Financial advisors often help us choose insurance and investment plans for ourselves and our loved ones, but have you ever thought of asking what they’ve purchased themselves? We asked a few friends in the industry about some of their own policies as well as why they decided to get them in the first place. Hopefully, their answers will give you an idea of why life insurance is important to Filipinos and help you choose the right policy for you.
Adi, 29
Life insurance company: Sun Life of Canada Philippines Life insurance product bought: VUL Reason for buying it: I got a VUL for my husband when my mother-in-law decided to liquidate her non-earning policies and diverted part of the funds to pay for the first annual payment for his VUL. I particularly chose that plan because the only insurance he had so far was a critical illness policy that his mom got for him when he was young, and it would be better if we both had an insurance policy that had an investment linked to it since we’re both not as well-versed in that space. On top of that, it gives us both peace of mind that if one of us [passes on], the other wouldn’t be as stressed when it comes to money.
Steph, 36
Life insurance company: AXA Philippines Life insurance product bought: AXA’s HealthMax Reason for buying it: While we can keep saving for that dream purchase or retirement plan, unexpected needs such as being stricken with a critical condition can easily drain what we’ve accumulated.
Russell, 35
Life insurance company: AXA Life insurance product bought: HealthMax (health insurance for critical illness) Reason for buying it: I had just gotten married and my wife and I were looking for health insurance for extra security and additional investment at the time; we both only had life insurance back then. We were in our late 20s and we figured it’s best to get additional insurance while we’re still young—so it’s cheaper, too! We opted for HealthMax because it comes with built-in life insurance and you can maximize your premiums even if you don’t get sick.
Kevin, 33
Life insurance company: FWD Philippines Life insurance product bought: FWD Set For Health Reason for buying it: I was opening an account in the company’s affiliate bank when I realized that my current P1M critical illness plan (from a different company) wouldn’t be enough for me should something unfortunate happen. Since I was already processing my application anyway, I decided to get the complimentary plan for it. I already had life insurance that ensured money for my beneficiary, so I signed up for another P1M coverage worth with FWD because I wanted peace of mind. I didn’t want to keep checking my bank account only in case something should happen. I’ll let my insurance policy worry about that, and use my liquid assets for daily needs instead.
Life insurance serves to protect your hard-earned income and is the third phase in the wealth generation cycle. Find out more about the role it plays in managing your money here.
With financial institutions making most—if not all—transactions, possible online, banking has become considerably easier. One bank that has embraced digital banking from the get-go is CIMB Bank. Launched in the Philippines in December 2018, the most awarded digital bank allows you to create an account and start saving in just a matter of minutes. All you need to do is download the CIMB Bank PH app and follow the instructions. There’s no excuse not to open a savings account anymore. Find out how you can do this with CIMB Bank today!
What savings products does CIMB Bank offer?
There are a couple of savings accounts you can create: The CIMB Bank Fast account, the CIMB Bank Fast Plus account, the CIMB Bank UpSave Account, and the CIMB Bank GSave account.
What is the CIMB Bank Fast account? How is it different from the CIMB Bank Fast Plus account?
The CIMB Bank Fast account is a basic savings account that doesn’t require an initial deposit nor a maintaining balance. What makes this an appealing gateway into saving is that you can start earning a .50% interest rate (subject to change) per annum for balances deposited into the account, paid out at the start of every month. You’re also free to withdraw your cash without penalties. By depositing a minimum cumulative cash of P5,000, you can also acquire a Visa card with your savings account.
With the CIMB Bank Fast account, there is a maximum cumulative deposit of P100,000. Account validity is only for 12 months, and foreign remittances, whether inward or outward, aren’t allowed. See full details of the product here!
If you’d like to upgrade your account, you can choose to apply for the CIMB Bank Fast Plus account. This allows you to start earning a 0.75% interest rate (subject to change) per annum with no initial deposit or minimum balance required, paid out at the start of every month. See full details of the product here!
How do I apply for a CIMB Bank Fast account?
