Choosing the right life insurance company is one of the most important financial decisions you can make for your family’s future. Fortunately, the Philippines has numerous life insurance providers offering a variety of plans and benefits tailored to different needs. To help you find the perfect insurer, we’ll break down the plans of the best life insurance companies in the Philippines.
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What is a Life Insurance?
Life insurance is a contract between a policy owner and the insurance company. In exchange for paying for a premium, the insurance company agrees to give a sum of money to one or more named beneficiaries upon the policyholder’s death. Life insurance aims to provide your loved ones with financial support after you pass away.
However, we recommend you carefully consider who you name as your beneficiary. Frequently, policy owners choose their siblings, spouses, or children. In other words, they’re loved ones who have more to lose than gain from your death.
Top 10 Life Insurance Companies in the Philippines
If you’re interested in investing in an insurance plan, here are the best life insurance providers in the Philippines:
Sun Life of Canada (Philippines) Inc.
Based out of Canada, Sun Life Philippines is one of the leading financial services companies in the Philippines. It offers individuals and companies a wide range of insurance, retirement, and investment products. According to the 2023 report released by the Insurance Commission, Sun Life ranked number one in Total Assets with P306.33 billion and Net Income with P8.79 billion. Thus, it has been the top life insurance company in the Philippines for the 13th year in a row.
Here’s a quick breakdown of the three life insurance plans that Sun Life Philippines offers:
Sun Safer Life
This is a simple and affordable life insurance plan that’s ideal for first-time insurance buyers and budget-conscious family breadwinners. Its benefits include:
- Maximum life insurance coverage at a minimal cost
- Coverage automatically renews every 5 years without evidence of insurability
- Ability to convert your coverage to any of Sun Life’s eligible life or investment-linked insurance product
- Estate preservation feature
- Flexible payment methods
Sun StartUp
This plan provides protection for up to 10 years and gives back a portion of your total payment if you outlive the coverage period. We think it’s ideal for those who want affordable and reliable life insurance. Its benefits include:
- 10-year affordable insurance plan
- Option to add a supplementary benefit or rider to provide additional protection
- Money-back feature
- Estate preservation feature
Sun Smarter Life Classic
This protection plan offers double life insurance coverage throughout your lifetime. Here are the benefits you can experience from this plan:
- Provides life insurance coverage that’s double the face amount until you’re 100 years old
- Ability to add riders or supplemental benefits for contingencies like accidents, disability, and illnesses
- Ability to use your policy as an alternative source of funds in case of emergencies
- Non-guaranteed dividends your policy may earn can be availed as a cash benefit to pay for future premiums or purchase additional coverage
- Flexible premium payments
- Estate preservation feature
Pru Life Insurance Corporation of UK
Incorporated in 1996, Pru Life Insurance Corporation of UK is one of the major life insurance providers in the Philippines. They offer innovative insurance solutions like term insurance, health, and accident protection. According to the New Business Annual Premium Equivalent (NBAPE), Pru Life UK sustains its position as the leading life insurance company in the Philippines for the end of the first quarter of 2024.
Here’s a quick breakdown of some of Pru Life UK’s life insurance plans that are aimed at individuals:
PRULink Assurance Account Plus
A Variable Unit-Linked (VUL) product that combines life insurance with investment. This allows you to benefit from life protection while growing your money through investments in various funds.
- Payment Term – Pay throughout your lifespan until age 100
- Age Requirement – eligible for applicants from 0-70 years old
- Minimum Annual Payment – Starts at ₱20,000
- Benefits – Death benefit, maturity benefit, accelerated total and permanent disability, accidental death and dismemberment
- Optional Benefits – Protection against critical illnesses and hospital expenses
PRULife Your Term
A term insurance product that provides coverage for a specific period. It’s designed for individuals seeking affordable life protection with flexible premium terms.
- Payment Term – Pay for one year with the option to renew for the following years until age 89
- Age Requirement – Eligible for applicants from 0-79 years old
- Minimum Annual Payment – Premium starts at ₱8,000
- Benefits – Death benefit
- Optional Benefits – Protection against accident, death, disability, critical illness, hospital expenses, and wealth accumulation
PRULink Exact Protector
Another VUL option offering a combination of life insurance and investment. It provides life protection along with the flexibility to manage and grow funds over time.
- Payment Term – Pay for your plan in 5, 7, 10, or 15 years
- Age Requirement – Eligible for applicants from 0-70 years old
- Minimum Annual Payment – Premium starts at ₱45,000
- Benefits – Death benefit, maturity benefit, accelerated total and permanent disability, and accidental death and dismemberment
- Optional Benefits – Protection against accident, death, disability, critical illness, hospital expenses
PRUHealth Prime
A product focused on critical illness protection, PRUHealth Prime ensures financial support in case the policyholder is diagnosed with cancer. It can also include optional riders for enhanced coverage.
