If you read our article, Different Insurance Policies You Can Get in the Philippines, you will know the various types of insurances offered. One thing that is very important to me is having life insurance and travel insurance. As we don’t know what the future entails and it’s better to be prepared than spend tons of money.
We have made this article to help you choose the best Insurance Companies Based in the Philippines. I just want to tell in advance that I’m not affiliated to any of these companies so I suggest that you do further research after reading this article.
- Life insurance is when a principal has died, a lumpsum amount will be given to the principal’s family. There are certain terms and types on it. To sum it up, here are examples.
- Term life insurance – Person A’s term is 30 years (age 30 – 60), however, if he dies at age 65 – no benefits will be given to him, but if he dies when he is 55 then his beneficiaries can claim his insurance.
- Whole life insurance – Person A pays from 30 years old until he dies at age 65, benefits are given to his beneficiaries.
- Universal life insurance – Person A pays for 30 years, a portion of his payment is invested at a constant rate, the rest of his life, the invested amount will be used until he dies at age 65, benefits are given to his beneficiaries.
- Variable life insurance – is like Universal life insurance, however, interest may be high or low depending on where Person A decides to invest, benefits are given to his beneficiaries.when he dies at 65.
Life Insurance Companies in the Philippines
Here is the data according to the Insurance Commission of the Philippines. All are based from 2017 Audited Annual Statements since 2018 has not been audited yet.
Premium Income – Revenue generated from the overall premium paid on its policies
Invested Assets – Assets invested
Networth – Total assets minus total Liabilities
Net Income – Total revenue less total expenses
Headquarters: Toronto, Ontario, Canada
Founded: 1865 in Canada, 1895 in Cebu, Philippines
Head Office Address: Sun Life Center, 5th Avenue cor. Rizal Drive, Bonifacio Global City, Taguig City
Premium Income: 32,108,649,842 (#1)
Invested Assets: 230,813,135,501 (#2)
Networth: 27,284,388,699 (#3)
Net Income: 7,033,041,347 (#1)
Headquarters: Hong Kong
Founded: 1919 in Hong Kong and 1949 in the Philippines
Head Office Address: Philam Life Head Office, 15-18F Net Lima Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig, Metro Manila
Premium Income: 19,896,346,896 (#4)
Invested Assets: 252,114,091,903 (#1)
Networth: 77,532,702,274 (#1)
Net Income: 6,145,890,201 (#2)
Head Office Address: Lavel 30, lnsular Life Corporate Centre, lnsular Life Drive, Filinvest Corporate City, Alabang, Muntinlupa City
Premium Income: 11,675,264,888 (#7)
Invested Assets: 139,078,023,389 (#3)
Networth: 38,274,601,643 (#2)
Net Income: 3,074,778,997 (#4)
Headquarters: Paris, France
Founded: 1816 in France, 1999 in the Philippines
Head Office Address: 34th Floor, GT Tower International, #6813 Ayala Avenue cor. HV Dela Costa Street, Makati, 1227
Premium Income: 26,184,554,497 (#2)
Invested Assets: 110,656,892,125 (#3)
Networth: 6,887,673,223 (#7)
Net Income: 2,360,041,347 (#5)
Head Office Address: 15th Floor BPI-Philam Life Makati, Ayala Avenue, Makati City 1226
Premium Income: 20,329,487,893 (#3)
Invested Assets: 100,830,644,170 (#6)
Networth: 7,426,215,084 (#6)
Net Income: 1,648,514,757 (#6)
Headquarters: Toronto, Canada
Founded: 1887 in Canada, 1907 in the Philippines
Head Office Address: 10th Floor NEX Tower, 6786 Ayala Avenue, Makati City, 1229
Premium Income: 17,698,766,283 (#6)
Invested Assets: 95,310,900,209 (#7)
Networth: 14,072,251,382 (#4)
Net Income: 3,074,778,997 (#4)
Headquarters: London, United Kingdom
Founded: 1848 in London, 1996 in the Philippines
Head Office Address: 9/F Uptown Place Tower 1, East 11th Drive, Uptown Bonifacio, 1634 Taguig City
Premium Income: 19,221,205,565 (#5)
Invested Assets: 135,281,476,208 (#4)
Networth: 3,544,770,328 (#9)
Net Income: 1,356,783,481 (#8)
Head Office Address: BDO Corporate Center, 7899 Makati Avenue, Makati City
Premium Income: 9,871,458,393 (#8)
Invested Assets: 35,796,442,779 (#9)
Networth: 6,280,334,341 (#8)
Net Income: 1,545,917,410 (#7)
Head Office Address: COCOLIFE Building, 6807 Ayala Avenue Makati City
Premium Income: 6,645,380,692 (#10)
Invested Assets: 24,259,736,529 (#12)
Networth: 7,562,961,207 (#5)
Net Income: 645,050,656 (#10)
Head Office Address: Sun Life Grepa Financial, Inc., 221 Sen. Gil J. Puyat Ave., Makati City
Premium Income: 6,271,333,763 (#11)
Invested Assets: 45,997,696,671 (#8)
Networth: 3,230,844,676 (#10)
Net Income: 682,791,188 (#9)
Other Life Insurance Companies in the Philippines
|Life Insurance||Premium Income||Invested Assets||Networth||Net Income|