After downloading the app, you’ll be asked a couple of questions to check whether you’re eligible for an account or not. Like any account, you’ll be asked for certain details:
First name, surname, and middle name
Mother’s maiden name
Mobile Number
Email
Username
Nationality
Country of Residence
Source of funds
Date of birth
Gender
Nature of Work / Business
ID Type
Present Address
You’ll also be asked to agree to the bank’s terms and conditions and submit a photo of your valid ID, which you can take a photo of using the app. The list of accepted IDs are as follows:
Passport
Driver’s License
Postal ID
SSS ID
TIN ID
Unified Multi-Purpose ID
Voter ID
National Professional ID Card
What is the CIMB Bank UpSave account?
For higher interest rates, you might want to look into creating a CIMB Bank UpSave account. It promises an interest rate of 3.00% (subject to change) per annum with no initial deposit or minimum balance required, paid out at the start of the month. Like the other accounts, you can also withdraw your money without incurring penalties.
If you’re able to maintain a minimum daily average balance of P100,000 for one month, you also get to enjoy free life insurance. See full details of the product here!
How do I apply for a CIMB Bank UpSave account?
The process of applying for a CIMB UpSave account is similar to applying for a CIMB Fast account (please see information above) except that you’ll also be asked for a digital signature. Virtual verification, on the end of the bank, is also required.
What is the GSave account?
If you already have GCash, you can easily upgrade to a savings account by applying for a GSave account. Like the CIMB Bank Fast account, this has a maximum cumulative deposit of P100,000. Account validity is also only for 12 months. However, you get to enjoy a 3.10% interest rate (subject to change) per annum to be paid out monthly. No initial deposit or minimum balance required.
Those who can maintain a minimum daily average balance of P100,000 for one month can also enjoy free life insurance. See full details of the product here!
How do I create a GSave account?
Simply go to the Save Money feature on your GCash app and click “Open a Savings Account.” You’ll then receive an SMS with temporary log-in credentials you can use to log in to the CIMB Bank app. Note that once you’re on the CIMB Bank app, you don’t have to create a new account—simply log in using credentials given to you. From there, you’ll be able to reset your username and password. Just a few more clicks—provide basic information, agree to terms and conditions, and verify email—and your GSave account will be up and running.
With so many different savings products out there, you have plenty of opportunities to save and grow your money. Choose the one that works best for you today!
These days, almost anyone can work from home if they have the right skill set! In the Philippines, becoming a virtual assistant with lots of in demand skill can be a very good advantage. If you’re thinking of transitioning to a work-from-home setup, here are some of the skills that are worth looking into.
Copyediting
As long as people continue to consume written content, whether online or offline, there will always be a need for a copyeditor. At a glance, it might seem like a copyeditor is only in charge of checking grammar or spelling. However, they’re also responsible for making sure that the text is cohesive, consistent, and coherent.
Illustration
The creative industry is rife with work-from-home opportunities. If you enjoy drawing, don’t be shy to advertise your work online. It might lead to projects such as logo creation, art commissions, original comic strips, and editorial images among others. It doesn’t matter if your illustrations don’t look like the ones you see around either. That’s the beauty of creative work: Everyone has their own style.
Video Editing
In the last few years, online videos have become a popular storytelling medium. The fact that content creators on YouTube have become as big as they are is evidence of that. The good news is, these videos don’t edit themselves. Many of your favorite YouTube influencers actually offload the editing of their videos to freelancers. One of these days, that just might be you.
Social Media Management
Another skill that will allow you to work from home is social media management. This isn’t just about creating a social media account, but also about planning content and coming up with strategies to grow followers or engagement. Nobody is born with innate social media skills, so management is something that everyone can learn and eventually become better at.
Website Design
With so many people exploring e-commerce and digital marketing opportunities today, it’s no wonder the demand for web designers has gone up. Everyone wants to strengthen their presence online. If you know how to design, code, or even guide someone through creating a website using ready-made templates, you’ll find no shortage of clients.