- Payment Term – Pay for your plan in 20 years
- Age Requirement – Eligible for applicants from 0-60 years old
- Minimum Sum Assured – ₱500,000
- Benefits – Death benefit, early-stage cancer, late-stage cancer, hospital income benefit, post-hospitalization benefit, maturity benefit
- Optional Benefits – Protection against accident, death, disability, critical conditions
PRULink Elite Protector
A long-term VUL plan that offers both life protection and investment opportunities. This plan is ideal for those looking to grow their wealth while ensuring their family’s financial security.
- Payment Term – Pay for your plan in 5, 7, 10, or 15 years
- Age Requirement – Eligible for applicants from 0-70 years old
- Minimum Annual Payment – Premium starts at ₱85,000
- Benefits – Death benefit, maturity benefit, accelerated total and permanent disability, and accidental death and disablement
- Optional Benefits – Protection against accident, death, disability, critical illness, hospital expenses
FWD Life Insurance
FWD Life Insurance started its operations in the Philippines in 2014 with only two products. Fast forward to 2024, and they’re now one of the fastest-rising insurance providers in the country. They’re known for focusing on customer-led and digitally enabled services. Here’s a preview of some of their life insurance products that are aimed at individuals:
Set for Life Investment-Linked Insurance
A VUL plan that provides life insurance coverage while allowing policyholders to invest in multiple funds. It offers flexibility in terms of premium payments and potential returns, making it ideal for long-term financial growth.
- Coverage – Death benefit, accidental death, and investment-linked
KanMend Critical Illness Insurance Plan 1799
A critical illness insurance plan that provides financial support in case of a critical illness diagnosis like cancer. It’s designed to help policyholders manage medical expenses during challenging times. One notable feature that we like about this plan is you can gift it to your friends, family, or employees.
- Coverage – Critical illness benefit of ₱100, 000, 6 months 24/7 unlimited Telemedicine access
- Annual Premium – ₱1,799
KanLive Life Insurance Plan 1799
This term life insurance plan offers straightforward and affordable life insurance coverage with the option for customizable coverage periods. It ensures that your loved ones are financially protected in case of your untimely passing.
- Coverage – Death benefit of ₱200,00 and exclusive reward via Giftway
- Annual Premium – ₱1,799
KanGuard Accidental Death Insurance Plan 1799
FWD’s accident and health insurance product provides financial protection for accidental injuries, disabilities, or even death. We recommend this plan to individuals seeking extra protection beyond traditional life insurance.
- Coverage – Disability/death benefit of ₱500,00 and 1-year global emergency services via Assist America
- Annual Premium – ₱1,799
Allianz PNB Life
Allianz PNB Life started operations in 2016 and is now considered a major life insurer in the Philippines. They provide Variable Life products and various life protection plans for individuals and institutions. Here are a few of their life insurances:
Allianz Well!
It provides comprehensive coverage for critical illnesses. It includes benefits like hospitalization, recovery care, and coverage for major diseases.
- Benefits and Additional Perks – Access to 24/7 teleconsultation services, COVID-19 coverage, health screening, dental services, gym memberships, nutrition/diet counseling, early detection/diagnosis, ability to choose your preferred doctor or medical facility, access to Allianz Healthbox perks
Allianz Shield
It combines life insurance and accident protection. It offers a death benefit as well as coverage for accidental death and disability, ensuring financial protection for your family.
- Benefits and Additional Perks – Flexible payment terms, free life event benefit rider, easy access to investment funds, customizable plan, loyalty rewards, access to Allianz Healthbox perks
Allianz eAZy Health
A flexible critical illness insurance plan that covers up to 100 critical conditions. It also includes death benefits and premium waivers for critical illness claims, making it an excellent option for long-term health and financial security.
- Coverage and Additional Perks – 5-year term life insurance, annual premium of ₱8,000, 30% cashback of total premiums, access to Allianz Healthbox perks
Allianz eAZy Protect
This product is designed for income protection. It provides a guaranteed payout to your beneficiaries upon death, along with flexible premium payment terms. We think it’s ideal for ensuring family financial stability.
- Coverage and Additional Perks – 10-year life insurance plan for ages 18-50 years old, annual premium of ₱7,000, ₱1 million guaranteed death benefit, access to Allianz Healthbox perks
Also Read: GUIDE: A Comprehensive Guide to Travel Insurance in the Philippines
AIA Philippines
AIA Philippines has been serving Filipinos for over 75 years, so it’s no surprise that it’s one of the top life insurance companies in the Philippines. They provide protection for individuals and businesses, ranging from health, education, and medical packages. Here are a few of their individual life plans:
AIA Critical Protect 100
A critical illness insurance plan covers up to 100 major diseases. It provides lifetime protection and offers financial assistance upon diagnosis of a critical illness. The plan also includes death benefits.
