10 Best Life Insurance Policies in the Philippines 2024 | AIA Philippines, AXA, And More
Life insurance policies have taken on a new level of importance, especially these past few years. We saw the significance of taking care of ourselves and organizing our finances. That is why life insurance policies are here to be our loved one’s lifeboat in case we kick the bucket.
If you’ve been considering getting a life insurance policy, we got you! We have crafted a detailed buying guide to help you pick the best life insurance policy according to your needs. Our curated list of the 10 best life insurance policies also offers you a wide range of choices from the top insurance providers in the country.
Quick List - Top Life Insurance Policies
Our recommendation articles are carefully researched and crafted by the mybest Philippines team of writers and editors. To stay true to our company’s mission and vision to help users’ selection process easier, we also collaborate with experts from various fields to ensure that our content stays factual and useful.
Table of Contents
- How to Choose an Insurance Policy - Buying Guide
- Learn the 4 Different Types of Life Insurance Policies1
- Assess Your Risk Category2
- Consider the Payment Terms That Match Your Budget3
- Look for Inclusions That Add More Value4
- Know About the Add-Ons Available5
- Opt for an Insurance Provider That Has a High Premium Income6
- Check the Provider’s License to Operate in the Country7
- Frequently Asked Questions
- Are Life Insurance Proceeds Taxable?
- Whole Life Insurance vs Term: What’s the Difference and Which Is Better?
- How Many Life Insurance Policy Can You Have?
- Manage Your Finances Better With These Products
- How We Chose and Ranked Our Product Recommendations
How to Choose an Insurance Policy - Buying Guide
Here are some key points to consider:
- Learn the 4 different types of life insurance policies.
Assess your risk category.
Consider the payment terms that match your budget.
Look for inclusions that add more value.
Opt for an insurance provider that has a high premium income.
Check the provider’s license to operate in the country.
Learn the 4 Different Types of Life Insurance Policies
Before you sign up for a life insurance policy, you must first understand its four types. This will be a big help in determining which kind of insurance policy you should choose as it informs you about the insurance coverage, how much you should pay or your premiums, and the duration of your payments.
Term Policies for Hassle-Free Transactions
This is the most uncomplicated insurance policy you can get. A term insurance plan only requires low premiums and the contract is relatively easy to understand. However, the premiums cost usually increases with each policy renewal and only lasts for a certain number of years.
Endowment Policies Make Sure All Your Bases Are Covered
If you have a large budget allocated to an insurance policy, this would be a good option. An endowment plan owner will pay a fixed rate, which is called premiums, for a specific number of years or until they reach a certain age. Their beneficiaries will receive the whole amount at once in the event of the policy owner's death.
An endowment life insurance policy allows its owner to save up for multiple purposes through a savings plan included in the insurance policy. It also guarantees a huge return once the plan matures. It's considered to be a low-risk investment compared to other insurance policies due to its guaranteed returns.
Whole Life Policies Ensures a Worry-Free Retirement
True to its name, a whole life insurance plan covers the full life of its policy owner. The policy has flexible payment terms, a fixed premiums rate, and lets you use it as a savings account. While it’s generally a great insurance plan, it’s usually expensive to maintain and entails a complex contract that might need the help of a lawyer to help you look into.
Variable Universal Life (VUL) Policies Allow You to Invest and Save at the Same Time
If you're into investing, you might be interested in this type of insurance policy. A VUL plan lets you have life insurance and an investment vehicle in one. A part of the premiums you pay can be delegated to your chosen investments. The better your investment's performance is, the higher your policy can earn!
A VUL insurance policy requires you to pay separate investment fees, and the death benefits to be received highly depend on how well your investments are doing. It's also important to be well-versed in market movements so you can take advantage of its volatility.
Assess Your Risk Category
One of the steps to get life insurance is going through a medical exam and lifestyle assessment which will determine your risk category. This is the deciding factor of how much you have to pay for the insurance. The older and unhealthier you are, the higher premiums you have to pay.
