Insurance Philippines: Importance of Insurance to Filipino Families

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“If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance.” -Suze Orman

The Filipino family is considered as the basic unit of society. In fact, the family is such an integral part of the community that individuals should take the necessary measures and precautions in order to make sure that the family is adequately protected. Unfortunately, when it comes to the guarantee of the future and better welfare for the most important persons in our lives, we often fall short in securing just that. Our first brush with insurance may be when a relative or a friend would approach us to propose selling a coverage plan for our families.

More often than not, most individuals would see this as another encumbrance on their finances and an unnecessary addition to mounting expenses that they would decline without giving it a second thought. Or if we do, we shop for policies and coverages we do not fully comprehend. We buy because we want to accommodate without truly understanding its value.

Life insurance is a pivotal financial product that safeguards the family from pecuniary ruin should anything happen to you in the event of your untimely death. Unfortunately, death and sound investment do not really present an optimistic sentence, and as a consequence, it is a sensitive topic to discuss. Indeed, life insurance may be one of the products hardest to sell among Filipinos, but that should not be so.

Insuring yourself carries a lot of benefits to your family and would protect their future as well. But before scouring the market for the best life insurance in the Philippines, it might be wiser to know why your Filipino family would need it:

1.) Income Replacement

While you might take all the necessary measures to guarantee your safety in your everyday life, you can never entirely prevent an accident or sickness from happening. In the event that this happens, your family would not only grieve over the loss but would also experience the significant financial impact of losing what you have been providing them.

If your family gets by without your income, they will face innumerable financial problems such as wondering where to get the money to pay for a myriad of bills. With insurance, you can alleviate the financial blow to your family as they grieve and commence practicing proper financial management.

2.) Educational Fund

If there is one thing Filipinos firmly believe, it is that education is the best and greatest inheritance they can give to their children. Considering as it is one thing that cannot be taken away from you, Filipino breadwinners ensure that their children get the necessary education to get by in the future.

Unfortunately, if breadwinners can no longer finance a dependent’s education, what would happen to them? Education in the Philippines is not exactly affordable, and in the event of an untimely death, this could bring serious repercussions. One way to address this is to have an educational plan as with this, children are guaranteed the financial backing to finish school and can look forward to a brighter future.

3.) Medical and Funeral Expenses

In the event of your untimely death, your family would not only have to suffer through the brunt of losing you, but they would also be left with the responsibility of defraying funeral and medical expenses. At a time of grieving, this can be incredibly stressful and at times, would not have adequate funds to pay for it. They might be constrained to used college funds or savings just to finance these expenses.

In the Philippines, death is expensive and the financial blow your family will experience can be detrimental. With this in mind, it would make great sense to at least be prepared financially.

4.) Emergency Fund

You will never know when an emergency strikes and when it does, it is best when you are financially prepared. Some life insurance plans would allow you to withdraw from the accumulated cash values and dividends should any emergency occur.

You might want to think of your insurance policy as a secondary savings plan or a forced emergency saving—much like the ones you have in the bank. Seeing as this is not as readily accessible as the ones you have in the bank, it cannot be easily touched and would only be used for emergencies.

You should not wait around for the unexpected to happen. After all, there is no better time to be insured than now. Be financially prepared and get yourself insured today.

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Qualities to Look for in a Trusted Insurance Service

Enrolling in an insurance service has its own set of risks. But given the rising cost of hospitalization today, more people are encouraged to invest on comprehensive insurance to reduce the hassle of medical support in case of emergencies.

To some, choosing the right plan from the right company comes with a certain degree of difficulty. After all, what one service offers may not be available to the rest and your preference might favor certain combination coming from various providers. To help you narrow down your search for insurance in the Philippines, it will help to shift your focus on the qualities that make up a trusted company. Have a quick look.

Solid experience or professional profile

All of the trusted companies have in one way or another built a good reputation based on their quality service. They are those who have spent years in service and have concrete profile including awards and recognition detailing their efficiency in providing health insurance to the public.

