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  4. 10 Best Life Insurance Policies in the Philippines 2023 | AIA Philippines, AXA, And More
  • 10 Best Life Insurance Policies in the Philippines 2023 | AIA Philippines, AXA, And More 1
  • 10 Best Life Insurance Policies in the Philippines 2023 | AIA Philippines, AXA, And More 2
  • 10 Best Life Insurance Policies in the Philippines 2023 | AIA Philippines, AXA, And More 3
  • 10 Best Life Insurance Policies in the Philippines 2023 | AIA Philippines, AXA, And More 4
  • 10 Best Life Insurance Policies in the Philippines 2023 | AIA Philippines, AXA, And More 5

10 Best Life Insurance Policies in the Philippines 2023 | 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.

Last updated 07/14/2023
Editorial Team
Guide
mybest
Editorial Team

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.

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Table of Contents

How to Choose an Insurance Policy - Buying Guide

Here are some key points to consider:


  1. Learn the 4 different types of life insurance policies.
  2. Assess your risk category.

  3. Consider the payment terms that match your budget.

  4. Look for inclusions that add more value.

  5. Opt for an insurance provider that has a high premium income.

  6. Check the provider’s license to operate in the country.

1

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

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

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

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

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.

2

Assess Your Risk Category

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.

3

Consider the Payment Terms That Match Your Budget

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 capacityGetting an insurance policy that’s above your means might lead to it lapsing and your beneficiaries not receiving anything.

4

Look for Inclusions That Add More Value

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.

5

Know About the Add-Ons Available

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. 

6

Opt for an Insurance Provider That Has a High Premium Income

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.

7

Check the Provider’s License to Operate in the Country

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.

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10 Best Insurance Policies to Buy Online

The products we introduce below were carefully curated by the mybest team using the points mentioned in our detailed and thoroughly researched buying guide.
Popularity
Products
Image
Click to purchase
Key features
1

AIA Philippines

AIA All-In-One Plus

AIA Philippines AIA All-In-One Plus  1枚目

All-Around Whole Life Insurance Plan That Covers All Your Bases

2

AXA

life basiX plus

AXA life basiX plus  1枚目

Whole Life Plan With Guaranteed Loyalty Bonuses

3

PRU Life UK

Your Term

PRU Life UK Your Term  1枚目

A Convertible Plan You Can Choose According to Your Needs

4

BDO Life

Life Secure

BDO Life Life Secure 1枚目

A Budget-Friendly Whole Life Insurance Plan

5

Insular Life

Basic Assure 10

Insular Life Basic Assure 10 1枚目

Easy to Manage Plan With Guaranteed Benefits

6

Allianz PNB Life

Allianz Protect

Allianz PNB Life Allianz Protect  1枚目

Insurance Plan That Contributes to a Good Cause

7

Manulife Philippines

Seasons 100

Manulife Philippines Seasons 100  1枚目

A Whole Life Insurance Plan With 4 Varieties to Choose From

8

FWD Life

3-in-1 Protection Insurance Plan 5397

FWD Life 3-in-1 Protection Insurance Plan 5397  1枚目

Get a Life Insurance Plan Instantly

9

BPI-AIA Life

Critical Care Max

BPI-AIA Life Critical Care Max 1枚目

VUL Plan With Additional 20% Policy Coverage and Benefits

10

Sun Life

MaxiLink 100

Sun Life MaxiLink 100  1枚目

Has Flexible Payment Options to Match Your Budget

If you don't see the product you're looking for, you can request that it be listed.
No.1

AIA PhilippinesAIA All-In-One Plus

AIA All-In-One Plus  Image 1
Source:aia.com.ph

All-Around Whole Life Insurance Plan That Covers All Your Bases

True to its name, the All-In-One Plus policy offered by AIA Philippines allows you to have life insurance, protection against critical illness, accident, and disability, as well as a savings account in one insurance plan! You won’t need to get multiple policies that can get quite hard to manage.

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!

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No.2

AXAlife basiX plus

Whole Life Plan With Guaranteed Loyalty Bonuses

AXA has a powerful whole life insurance plan called life basiX plus, which acts as life and health insurance at the same time! It covers the expenses for major critical conditions and assures that your beneficiaries will receive a lump sum of cash in case of an unfortunate event. On top of that, this policy lets you invest, generating more income!

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.

No.3

PRU Life UKYour Term

A Convertible Plan You Can Choose According to Your Needs

Looking for the most affordable life insurance offered by the top insurance company in the Philippines? PRU Life UK offers their budget-friendly, yearly-renewable life insurance plan called Your Term! The policy provides extensive protection coverage at a relatively low rate. 


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. 

No.4

BDO LifeLife Secure

A Budget-Friendly Whole Life Insurance Plan

Whole life insurance plans can get expensive, but not BDO Life's Life Secure! The policy guarantees lifetime coverage at a lower annual rate due to an extended premium payment period, making this suitable for those looking for an insurance plan that's easy on the budget. And depending on the company's performance, the plan has the potential to earn dividends.

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.

No.5

Insular LifeBasic Assure 10

Easy to Manage Plan With Guaranteed Benefits

A VUL insurance plan can get complicated because of its volatility, so Insular Life offers Basic Assure 10 – perfect for those who want a highly manageable insurance plan with guaranteed cash payouts! The policy serves as a life insurance and savings product that can give you maximum health and finance protection that gives your benefits regardless of market movements.

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.

No.6

Allianz PNB LifeAllianz Protect

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.

No.7

Manulife PhilippinesSeasons 100

A Whole Life Insurance Plan With 4 Varieties to Choose From

A whole life plan might just be the most secure insurance plan you can get because of the lifetime protection it provides. But, Manulife’s Seasons 100 has 4 kinds: the plain Seasons 100, the Prime, Gold Package A, and Gold Package B. They all last until you reach 100 years old, but Prime and Gold Packages A and B offer little enhancements, such as guaranteed cash benefits and a bonus when you reach age 75. 

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.

No.8

FWD Life3-in-1 Protection Insurance Plan 5397

Get a Life Insurance Plan Instantly

No one’s restricting you from doing so, but getting multiple life insurance policies can be quite a hassle. To help you, FWD Life offers the 3-in-1 Protection Insurance Plan 5397 – a policy that serves as protection for life, accident, and major illnesses! You can also get COVID-19 protection as an optional benefit to further maximize the plan.

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.

No.9

BPI-AIA LifeCritical Care Max

VUL Plan With Additional 20% Policy Coverage and Benefits

This is a VUL insurance plan that acts as a health and life insurance policy. It’s integrated with the AIA Vitality Program, which provides a 20% upfront upgrade to your policy and additional benefits! Moreover, Critical Care Max allows its policyholder to cultivate a health fund that can cover medical expenses.

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.

No.10

Sun LifeMaxiLink 100

Has Flexible Payment Options to Match Your Budget

Sun Life is another well-known insurance company in the Philippines, with the second-highest NBAPE in 2021, valued at 8,756,709,868. One of their insurance plans is MaxiLink 100, a VUL life insurance plan that allows you to generate more income through investment vehicles. They also give a loyalty bonus that can add to your funds!

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 PhilippinesAIA All-In-One Plus

No. 2: AXAlife basiX plus

No. 3: PRU Life UKYour Term

No. 4: BDO LifeLife Secure

No. 5: Insular LifeBasic Assure 10

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The descriptions of each product are referenced from content available on manufacturer, brand, and e-commerce sites.
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