How to Get a Life Insurance: Top 10 Life Insurance Companies in the Philippines

Last Updated on – May 28, 2024 @ 5:59 pm

Quick Take

PRU Life currently ranks 1st among the top life insurance providers in the Philippines, based on NBAPE (or New Business Annual Premium Equivalent). But one of our main deciding factors here is that they offer the most affordable premiums in the market.

Our editors’ top picks for life insurance plans:

Insurance PlanBest forFeatures
PRULife ShieldBasic Life ProtectionTerm Insurance plus hospitalization benefits
AXA FlexiProtectFlexible life insurance coverageShort-term protection (5 years)
AIA All-In-One PlusLife insurance with investment and multiple additional coverageVUL with Critical Illness, Accident and Disability Coverage + Vitality & Saving

Disclaimer: Grit PH is not affiliated with any of the insurance companies featured in this article. The sole purpose of this guide is to educate our readers on how to effectively choose life insurance policies.

In 2022, there were 26.98 million newly-insured people in the Philippines.

It’s good to see that more of our fellow Kabayans are realizing the importance of Life Insurance.

But aside from the financial support to the principal’s surviving family, what other benefits can be gained from it?

And what are the different types of life insurance? And how do you get one?

We’ve partnered up with The Savvy Expat to create a video version of this comprehensive guide. Check out the video below.

Top 10 Life Insurance Companies in the Philippines

As more Filipinos become financially-wise in this ever-changing economic landscape, which life insurance companies are the top go-to’s for someone looking to get a life insurance?

And now that we have an overview of what life insurance is and its various types, let’s now have a look at the top insurance companies in the Philippines offering these products.

The list below is based on last year’s (as of December 31, 2023) submitted unaudited quarterly statistics for each insurance company.

Here are the Top 10 Life Insurance Companies in the Philippines based on New Business Annual Premium Equivalent [NBAPE]:

Insurance CompanyTotal NBAPE
PRU Life Insurance Corporation of U.K.P10,540,295,465
Sun Life of Canada (Philippines), Inc.P10,067,323,180
FWD Life Insurance CorporationP4,596,178,178
BDO Life Assurance Company, Inc.P4,113,723,868
BPI-AIA Life Assurance CorporationP3,799,541,179
The Insular Life Assurance Company, LimitedP3,722,078,242
Allianz PNB Life Insurance, Inc.P3,300,593,643
Philippine Axa Life Insurance CorporationP3,118,027,785
The Manufacturers Life Insurance Co. (Phils.), Inc.P2,615,033,030
Etiqa Life & General Assurance Philippines, Inc.P2,049,011,442

1. Pru Life Insurance Corp. of U.K.

Pru Life Insurance Corp. of U.K. was founded in 1848 and has headquarters across the world, with its main in London, UK.

They offer a wide range of retail financial products and services, and asset management services in Asia, which has a strong presence in the Philippines.

Aside from life insurance products, they also offer health and protection services and have partnered with a long list of banking institutions.

Sample Pru Life Insurance Quotes:

*Rates are for informational purposes only and are subject to change:

20P2,000 – P3,500/monthP3,500 – P5,000/monthP5,000+/month
30P4,000 – P5,000/monthP5,000 – P6,000/monthP7,000/month
40P6,000 – P7,000/monthP7,000 – P8,000/monthP8,000+/month
50P7,000 – P8,000/monthP8,000 – P10,000/monthP15,000+/month

Why Choose Pru Life?

Aside from providing the most affordable premiums in the market (for VUL policies), they also ranked 1st on the list for NBAPE (valued at P10,540,295,465 in 2023) – outranking 32 other listed life insurance companies in the country.

Minimum Investment (Term Insurance): P750 per month

  • Sum Assured/ Death Benefit: P1M depending on the age 
  • Total and Permanent Disability: P100,000 – P500,000 depending on the age
  • Accidental Death and Disablement: P100,000 – P500,000 depending on the age
  • Critical Illness: P100,000 – P500,000 depending on the age

Minimum Investment (VUL): P1,500 per month

  • Sum Assured/ Death Benefit: P1M depending on the age
  • Total and Permanent Disability: P200,000 – P500,000 depending on the age
  • Accidental Death and Disablement: P200,000 – P500,000 depending on the age
  • Critical Illness: P200,000 – P500,000 depending on age. 

2. Sun Life of Canada (Philippines)

Founded in 1895, Sun Life Of Canada (Philippines), Inc. is a subsidiary under Sun Life of Canada (Netherlands) and offers services to a wide range of financial products: Insurance, as well as wealth & asset management.

These include financial services for education, estate preservation, health protection, income continuation, retirement, group life, and other insurance products.

Why Choose Sun Life?

Sun Life generated the most revenue from the total premium they charge on their policies (for both traditional and variable plans) in 2023 (at P55,787,621,308).