|Allianz PNB Life lnsurance. lnc.||5,304,100,103||26,535,753,907||1,687,524,695||138,485,623|
|Pioneer Life lnc.||3,131,610,743||12,379,413.63||1,269,940,761||208,613,794|
|Beneficial Life lnsurance Co., lnc.||1,001,028,393||5,708,533,056||2,059,594,075||154,030,983|
|First Life Financial Company, lnc.||1,020,101,942||5,496,155,461||1,135,494,665||368,345,254|
|Manulife Chinabank Life Assurance Corp||8,211,125,596||32,332,796,832||650,327,584||11,814,006|
|AsianLife & General Assurance Corp.||2,713,210,466||1,739,860,137||881,402,942||182,695,957|
|CLIMBS Life & General lns. Corp,||1,378,803,948||1,604,061,106||1,075,863,997||139,996,160|
|FWD Life lnsurance Corp.||4,546,861,257||8,161,641,974||1,456,631,863||(941,715,700)|
|Fortune Life lnsurance Company, lnc.||1,048,047,222||3,401,305,442||886,566,379||63,833,480|
|Cooperative lnsurance System of the Phils.||517,369,990||952,023,728||1,069,269,163||160,458,708|
|East West Ageas Life lns. Corp.||860,830,413||1,771,173,106||1,498,375,578||(898,099,869)|
|Paramount Life & General lns. Corp.||913,727,074||2,532,097,996||652,893,874||28,220,142|
|Philippine Life Financial Assurance Corp.||520,376,944||1,997,503,910||494,965,367||44,193,222|
|Caritas Life lnsurance Corp.||91,110,012||995,361,172||820,766,369||66,805,228|
|Phil lnternational Life lns. Co., lnc.||7,126,980||1,147,799,957||942,529,788||8,630,941|
|United Life Assurance Corp.||14,313,293||1,135,508,194||889,355,639||1,073,963|
|Country Bankers Life lnsurance Corp.||562,140,837||607,051,742||596,791,758||(33,134,361)|
|Generali Life Assurance Phils., Inc.||779,879,945||936,653,633||594,519,651||(94,381,265)|
|Philam Equitable Life Assurance Co., lnc.||3,299,212||458,266,693||765,348,712||(386,492)|
|Manila Bankers Life lnsurance Corp.||241,979,631||264,587,693||254,373,674||(12,964,374)|
Tips on choosing a Life Insurance Company
- Make sure the company is doing good – you need an insurance company that will last long so that you can claim insurance when you are old. Check if their financial health is good, as their assets and income.
- Research feedback – check what people are saying about the insurance company, are they happy? Have they been received the insurance?
- Check policies of different companies – compare prices and quotations from different companies and see what you can afford to pay and also has great benefits
Off to travel abroad or within the country? Always get travel insurance. Travel insurance covers losses like lost luggage or canceled flights, can cover medical expenses especially during an emergency. Indeed having travel insurance during my trip to Pakistan was helpful as I, unfortunately, had an accident there and luckily all my medical expenses were covered by Safetywing but this company is based in the USA.
Let’s check out the list below of the travel insurance companies in the Philippines. All in this list are regulated by the Insurance Commission of the Philippines.
Travel Insurance Companies in the Philippines
AIG Philippines lnsurance, lnc
AIG Travel Guard
- Starts at Php 315.00 for 4 days
- With family plan
BPI/MS lnsurance Corporation
BPI M/S Travel Care Insurance
- Starts at Php 315.00 for 4 days
- With personal accident insurance
- Starts at Php 350.00 for 4 days
- Dollar or Peso Policy
- With insurance on rented cars
MAPFRE Insurance Company, Inc.
MAPFRE Travel Insurance
- Worldwide coverage
Pacific Cross lnsurance lnc.
Pacific Cross Travelsafe
- Starts at Php 308.00
- Cashless medical treatment
Philippines Axa Life Insurance Corporation
Axa Smart Traveller
- Starts at Php 820.00
- For international travel with origin in the Philippines
- Can be purchased the day before your departure or 6 months advance
Pioneer Intercontinental Insurance Corporation
- Starts at Php 199 for 4 days
- Has group plans
- Accident insurance
- Worldwide Insurance
Tips on choosing a Travel Insurance
- Read this article on How to choose the best Travel Insurance for Filipinos
- Check the coverage and amount
- Make sure your departure to another country and your arrival back here is included
- Here’s also an article on What to do when you get into an Accident While Traveling
- I actually purchased Safetywing which offers $6.60 for 5 days and was able to get claims after my car accident in Pakistan.
Insurance is really important. Hindi natin alam kung anong mangyayari, so better mas prepared tayo. Treat a Life Insurance not as an expense but an investment, you or your beneficiaries will get what you have paid for. For travel, Imagine spending $30 for an insurance but having an expense of $15,000 when you get into an accident; so it will be worth-it. Pero sana, no accident nalang, para happy. I hope you think this through, you can also check our article on the Different Types of Insurance in the Philippines.
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