A complete guide to Life insurance in the Philippines

Whether you are single, married, have kids or never plan to, everyone should have some sort of life insurance policy.

This is to safeguard them from future financial problems and take care of grim obligations (such as one’s death and memorial service) so that their family will not have to worry about such things.

However, just diving right into a sea of unlimited information can be overwhelming, this is a complete guide to buying life insurance. 

Step by step guide to buying life insurance

There is no right or wrong way to invest in life insurance, mainly because it is something that has to be tailor-fit to each person. However, we have streamlined a process that can apply to anyone who is buying life insurance.

• Know your needs and wants

The first step to getting a life insurance policy would be to know what your needs, wants and goals are. It is also crucial at this stage to know how much you can afford to pay for life insurance.

Consider if you are looking to create wealth using your life insurance policy, or are you looking to have lifetime protection? It all depends on what you would need. It would be a good idea to list down all your future goals on paper and discuss this with your life insurance agent later.

• Do research

This is where it gets tricky. Since there are many life insurance providers in the Philippines, this is where you can get lost in all the information. Research to find a company that can meet your needs. There are many companies out there that have a diverse set of choices and would offer many types of policies to meet all needs. Manila Bankers Life Insurance Corporation is one of these companies.

• Find a licensed insurance agent

You might have a friend who works for one of these insurance companies as a financial adviser. Then again, you might not. You can just easily walk into the office of these insurance providers and they will have advisers and agents there to help you get a life insurance policy.

• Find out what the requirements are

There would be different requirements, but they would not be requirements that are difficult to acquire. Most would only need a valid ID, and you would need to sign some papers. However, some companies would require you to undergo a medical test. This would be for them to verify your health status. The general rule is that the healthier you are, the lower you will pay in premiums. 

• Apply

When you will be happy with all the information and you will have chosen the policy and riders with the help of your insurance agent, you can now apply for the life insurance policy.

• Provide more information

Based on the information you provided at the time of application, there might be some information that would need verification. Your insurance agent might ask you follow-up questions about the information you initially provided.

• Receive your policy

At this point, you will be on your own. But then your adviser will still be there, should you have any questions in the future. Be happy because at this point you will be insured!

Life insurance does not have to be complicated. There is just a lot of information involved, but if you know what information to look for, you will be all set. Go and start the process and get insured today! The sooner, the better, so that you can be ready for any curve balls life might throw your way.