They also ranked #2 in NBAPE (New Business Annual Premium Equivalent) – which they have ranked first many times over the last decade.

But still, they remained one of the most profitable insurance companies by having the highest net income out of all the listed insurance companies (earning P8,798,826,473 last year).

All these solidify Sun Life’s ability to take care and grow your hard-earned money.

3. FWD Life Insurance Corporation

We’ve been curating (and regularly updating) this list for the past 5 years, and this has been the first time for FWD to be in the top 3.

FWD Life Insurance Corporation, also called FWD Insurance or FWD Life, is one of the fastest-growing insurance firms in the Philippines. Launched in 2014, it has been one with the highest paid-up capital among life insurance companies in the country.

FWD Insurance allows its customers to manage their policies on their mobile devices through an app called Tapp.

FWD Insurance has an array of life insurance and health insurance plans as well as life insurance with investment products.

Among its unique offerings are a life insurance plan that offers financial protection against terrorist acts and another one with an investment component in US dollar denomination.

Editor’s Note: When it comes to life insurance, FWD is my favorite largely due to my great online application experience and the Omne app’s functionality. The entire onboarding process was super easy and the Omne app gave me effortless access to insurance products.

Additionally, it gave me a seamless way to manage policies and access related services on the go. I really appreciate this approach that combines convenience and digital integration.

Why Choose FWD Insurance?

Despite being relatively new in the Philippine market, FWD has been very aggressive in growing its customer base over the last few years.

FWD Insurance is still one of the top 5 life insurance companies to raise the most money from shareholders in exchange for shares of stocks (receiving P2.3 billion). And also made a huge jump in last year’s NBAPE, now ranking 3rd (valued at P4,596,178,178).

4. BDO Life Assurance Company, Inc.

Originally called Generali Pilipinas Holding Co. Inc., BDO Unibank Inc. acquired the company in 2016 and is currently operating as a subsidiary of BDO Unibank, Inc.

BDO Life offers a host of financial and investment services that range from insurance, health, education, and other financial services.

Why Choose BDO Life?

Aside from being run by one of the biggest banks/corporations in the country, they’ve also had immense growth over the past year (ranking within the top 10 in all key categories):

  • Total NBAPE (4th) – P4,113,723,868
  • Net Income (3rd) – P3,682,175,428
  • Total Premium Income (6th) – P18,263,594,862
  • Networth (4th) – P20,195,928,686
  • Assets (7th) – P116,489,209,615.81
  • Paid-Up Capital (7th) – P1,593,132,400

5. BPI-AIA Life Assurance Corporation

BPI-AIA, formerly known as BPI-Philam, is a strategic alliance between two financial powerhouses: the Bank of the Philippine Islands (BPI) and AIA Group Limited (a leading life insurance group in Asia-Pacific).

This partnership aims to provide a wide range of insurance products and services, which include savings, investment-linked products, educational fund, retirement fund, health insurance, income protection, and much more.

Why Choose BPI-AIA?

AIA’s presence in the country leverages BPI’s extensive branch network across the Philippines, making it easier for customers to access life insurance products and services.

The rapid growth of this partnership was also very evident from last year’s data:

  • Total NBAPE (5th) – P3,799,541,179
  • Net Income (7th) – P2,395,831,036
  • Total Premium Income (9th) – P15,026,849,338
  • Net Worth (7th) – P9,311,087,979
  • Total Invested Assets (9th) – P112,594,487,304.41

6. Insular Life Assurance Company, Ltd.

Founded in 1910, Insular Life Assurance Company, Ltd. provides saving plans for education and retirement; accident, health, disability, and payer’s protection plans; and investment plans for Filipinos.

They also offer health, group protection, and retirement plan services. They have strong connections with the country’s 2,868 hospitals, outpatient facilities, and dental clinics. Their main headquarters is located in Muntinlupa.

Why Choose Insular Life?

Aside from being the first Filipino-owned life insurance company in the country, Insular Life has been a steady force in the Philippines’ insurance industry for decades (3rd with the highest Net Worth in 2023).

  • Total NBAPE (6th) – P3,722,078,242
  • Net Income (6th) – P2,450,565,196
  • Total Premium Income (7th) – P15,568,337,405
  • Net Worth (3rd) – P46,343,400,123
  • Total Invested Assets (4th) – P150,488,008,143.60

7. Allianz PNB Life Insurance, Inc.

The Allianz Group (in partnership with Philippine National Bank) started providing variable life insurance products in the Philippines in 2001. Originally headquartered in Germany, Allianz is a globally recognized brand in the financial services sector and serves 90 million retail and corporate clients across 70 countries.

Why Choose Allianz PNB?

Allianz PNB Life Insurance is a joint venture between the Philippine National Bank (PNB) and the German insurer Allianz SE. Both companies have a strong reputation in their respective industries, which can provide confidence in the products and services offered.

