurance now!

There are many good selling points of term life insurance. If you are looking for an insurance policy that is affordable, easy to customize and offers flexibility, go for term life insurance today. You will have peace of mind knowing that you and your family are covered and prepared to face all kinds of financial crises in the future. 

Investing in life insurance is the first step you and your family can take toward achieving financial freedom and stability.

However, vehicular accidents do not only cause harm to the actual cars and the people inside them. They may also cause potential damage to the car insurance premiums the car owners pay.

This article will talk about how much car insurance can go up right after an accident. Also, the article will tackle the topic of how you can reduce the impact that the accident will have on the number of premiums you pay.

Why does car insurance go up after an accident?

Car insurance premiums tend to go up right after accidents, especially when the person driving the insured car is the one at fault for the accident. Rates for premiums also tend to go up because of the type of insurance claims that are made in relation to the accident. 

How important is car insurance?

Having car insurance will protect the vehicle owner from spending too much on repairs during unintended instances, like if a tree falls on your car and ends up breaking the windshield. Or if your car gets stolen, insurance is made to provide coverage for that as well. 

Even if the rates for the premiums may change after an accident, insurance is still an important thing to have. It will safeguard your wallet from spilling out too much of its contents when you would need to repair damage to your car. On top of this, to get your car registered, you will also need to present proof that you had your car insured. 

How to get car insurance

Getting car insurance is easy. The insurance that is offered at the local LTO of your city is not too comprehensive, and if you would like to have more extensive coverage, you can go to private companies that offer insurance for this. 

For an affordable premium payment, your car can be protected from third-party liabilities, accidents that have been caused by the drivers themselves and accidents due to Force Majeure.

Get car your car insured today!

If you have a car, it is in your best interest to get it insured today. Even if car insurance may be quite expensive, it is still a better deal rather than you having to pay for the repairs out-of-pocket after an accident.

Also, even if the price may go up slightly after an accident happens, having car insurance will give you peace of mind knowing that no matter how many road-hogs there are on the Philippine roads nowadays, you will not have to worry about spending for the repairs of your car should you be in an accident in the future. Y

ou can never be too prepared for accidents, and car insurance should be there to help you in case you are ever in one.

Many things can go wrong. Insurance is supposed to be there as a way for you and your family to be ready for any emergencies that might happen. You will be able to sleep better at night knowing that you are financially prepared for any type of disaster or emergency that might come up. Many people are caught off guard by these sudden emergencies. That next person may be you. You can make yourself ready by investing in an insurance plan.

The most convenient way to get insured

Since many people end up not buying insurance because of the hassle it takes to get a policy, online insurance is the best possible solution to the problem! It is now possible for you to sit down in front of your computer, in the comfort of your own home and get insurance. It is so quick and convenient that you can be able to make your own do-it-yourself insurance policy, deciding what types of riders to include in the policy, and pay for the policy right after. Your policy will be given to you within minutes from when you first start.

There will be no more need to undergo a medical test, as some companies require you to get as a prerequisite to getting an insurance policy. Online insurance is supposed to make the whole application to get an insurance policy quicker and easier. The aim is to be convenient right from the beginning. After all, an insurance policy is supposed to be designed to provide peace of mind for the policyholder and their family. The idea of online insurance is to provide that from the moment clients start applying for their insurance policy.

Advantages of applying online

Artificial Intelligence.

There is no room for human error when you apply for a DIY policy online because your policy will be constructed and made-to-order according to your unique needs by artificial intelligence that is installed into the website’s system. All you need to do is to put in all the information about what you need, whether that be a health care insurance or life insurance, and the AI, which has been named Sandy, will take care of everything for you. No miscalculations, no mistakes, just quality life insurance.

Time-saving.

You will be able to save a lot of time, considering you will not need to commute or endure heavy traffic just to get to talk to an agent. You will not need to wait for days to receive your policy in the mail, you can pay for it right after you finish putting in your information. You can be insured within minutes.

No medical tests.

Everybody needs insurance, especially those who have been diagnosed with a chronic illness. Online insurance gives everybody an equal opportunity to get insured. Also, no medical tests mean that you can save a substantial amount of time.

