2013 Top Life Insurance Companies in the Philippines

Sun Life made it again and again! 

Sun Life remains to be the No. 1 Life Insurance Company in the Philippines for 3 consecutive years as of December 31, 2013 according to the Insurance Commission. With the total premium of Php29 billion from last year's Php20 billion. Philamlife ranked 2nd place with Php19 billion while Philippine Axa in the 3rd place with Php18 billion.

Here's the listing of Top 20 Life Insurance Companies:

The data shows that more and more Filipinos are getting insured. So if you already have a policy, share the benefits to your family and friends.

Congratulations and Thank you for making Sun Life No. 1 again!

2012 Top Life Insurance Companies in the Philippines

It's official! Sun Life remains to be the No. 1 Life Insurance Company in the Philippines as of December 31, 2012 based on total premium income amounting to Php 20.06 billion, according to the Insurance Commission.

In 2nd place was Prulife of UK with Php15.59 billion, Philamlife ranked 3rd place with Php 15.29 billion while Philippine AXA (Php 12.28 billion) and BPI Philam (Php 11.47 billion) in 4th and 5th, respectively. 

Here's the listing of Top 20 Life Insurance Companies:

source: Insurance Commission

With the total premium income collected worth Php 119.45 billion by all insurance companies in 2012 as compared with Php86 billion in 2011, you can see that more and more Filipinos understand the importance of getting life insurance - protection from life's uncertainties. 

And if you already have one, share the benefits of life insurance to your family and loved ones. Be a blessing!

Congratulations to all especially Sun Life, all Sun Life Policy Holders and Investment Advocates! Thank you for making us No. 1 again.

In second place was Pru Life Insurance Corp. of UK, which netted P15.59 billion. Philippine American Life and General Insurance Co. (Philam Life) was third after collecting P15.29 billion, while in fourth and fifth, respectively, were Philippine AXA Life Insurance Corp. (P12.28 billion) and BPI-Philam Life Assurance Corp. (P11.47 billion). - See more at: http://bworldonline.com/content.php?section=TopStory&title=Sun-Life-tagged-as-top-insurer&id=71556#sthash.x7Ykvmn3.dpuf

SUN LIFE of Canada (Philippines), Inc. was the country’s top life insurer last year, Insurance Commission (IC) data showed, recording P20.06 billion in premium income. - See more at: http://bworldonline.com/content.php?section=TopStory&title=Sun-Life-tagged-as-top-insurer&id=71556#sthash.x7Ykvmn3.dpufv

SUN LIFE of Canada (Philippines), Inc. was the country’s top life insurer last year, Insurance Commission (IC) data showed, recording P20.06 billion in premium income. - See more at: http://bworldonline.com/content.php?section=TopStory&title=Sun-Life-tagged-as-top-insurer&id=71556#sthash.x7Ykvmn3.dpuf

2011 Top Life Insurance Companies in the Philippines

Last month, the Insurance Commission has released the results of Top Life Insurance Companies of 2011 based on total premium income. This is the first time Sun Life Financial was ranked the number one life insurance company in the Philippines. 

"Number one was always an aspiration but it was not really our goal. This is in keeping with Sun Life's aim of long-term sustainability," Ms. Riza Mantaring, Sun Life President and CEO, said in an email (from Business World published last June 26, 2012). 

Here's the listing of Top 15 Life Insurance Companies as of December 31, 2011:

Congratulations to Sun Life, all Sun Life Policy Holders and Investment Advocates!

We SH1NE for YOU!

How Much Insurance You Really Need?

“I already have life insurance.”

This is the common answer I usually get every time I ask somebody if they have a life insurance and how much is their guaranteed protection. But when I asked them, “Since you already have an existing coverage, do you think is it enough?” Some of them told me, ‘yes, I think so’ or ‘I do not know’.

The best reasons why would a person like to get a life insurance are: (1) to protect his greatest asset--his ‘self’ and (2) to protect his family (for head of the families or breadwinners) and his dreams for them. Because life insurance gives your family immediate financial security, but this does not mean that you can only get the benefits of life insurance when you die. 

