What’s the best term life insurance – Philippines 2019?

To give a definition, term life insurance would give you coverage for a set amount of time. Unlike whole life insurance, which from its name would give you coverage for your entire life, term life insurance would only be valid for a certain period.

After that time runs out, it would be your choice to renew it again or not. In most cases, term life insurance would be cheaper than other types of life insurance.

Many companies would offer term life insurance packages, along with whole life and other types of insurance. What is good about term life insurance is that since your needs would change over time, once your policy expires, you can get another one that would meet the new needs your family has.

We have narrowed the search down to the top four companies and term life insurance policies that you can get in the Philippines. We hope that this list can help you make a good choice as you invest in your term life insurance.

Top four term insurances in the Philippines 2019

AXA FlexiProject.

This term life insurance package would be valid for five years, and it would offer substantial coverage if something would happen to you. There would be many riders available for you within this package such as a critical conditions rider that would give coverage to over 50 illnesses, a secure rider that would cover you in case you meet an accident, care rider that would provide benefits in case you would need to be hospitalized and also a waiver of premium that would still allow you to have coverage in case you lost the ability to pay for your policy.

PhilAm Guardian.

This package would be valid from anytime between one to 10 years, or until you would reach the ripe old age of 65. As in other packages with other companies, you can add several riders to this package such as hospitalization, accident and disability benefits. What is special about this package is that at the end of the term, you have the option of converting it to an endowment plan without the need to present proof of insurability.

Manulife Yearly Renewable Term (YRT)

This would give you coverage for one year, Manulife has another package potion for you called the REaCT package and that would be good for five years. Both of these products would be renewable, and they would also be convertible to whole life insurance, in case you would want to have peace of mind for the long term.

Sun Safe Life

This is SunLife’s option for term life insurance, it would be renewable until you reach 75 years old. You can also customize the riders of this plan and it would be converted to an investment-linked type of plan as long as you are 65 years old or below.

FWD Set for Tomorrow: Short Term Cover

This package would have a validity period of five or ten years. This package stipulates that 100% of the proceeds be given if the policyholder is diagnosed with a terminal illness, with 10% being released 48 hours in advance.

It also states that if the policyholder and their spouse meet an untimely death because of an accident, 100% of the proceeds to be given if they have a child or dependent who is 17 years old or below.

These would be the top four life insurance packages that would be available in the Philippines today. No matter which company you choose to go with, they would all have their version of term life insurance. Most of these packages would be customizable and convertible to whole life insurance, should the need arise.