Life Insurance In The Philippines: What You Need To Know

Life insurance is available in the Philippines through companies such as Sun Life, Allianz PNB Life, and InLife. These companies offer a range of insurance products to meet the unique needs of Filipinos at different life stages, from education and retirement planning to wealth preservation and health coverage. Life insurance in the Philippines can provide financial security and peace of mind, helping individuals protect their assets, grow their finances, and ensure their loved ones are taken care of.

Life insurance for children's education

Life insurance is available in the Philippines, and there are several companies that offer educational plans to help parents save for their children's education. These plans typically include a savings and investment component, as well as life insurance coverage for the parent or payor during the plan term.

Sun Life Philippines

Sun Life is the #1 life insurance company in the Philippines and offers a range of educational insurance plans. These include:

• Sun Dream Achiever: This savings plan and life insurance product provides guaranteed cash benefits to help secure your child's future. It offers flexible premium payment options and a personalized payout schedule.
• Sun FlexiLink: This investment-linked life insurance plan offers different investment options to help grow your money over time. It also provides life insurance benefits and the option to add riders for additional protection.
• Sun Smarter Life Elite: This protection and savings plan provides double life insurance coverage and cash benefits, which can be used for your child's education or other needs.

InLife

InLife offers a child education insurance plan that provides life protection and guaranteed regular cash payouts. This plan has a paying period of up to 10 years and a policy term of up to 20 years or up to 65 years old. It also offers extra protection, such as premium waivers in the case of disability or death.

Manulife Education Builder

This educational plan from Manulife includes life insurance coverage and allows you to build your child's education fund by investing in professionally managed funds. It offers customizable premium and payment options, as well as extra protection in the event of your death or disability.

AXA MyLifeChoice for Education

AXA's educational plan includes insurance and investment components and provides guaranteed payouts in the case of the payor's death. It offers customizable coverage and riders for additional protection.

AIA Future Scholar

This educational plan from AIA Philippines offers guaranteed cash payouts twice a year for your child's college education, starting at 18 years old. It also provides optional life insurance and waived premium payments in the event of your death or disability.

Educational plans can be a great way to secure your child's future and ensure they can pursue their educational goals. However, it's important to consider the costs, risks, and limitations of these plans before deciding.

Life insurance for retirement

Life insurance is an important tool to ensure financial security and stability during retirement. In the Philippines, there are several options for life insurance plans that cater to the unique needs of individuals approaching retirement. Here are some key considerations for life insurance for retirement:

Sun Life Philippines

Sun Life is the #1 life insurance company in the Philippines, offering a range of insurance plans tailored to different life stages, including retirement. They provide reliable policies and investment opportunities to help individuals achieve financial freedom. Sun Life's retirement insurance plans include:

• Sun MaxiLink Prime: Coverage until age 88 with flexible investment options and a 10-year payment period.
• SUN Smarter Life Elite: Coverage until age 100 with double insurance coverage, guaranteed cash benefits, and living benefits.
• Sun Life Secure Income: Coverage until age 100 with life insurance, centenarian bonuses, and lifetime annual guaranteed cash benefits.
• Sun MaxiLink 100: Coverage until age 88 with insurance and investment options and a regular payment period.
• Sun FlexiLink: Coverage until age 88 with insurance, investment options, and a regular payment period.
• Sun Acceler8: Coverage for 20 years with increasing coverage amounts, cash benefits, and living benefits.
• Sun FlexiLink1: Coverage until age 88 with flexible investment options, access to global funds, and a one-time payment option.
• Sun FlexiDollar: Similar to Sun FlexiLink1, with access to global funds and a regular payment period.
• Sun MaxiLink Dollar One: Maximizes earning potential with coverage until age 88, insurance, investment options, and access to global funds.
• Sun Wealth Prime 7: Coverage for 7 years with life insurance, guaranteed cash benefits, and guaranteed acceptance.
• Sun Legacy: Coverage until age 88 with flexible investment options and a 5-year payment period.

InLife Retirement Insurance Plans

InLife offers retirement insurance plans that provide financial security and peace of mind during retirement. Their plans include guaranteed monthly payouts and maturity benefits. InLife's retirement plans have a policy term until age 100, with paying periods that can be tailored to the individual's needs, ranging from regular payments until age 59 or 64 to limited payments for 2, 5, or 10 years. Eligibility for InLife plans ranges from 48 to 73 years old, depending on the specific plan and its terms and conditions.