Remember what I have mentioned about the investment and savings plan called “Sun MaxiLink Prime” (insurance with investments)? Click here to read the full article. There are life insurance policies like traditional plans and insurance with investments plans called variable unit-linked or VUL as the Sun MaxiLink Prime that can give you ‘living benefits’ such as cash values, accumulated dividends and investment fund values (depends on what type of plan/s you would choose) in case you live too long after your retirement years. 

Also, when getting life insurance, you must consider the following factors:

      A. Life insurance is more expensive as you get older

      B. Males have higher premiums than females

      C. Smoker vs. non-smoker rates

      D. Best to get when you’re young and still healthy

But how much insurance do you need? Let me show you a simple computation in determining the amount of continuing income for your family or the coverage you really need to have.

1. Find out how much is your family’s monthly expenses. Compute all your  monthly bills: electricity, food, water, clothing, rental fee and telephone. For example, your monthly expense is Php30,000
2. Get the annual household expenses. Multiply your monthly expense by 12. Php30,000 x 12 (months) equals Php360,000
3. In case head of the family will die, the surviving dependents need an annual income of Php360,000–which then “replaces” the household expenses of the family.  That’s why we call life insurance as an “income replacement” tool
4. Determine how much the current interest rate of the bank is. Let’s use  4% interest rate
5. Divide your annual expenses by the interest rate of 4%. Php360,000 / 0.04 equals Php9 million
6. Therefore, the head of the family or breadwinner requires Php9 million in protection fund or life insurance coverage

Why Php9 million? Because if the surviving family members will receive the amount and invest it in a time deposit or any 4% (interest rate per annum) bearing investment vehicle, then it will generate Php360,000 in interest income every year or a monthly income of Php30,000.

If you already have a life insurance, now maybe the time to check with your financial advisor if your existing coverage is enough or not. But if your budget constraints you, try to get a Term insurance which is the cheapest type of life insurance with a maximum protection but no living benefits.

You may also contact me (call/text at +632933-2014898 or +632916-4385451, email at jacquinoynay@gmail.com) or by leaving a comment below if you do not have a financial advisor yet. I can help you to come up with a plan based on your needs and goals.

Pesos and Sense Episode 10 (Video) about Insurance Claims

In this episode, host Aya Laraya made a follow-up discussion about what he already showed us in Episode 3 about Insurance. He mentioned that we can protect our investments like cash in the bank and properties with insurance (to pay estate taxes). 

Aya gave tips on the Do's and Don'ts in claiming the insurance policies. Lets learn about Insurance as a way to protect our hard-earned investments.

The second video is about Aya sharing an incident that if we didn't take good care of our insurance policies, our beneficiaries will be having a hard time claiming the benefits. 

Mr. Edward Lee, Founder and Chairman of Citiseconline, shares how our money can work for us through investing and the importance of saving. According to him, everyday is the best time to invest. 

The last video is the 'Ask Aya'.

How to file a claim with Sun Life Financial, click here.

Pesos and Sense Episode 3 (Video) about Insurance

            The 3rd Episode of Pesos and Sense is about Insurance.  The host of the show, Aya Laraya, mentioned that it has a controversial or negative reputation in the country mainly because Filipinos needed more information about it. 

            But the truth is, we all need Insurance because it is the main investment instrument we can use to protect our other investments. The first video explains why we need Insurance to protect our investments like savings and property against Estate Tax (which is 20% of the total amount of assets/investments). I believe the other reason why we need Insurance is to protect our dreams for our family and loved ones. 

               

          The next video shows the experience of Aya's friend, Jay Tablante on why he got Insurance during his early age. Aya explained the types of Insurance available in the country that includes Variable Universal Life (VUL) like what I have shared with you, the Sun Life's MaxiLink Prime, which is Insurance and Mutual Funds in one. 

                  

             The third video is about Understanding Technical Analysis by Citiseconline's Juanis Barredo which is the study of movement of prices according to supply and demand.

               

                Lastly, the question and answer part by Aya.

               

               Enjoy watching and happy learning!

Sun MaxiLink Prime: Insurance with Investment

From the time I decided to learn how I can be able to grow my savings as I shared in my very first post, I immediately got a Savings and Investment plan with Sun Life. My family and loved ones got this too. And recently, I received my Anniversary Statement of Account from Sun Life that I have been a client for a year now and counting. Thank you, Lord!