  • Total NBAPE (7th) – P3,300,593,643
  • Total Premium Income (3rd) – P26,108,516,216
  • Total Invested Assets (8th) – P114,708,925,034.00

8. Philippine AXA Life Insurance, Corp.

Founded in 1962, Philippines AXA Life Insurance Corporation is a major player in the insurance industry. It is part of the global AXA Group, which is one of the world’s leading insurance and asset management groups, serving millions of clients worldwide.

Their products range from educational, health, income protection, investments, and many others. The company is headquartered in Makati City.

Why Choose AXA Philippines?

AXA Philippines has been a steady player in the Insurance Commission’s top 10 lists over the past few years, earning (in 2023):

  • rank #8 in Total NBAPE – P3,118,027,785
  • rank #5 in Total Premium Income – P21,761,443,591
  • rank #4 in Net Income – P2,730,190,868
  • rank #3 in Assets – P166,116,164,953.11
  • rank #6 in Net Worth – P11,228,412,663

9. The Manufacturers Life Insurance Company Philippines, Inc.

The Manufacturers Life Insurance Company Philippines, Inc. or more popularly known here as Manulife, is a financial company that specializes in pension and education, investment, medical, employee security, corporate, student personal accident, credit life, and other insurance plans.

Their Philippine arm is operating under Manulife Financial Asia Limited.

Why Choose Manulife?

Manulife is a reputable insurance company with a long history and global presence – and still ranking within the top 10 (ranking 9th) in terms of NBAPE (currently valued at P2,615,033,030).

10. Etiqa Life & General Assurance Philippines, Inc.

Etiqa is one of the leading insurers in the ASEAN region, part of the Maybank Group, one of the largest banking and financial services organizations in Southeast Asia.

Their life insurance products include term life insurance, whole life insurance, investment-linked plans, and a variety of riders that can be added to policies to customize coverage according to the specific needs and goals of their clients.

Why Choose Etiqa?

The company prides itself on its customer-centric approach, promising fast and easy processes for purchasing insurance, making claims, and other services.

Benefits of Life Insurance

To give us a better idea of what life insurance brings to the table, here’s a list of its top 5 benefits.

1. Pays for Medical and Funeral costs

One important financial problem that life insurance helps solve is the incurred expenses for medical and funeral expenses.

Both are huge money drains if not prepared for and can cause further grief among family and relatives.

With life insurance, you ensure that your loved ones will have the necessary financial support for both hospital and funeral bills.

2. Financial Support

The loss of a family member, especially if he or she is an income provider, is a huge undertaking both emotionally and financially to the surviving family.

This could deal a huge blow to their standard of living since it severely affects their source of income.

With life insurance, the impact of this loss can be lessened as it can act as the family’s source of temporary income especially during the difficult period of adjusting and coping with the loss of a loved one.

3. Funding Various Financial Goals

Life Insurance offers additional benefits through the form of fund accumulation for specific future financial goals.

Principal holders can use it to help save for their kids’ college education, purchase a house, and even serve as a resource for funding a business idea.

4. Acts as a Retirement Nest Egg

Modern life insurance also serves as a tool that principal holders can use to get in a better financial position in the future.

Most products come with a long term maturity option, which promises a lump sum amount that can act as a hedge against financial worries during your retirement.

Related: PERA: How to Invest in Personal Equity & Retirement Account

5. Covers costs incurred from taxes and debt

Benjamin Franklin once famously said “There are only two sure things in life, death and taxes”. An advice that reminds us that both are a part of life.

This is why it’s such a huge financial problem when the deceased family member leaves behind unsettled debts and taxes.

Not only will the surviving family assume responsibility of paying them off, it could also strip them of access to any valuable resource and property that the deceased left behind since these will be used as payment instead.

Life insurance could act as protection in this type of situation since the premium can be used to pay for unsettled debts and taxes.

How to Get Life Insurance in the Philippines

The traditional way of getting life insurance coverage in the Philippines is through insurance brokers.

Representatives from various insurance companies typically conduct a sit-down session with the potential policyholder to discuss their options and come up with the best matching policy for their financial goals and the protection you and your family need.