No paperwork.

Paperwork is one of the things that people hate when they apply for insurance. With an instant insurance policy online, people can do away with the need for paperwork because everything will be done online. 

What are you waiting for? Logon to epolicy.ph and grab your instant DIY insurance today! Save time and get the peace of mind you and your family deserve.

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!

Many people would be interested in investing in life insurance but they do not understand how it works. This would be one of the reasons why many people would end up not buying life insurance, leaving them unprotected from financial problems.

How does life insurance work?

Life insurance is a written agreement between a policyholder and an insurance company. The general agreement that is stipulated in this contract would be that you should be willing to pay a certain amount of money in premiums at certain intervals, and the insurance company would agree to give your beneficiaries a cash benefit when you die.

These are the general guidelines that surround life insurance. Within these parameters, you can decide what type of life insurance would be right for you. You can choose to pay for your premiums on a yearly, semi-annually or monthly basis. 

How do life insurance companies make money?

You might be wondering how life insurance companies make a profit out of this seemingly too-good-to-be-true financial contract with their clients. In a nutshell, they would make money by investing the money of their clients, hoping to be able to make money that way. Their goal is to be able to make money investing these premiums – more money than what they would have to eventually pay out in claims.

Another way these companies would make money is because some people would stop paying for their premiums. This would cause their policies to lapse and the company would benefit from the money that those clients have already paid in premiums. 

The pricing of life insurance

We all know that you can get a better deal for your life insurance policy if you choose to invest earlier in life, and while you are free from any illness or disease. However, other factors can contribute to the price difference when buying life insurance.

These other factors would relate to your life expectancy. Age, gender, nicotine use, family health history, personal medical history, the inclination to do dangerous hobbies and other risk factors may all affect how much your premium’s price will be.

After buying life insurance

What if you develop any health issues after the purchase of your life insurance plan, you ask? You need not tell your life insurance company that you have been diagnosed with a health problem. This is one of the main reasons why we encourage people to buy life insurance early and before they develop any illnesses.

If you are still in the process of paying for your life insurance policy when you develop a health problem, the price of your premiums will not change. You will also still be covered by any health riders you had bought at the time of your initial investment with the company.

In short, the insurance company will still have to pay your cash benefits in case anything were to happen to you. Once you will have any new lifestyle changes, health changes or changes in hobbies, if you are already covered, your original policy will not change.

Why you need to understand how life insurance works

Understanding how life insurance works is a big step in investing in the right insurance plan. You need to understand how companies make a profit so that you will not be afraid to invest and see that they make money fairly and legitimately. An understanding of how life insurance is priced and what happens after you start paying for your premiums will also encourage you to buy life insurance as early as you can.

Life insurance can be a great investment if you choose the right type of policy, the right type of riders, those that would fit the needs of you and your family. Invest in life insurance and achieve peace of mind today.

People born before the Millennials would get a life insurance policy for the sole purpose of having a fund for their funeral expenses and to pay in advance for the death benefit that their families would receive. 

However, in the year 2019, getting a life insurance policy means so much more than that. When a person has life insurance, it would not only mean that they will have a nice memorial service when the time comes. Having life insurance would also ensure that the person would have a good life as well.

What is an investment?

The textbook definition of this word means that it is something that can create wealth over time. It can also be something that can create “passive income” for the owner. Life insurance is now quickly turning into a good way for yuppies to invest their money and grow it into something that can be used for the future.

How can Millennials invest?

This generation is probably the most adept at investing. Whether that would be the investment of time, talent or money, Millennials know how to do it. Millennials know how to let their money work for them, and not the other way around.

Bank products, such as savings accounts would be a good way to save. Let the bank keep the money for you, while it earns interest and grows. Another good way to invest would be to put the money into stocks, but this is unwise if you have no experience in the stock market.

Yuppies also see the potential in saving for their retirement fund. There are many ways to invest money, but Millennials acknowledge that the solution that can hit all the birds with one stone is investing in life insurance.

Life insurance will allow you to have a savings account, let trusted brokers invest your money in stocks, have a retirement fund and so much more. With a life insurance investment, slowly but surely paves the way for anybody to reach financial security.