If you have some trust issues and would prefer to limit your choice to the most reliable ones, then getting a list of companies which already has a good reputation is a good way to go.

Positive client feedback

If what you see on a company’s website is not enough, then might as well ask someone who is personally enrolled to one service. Perhaps you could start by asking your closest friends and relatives for their recommendation. Who would they recommend and why? How was their experience so far upon dealing with the company? What are the issues they have encountered?

Individuals who have first hand experience in availing of the service are likely to offer you more credible feedback than those ads and publicity materials provided by the company itself.

Reliable customer service support

One concrete sign that a company is serious in business is the way they deal with their clients. Do they respond to your inquiries well? How efficient is their support team in addressing your needs? Do they make you feel comfortable every time you ask for a consultation?

Their support team matters because these personnel are the front liners of their service. The way they handle customer support mirrors their commitment to providing you the best service you deserve.

Competent policies fit for different needs and lifestyle

 If you have tried talking with an insurance agent in the past, you must have seen a variety of plans for your choosing. While everything may seem like a good option, not all of them may fit your current lifestyle. All reliable companies have options ideal for individual needs, family, corporate and more.

Before agreeing on any deal, take some time to check if any of their offers feels most convenient for your current needs.

 Reasonable pricing for each plan

 Your income is a major determining factor on which plan is most suitable and reliable companies consider this aspect when creating their policies. Some insurance providers have good benefits but at a very high price – something which can be a disadvantage if you’re currently tight on budget.

It might help if you take some time to compare the offers made by various companies to see the standard pricing for a plan and decide which one is more best-value.

It is possible to find more potential options than one and when you find it difficult to make the final call, going back to the qualities we have on this list might help break the tie.

Insurance companies would make all the best claim for the benefit of their business, but ultimately, their quality of service could talk on their behalf. Avoid immediately jumping to a choice and weigh your choices well!

Major Issues Surrounding Healthcare Insurances this 2016

Over the years, we’ve seen the rise of various insurance companies, claiming to offer something new, something better to potential clients. A number of them managed to survive and prosper amidst the competition while the rest has been forced to closure.

At present, we hear and meet agents who offer us insurance services with the promise of providing the best healthcare support especially during emergencies.

Despite the service’s popularity though, there are certain issues that has started to affect the industry in a negative way and is potentially discouraging people who plan to enroll in one plan. Below are some of the most notorious ones going around the entire insurance industry.

Rising cost of individual and family insurances

 We might not notice it directly, but the cost of insurances has been rising for the past decades. This could perhaps be attributed to the increasing taxes companies have to pay to keep operating. Other factors such as corporate performance and investment could also affect their pricing.

For a number of adults who wish to get themselves insured, dealing with these high cost can be discouraging especially given the high expenses they have with their other needs.

Reduced number of insurance enrollees which adds up to the feeling of uncertainty from potential clients

Compared to the hype of getting oneself insured, the number of people who enroll in this service has notably declined.

This is perhaps an effect of the rising rate of healthcare or perhaps the growing number of people who are convinced that they’ll be better off spending for their own medical expense when the time comes. Many are no longer seeing the long-term benefits of investing to insurance.

People who might be interested on the other would see this unwillingness as a sign that perhaps they should evaluate their own choices too. Most of the time, this uncertainty ends up with potential clients not pursuing their plans of enrolling to any program.

Lack of transparency

Clients appreciate it when companies are being transparent. After all, it’s their money that is currently on the move. Unfortunately, there’s a number of insurance companies who doesn’t seem to provide enough clarity to their customers.

This eventually breeds distrust, something which is ultimately bad for business.

Excess care coverage

Different insurance packages come handy as they help us evaluate the perfect match for our lifestyle. However, there are packages that offer extra health care which are not really necessary most of the time.

Instead of making the content as practical as possible, we end up paying more for the services we barely touch.

Hassles and inconsistencies with reimbursements

Every insurance company has their own set of terms and conditions. Part of this covers the policy involving reimbursements in cases when the insurance is used to cover something that exceeds the allowable price. Ideally, companies should reimburse the insurance holders with the money they spent.