Search Engine Optimization
Hand in hand with the increase in demand for website design is the rise in search engine optimization or SEO work. Helping website owners rank on Google search results ultimately helps them become discoverable online. This is a valuable skill set. And like other digital skills, you can learn how to do SEO by taking the time to learn the basics and honing your capabilities based on further study and experience.
Project Management
Since so many projects are now being conducted online, the need for a manager has become more crucial than ever. After all, someone has to make sure that all the tasks are completed on time. Project management is a skill that is flexible enough that you can jump from industry to industry so as long as you take the time to understand the basics of the work required and have the capability to herd people along, follow up on deadlines, and understand timelines.
Online selling has really boomed these last few months. If you’re thinking of jumping on the bandwagon, one of the first things you need to decide on is whether you want to make use of an existing e-commerce community or build your own.
Each type has its pros and cons. By piggybacking on already existing online selling giants, all you have to do is upload the items and manage fulfillment. In some cases, however, a percentage of your sale may go to the e-commerce website. Going the DIY route, on the other hand, will allow you to customize as much as you want, but this is more expensive.
While you’re thinking about which way to go, why don’t you check out what options you have for both? This is by no means an exhaustive list, but it’s a start.
Existing e-commerce platforms
What: Shopee Cost: Free / Commission-based for Shopee Mall
The great thing about popular e-commerce websites like Shopee is that most people go there specifically to make a purchase. Most of them also do a good job of getting customers to visit them what with their irresistible sales and other cash back incentives. But is Shopee the right website for you? If you’re hoping to cast a really wide net and if you don’t mind competing with other sellers, it might just be right up your alley. Shopee is known as a veritable rabbit hole, a place where you can find anything and everything, so whatever you’re selling will not look out of place there.
What: Carousell Cost: Free
Carousell has earned itself a reputation for being a treasure trove of secondhand items (although you can still sell new items there), so if you’re trying to de-clutter or if you specialize in pre-loved items, this is a great place to set up shop. We’re not just talking about old clothes or appliances though. Carousell is also being used to find new owners for used cars.
What: Lazada Cost: Free / Commission-based for LazMall
Lazada is another popular e-commerce website where people expect a wide variety of items. It has similar perks to Shopee, but if you’re selling fresh items, you’ll be interested to know that Lazada also has Lazada Fresh, which specifically caters to sellers of fresh fruits and vegetables, fresh meats and seafoods, frozen and ready-to-cook food, and bread and pastries.
What: Facebook Marketplace Cost: Free
Facebook’s advantage lies in the fact that it has a massive market pool. Everyone, from your former high school teacher to your 77-year-old grandmother, probably has an account there. The fact that it has integrated itself so seamlessly into our daily lives doesn’t hurt either.
What: Instagram Cost: Free
There’s a reason why hashtags like #aesthetics and #foodporn are popular on Instagram. This is a platform where visuals take center stage, so if what you’re selling is a feast for the eyes, you won’t find a more advantageous ground. Like Facebook, it’s also an app that we already spend a lot of time on, so your chances of being discovered are already better than if you’re building a new website.
Tip: When it comes to choosing the right e-commerce website, type the product you intend to sell online on Google and see which ranks first. This will give you an idea of which website your products are mostly sold on.
Customizable e-commerce platforms
What: Shopify Cost: USD13 per month (Basic Shopify)
Shopify is one of the most popular customizable e-commerce platforms in the world and in the Philippines, not just because of the user experience, but also its price. Among its competitors, it has the cheapest monthly subscription at USD13. A basic account will get you the actual online store as well as blog to help you with your marketing efforts. There are no limits to the items you upload, and you can even offer your own discount codes.
While a little more expensive, Big Commerce’s standard account does offer more as well. For starters, you can open as many staff accounts as you want no matter what your plan. Shopify offers limited accounts even with their most expensive plan. Another interesting draw is that Big Commerce offers a mobile app even for standard users.
You’ve probably seen those Wix ads on YouTube a million times, so you know that it’s not a service exclusive to e-commerce. Another good thing about Wix is that you can technically use it for free. However, that will come with ads that might just turn your customers off.