If you are extremely healthy, you’ll be classified as preferred plus, while having minor health issues will downgrade you to the preferred category. Those with good health but have high blood pressure risks will be classified as standard plus, while those that are healthy but have a family history of diseases are categorized as standard.
Consider the Payment Terms That Match Your Budget
Make sure to take note of the payment terms of the life insurance policy you will avail of. You can pay for the policy annually, semi-annually, quarterly, or even pay a lump sum amount right away, depending on your budget.
But, generally, it’s safer to go for policies that level with your financial capacity. Getting an insurance policy that’s above your means might lead to it lapsing and your beneficiaries not receiving anything.
Look for Inclusions That Add More Value
Life insurance policies only have two main components: the premium you will pay and the death benefit that your beneficiaries will receive. However, those are not the only things that you might get from a policy, depending on which one you will avail.
For example, a whole life insurance policy allocates a portion of the premium to building a cash value that you can withdraw from in case of emergencies, while a VUL plan also allows you to put up investments to generate more income.
Know About the Add-Ons Available
Insurance policies can take your plans further by incorporating add-ons called riders. These are optional benefits you may add to your plan that enhances its coverage. It increases the amount of the premiums you have to pay, but it also upgrades the safety that your insurance plan provides. Some examples of these include hospitalization benefits and protection against accidents and illnesses, to name a few.
Opt for an Insurance Provider That Has a High Premium Income
It's as simple as this: higher premium income means better services provided by the insurance provider. Inquire or research the provider's New Business Annual Equivalent (NBAPE), which reveals their sales performance and shows the company's growth. Higher premium incomes also mean that the customers are more satisfied.
Check the Provider’s License to Operate in the Country
There are a lot of insurance providers that have surfaced, which means a higher chance of encountering insurance scammers. Before committing to a contract, check if the company is a licensed insurance agency. You may also refer to the list made by the Insurance Commission for this.
10 Best Insurance Policies to Buy Online
Products | Image | Click to purchase | Key features | |
|---|---|---|---|---|
1 | AIA Philippines AIA All-In-One Plus | | All-Around Whole Life Insurance Plan That Covers All Your Bases | |
2 | AXA life basiX plus | | Whole Life Plan With Guaranteed Loyalty Bonuses | |
3 | PRU Life UK Your Term | | A Convertible Plan You Can Choose According to Your Needs | |
4 | BDO Life Life Secure | | A Budget-Friendly Whole Life Insurance Plan | |
5 | Insular Life Basic Assure 10 | | Easy to Manage Plan With Guaranteed Benefits | |
6 | Allianz PNB Life Allianz Protect | | Insurance Plan That Contributes to a Good Cause | |
7 | Manulife Philippines Seasons 100 | | A Whole Life Insurance Plan With 4 Varieties to Choose From | |
8 | FWD Life 3-in-1 Protection Insurance Plan 5397 | | Get a Life Insurance Plan Instantly | |
9 | BPI-AIA Life Critical Care Max | | VUL Plan With Additional 20% Policy Coverage and Benefits | |
10 | Sun Life MaxiLink 100 | | Has Flexible Payment Options to Match Your Budget |
All-Around Whole Life Insurance Plan That Covers All Your Bases
Some of the additional benefits you can get from the plan are enhanced waiver of premiums, daily hospital income, and payor’s benefit on death and disability. AIA also lets everyone get insurance, even newborns! Moreover, this insurance policy lasts until the policyholder turns 80 years old!
Whole Life Plan With Guaranteed Loyalty Bonuses
Once you reach 70 years old, you can withdraw a portion of your health coverage for your own use. You can also look forward to several Loyalty Bonuses that can increase your account value! Do note that the policy is payable for a minimum of 10 years.
A Convertible Plan You Can Choose According to Your Needs
You can even convert it to any of their Insuravest plans according to your needs! The plan also doesn't require proof of health whenever you need to renew it, which speeds up the process. There are also optional benefits you can get, like protection against critical illness and hospital expenses, as well as protection against accident, death, and disability.