Unfortunately, this is not always the case.

There are lots of reports about clients sending in their complains for a mediocre service rendered by a venture. At times, their reimbursement request is even denies, which only result to more confusion and anxiety.


The decision to enroll you and your family in an insurance service requires some careful consideration. Just like any business, the healthcare industry also has its own challenges and its far from being perfect. Weigh your options well before deciding on your next course of action.

There are several companies who offer a comprehensive insurance service to Filipino families so you shouldn’t be worried if you don’t find the perfect package from one entity.

Explore your options and understand their terms and conditions. Choose wisely!

Weighing the Pros and Cons in Getting an Insurance Service

Finding a comprehensive insurance service in the country has become so easy for the past few years. Now, clients don’t even need to personally visit the headquarters of the company just to have themselves assessed.

With various insurance ventures now making their services available online, selecting the appropriate package for your lifestyle and needs can happen in just a few clicks.

Despite this comfort in searching, it doesn’t change the fact that many customers find it difficult to evaluate their own readiness in enrolling to one. This is exactly why a number of people seek the aid of consultants or advisors who can help them with the evaluation.

For starters though, we have listed few factors that could help you weigh the pros and cons of enrolling in an insurance service.

The package content

Not all insurance services are created equal. There are companies who present a more dynamic and wholesome coverage than the rest. These differences could spell a lot of things for the benefits you will get once you decide to enroll.

Before agreeing to any deal, it’s wise to get the specifics of the full-service coverage beforehand.

Costing

Price is another crucial factor that could make a big difference. It’s quite understandable to see varied insurance companies with competing prices. Some may offer lower cost family coverage than the rest but have more expensive individual packages.

It’s difficult to assess just what exactly makes on thing better than the rest so if you’re not sure about the potential picks you have on the list, better approach a consultant who can offer you helpful tips and suggestions.

Accessibility or comfort

Whether it’s a family or travel insurance, companies offer specific hospital affiliations from which the insurance could be applicable. When choosing a service, see if the major hospitals in your locality are covered.

It is an advantage if lots of hospitals nationwide could assist you during emergencies. This way, you wouldn’t have any issues when it comes to admitting yourself even while you’re away from your hometown.

 Credibility of the provider

 Last but not the least would be the credentials of the insurance providers. Ideally, it’s best to deal with those who have already years of experience in the industry.

With the lengthy experience they have, they are well-versed with the usual need and concerns customers have about the service.

However, it’s also important that you consider their overall quality along with their experience. There are few newer companies who are literally stealing the spotlights for providing the most effective offers to clients.

Do not totally disregard the quality of newer ones and instead seek reviews from actual customers. You can start by searching online. There should be lots of testimonials backing up the claims of your prospect services.

Bottom line

There is no perfect company. You may have an ideal one in mind, but at the end of the day, insurance services are businesses. It’s highly possible to find one good feature with one and then find another with its direct competitor.

The key to finding the best service that could benefit you most is understanding your personal needs. Perhaps you could start by asking yourself the questions:

  • How many in my family needs insurance?
  • What specific medical services am I expecting?
  • How much am I capable of allocating for the insurance fee on a monthly basis?
  • What areas of my budget plan might need to be adjusted in case I start to enroll?
  • Am I financially stable?

Understanding your own financial readiness is important considering the fact that you will need to regularly pay for the insurance service to keep it active.

Reassess your needs and options and make a list of your best course of action. From there, you can start narrowing down your list to the most practical ones.

Questions to Ask Yourself Before Getting an Insurance

Getting oneself insured has been a mainstream practice lately. If we look around, we’ll realize that there are actually several services who offer comprehensive insurance fit for different needs.

We are also not new to the fact that insurance services offer different packages, some of which may not work on the kind of lifestyle and income we have. Still, it’s also true that the service comes in handy in terms of emergencies. Should you need immediate medical support, your membership in one could help you be admitted immediately without necessarily using your stash cash at home.