Other Considerations

In addition to life insurance plans, there are other methods to save for retirement in the Philippines. These include pension plans, such as those offered by the Social Security System (SSS) or GSIS for government employees, and the Personal Equity Retirement Account (PERA), a voluntary retirement contribution plan offered by accredited banks, insurance companies, or administrators. Investment-linked insurance plans, such as those offered by FWD Life Insurance, provide both protection and investment opportunities. Finally, owning a home or property by the time you retire is a common goal, as it can provide a source of income through rentals while also appreciating in value over time.

Overall, life insurance plays a crucial role in retirement planning, and individuals in the Philippines have a range of options to choose from to secure their financial future.

Life insurance for health and wellness

Life insurance is a valuable tool for achieving and maintaining health and wellness. In the Philippines, there are several options for life insurance with health and wellness benefits. Sun Life Philippines, for example, offers a range of life insurance products that can help secure your financial future and protect your health. Their SUN Fit and Well plan is specifically designed for health and wellness, offering critical illness and life insurance benefits until the age of 100. This plan includes:

• Health and wellness coverage, with special access to premium workouts and wellness activities.
• Comprehensive critical illness benefits, providing cash payments upon diagnosis of any of 100+ critical conditions.
• A specific cancer booster benefit, offering additional financial support for advanced-stage cancer treatment.
• Life insurance protection to secure the future of your loved ones.
• Special bonus and dividend earnings, including a paid-up bonus and annual dividends.
• A limited payment period, with flexible payment options to make it more affordable.

The SUN Fit and Well plan can be further enhanced with additional benefits such as guaranteed cash benefits and treatment and rehabilitation boosters. These features ensure that you have the financial resources you need to maintain your health and wellness, providing a steady income stream and covering various medical expenses.

InLife is another trusted provider of life and health insurance plans in the Philippines. Their health insurance coverage includes an investment component that helps you grow your savings while also providing financial security during medical emergencies. With InLife, you can build a personalized life insurance plan that keeps you on track to reach your financial goals while also fostering a culture of preventive care. Their plans offer peace of mind, ensuring you can focus on your health and recovery without the burden of steep medical expenses.

Life insurance for wealth preservation

Life insurance is an important tool for wealth preservation and is a key component of financial planning. It ensures that your loved ones will benefit from your wealth and not be burdened by it. In the Philippines, Sun Life offers a range of life insurance plans to meet your financial needs at every life stage, from education to retirement. Here are some ways life insurance can help with wealth preservation:

Protection and Income Continuation

Life insurance provides financial protection for your family in the event of unforeseen circumstances. It offers income continuation even after retirement or can be used for medical and hospitalization expenses. With Sun Life's plans, you can ensure your family maintains their lifestyle and has the financial support they need.

Lifetime Insurance Coverage

Sun Life's plans offer lifetime insurance coverage, guaranteeing protection for your loved ones. For example, the Sun Legacy plan provides life insurance protection equal to 125% of your total premiums paid, with coverage up to age 100. This ensures your family's future financial security.

Living Benefits

Living benefits provide access to guaranteed cash value, which can be used for emergencies or accumulated as dividends. In the case of a terminal illness diagnosis, a portion of the face amount may be availed. Sun Life's plans, such as Sun Legacy, offer these benefits to provide added financial support when it's needed most.

Estate Planning

Wealth transfer and preservation are essential to ensure your legacy is passed on smoothly to your beneficiaries. Sun Life's estate preservation plans, such as Sun Smarter Life Classic, offer double insurance coverage and living benefits to secure your assets and efficiently transfer them to your loved ones.

Business Owner Insurance Packages (BIP)

If you own a business, Sun Life's BIP packages can help preserve the legacy of your business. They offer financial guidance and insurance solutions to future-proof your business and personal goals, ensuring the stability and continuation of your business ventures.

Life insurance is a vital tool for wealth preservation, and Sun Life's range of plans in the Philippines can help you secure your family's future and efficiently transfer your assets to the next generation.

Life insurance for business owners

Life insurance is available in the Philippines, with several companies offering a range of products. If you are a business owner, there are specific insurance packages tailored to your needs. These include:

• Health protection: This includes both personal and employee health insurance plans.
• Emergency funds: These can help you prepare for unexpected costs and keep your business running smoothly.
• Key employee protection: This type of insurance covers the financial cost of losing a valuable employee.
• Partner/shareholder protection: This insurance ensures a smooth transition if a business partner passes away.
• Retirement funds: These plans can help you and your employees prepare for the future.
• Group life insurance: This covers your employees and their families.
• Creditor's group life insurance: This type of insurance protects your business from financial loss if a borrower passes away.

When choosing a life insurance company, it is important to consider their reputation, financial performance, and the range of products they offer. It is also essential to work with a licensed insurance agent to determine the appropriate coverage for your business and personal needs.

Frequently asked questions