What: SquareSpace Cost: USD26 (Basic Commerce)
Like Wix, SquareSpace isn’t just limited to e-commerce. You can use their service to build other kinds of websites, too. Its clear advantage, however, is its design arm. SquareSpace has award-winning templates available for you to use. If you’re serious about developing your branding, this might be the right platform for you.
With All Saints’ Day and All Souls’ Day come interesting superstitions that are unique to every culture and individual. This got us thinking about some of the interesting money superstitions that Filipinos still follow in this day and age. Some of them are followed worldwide, while others are a result of Spanish and Chinese influences through Philippine history. Here are some of them!
The concept of buena mano
Translated as “good hand,” buena mano typically refers to the belief that if your first sale is good, then so will other sales for the rest of the day. In fact, salespeople will often take the money of their first customer and brush their bills on the other items displayed to bring in more luck!
Never an empty wallet
Giving someone a wallet? Whether it’s made of real leather or not, make sure you slip at least a P20 bill in there. It’s been long believed that doing so will ensure that the wallet will never be empty.
To itch is to receive
If your right palm feels itchy, you will, according to superstition, be soon in the possession of money. If it’s your left palm, you will almost certainly lose it. These days, however, most people no longer discriminate between the right and the left, preferring to believe that both palms will bring in money.
The more, the merrier
It’s not uncommon to find Maneki-neko statues, lucky bamboo plants, and fortune frogs displayed in places of business in the Philippines. That’s because these items are said to attract prosperity. The Maneki-neko or beckoning cat attracts money with its right paw and customers with its left paw. Lucky bamboo plants represent more than just money, depending on how many stalks it has. Generally, six stalks are associated with greater wealth. Fortune frogs, a mythical three-legged frog with a coin in its mouth, attract wealth and prosperity, too.
Whether you truly believe that these superstitions have power or not, there’s no harm in keeping your bases covered. However, you can also choose to create your own luck! Work at propagating the wealth generation cycle. Strengthen your powers at income-generating, saving, protecting, and investing! Learn more about that here.
The last few months have forced many of us to take stock of what’s really important in life, not just because of the risks the pandemic poses to our health, but also because we can no longer afford to be frivolous with our money. To survive, we save up as much as possible. To help you, we’ve created a series to help you say goodbye to unnecessary expenses, and cut down those that aren’t.
Today, we’ve listed down tips on how to lower your water bill.
Now that we’re spending more time at home, our water bill is bound to increase. However, if the spike is too significant, you might want to check if there are any leaks in your plumbing. It’s not uncommon for there to be underground leaks caused by busted pipes or broken faucets. Once you’ve determined that there’s a leak, get in touch with your local plumber or your water provider, depending on whose responsibility it falls under. It can be a lot of work, but it’s worth it if it means you can lower your water bill.
Recycle water whenever possible.
There are several ways you can recycle water. Drinking water you can’t finish can be used to water the plants. Bath water can be used to flush the toilet. If you want to take things up a notch, however, you can also invest in rainwater harvesting systems that allow you to collect rainwater for various purposes—from doing the laundry to drinking water. Can’t spare the extra cash for a sophisticated system? Other people simply collect rainwater from their gutter to their plastic drums and use it for watering plants and flushing toilets.
Be more mindful of your water consumption.
At the end of the day, lowering your water bill comes down to your actual water consumption. If you leave the tap running while you’re brushing your teeth or lathering your hair in the shower, all that excess water is going to add up. Make it a habit to use as little water as possible, and you’ll see the difference compounding in your water bill in the long run.
If you’re more interested in how saving can help you get one step closer to achieving wealth, you can read all about the wealth generation cycle here.
When the pandemic first struck, no one was spared. Many businesses struggled, much more closed. Consequently, our investments, no matter how widely distributed, also experienced dips. Even now that 2020 is coming to a close, we’re still reeling from unprecedented losses. But while some things are beyond our control, there are decisions that we can still make. Out of curiosity, we decided to ask some of our friends how their investments are doing as well as what their next steps are. While they are by no means representative of the market or the investing public, we hope that their answers can help you make sense of your own investments.