How to invest wisely in 2019

The best affordable investment for Millennials would be life insurance. Getting a life insurance policy will help Millennials save for a rainy day. Young professionals understand that by investing a little bit of their hard-earned money, they will be able to reap the returns years later. This generation understands that an investment has to grow over time, and it is not easy money.

Since yuppies have now seen how difficult it is to save, life insurance will force saving. There are so many temptations in this digital age, where cashless transactions can leave your bank account empty without you even realizing it. Having a life insurance policy that people pay for incrementally will become their savings.

Over time, the amount in their policy will grow, without them even realizing it. When emergencies arise, they will be able to have some funds available. These funds could cover medical emergencies, tuition fees and other sudden and unexpected expenses that they would otherwise have no money to pay for without the life insurance investment.

In short, yuppies understand that having a life insurance investment can save them from financial ruin. They know that life does not come cheap and they need to be practical and save for the future. The best and easiest way to achieve this goal is to invest in life insurance.

Getting life insurance should be a choice that everyone has. In the Philippines, many people get intimidated and scared into not buying a life insurance plan because they feel forced into getting the policy. This should not be the case. It should be encouraged, and people should understand why getting insured would be beneficial for them.

Choosing the right insurance company

For people who are half-hearted in wanting a life insurance policy would be more confused when they realize that there are so many insurance companies. They would be somewhat overwhelmed in choosing the right one. Many people would give up halfway toward making the choice.

Most companies would offer more or less the same products, although some would have a product or service that is unique to that company. All insurance products here in the Philippines are covered by the Insurance Commission, which makes sure they comply with Philippine law.

Deciding on choosing a life insurance policy would depend on your needs. Many people don’t realize this but a life insurance plan can be customized to fit the needs of the policyholder. If you do a Google search on the top companies in the country, you would see a list. Don’t let that list confound you. Those companies are ranked based on their net worth. Not really on the quality of products they provide.

Instead of discussing the companies based on that list one by one, we think that you would benefit more in knowing what good elements can be included in a life insurance policy. With this information, you can later choose an insurance company based on the riders and inclusions they have on their policies.

Riders are extra benefits that are included in the life insurance policy, outside of the usual inclusions that all life insurance policies should have, based on the Insurance Commission. A regular insurance policy should include a sum insured that would keep the policyholder insured in case of death, a list of beneficiaries and other common elements.

You can choose the insurance company based on the riders that they offer.

Health benefit. Some companies would offer this benefit as a way of safeguarding their policyholders from illness. There would be a list of 100 illnesses, and if the insured person would be diagnosed with one or more of these illnesses, the insurance company would provide the medical coverage.

Family income rider. This rider would keep the income coming in even in the case of the death of the insured person. It would guarantee that the family of the policyholder would not go into financial ruin because of the sudden death of the person whom they are financially dependent on.

Return of premium rider. With this rider, you can be sure that after you finish paying for your policy, the premiums you paid will be returned to you in full. In case of death, the premiums will be given to your beneficiaries. They will receive the paid premiums amount in full.

Child term rider. This rider is a bit grim, but it answers to the reality that the death of a child does sometimes happen. It would provide a death benefit to a child who would pass away before a certain age. 

Other riders are available but these are the ones that stood out the most because not all insurance companies would offer them. Remember that choosing an insurance company should be based on your needs. List down the financial needs you have, look into the future to see what needs you foresee yourself and your family have, and inquire with your financial adviser based on those needs.

This is not a bad thing. After all, you work to be able to reward yourself after a long day. Right? We all deserve a break sometimes.

Giving yourself a treat is not wrong. At the end of the day, you worked hard for that money and you have the right to decide how you spend it. The problem is many people take too many breaks, and invest in all the wrong things.

A shiny new smartphone can look good in your hands now, but then in a few months, that phone will no longer be the latest model, and you might find yourself wanting to invest in the new latest phone.