Here’s a general guide to help you navigate the process:

1. Assess your insurance needsDetermine coverage requirements. Consider factors such as income replacement, debt coverage, education for dependents, and end-of-life expenses to estimate how much coverage you need. Evaluate policy types – decide between term life insurance (coverage for a specific period) and whole life insurance (lifetime coverage with a cash value component).
2. Research Insurance CompaniesLook at various insurers, focusing on their financial stability, customer service ratings, and reviews. Understand policy details and pay attention to the benefits, exclusions, premiums, and additional riders or features each policy offers.
3. Get quotesReach out through their websites or agents. Provide the necessary information as Insurers will need details about your age, health, lifestyle, and coverage needs to generate quotes. Evaluate the premiums, terms, and conditions from different insurers to find the best match for your needs.
4. Complete the applicationProvide truthful and accurate information on your application form to avoid issues with policy claims. Ensure all details are correct and that you understand the terms and conditions of the policy. Don’t hesitate to ask your insurance agent or the insurer for clarification on any policy aspects you do not understand.
5. Review and finalize your policyOnce approved, review your policy thoroughly to ensure it meets your needs and that you understand your benefits and obligations. Make the initial premium payment to activate your policy. Regular payments are essential to keep the policy in force.
6. Regularly review and update your policyPeriodically review your policy and update it as necessary to reflect major life changes, such as marriage, the birth of a child, or a significant change in financial circumstances.

Pro Tip: Leverage online resources.

Nowadays, you can look up insurance companies online to view their offerings too (like the ones we’ve curated above).

Many insurers in the Philippines offer online platforms where you can get quotes, apply, and even complete a medical exam virtually, making the process more convenient.

How to File an Insurance Claim in the Philippines

Filing an insurance claim is a pretty straightforward process. Here are the usual steps required.

STEP 1: Obtain the requirements

The first step will be to determine what type of documents you need to present for the claim.

These requirements may vary depending on the type of claim and insurance company. See the requirements section below for additional info on the types of documents you may need to submit for each claim.

STEP 2: Submit the requirements

Once all requirements are gathered, submit them via the insurance company’s official website or by handing it over to your financial advisor.

Frequently Asked Questions on Life Insurance Claims

How can I submit the required documents? 

Most insurance companies nowadays allow you to upload the documents via the website. The best thing to do is to visit the site and check if there’s such an option.

If there’s none, you can always reach out to your insurance agent and have him or her assist in submitting the requirements. Lastly, you can visit and submit the requirements at the insurance company’s nearest branch.

How long does it take to process a claim?

It  depends on the type of claim and the claims process/timeline of each insurance company. In general though most insurers can release the payout within a few business days to a few weeks.

How will I receive the payment?

Most insurers will either issue a cheque or send the payment directly to your enrolled bank.

What are the general requirements for Death Claims?
  • Official Claimant form
  • Policy number
  • Death Certificate of the insured (issued by the National Statistics Office (NSO). If death occurred abroad, death certificate must be authenticated by the Philippine embassy/consulate in the place of death)
  • Valid IDs
What are the general requirements for other types of claims (Medical, Pre-need, Accident, etc.,)
  • Claimant statement form
  • Valid IDs
  • Attending Physician Statement Document
  • Hospital bill receipts (medical reimbursements)
  • Police or incident reports (if caused by an accident)
  • Certified True Copy of Operating Room Record (for hospital claims on operation/surgery-related issues)
  • Complete medical records
Other required documents
  • Marriage Certificate  – when the spouse is the beneficiary
  • Birth Certificate of the child – when the child is the beneficiary
  • Affidavit of Legal Guardianship – when the beneficiary is a minor
  • Judicial Bond obtained by the surviving parent or other Legal Guardian and approved by the Regional Trial Court (RTC) – If the share of the minor is greater than Php500,000
  • Birth Certificate of the Insured – when the parents of the policyholder are the beneficiaries
  • Joint-Affidavit of Two Disinterested Persons – If there are discrepancies in the names of the Insured or beneficiary/ies
  • Police Investigation Report –for deaths caused by accidents
  • Autopsy report
  • Toxicology report

Life Insurance FAQs

Still have questions about life insurance? We’ll answer them below.

What is Life Insurance?

Life insurance is a type of insurance that compensates your beneficiaries when you die. The company will guarantee a payout for your beneficiaries (people you designate to receive the compensation) in exchange of premiums (payments you need to make). The compensation your recipients will receive is called a “death benefit.”

Here’s a quick scenario to explain the elements of life insurance.

Juan purchases life insurance from Dependable Life Insurance Company. After the assessment, his contract looks like this:

Premium: Php2,000 per month. That’s the amount he needs to pay per month during the duration of the policy.

Beneficiary: Susan, his wife. She will receive the death benefit when Juan dies.

Death benefit: Php1 million. The amount that Susan will get when Juan dies.

Insurance companies earn by investing the money you pay (premiums) for the policy.

If someone purchases a 10-year policy, the insurance company gets to earn from the interest from the premiums until the contract expires or when the policyholder dies.

However, insurance companies are taking a risk in guaranteeing a payout. If a policyholder dies in the third year of a ten year policy, the company needs to pay the full death benefit amount to beneficiaries.

This is why older people and those with health issues have to pay higher premiums since they carry significantly more risk versus healthier policyholders.