Should I stay or should I go?
Ryan, 28, first invested in his bank’s stock product, sometime in 2019. He invested P50,000 from the get-go, choosing to purchase shares from two major corporations. “I didn’t really keep tabs on it, since I wasn’t looking to make a quick buck,” he says. He also admits that he doesn’t really know a lot about the stock market. When asked how it’s doing now, he shares that the value of his investment has gone down by more than P10,000. While he hasn’t decided what to do yet or if he would even do anything, he doesn’t think the situation to be out of the ordinary. “Everything is probably down right now anyway,” he says.
Yes, full steam ahead!
For Markus, 33, it’s a different story. When the enhanced community quarantine first started, he noticed that while many businesses were struggling to survive, two were thriving: groceries and telcos. He decided to buy shares from the latter through his online broker. “Because of the lockdown, I figured there’s bound to be an increase in profit due to the surge of Internet usage,” he says. So far, his gamble seems to be paying off as his investment actually increased by roughly 20%.
We’ll stick to the status quo.
Variable universal life policy holders Dennis, Sarah, and Elaine have an easier decision. All three of them are firmly staying in. Dennis cites two reasons for staying. “The first is insurance. The second is that investing during a pandemic is cheaper compared to pre- or post-pandemic.”
Just because you have no desire to invest right now doesn’t mean your finances have to be stagnant. After all, investing is just one aspect of wealth. There are three other pillars in the wealth generation cycle. Find out how you can strengthen them here.
Filipinos love a challenge, so it’s really no surprise that the 52-week-ipon challenge has become such a popular mode of saving. It’s also pretty flexible. Whether you’re struggling to put a clamp on your spending or have no problem setting money aside, the 52-week ipon challenge can be adjusted to suit your pace and taste. With this challenge, you also get the added benefit of developing your saving skills as you go along, as the amount you have to set aside increases weekly.
As mentioned above, this challenge increases in increments, so start by setting a weekly increment that you can handle, which will also be the amount you set aside on Week 1.
For example, you start Week 1 with P20. On Week 2, add P20 to last week’s savings goal, and set aside P40. On Week 3, add P20 again to last week’s savings goal, and set aside P60. If you follow this path, you’ll have saved P7,020 by the end of six months and P27,560 by the end of the year.
The 52-week ipon challenge template
Since this is an incremental saving strategy that spans 52 weeks, it’ll be easier for you to decide how high your weekly increments should be—and whether you can handle it—if you’re able to see the entire picture. A weekly increment of P20 might not seem like much at the beginning, but by Week 25, you’ll be pressed to set aside P500. By Week 30, it’ll be 600.
Having an Excel sheet of sorts can help you check for feasibility and map out a strategy for saving. To help you create your own 52-week ipon challenge Excel, we’ve created a simple sample sheet for you and another sheet that’ll allow you to type in your weekly increment of choice and see how it’ll look like across the 52 weeks.
Click here to download the 52-week ipon challenge Excel.
Saving is just one aspect of the wealth generation cycle. There are four phases in total: earning, saving, protecting, and investing. Find out more about each one here.
Filipinos are naturally entrepreneurial. Many of us have an eye for what will sell, which is especially important now that people’s priorities and lifestyles have drastically changed. Thinking of setting up shop? These non-essential items should give you an idea of what’s hot.
The current pandemic has changed the way we work. While some employees still have to report to the office, a good number of us have successfully shifted to a work-from-home environment. This has created a demand for proper office chairs and work desks. In fact, as of press time, four out of six office chairs at EasyPC are sold out. Prices for desks and multipurpose tables have also become quite competitive online. It’s clear that working from home is the new normal, and if you can deduce what other necessities employees today will require to recreate a productive working environment, then you’re on the right track.
Since work meetings and educational classes are now conducted online, many people have found it necessary to upgrade their existing gadgets as well. They invest in new laptops or tablets and buy better headsets. Supplementary items such as laptop stands and ring lights are more popular than ever. It’s not all about brand new items either. There are plenty of people who are interested in secondhand items, too.