Investing in Life Insurance can solve many problems

Saving for the future. A life insurance policy will make it a “no-brainer” for you to save money. It will just be like any other expenses that we pay each month. The amount that is paid in an insurance policy will be decided by the policyholder, so you will not be paying for something that you cannot afford. At the end of a certain amount of time, you will be surprised to see how much you have already saved!

Having an investment. Many people think that for you to have an investment, you need to have a lot of money. This is not always true. You do not have to buy a Jollibee franchise to “invest” your money.

Work with what money you can afford to set aside, and that will be your investment. In a few years of investing in your life insurance policy, you will see that a little goes a long way.

Emergency funds. This is what most Filipinos have a hard time with. Most of our budgets are fixed, and when an emergency suddenly presents itself, the whole budget is blown to smithereens. Many Filipino families do not have a fund that they can reach into when a family member goes to the hospital, or when an unexpected school expense would come up.

A life insurance policy will provide a solution to this conundrum. Life insurance also includes coverage for medical expenses and emergency funds.

You will be able to dip into some of the money you have set aside and withdraw it when there is a sudden need for cash. There will be no more need to borrow money from your neighbor or to pawn your wedding ring. Your insurance policy will take care of this.

Life insurance is one of the most important investments you can choose to make

The best thing about this investment is that you get to make all the decisions about your policy. You can be sure that only you will decide what you pay for, as well as the price you pay for it. You will not regret getting a life insurance plan because it is the answer to all your budgeting problems.

For a small premium every month, you will still be able to buy your wants. Do you still want those new shoes? Go ahead and buy them! What about that new restaurant you and your wife have been dying to try? You can still enjoy a date! Why?

This is because you will already have set money aside in your life insurance plan. This money will go to your future, without affecting how much you can enjoy today.

MBLIFE – also known as the Manila Bankers Life Insurance Association – has been in the insurance industry for over 50 years. Over its extensive history, it too has faced its fair share of complaints and controversies.

Let us fill you in on the details about the story, in case you have not yet heard it..

The story

A few years back, in the year 2013, MBLIFE personnel who were in charge of getting the payments of potential investors and clients allegedly did something that would cause a cloud of doubt to be cast over the MB LIFE Insurance Association.

The complaints that have been aired online tell the story of how the personnel of MBLIFE was able to somehow convince new clients that they needed to have their credit card or ATM card information as part of the initial verification process to be able to get an insurance policy.

The first-hand stories told by members said that their accounts were charged without their knowledge. They said they were victims of a money scam.

That is the story. What should you believe?

If you are thinking of investing your money in life insurance, this kind of story is one that might discourage you. But then since the news of the incident has become public, MBLIFE has been working hard to redeem themselves, even in light of the controversy.

Social media has yet again given people to give their opinions about this issue. There have been mixed reactions that have been seen online. Some angry clients were victims of the incident, and on the other hand, MBLIFE also has many satisfied clients. The choice is really up to you to choose where you stand. However, the released information about the “Manila Bankers Life scam” does not seem to discourage the already satisfied long-time clients of the company.

This information stop you from getting a life insurance policy

Whether or not you choose to believe the story, it should not stop you from investing in a life insurance policy. There are many reasons why we should still trust Manila Bankers Life and its products. We will share with you why we think so.

MBLIFE is registered under the Philippine Insurance Commission

You can’t get more legit than this. Manila Bankers Life products would have to comply with the rules and standards set by the Philippine Insurance Commission. This means that the Commission has checked and re-checked the policies offered by MBLIFE and is compliant with all the regulations. If the Philippine Insurance Commission trusts them, we should too.

MBLIFE has an office and a customer care center

Handling customer complaints is never easy, especially for a company that is trying to defend itself from allegations that select employees did in the past. Having a customer care office means that the company values its clients, and it wants to make sure that everyone is satisfied with their services. 

The actions of some employees do not reflect the company

The company does not have a policy that requires people to give their personal ATM’s before they are allowed to invest in insurance, and clearly, this incident was planned and put into action by individuals working for their gain, and not on the company’s orders.

It is natural for doubters to be born after hearing this story, however, MBLIFE is not hiding any information from the public. Instead, it is trying its best to still provide quality insurance policies to make clients new and old happy with their products and services.