When you apply for life insurance, you will have to answer questions about your health and lifestyle and undergo a medical exam. They will then place you in the corresponding health class or risk category based on your score.

Your risk category is the biggest determinant of how much premiums you will pay for insurance.

The better health you have, the better rates you’ll get. Here are some of the most common classifications used based on risk category:

Preferred PlusThe best classification you can get. It means you’re in excellent health, your weight is normal, no history of smoking, no chronic illnesses, and no history of a family member suffering from a life-threatening disease.
PreferredYou’re in excellent health but may have minor issues on cholesterol or blood pressure (that are well-controlled).
Standard Plus You’re in very good health but some factors like high blood pressure or being overweight prevents you from getting a better rating.
StandardMost policyholders are tagged with this health class. You’re deemed to be healthy in general and have a normal life expectancy. A family member may have a history of life-threatening disease. You have a few minor health issues such as being overweight or have high blood pressure and cholesterol.
SubstandardPeople with serious health issues like diabetes or heart disease are placed on a table rating system, ranked from highest to lowest using letters or numbers. On average, you’re premiums will be similar with Standard with an additional 25% the lower you get on table ratings.
SmokersDue to the added risk of smoking, they are guaranteed to pay more.

Aside from health class, age is also a critical factor in determining your premiums. The older you are, the more expensive your payments will get.

What are the different types of Life Insurance in the Philippines?

As G.I Joe once said, “Knowing is half the battle”. Equipping yourself with the right information makes for better decisions. Let’s take a look at the 4 different types of Life Insurance so we can zero-in on their features.


This type of life insurance policy grants a lump sum after a specified amount of time or upon death. The policy owner is required to pay the premium for a predetermined number of years or until a specific age is reached.


  • Allows for saving up for specific purposes (college fund, retirement)
  • Guaranteed returns upon maturity
  • Offers some form of insurance coverage


  • Higher premiums compared to other types of life insurance
  • Not the best option for those looking at full life protection

Term Life

This is the simplest form of life insurance you can obtain. Upon death, the beneficiaries are paid the benefit.


  • Low premium requirements
  • Strong option for policyholders who need insurance but can’t afford whole life or endowment
  • Easy to understand


  • No benefits if policyholder outlives the term period set
  • Premium usually gets higher upon renewal of terms

Whole Life

This type of life insurance provides coverage for the policyholder’s entire life or until they reach 100 years old. It acts as both protection and savings mechanism since a portion of the premium is allocated to build up cash values.


  • Offers permanent protection for full life or 100 years
  • Flexible in terms of payments of premium
  • Fixed premiums
  • Comes with additional features and “living” benefits


  • Higher premiums
  • Can be harder to understand due to complexity versus other types

Variable Universal Life (VUL)

This type of life insurance serves as both life protection and investment vehicle in one package.

A portion of the premium is allocated into various investment vehicles for the purposes of wealth creation. The contract’s earnings are based on the performance of selected investments.


  • Dual purpose: Life insurance plus investment tool
  • No maturity age
  • Cash value is payable along with the assured sum
  • Death component not limited to face value
  • Liquidity – wherein you can access your funds in times of need (and can serve as storage for emergency funds).


  • Cash values and dividends are not guaranteed
  • Face amount and death benefit is dependent on investment performance
  • Includes various investment fees
What is BTID?

BTID (Buy Term, Invest Difference) is the practice of buying term insurance and investing the difference in costs of getting a VUL on your own.

As opposed to the simpler approach of VUL, where all you need to worry about is paying premiums regularly, with BTID, you can craft your own investment strategy and have your pick from various vehicles like mutual and index funds

While doing so requires both financial discipline and ample investment know-how, this practice enables you to maximize growth potential.   


  • Lower fees compared to universal life insurance and VUL.
  • You can choose and manage your own investments (This also saves you from certain fees like management fees). 
  • Ability to place money in various mutual funds and withdraw anytime you need it.
  • Higher potential investment returns.  


  • Pricier for those opting for long-term coverage, as typical BTID premiums increase every five years. 
  • With BTID, you need to split what would go to your insurance and what you’ll invest every single time. This means that after paying your premiums, the money for investment can feel like disposable income instead of resources to invest with. 
  • Everything is DIY. Unlike VUL, you need to have ample insurance and investment knowledge. Without the necessary financial know-how and discipline, this approach is almost guaranteed to backfire. 

BTID sample computation:

A whole life insurance for a 25-year-old male with a life coverage of P1,000,000, for example, will typically cost around P25,000 a year, while BTID is usually around P10,000. In this case, the difference of P15,000 can be invested in different investment vehicles. 

Additionally, you can open an account to buy shares from most stockbrokers for as low as P5,000. If you’ve yet to feel comfortable in entering the stock market, you can opt to buy units in mutual funds from COL or Sun Life instead. 