It feels great knowing you have set aside for your future's needs specially if this is your starter plan, right? And you don't need to have big savings to start, I will share more of it with you later.

Meet Sun MaxiLink Prime, it is one of the best products of Sun Life Financial. Why? Because part of your deposit is invested in a Mutual Fund type of investment. Not only you and your family are protected from unforeseen event but also, you can be a potential millionaire with your savings as you can expect a higher return compared sa nakasanayan natin sa bank savings account. You can use the fund value as retirement or health fund or for any other long-term goals.

What is Sun MaxiLink Prime?

Sun Maxilink Prime's newest brochure

From Sun Life's website:

Sun MaxiLink Prime
The Sun MaxiLink Prime is a peso denominated variable life insurance plan that provides financial protection PLUS a potential source of savings that can fund future needs like retirement income through its investment earnings. There are 5 funds to choose from where your premium payments will be invested in. These funds are managed actively and prudently by our top-notch investment professionals. Sun MaxiLink Prime is payable for at least 10 years*

* The premium paying period is not guaranteed. You may be required to pay additional premiums after 10 years if the fund value is insufficient to pay charges.

Therefore, Sun MaxiLink Prime is a Variable Universal Life or Variable Unit-Linked Insurance or commonly called VUL plan. When a policy owner deposits premium, part of it pays for the insurance charges and a portion is invested in Mutual Funds managed by professional fund managers. You have the option which fund you want to invest in: Equity Fund, Balanced Fund, Bond Fund, My Future Fund, Growth Plus Fund and Index Fund. But be sure you know your goals, time horizon and risk tolerance first. 

To explain further, watch this video about Variable Unit Linked (VULs) like the Sun Life MaxiLink Prime as explained by Aya Laraya of Pesos and Sense:

How much do you need to save?

As I have mentioned earlier, you don't need to have a large amount of money to get this plan. If you can save at least Php 1,500 monthly or Php 750 every salary cutoff, then you can enjoy its benefits.

For Php 52/day? Yes, owning this plan is affordable right? But what if, you can save a higher amount? Then, you can have higher benefits as well.

What benefits can you get from Sun MaxiLink Prime?

Lets say you're 30, Male, non-smoker and you want to save Php30,000 yearly or Php2,500 monthly or Php82 a day

These are the benefits you can get: Guaranteed Protection of Php1 Million with Total Disability Benefit and in case of Accidental death, additional Php500,000.

Sounds good? But wait there's more!

Additional benefits you can attach to your plan are:

• Accidental Death, Dismemberment and Disablement (benefit if there's an accidental bodily injury which result in loss/losses of body parts or if you're permanently and totally disabled for 12 months)
• Critical Illness Benefit (if diagnosed with any of the 36 critical illnesses)
• Hospital Income Benefit (daily hospital income of Php1k up to a maximum of 1,000 days)
• Waiver of Premium upon death of initial owner (if the insured is a child)
• Waiver of Premium upon death or disability of initial owner  (if the insured is a child)

And yes, this insurance with investment plan will answer two possible hazards:

DYING TOO SOON
If you are head of the family (or you have dependents) and you have dreams for your loved ones, in case of death (if God forbids) your dreams won't die with you when you do. How? Because your Sun MaxiLink Prime plan will take care of your family's needs because of the guaranteed protection worth Php1 million plus whatever amount of the fund value.

For example:
If something happens to you on the 4th year of the policy (wag naman sana), your beneficiaries may claim Php 1 million plus fund value amounting to Php 80,220 (at 8% projected annual return) or Php 83,812 (at 10% projected annual return). In case of death due to accident, additional Php 500k will be given to your loved ones.

LIVING TOO LONG
This will answer the problem of retirement or money for your old age. For your total savings of Php300k (Php30k yearly for 10 years saving period), these are the projected future fund value that you may use as retirement fund or health fund or fund for any long-term goals:

Lets say, you want to retire and enjoy what you have accumulated after 25 years (at age 55), you may get Php 1,001,451 (at 8% projected annual return) or Php 1,474,334 (at 10% projected annual return)

How about if you want to retire after 30 years (at age 60)? You may enjoy Php 1,446,715 (at 8% projected annual return) or Php 2,349,451 (at 10% projected annual return)

How about if you want to retire after 35 years (at age 65)? You may reap the rewards of saving worth Php 2,079,482 (at 8% projected annual return) or Php 3,738,990 (at 10% projected annual return)

That you may use to buy your food, medicines, pay hospital check-ups etc. Isn't it great?