Now that people are living even more sedentary lives than they did before, there’s been a renewed interest in building home gyms. Fitness equipment—from simple ones like yoga mats to big-ticket items like bench presses—are doing well online. Other items related to fitness such as workout clothes and fitness gadgets are also high on the list of sellable items.
Given that we now spend so much time at home, it makes sense that we’re more motivated to give it a facelift in one form or another. Some of us buy pretty mugs for our morning coffee or treat ourselves to marble trays for our vanity—both of which are popular on Instagram. Others have even taken to replacing their electric fans for prettier ones—the retro models from Asahi come to mind—just because they work better in aesthetically pleasing environments.
A surprising development is the rise of interest in caring for plants. While this trend isn’t new—millennials started cultivating a love for succulents and monsteras as early as 2019—the current pandemic has accelerated its growth. According to anthropologist Gideon Lasco, people have their own reasons for wanting to become a plantito or plantita, but considering the threat of the virus, these plants “offer the promise of regeneration and kinship.” Whatever the case may be, plants and their accompanying accessories—macrame plant hangers and pots—have become popular online, and it’s up to you how you want to use this information.
By the time you read this article, it’s possible that new trends have emerged. Before you commit to anything, it’s recommended that you conduct your own research. Launch a survey among your friends and family. There might be a demand that you can fulfill.
Selling items online is one way to earn extra income, but is it your gateway to wealth? If all goes well, then it’s a start. But wealth is much more than a successful business—it’s a cycle. Learn more about the wealth generation cyclehere. PHOTO: Pexels.com
Choosing a life insurance company to entrust your future is a critical decision. To help you make an informed decision, we’ve compiled a list of the top insurance companies in the Philippines based on the Insurance Commission’s 2019 report of premium income. Premium income refers to the revenue generated by an insurance company based on the premium it charges, which could give you an idea of the size of its business.
The Insurance Commission also has other lists for different categories, including paid-up capital, net worth, net income, and new business annual premium equivalent (NBAPE), which we have also indicated when applicable in the list.
Ready to learn more? Get to know the top insurance companies in the Philippines below.
Sun Life has been operating in the Philippines since 1895. Known for its financial literacy campaigns, it has consistently done its best to make life brighter for every Filipino, providing life and investment products for every life stage, including some that are specifically for estate planning. The company is no stranger to setting high expectations for itself. In 2015, it was able to achieve all the goals under its five-year growth plan called Route 5, earning them the “Life Insurance Company of the Year” award at the 19th Asia Insurance awards in Singapore as well as the distinction of “Employer of the Year” given by the Management Association of the Philippines.
#1 in Net Income
#2 in Net Worth
#1 in NBAPE
#16 in Paid-Up Capital
This British company first came to Philippine shores in 1996, but wasted no time making itself relevant to its clients. In just two years, it became one of the top 10 life insurance companies in the country in terms of First Year Premiums (FYPs). A few years later, it became the first to offer unit-linked or investment-link life insurance in the Philippines, giving Filipinos the ability to invest and still protect their income. You can check out their latest fund information (July 2020) here. While financial literacy is an advocacy most financial institutions have gotten behind, Pru Life was the first to create a special financial literacy program geared towards children that spanned countries and platforms.
# 3 in Net Income
#9 in Net Worth
#2 in NBAPE
#19 in Paid-Up Capital
AXA Philippines was established in 1999 as a joint venture between the AXA Group in France, GT Capital Holdings, Inc. (GT Capital), a leading listed conglomerate in the Philippines, and Metropolitan Bank and Trust Company (Metrobank), one of the Philippines’ largest financial institutions. For those who are looking to customize their own life insurance plan, AXA Philippines offers the MyLifeChoice plan, which allows you to choose your coverage amount, payment terms, investment funds, and supplementary benefits.