How to compare Life Insurance policies

1. Reach out to agents from different insurance companies so you can get an overview of the products they offer

2. Request for copies of their brochures and other paperwork to get a detailed overview of their benefits and premiums.

You can also Google these online if it’s available on their website.

3. Make a comparative analysis of their benefits and riders.

Decide on which ones you want to make a priority and which one you can deal without

4. Make a comparative analysis of their premiums.

No one insurance company or product are the same. Some may offer more benefits and features for the same premium price.

Like a smart shopper, balance out each product’s pros and cons and determine which one fits your needs best

5. Make sure you understand and review the contract before signing up.

Some important factors to note are insurance charges and overall fees.

Remember, you’ll be paying on a regular basis so knowing how your money is being used for your insurance is crucial.

6. Be thorough and ask questions.

Most agents are more than happy to discuss their products with you. Take this as an opportunity to learn more about the ins and outs of what they offer.

If you find something difficult to understand, have them explain it to you in the clearest way possible. Don’t be afraid to ask a lot of questions, mind you, it’s your money.

Knowing if you’re choosing the right insurance and insurance provider is essential to getting the most out of your investment.

How to find the best life insurance company and policy for you

Deciding on which insurance company to entrust your hard-earned money is key essential. After all, you’re not doing this for yourself, you’re doing this mainly for your loved ones.

On this section of our guide, we’ll provide you with tips on how to choose your insurance company and how to compare insurance policies.

Qualities to look for in Life Insurance Providers:

  • Company should be listed as a licensed insurance firm (check out the Insurance Commission’s list to verify)
  • Check the company’s background in the insurance industry. Ideally, you should pick one with an outstanding reputation.
  • Check the company’s financial performance. High net worth and high premium income may be good indicators (refer to the list of the top insurance companies we’ve listed above).
How much life insurance do I need?

The amount of life insurance you need will depend on your individual circumstances, including your age, income, debts, and financial obligations.

A general rule of thumb is to have coverage that is 10-12 times your annual income.

However, it’s essential to work with a licensed insurance agent to determine the amount of coverage that is right for you and your family.

How are life insurance premiums determined?

Life insurance premiums are determined based on a variety of factors, including your age, health, gender, occupation, lifestyle habits, and the type and amount of coverage you choose.

Generally, younger and healthier individuals will have lower premiums, while those who are older or have pre-existing health conditions may have higher premiums.

Additionally, certain occupations or risky hobbies may also result in higher premiums.

What is a beneficiary, and how do I choose one?

A beneficiary is a person or entity that will receive the proceeds from your life insurance policy in the event of your death.

Choosing a beneficiary is an important decision, and should be carefully considered. You can choose one or multiple beneficiaries (depending on your insurance), and they can be individuals, such as a spouse or child.

Related: The cost of raising a child in the Philippines

It’s important to keep your beneficiary information up-to-date to ensure that your wishes are carried out.

Can I change my life insurance policy or coverage?

Yes, you can change your life insurance policy or coverage.

If you want to increase or decrease your coverage or make changes to your policy, simply speak with your insurance agent or company to make the necessary adjustments.

It’s also advised to review your coverage periodically to ensure that it still meets your needs and the needs of your family.

Keep in mind that any changes to your policy may result in adjustments to your premiums.

What happens if I outlive my term life insurance policy?

If you outlive your term life insurance policy, you will not receive any payout. Term life insurance policies are designed to provide coverage for a specific period of time, such as 10 or 20 years.

If you pass away during the term of your policy, your beneficiaries will receive the death benefit.

However, if you outlive the policy, the coverage will expire and you will not receive any payout. At this point, you may choose to renew your policy, convert it to a permanent life insurance policy, or purchase a new policy altogether.

It’s important to speak with your insurance agent to determine the best course of action for your individual needs.

Can I have multiple life insurance policies in the Philippines?

Yes, you can have multiple life insurance policies in the Philippines. However, it’s important to consider your overall financial situation and insurance needs before purchasing multiple policies.

Working with a licensed insurance agent can help you determine the right amount and type of coverage for your individual circumstances.

It’s also important to keep track of all your policies and ensure that your beneficiaries are up-to-date on each policy.

Are life insurance benefits taxable in the Philippines?

In the Philippines, life insurance benefits are generally not subject to taxes.

What is InsureTech?

InsureTech is short for “Insurance Technology”, a segment of FinTech (Financial Technology) that focuses on making the process of acquiring insurance faster and more convenient. 

Some InsureTech companies are focused on the distribution stage, employing methods for making it easier for consumers to get life insurance policies.

Others are software/algorithm-focused companies that create software for aiding policy administration of actual insurance companies.

InsureTech companies coming to the Philippines

The following are InsureTech companies that will be establishing their services locally. Their goal is to provide a more convenient and digital-centric experience for life insurance products and services.