If you’re now thinking of enrolling yourself to one, then be sure to be prepared by asking yourself the following questions.

What specific areas do I wish to be covered by insurance?

Most of the services available here in the Philippines cover similar issues like the basic ones. However, there are some who do not include advanced medical problems like major surgeries. Before saying yes to any deal, try to first make a list of your own expectations.

What area of healthcare would you like to be insured in?

How much budget do I have for the initial pay?

It’s standard protocol that you pay a specific fee at the start of your membership. Of course, this could vary depending on the kind of package you choose. For starters though, it is best to be aware of your budget and work on finding an efficient company that’s within or near that range.

You will be paying for it after all. It will be difficult if you get something that is beyond your pay grade.

Who are the most trusted insurance companies in my locality?

Do a quick search online to find out the names of insurance companies. Most, if not all, of them already have their websites that you can readily visit to get the initial idea on the service they offer. From there, you can then work on reading reviews or asking some of your friends and trusted colleagues for any recommendations.

If the company receives more positive reviews from their clients, chances are, they are really a reliable entity.

What are the advantages I’ll get when I enroll myself and my family to one?

We all look for something that we would get when we enroll to insurance. After all, we are paying for it. As you work on narrowing down your list of companies, do take time to think of the benefits you would get when you go for this and not that.

Do not hesitate to call the insurance company and ask for a consultation if need be. Surely, their agents would be more than willing to assist you in your concerns.

What about the risks?

Since you have looked into the benefits, don’t forget to balance it by eyeing the risk. There are various types of risk. For instance, you might be unwilling to invest in a company that is still new and is not yet established.

Another reservation would come from the negative things you might have heard about a company. Investing on ventures with a bad reputation puts you and your money in danger.

Which company offers the most efficient package fit for my overall needs?

Don’t forget to think about the type of package too. Enrolling yourself alone to an insurance service will cost differently when you get a full package for your family. Coverage will likely differ as well. Get the details of the packages and see which one works for you best.

Feeling safe is a natural need. And since there is no telling when emergencies happen, we always have to have a backup plan that would facilitate smooth processes in our medical admissions. Choose the best insurance company that offers you the efficient service you deserve!

Four Things Millenials Need to Know About Insurance

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“Insurance is an ingenious modern game of chance in which the player is permitted to enjoy the comfortable conviction that he is beating the man who keeps the table.” – Ambrose Bierce

Millenials nowadays view an insurance coverage as an entirely unnecessary investment they could not be bothered to hear about. And really, who can blame them? This generation of millennials lives in the spur of the moment. They are propelled into a live fast, die young mantra that sits comfortably well with most of their “YOLO” (You Only Live Once) attitude. To their credit, though, this very same approach drives them to pursue their life’s desires with passion and wanton. But regardless of how little regard millennials have for their mortality, there is a pressing reality that they need to pay heed to Untoward accidents, and fortuitous events may happen—even to them.

The very misguided notion that they have no absolute need to have any sort of comprehensive insurance must be dispelled as unbeknownst to them, they need it the most. However, it is rather understandable why millennials are so quick to dismiss the idea of insurance investment considering how baffling some of these can be. But they can find comfort in the fact that there are some policies that can wait for later. Until then, here are some of the things they need to know as regard insurance.

1.) That it can be affordable

Millenials are quick to reject the idea of investing in insurance because they do not see it as an immediate need. As rewarding as getting an insurance might be, a majority of the millennials are not so receptive to the idea of delayed gratification. Undoubtedly, another factor that contributes to their resistance of investing is the erroneous notion that insurance policies are exorbitantly priced. This is not the case, however, as there are a variety of insurance policies and some are more affordable than the rest—depending on what you need.

2.) It is a better support plan than relying on anyone else

Millenials are notorious for living off their parents until such time that the get married. Or even if they lived independently from home, they tend to ask for loans from parents whenever financial sources are low. Unfortunately, parents are partially to blame for this kind of mentality. In this willingness to bail out their children out of sticky situations, they are inadvertently curtailing their child’s potential for financial independence. It can be limiting, albeit a bit comforting, as there is always a better answer to economic woes other than asking for dole-outs. A traditional insurance policy is a better answer than having to continuously depend on family members for money during tough times.