- Issue Age – 0-65 years old
- Coverage Period – Until 100 years old
- Optional Riders – Gender-specific cancer benefit, recovery benefit, waived premiums in case of death and disability
AIA All-In-One
A comprehensive life insurance plan that covers death, total and permanent disability, accidents, and critical illnesses. It is designed for individuals looking for all-around protection in a single package. Your beneficiaries will also receive a lump sum benefit if you unexpectedly pass away.
- Issue Age – 18-65 years old
- Coverage Period – Until 100 years old
- Optional Riders – Waived premiums in case of critical illness or disability
AIA Health Cover
This health and life insurance plan covers major health conditions, including critical illnesses, hospitalization, and death benefits.
- Issue Age – 0-60 years old
- Coverage Period – Until 80 years old
- Optional Riders – Medical benefit, payor’s benefit for death and disability
Future Scholar
A life insurance and education plan designed to help parents secure their children’s future. It provides a guaranteed college fund and life insurance protection to ensure continuity of education even in unforeseen events.
- Issue Age – 18-55 years old, 0-10 years old (child)
- Optional Riders – The child can receive an additional lump sum in case the parent passes away or becomes disabled before the child turns 18
BDO Life Assurance Company, Inc.
As part of BDO Unibank, BDO Life benefits from a large customer base and offers straightforward insurance products. Here’s an overview of a few of their personal life insurance plans:
BDO Life Secure
It’s a lifelong insurance plan that provides income continuation for your loved ones.
- Issue Ages – 0-60 years old for a 5-10 year payment period; 0-75 years old for regular pay
- Coverage Period – Until 100 years old
- Benefits – Lifetime protection coverage, income continuity, paying off loans and estate taxes, inheritance planning
BDO AcciGard
An affordable accidental death and disability plan for one year. The great thing about this coverage is it provides a cash fund to cover expenses associated with the policyholder’s sudden accidental death or disability.
- Issue Ages – 20-64 years old for a 5-10 year payment period; 0-75 years old for regular pay
- Coverage Period – 1 year
- Benefits – Protection against accidents, disability coverage, and short-term insurance coverage
BDO Health Secure
Life insurance with critical illness coverage to help fund the cost of treatment for diseases diagnosed in early, intermediate, and advanced stages.
- Issue Ages – 18-55 years old for a 10-year payment period; 18-45 years old for a 20-year payment period; 18-55 years old for payment up to 65 years old
- Coverage Period – Until 85 years old
- Benefits – Critical illness coverage, angioplasty, and early stage, intermediate stage coverage, family income protection, and future health and wellness fund
Philippine AXA Life Insurance Company
Established in 1999, Philippine AXA Life Insurance Company is one of the country’s largest and fastest-growing insurance companies. They offer a complete range of products, including savings and investments, health plans, and income protection. Here’s a quick look at some of their personal life insurance products:
AXA Life Basix
This is a simple and affordable life insurance product that provides essential coverage. We recommend it for those looking for straightforward, no-frills coverage.
- Sum Assured – ₱400,000
- Coverage Period – Minimum of 10 years
- Optional Riders – Waiver of premium rider and critical conditions rider
AXA FlexiProtect
A flexible insurance plan that covers life protection and offers optional add-ons like critical illness coverage and accident protection. What we like about this plan is you can use your Mortgage Redemption Insurance to help settle any unpaid home and car loans in case you unexpectedly pass away.
- Sum Assured – at least ₱3 million
- Coverage Period – 5 years or one-time payment
- Optional Riders – Care rider, critical conditions rider, secure rider, and waiver of premium rider
AXA Global Health Access
A comprehensive health insurance product that includes international medical coverage. It offers life insurance with health and critical illness benefits, protecting against unforeseen health issues.
- Sum Assured – up to ₱175 million for inpatient and outpatient treatment, with the option for United States (US) coverage
- Benefits – Mental health counseling, international emergency medical assistance, access to 24/7 Teleconsultation, freedom to choose your doctor
Manulife Philippines
The Manufacturers Life Insurance Co. (Manulife Philippines) is one of the largest life insurance companies in the world. With headquarters in Canada, they offer a wide range of products, including insurance, investment, wealth management, and financial planning services.
Manulife WealthOne
This coverage provides you with life insurance protection and the opportunity to maximize the growth of your funds to secure you and your family.
- Benefits – Guaranteed start-up bonus of up to 1.5% of your single premium, insurance protection as high as 500% of your premium, investments through various global and local funds
Manulife Future Boost
An affordable life insurance plan with investments designed to grow and reward you with bonuses so you can secure your plans.