#4 in Net Income
#6 in Net Worth
#3 in NBAPE
#7 in Paid-Up Capital
More popularly known as Manulife Philippines, this insurance company positions itself as your solutions partner for your dreams and goals. It was recently named the Best Digital Life Insurance Company at the Global Banking and Finance Awards 2019. In light of the recent pandemic, Manulife Philippines has launched a series of free webinars to help Filipinos manage key aspects of their life better—from wellness to finance. You can check out their videos here.
#6 in Net Income
#4 in Net Worth
#4 in NBAPE
#8 in Paid-Up Capital
As one of the fastest-growing bancassurance companies in the Philippines, BPI-Philam Life Insurance Corporation aims to provide the right products for specific stages in its clients’ lives. Its partnership with Philam Life also means that certain health plans can be combined with Philam Life’s own Philam Vitality rewards program—more on this below. Its dedication to serving its clients has earned it the title of Best Life Insurance Company in the Philippines for the third consecutive year from London-based international business and finance magazine World Finance.
#8 in Net Income
#7 in Net Worth
#5 in NBAPE
#10 in Paid-Up Capital
Philam Life has been serving Filipinos for 70 years. Unlike other life insurance companies, its parent company, AIA, is focused on the Asia-Pacific region, allowing it to develop programs that are aligned with the specific needs and interests of its clients. Much like BPI-Philam, Philam Life is committed to matching its clients and their goals with the right products. Aside from the usual income protection and health products, Philam Life has taken its dedication a step further with Philam Vitality, a health program that doesn’t just offer health coverage, but actually rewards its clients for living healthy.
#2 in Net Income
#1 in Net Worth
#7 in NBAPE
#5 in Paid-Up Capital
BDO Life Assurance Company Inc. is a bancassurance company that offers an insurance plan for its clients’ every need. Whether you’re working your way towards long-term savings or making your health a priority, there is a product for you. If you already have existing investments with BDO and are happy with its management, you’ll be glad to know that BDO Life’s funds are managed by professional fund managers from BDO’s Trust and Investments Group.
#7 in Net Income
#5 in Net Worth
#6 in NBAPE
#4 in Paid-Up Capital
As the first and largest Filipino life insurance company in the country, Insular Life has spent more than 100 years helping Pinoys identify and manage their financial priorities. Like many top life insurance companies, Its products are geared towards three main financial objectives: saving, protecting, and investing. Filipinas who are looking for products specific to women may be interested in Insular Life’s She Cares by Sheroes, a three-in-one plan developed specifically for Filipinas. Aside from investment and other supplementary benefits, it offers higher coverage and prolonged protection up to 70 years old.
Although a relative newcomer to the Philippines, FWD Life Insurance Corporation is on its way to becoming one of the leading pan-Asian life insurers. It aims to serve clients better with fresher customer experiences, straightforward products, and leading digital technologies, making it an attractive option for younger and more active clients. Case in point: Its product line, KanDuu, has plans that can be bought online in minutes. One specific health plan, KanMend, offers up to P100,000 in coverage covering 42 critical illnesses and access to telemedicine services. It also waives medical tests for clients who are between 18 to 50 years old, effective up to age 55 years old.
#12 in Net Income
#11 in Net Worth
#8 in NBAPE
# 3 in Paid-Up Capital
This life insurance company is part of the Allianz Group, a global financial services provider that began operations in the Philippines in 2001. Aside from offering plans for savings and investment, protection, health, education, and retirement, Allianz PNB also has a partnership with HSBC that began in 2017. It has since resulted in several plans specifically for HSBC customers. In August 2020, the company launched the Peso-Hedged Diversified Income Dividend Paying Fund for HSBC Premier customers.
#14 in Net Worth
#11 in NBAPE
#28 in Paid-Up Capital
Just reading up about these life insurance companies isn’t enough. Finding the best insurance company for you has a lot to do with your financial priority and your current circumstances. You might also want to review their long-term fund performances or look up their ability to honor claims and other benefits. Try contacting their financial advisors as well to get a better feel of the service you can expect to get from each one.
Protecting your income and your health is part of the wealth generation cycle. After you’ve figured out how to choose the right insurance company for you, click here to learn about what comes after this phase.
