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.

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.

There would be many life insurance companies in the Philippines, many would offer packages and policies that would be similar to one another.

In the end, as long as you choose to buy insurance from is accredited by the Philippine Insurance Commission, it would mean that the company is legitimate and working under the guidelines and rules set by the Commission.

If you are still confused, we made a list to help narrow down the options available to you. This article will focus on the top 10 life insurance companies in the Philippines. They are placed in no particular order, but all would be top-performing companies in the Philippines.

What are the Top 10 Life Insurance Companies in the country today?

Manila Bankers Life Insurance Corporation.

Manila Bankers Life Insurance Corporation or MBLIFE is one of the oldest life insurance companies in the country. It has been around for over five decades. It continues to offer many different types of life insurance packages that would cater to the needs of its clients. They would have a vast array of choices so that all types of clients can be able to get a policy with them.

Philippine AXA Life Insurance Corporation (AXA Philippines).

AXA is one of the fastest-growing life insurance companies in the Philippines. They are still growing because of a tie-up between the AXA Group that is based in France, and the Metropolitan Bank of the Philippines.

BPI PhilAm.

This insurance provider is another result of a bancassurance tie-up, like AXA. This time, BPI PhilAm is a joint effort of the Bank of the Philippine Islands and PhilAm Life. They continue to provide their clients with quality products with customizable riders.

Sun Life of Canada.

Sun Life would provide many products to their clients, two of the most popular ones being Sun Fit and Well under the Traditional Life Insurance bracket and Sun Maxilink under Variable Life Insurance.

PhilAm Life.

Even before it teamed up with BPI, PhilAm life was already one of the leading life insurance companies in the country.

Pru Life Insurance Corporation of UK (Pru Life UK).

Pru Life UK would currently have many insurance products available for their clients. Their top-selling products would be their investment-linked and unit-linked insurance products.

United Coconut Planters Life Assurance Corporation.

It was ranked as one of the top insurance companies based on net worth in 2017. It would also have many insurance products that can be customized according to the needs of their clients.

Manufacturers Life Insurance Company, Inc. (Manulife Philippines).

This insurance company would have personal protection life insurance plans, education, health, and retirement insurance plans among others. They would also offer many riders that can be added to their plans, and customize them based on their individual needs.

Insular Life Assurance Company.

Insular Life has also consistently been ranked as a top provider for life insurance in the country. Their product selection includes retirement, education plans, and VUL investment plans.

FWD Life Insurance Corporation.

This provider is one of the newer ones, but then it has already proven itself to be a quality company that provides quality insurance packages.

If you are in the market now looking for a good insurance company to invest in, choosing any company from this list would assure you of quality services and products. These companies would have their customer service lines, as well as the option to pay online to make payment of premiums easier and more convenient.

When buying insurance, make sure you talk to a licensed financial adviser that is legitimately connected to the company, so that you can make sure that you are getting accurate and up-to-date information.

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.