- Benefits – Get rewards for paying on time, the ability to increase coverage at any time, and access to local and global investment funds
Manulife Freedom
A traditional life insurance plan that offers guaranteed cash payouts and life protection to ensure your finances remain stable through unpredictable circumstances. We like that you can use it as a reliable savings plan to help you with expenses or as a retirement plan.
- Benefits – Cash payouts equivalent to 10% of your chosen Face Amount, guaranteed lump sum benefit, potential dividends, flexible payment terms
Also Read: GUIDE: PhilHealth Hospitalization Coverage and Benefits
Insular Life Assurance Company, Ltd. (InLife)
They are the country’s first and largest Filipino life insurance company and the only mutual life insurance provider. With over 100 years of experience in financial protection, they offer a range of savings, investment, and retirement coverages to help you make confident decisions for yourself and your loved ones. Here are a few of their personal life insurance plans:
Wealth Assure Plus
A customizable insurance plan with an investment component.
- Paying Period – Multiple pay
- Policy Term – Up to age 100
- Eligibility – 0-80 years old
- Optional Riders – Waiver of premium benefit, payors rider, accidental death benefit, critical illness rider, diabetes coverage rider, future diabetes endorsement, hospitalization allowance rider, renewable term insurance rider, and waiver of premium supplementary to payor’s rider
Abundance
This savings and life insurance plan helps you set aside funds and get guaranteed regular payouts to support your lifestyle while securing your and your family’s future.
- Paying Period – Multiple pay up to 5 or 10 years
- Policy Term – Up to 20 years or up to 65 years old
- Eligibility – 0-60 years old for a 20-year policy term, and 0-45 years old for a policy term up to age 65
- Optional Riders – Waiver of premium benefit, payor’s rider, and waiver of premium supplementary to payor’s rider
BPI AIA Life Assurance Corporation
BPI AIA Life Assurance Corporation is a collaboration between AIA Philippines and the Bank of the Philippine Islands. They aim to help Filipinos achieve their dreams by providing accessible, affordable, and personalized insurance solutions. Here’s a sneak peek of a few of their coverages:
Life Ready Plus
An insurance plan that offers lifetime protection plus access to investment funds for as low as ₱2,100 per month.
- Issue Age – 0-70 years old
- Coverage Period – Lifetime
- Benefits – Life insurance benefits worth 30x the annual premium, a portion of the premium will be placed in peso-denominated investment funds, automatically comes with AIA vitality where you can enjoy an additional 20% coverage upfront
- Optional Riders – Accident and health coverage, early-stage critical illness benefit, enhanced critical illness benefit, waiver of premium, and daily hospital income
BPI AIA Future Ready
This insurance plan includes life protection, medical expenses, and wealth transfer with a 200% guaranteed death benefit,200% maturity benefit, bonus potential dividends, and additional comprehensive benefits to suit your needs.
- Coverage Period – Until 100 years old
- Benefits – Guaranteed death benefit of 200% of the Face Amount, 200% maturity benefit upon reaching age 100, receive bonus potential dividends
- Optional Riders – 10 critical illnesses, medical benefit, hospital income benefit, payor’s benefit on death and disability, and payor’s term benefit
Life Extreme Protect
A flexible premium variable life insurance plan that provides high-value life protection and investment. The great thing about this plan is that it allows you to increase or decrease your coverage or convert it into an investment fund.
- Issue age – 0-70 years old
- Coverage Period – Lifetime
- Benefits – The family will receive a lump sum of up to 96x the basic annual premium in case of your unexpected death, an additional 10% reward for paying on time, a customizable plan, long-term savings
- Optional Riders – Accident and health coverage, medical reimbursement and weekly income benefit, waiver of premium, waiver of premium plus, waiver of premium for critical illness, enhanced critical illness benefit, and payor’s benefit for death and disability
Factors to Consider When Choosing a Life Insurance Plan
Ultimately, the best life insurance plan in the Philippines for you will depend on your needs. So, we recommend you assess your financial goals and budget when choosing one. However, considering insurance providers have numerous coverages, selecting one can feel overwhelming. To help you with your decision, here are essential factors you can consider:
- Coverage Amount – Determine how much coverage you need by considering your income, debts, and family’s financial needs.
- Premium Costs – Consider what you can afford long-term and compare premiums across different providers.
- Your Financial Goals – Assess how the life insurance plan fits your financial strategy. Consider whether you want a policy that accumulates cash value and allows you to offer loans against it.
- Riders and Additional Benefits – Explore riders such as critical illness coverage, waiver of premium, or accidental death coverage.
- Insurance Company Reputation – Choose an insurer with a strong financial stability rating to ensure they can pay claims.
However, if you still need to figure out how to pick the right life insurance, we recommend you consult a reliable insurance broker or financial adviser.
Sources: (1), (2), (3), (4), (5), (6), (7), (8), (9), (10)
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