A Budget-Friendly Whole Life Insurance Plan
It's also worth mentioning that anyone older than 7 days old can avail this insurance plan. It is payable in 5 years, 10 years, or a lifetime, depending on your budget and needs. Riders can also be added to enhance the policy's coverage and maximize the premiums you pay.
Easy to Manage Plan With Guaranteed Benefits
As the saying goes, “start them young,” so anyone who is at least 18 years old can get the insurance policy. It’s payable for a minimum of 10 years and has a 20-year coverage. And additional benefits can also be added, such as special accident rider and hospitalization rider.
Insurance Plan That Contributes to a Good Cause
Want a simple yet comprehensive insurance plan? Look no furtherーthe Allianz Protect fits the description perfectly! The policy offers wide protection coverage while adjusting to your budget. It is renewable until you reach 75 years old and payable yearly or for 5-10 years.
By availing of the plan, you also donate to a good cause: Allianz PNB Life contributes PHP 500 to the World Wildlife Fund Food Shed Farming Enterprise, on your behalf, through the Sustainability Protection Rider included in the policy. Moreover, you can get an accidental death, dismemberment, and disability benefit as an addition to the plan.
A Whole Life Insurance Plan With 4 Varieties to Choose From
Thus, this policy is best for those who are maintaining a long, healthy life, as the plan lets you look forward to becoming a centenarian! Once you do, you will receive the full amount of the life insurance’s valueーno more, no less. Best of all, this is payable for 5 years, 10 years, or up to 60 years old.
Get a Life Insurance Plan Instantly
The best thing about this insurance plan is its hassle-free online application. You also don’t need to undergo medical exams which could be quite costly. However, this particular insurance plan only provides coverage until the policyholder reaches 55 years old.
VUL Plan With Additional 20% Policy Coverage and Benefits
What’s more, regardless of the payment term you coordinated with the provider, the insurance plan lasts for a lifetime! As long as you’re 18 years old and up, you’re eligible to avail of this policy. Take note that it’s important to read up on the pros and cons of a VUL plan before getting one.
Has Flexible Payment Options to Match Your Budget
To let you maximize your investment capacity, this policy has flexible options and manageable premium payments. The plan is payable yearly, semi-annually, and quarterly, depending on your needs and budget. Its coverage lasts for a lifetime and also has multiple add-ons to enhance your insurance plan!
Frequently Asked Questions
Below are some of the most asked questions on the web answered by the mybest team.
Are Life Insurance Proceeds Taxable?
Life insurance proceeds are not taxable because it is not included in the beneficiary’s gross income. It is not subjected to estate or income tax either, so you don’t need to worry about taxes when it comes to life insurance policies!
Whole Life Insurance vs Term: What’s the Difference and Which Is Better?
It all depends on what you need and your financial capabilities. Term policies are the simplest life insurance plan you can get and only require you to pay low premiums. Whole life policies, on the other hand, demand higher premiums to pay but guarantees protection for the duration of the entire life of the policyholder.
How Many Life Insurance Policy Can You Have?
You can have as many as you want! There is no law that states how many insurance policies you can get, but it’s imperative that you consider your budget, so you don’t run into future complications with insurance providers.
Manage Your Finances Better With These Products
Handling your funds might be challenging sometimes, but not with the help of digital banks, accounting software, and transfer services! Skip the hassle of long lines, manual computations, and shady transactions with the products below.
Author: Ronadine Amata
Editor: R. Umlas, J. Cuizon
How We Chose and Ranked Our Product Recommendations
Our buying guide was carefully researched and crafted by the mybest team of writers and editors. We used the buying guide as a basis for choosing and ranking the product recommendations, and we looked at reviews and ratings from E-commerce sites like Lazada, Shopee, and more.
Top 5 Life Insurance Policies
No. 1: AIA Philippines｜AIA All-In-One Plus
No. 2: AXA｜life basiX plus
No. 3: PRU Life UK｜Your Term
No. 4: BDO Life｜Life Secure
No. 5: Insular Life｜Basic Assure 10
View Full RankingThe descriptions of each product are referenced from content available on manufacturer, brand, and e-commerce sites.
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