When it comes to life insurance in the Philippines, many Filipinos view it as a liability instead of a source of funds in case of an unforeseen accident or sudden death. However, this belief is changing as more Filipinos see the benefits of financially investing in one’s future, especially during these tough times. In fact, out of 104.9 million Filipinos, 52% have life insurance. 카지노사이트
If you are interested in applying for life insurance, this article provides a list of the top life insurance providers in the Philippines. With countless life insurance companies available in the country, which ones are at the top, and which ones can you trust?
What is life insurance and why do you need one?
Before jumping into our list, make sure that you understand how life insurance works and the value of getting one. Otherwise, you may not find a suitable life insurance policy for you.
In simple terms, having life insurance ensures that your loved ones or ‘beneficiaries’ receive a monetary benefit when you, the insured, dies. Each life insurance policy is different depending on your needs. Many life insurance policies also offer medical benefits to the insured in case of an accident or serious illness.
However, getting life insurance is, ultimately, for your family. In case of a sudden accident, illness, disability, or death, you can ensure that your family has the funds to pay for medical bills or to continue living. When the insured dies, they can protect their loved one’s financial future. 안전한카지노사이트
If the concept of life insurance is still confusing, talking to a reliable life insurance agent will help answer your questions and clarify your concerns. If you don’t know what life insurance to get, here is the list of companies that offer the best life insurance in the Philippines.
The best life insurance providers in the Philippines
The Insurance Commission, an agency under the Department of Finance that oversees life insurance companies and health maintenance organizations (HMOs) in the country, has recently released the top 10 life insurance companies in the Philippines as of December 31, 2020.
The list consists of the top companies per category, including Net Income, Premium Income, New Business Annual Premium Equivalent (NBAPE), Total Assets, and Net Worth. For a comprehensive view of each provider, this list features the best life insurance companies for each category. 카지노사이트 추천
The net income refers to the company’s overall income minus the expenses. This factor shows the profitability of a life insurance company, which is an important factor to consider when choosing a life insurance provider. This ranking is based on the 2020 data from the Insurance Commission.
- Sun Life of Canada (Philippines)
Net Income: PHP 8.47 billion
Founded in 1895, Sun Life insurance in the Philippines is the first and the oldest life insurance provider in the country. They offer a range of financial products such as insurance, wealth, and asset management. These include financial services for education, health protection, retirement, and group life, among others.
- The Philippine American Life and General Insurance Co., Inc.
Net Income: PHP 4.52 billion
AIA Philippines, formerly known as AIA Philam Life, is one of the leading insurance companies in the country. The company specializes in comprehensive life insurance and investment products for protection, health and accident, investment plans, and more. Among the life insurance companies in the country, AIA Philippines ranks first In terms of net worth and assets.
- The Manufacturers Life Insurance Company (Phils.), Inc.
Net Income: PHP 4.05 billion
Manulife is one of the largest life insurance companies in the Philippines, ranking fourth in terms of net worth. The financial company offers insurance and investment plans for pension, education, medical, credit life, and corporate, among others. They have also received a Gold Award for the 2021 Reader’s Digest Most Trusted Brands.
- Pru Life Insurance Corporation of UK
Net Income: PHP 3.27 billion
Pru Life is one of the life insurance companies in the Philippines that has cemented its presence in the country. They are known for life insurance plans, health and protection services, and affordable premiums in terms of VUL policies. They also ranked first for the NBAPE category.
- Philippine Axa Life Corporation
Net Income: PHP 2.83 billion
Philippine Axa Life Corporation, popularly known as AXA Philippines, is one of the fastest-growing life insurance providers in the country. They offer a wide range of products, including health, investments, income protection, education, and more. In recent years, AXA Philippines has been steadily maintaining its position as one of the country’s top insurance companies.
- The Insular Life Assurance Company Ltd.
Net Income: PHP 2.70 billion
Established in 1910, Insular Life or InLife is the first and largest Filipino life insurance company in the country. They offer a wide range of high-value insurance products for accident, health, and disability protection plans, education and retirement plans, and investment plans. They are also connected to over 2,000 hospitals, outpatient facilities, and dental clinics.
- BPI-Philam Life Assurance Corporation
Net Income: PHP 1.43 billion
BPI AIA is an alliance between AIA Philam Life and Bank of the Philippine Islands (BPI), two of the most trusted financial companies in the country. They offer a variety of financial products, such as investment, retirement fund, educational fund, personal accident, and more.
- Sun Life Grepa Financial, Inc.
Net Income: PHP 958.09 million
Formerly known as Grepalife Financial, Sun Life Grepa is a life insurance company owned by the Yuchengco Group of Companies and Sun Life Financial Philippines. Aside from providing financial protection products and services, Sun Life Grepa also focuses on financial literacy.
- United Coconut Planters Life Assurance Corporation
Net Income: PHP 674.22 million
The United Coconut Planters Life Assurance Corporation, popularly known as Cocolife, offers a range of financial products and services for non-life, healthcare, and mutual funds. Cocolife is also the biggest stock life insurance company and the first Filipino-owned insurance company to be ISO certified.
- Manulife China Bank Life Assurance Corporation
Net Income: PHP 382.85 million
Manulife China Bank is a strategic alliance between Manulife Philippines and China Bank. The company also offers a wide range of life insurance in the Philippines, including education, protection, health, wealth, retirement, and group life and health plans.