1. SingLife Philippines

SingLife has partnered with the likes of ATRAM (asset management firm), UnionBank, and GCash to provide a direct-to-consumer, mobile-first platform for purchasing and managing an insurance policy. 

2. Saphron

Saphron’s goal is to increase financial inclusion in Southeast Asia and make insurance easily accessible to all.

Their aim is to build an enterprise solution for insurance providers (among others) and provide a digital experience that facilitates the purchase, payments, and claims processes.

3. Kwik.Insure

It’s an upcoming online insurance marketplace that aims to provide a platform for Filipinos where they can purchase different types of insurance products (travel insurancehealth insurancelife insurancecar insurance, etc.,) from various insurance firms.

Read Next: 

Disclaimer: Grit PH strives to post up-to-date information on all investment, banking, and other financial products we feature. However, information may change without notice. Therefore, we do not guarantee the accuracy of the information listed on the website, including those provided by third parties at any particular time. 

It is best to review the updated terms and conditions of your chosen financial institution. Grit PH is not affiliated with the companies mentioned in the article. All testimonials and opinions are representative only of the writer’s experience, but the results will be unique to each individual.

About Amiel Pineda

Amiel Pineda is the Head of Content at Grit PH.

He started freelance writing in 2010 doing product reviews and tech news. In 2018, he became a full-time freelancer, writing in the financial space and creating content for clients in various niches.

Prior to freelancing full-time, he worked 7 years in the financial services industry for a Fortune 500 company.

He also writes on his personal blog, Homebased Pinoy (, where he shares tips and guides as a work-from-home freelancer, along with NFT-game guides.

Education: Technological Institute of the Philippines (Bachelor of Science in Electrical Engineering)
Focus: Freelancing, Entrepreneurship, Financial Products, Investing & Personal Finance

Reader Interactions


    • Jef Mosa says

      I think it would be fair if you posted also the premiums and death benefits of others companies. Moreover, pru life is now offering lower premiums. I recommend you to update your illustrations/data of pru life.

      • Judy says

        Hello Im a Senior Financial Advisor from Philamlife…..Ive read your post asking for a whole life life insurance provider …Apparently you are interested for insurance…..Let me give you a brief view on Philamlife’s latest all-in-one product……you will get coverage for life insurance ….total and permanent disability, accident and critical illness each for 1M coverage and whats best for this whole life insurance product it provides waiver of premium….meaning should anything happen to the insured during the payment period or if the payor becomes financially incapable due to illness or disability….all the unpaid premiums will be settled by the insurer which is Philamlife….for details you may reach me at…….

  1. L says

    Anybody, can you please suggest a health insurance that we can get for our parents? The HMOs are not good for this because the max age is 65. I hope somebody who has bought a health insurance for their parents can share their experience here. Thank you

    • Emil says

      HMOs usually would no longer insure elderly people particularly when they’re at a certain age. What you can do is purchase a life insurance and add critical illness rider or hospitalization. And also make sure that they’re registered with PhilHealth.

    • Minnie OL says

      May I know how old is your parent? FWD offers a product called SET FOR HEALTH, It is a health Insurance which covers till 75 yrs of age. I’ve got one for myself and I’m 57 yrs old. Protects me with 3 mayor critical illness and minor illness. With Death Benefit, waiver of premium Benefit and healthy Living Benefit that if you reach 75 yrs old and you are healthy and ni claim of minor critical illness, they will return all your premium.
      You can send me message and I’ll be willing to help you.

  2. Honey says

    Are you sure you are not affiliated to any insurance companies? Then why did you insert FWD in your last part of the top 10 insurance company in the phil.? where in fact it is not within the list? I doubt it. You are liar I think. Making this page just to push your insurance company. Better get out of your shell man and don’t be coward to show your companies side. Because seems like you are shy with the company you are in.

    • jasonacidre says

      Thanks for the feedback, Honey.

      If we were affiliated with FWD, we could have easily inserted them at the top spot for them to get more impressions, and could also have easily updated/fabricated the presented data to favor them. But unfortunately, we are not – and more unfortunate, we are not getting paid by any of the insurance companies we’ve listed here too 🙁

  3. Chynna says

    Would you advice a US-bound person (to live and work there for, say, at least 5 years, including family) to get a VUL here?

    • Anne Margaret says

      Yes of course. The claims and the benefits that the policy owner would be getting would still be the same whether based here in PH or outside the country. I have many OFW CLIENTS and most if not all, has started their plans merely with the basis of protecting their income should something happen in between working years; and to fund for their retirement. Should you wish to be assisted, you may send an email to

      Looking forward to help you the soonest!