Not only that, since emergencies do happen whether you like it or not, you can withdraw partial amount in your investment fund but be sure not to get the total amount so you will still be insured until the age of 88.

*Investment fund values are calculated assuming the fund is earning 4%, 8% and 10%. But based on the completed years (as of Dec. 2015), Equity Fund averaged at 13.27%, Balanced Fund at 10.71% and Bond Fund at 6.29%.

If you are a breadwinner, OFW or young professionals, you may consider getting this as your starter plan. It is better to have it earlier than to be sorry.

Get Sun MaxiLink Prime while you are healthy and young. The premium is affordable and you have all the time in the world for your investment to grow more.

If you just started working or you're in your early 20s, now is the best time. You will be thanking me (or kahit hindi na) because you won't have regrets at all. Believe me! 

Are you still in your 20s, 30s or 40s? It's not too early nor too late!
Are you still in your 50s? Hey, you still have 10 years to save for your retirement. Get this plan now!

Request for a FREE Sun MaxiLink Prime proposal.

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Do you need Financial Planning consultation? This is absolutely free of charge and no obligation. You may contact Jacqui, who will journey with you towards a secured financial future, through the following:

Mobile numbers/viber: 0933-2014898 (sun) / 0916-4385451 (globe)

Email address: jacquinoynay@gmail.com / jacquinoynay@styleyourfinance.com

Twitter: @jacquinoynay

You may also request for an appointment in our office in Sun Life Royal Poinciana NBO 15F Frabelle Business Center, 111 Rada St. Legaspi Village, Makati City. Let me know what schedule works for you so we can meet there.

If you think this will add value to your loved ones, share it to them!

If you do your part, I will do mine

 "You and I have similar purposes in this world. 

It is your job to provide food, clothing, shelter, schooling, medicine, and other things for your loved ones; you do this while lie in your strong box…

I have faith and trust in you. Out of your earnings will come the cost of my upkeep. At times, I may appear to be worthless to you –but someday (and knows when) you and I will change places.

When you laid to rest, I will come alive and do your job. I will provide the clothing, shelter, schooling, medicine and other things your family will continue to need –just as you are doing now. When your work and toil are done, mine will begin. Through me, your hands will carry on.

Whenever you feel the price you are paying for my upkeep is burdensome, remember that I will do more for you and your family than you ever can do for me."

Sincerely yours,

Your Policy

(I got this from my training manual)

Personal Experience on getting Insurance

I would like to share with you the reason why I decided to get my own Life Insurance. While some people are allergic to that word but for me, I really believe that it is a blessing from God that protects my family especially the dreams that I have for them. 

On my way home, when I was still working for an international coffee shop located along Commonwealth Avenue, I was about to cross on the other side (since at that time no foot bridge there yet) when a bus approaching quickly towards me and I was so scared. Alam naman natin na talagang nakakatakot tumawid dun. 

But thanked God my subconscious mind was telling me to stop moving and so I am saved. Grabe ang pawis at nerbyos ko nun. I really won’t forget this life-threatening experience that gave goosebumps on my entire body. 

Lots of questions entered my mind after that incident. 

Like, 

“What would happen to my family if I left with only little money for them?” and 
“Who will pay for the final expenses and where can they get funds from?”

I don’t want to be a burden to my family. Since my company didn’t provide us insurance benefit. And if we have one, there’s no guarantee to get the benefit if we are not the one in-charge of it. Moving forward, that’s why when I finally get my license; I urgently applied for my Life Insurance to solve my concerns.

And now, I can say that I am at peace even though I have little money since I am on my planting season in my chosen career because I value the importance of getting one. 

I have also encouraged my family, some friends and hopefully more people to get this God’s blessing and Gift of Love called Life Insurance. Not just for income protection but also for savings and retirement (I will share more on this in my succeeding posts. 

How about you, are your dreams for your family protected?