      • Choi says

        Hi Mr./Ms. Clients,
        Just for additional information, Read FATCA rules, as per the rules of US government for their citizens in terms of any Life Insurance with Investment taken outside US is NOT ALLOWED. If something happens to the policy holder(I assumed he/she is a US Citizen/green card holder), there is high risk that they will not get the said claims, ONLY Term Insurance policies are guaranteed. I am working in International Market and representing the world’s largest providers, even them, they are not allowed to get a Life Insurance with Investment. Please do a thorough study before getting your Life Insurance, especially if you’re a green card holder or a US citizen of US. #bewise.

        • Troy says

          in addition to the FATCA Rules. The owner and insured person of the insurance policy needs to submit pertinent IRS documents related to FATCA ruling in order for the regularities to take effect and for insurance claims to be honored valid. This is to also avoid legal implications the US is enforcing on institutions outside their territory.

    • Anne Margaret luna says

      Yes of course. The claims and the benefits that the policy owner would be getting would still be the same whether based here in PH or outside the country. I have many OFW CLIENTS and most if not all, has started their plans merely with the basis of protecting their income should something happen in between working years; and to fund for their retirement. Should you wish to be assisted, you may send an email to

      Looking forward to help you the soonest!

  4. francis says


    Thank you for this, I’ve learned a lot reading your site. Now I’m have interest to invest in Insurances, any suggestions or advice what company or type of insurance i should take, I’m a seaman but i still don’t have any of this. What do you think will suit me? thank you.

    • Anne Margaret Luna says

      Hi Francis, I’m Margaret Luna, a SunLife Financial Advisor. I would be willing to assist you and show you best options that would suit your needs and would be customized to your lifestyle and goals. Please send an email to

      Hope to help you soonest!

    • Marie N. says

      Good day Sir Francis,

      What suits you will be definitely based on what you need. You have to have an appointment with a trustworthy financial advisor whom is connected to an established insurance institution. You really have to make time with this because this is not just about your hard earned money but this is also about you, your family and your future.

      I hope this helps. God bless!

  5. Anne Luna says

    First to stumble upon your page and i think you are doing a good job! Keep it up and excell well! 🙂

  6. Shayne says

    Anyone who has thoughts about bpi-philam life vul? I find myself in a dilemma about cancelling my policy or continuing it. I did not know much of what I signed up for, I was in a daze that time when I purchase the product; patiently waiting for the card and looking at my watch since I was gonna be late for a dental appointment. I was in the bank to get my newly requested atm card and a bancassurance agent talked me in getting vul plan.

  7. MAngel says

    I think you need to check your statistics again. I don’t think it’s already 52.07% out of 104m Filipinos have life insurance. Check that it’s only 1.64% penetration of life insurance company in the country. Back in 2015, the Insurance Commission said it wants to target 3% at end of this year.

  8. Chris says

    1) It would be good if you can also have a comparison in terms of easiest way to claim?
    Maybe the definition of how easy it is to claim are as follows:
    – can the claim be done online or offline?
    – what documents are required?
    – once the required documents are submitted, how long before the amount is credited?
    or will the payout be in cheque, which means the beneficiary will still have to encash it.

    I believe having an efficient and fast turn around time for claims can be a valid consideration for choosing which insurance plan to buy. At the end of the day, you want your beneficiary (you or your relatives) to live comfortably when unexpected things happen, that’s why you’re getting an insurance.

    2) Is there any insurance company who has a stand alone critical illness coverage ie. not a rider?
    Cause I already have a term life insurance (not in Philippines). My next concern is to address the income gap assuming i get diagnosed with a critical illness.

    Appreciate if you can share any comparative analysis if you have started any. Thanks.

  9. Roy sifat says

    Good day Sir Francis,
    What suits you will be definitely based on what you need. You have to have an appointment with a trustworthy financial advisor whom is connected to an established insurance institution. You really have to make time with this because this is not just about your hard earned money but this is also about you, your family and your future.

    I hope this helps. God bless!

  10. joseph says

    Hi Cris,

    I am Joseph Vendicio, Sun Life Financial Advisor. We have a stand alone critical illness coverage plan that might suit your needs. Would you mind send me an email at or call/text me at 09770975840. It would be great if we can discuss this face to face.

  11. Lishelle Vivas says

    Hi, I’m Lishelle Vivas. I am connected with FWD Life, my role is to help and guide people in managing their finances. I specialize in the development of personal financial plans that can secure the future of my clients and their family. I would like to share some ideas with you which might find interesting and valuable. You can reach me at:

    mobile no: 09202770011
    email add:

  12. Bless Magan says

    The remaining 47.03 percent must be the now skeptics due to failed insurance plans they ha for the last decade.

  13. Ivan says

    The financial pecking order for life insurance providers would start with Insurability, followed by AIGs ROI+ for those over 50 years of age. Find out if your target firm also offers Term Life as well. Your best bet is to do research online before settling on any one provider.

Leave a Reply

Your email address will not be published. Required fields are marked *