3.) That there are more types of insurance than health and life

Insurance policies are not confined only to insuring one’s health and life. There are a variety of options which one can choose from according to their current needs. Millenials may not own a home yet, but do have cars. Some of them have plans of traveling the world. Some insurance policies cover these kinds of things that would be appropriate to a millennial’s needs. Things such as car insurance plans, travel insurance, etc. do exist, and all it takes is for them to select one that fits their lifestyle and is affordable to them.

4.) That they need it

Though millennials may have a feeling of immortality about them, it does not diminish the fact that they are still very much mortal. Today, they might be living the life in vigor and are enjoying the finer things in life, but as it is with life, anything can happen. Millenials tend to feel that they are too young to have any health of financial crises or that they may not have enough assets to protect, but regardless of these the fact remains that everyone needs some type of basic insurance and millennials are invariably included.

 

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Just What Comprehensive Insurance Really Is?

It was a typical Friday, November 21st to be exact, when a college friend messaged me on Facebook saying, “I messaged you kasi I just wanted to ask if you and your husband are interested in looking at insurance and investment products.” I wonder what products is she referring to. So, I asked her. Of all the things my college friend listed, one thing strongly struck me – comprehensive insurance.

As a young mother, I am into bulk-buying and I wrongly associate comprehensive with package. I thought what a bargain would it be if I can have everything and everyone insured. That’s the ignorant in me talking. After a few weeks, my friend invited me to a no-commitment financial fitness seminar. There, I heard the word insurance again, and I learned that comprehensive insurance is not what I thought of it initially.

Here are some worth knowing terms.

Comprehensive means that an insurance policy covers all problem areas such as accidental death, critical illness, medical assistance and hospitalization. The policy covers each item on a varying level, so make sure how much is devoted to each item before you pay for it.

There are add-on features so that the insurance coverage will really be tailored to what you need. Don’t be surprised that a comprehensive insurance policy that one company offers is priced slightly higher or lower than other companies. It is all about your needs that’s why these products are basically different from one another.

Premium is the amount that you need to pay for the policy. Again, this differs. The computation is the basics + the add-ons.

Deductible is the amount that you need to shoulder separately than what your insurance company can. When making a claim, as a policyholder (that’s you), you need to participate in paying the cost, too. Don’t fret though because the cost is very minimal.

Insurance companies implement participation so that the policyholders will not abuse the policy. If you’ve been watching teleseryes, you’d know what I am talking about – rich people faking their death to claim an insurance blah blah blah. These are termed as ‘fraudulent claims.’

Your insurance company will do its share of investigation to solidify your claim. If you’ve presented medical evidences, a company representative will cross-check those evidences. That’s diligence on their part, and hello, we are talking about millions here.

Acts of God are natural occurrences that you may include as an add-on. Protection from such acts includes coverage for typhoons, floods, earthquakes, etc.

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Just by knowing the definitions of the terms will give you a hint of what a comprehensive insurance is. For one, it provides savings opportunities in case the unexpected happens. For instance, in case of critical illness, you will receive up to ₱300,000 cash benefit paid in lump sum and up to ₱15,000 per month for 12 months maximum medical assistance benefit. If you die, your family will receive up to ₱1,000,000 cash benefit.

Who wouldn’t want that, right? I think we all should think about getting an insurance policy somehow. I think I know what you are thinking. In 2010, we have witnessed the biggest downfall in the insurance industry here in the Philippines. Our family is a victim of that too, and we haven’t received anything yet.

With this, we really have to obtain insurance policies from the reputable companies. Personally, I think one measure of a company’s credibility is its staying power. An insurance provider must be in the business for more than 5 years now, 10 years probably, 20 years excellent.

Of course, the company must have a reputation of paying its policyholders. Well, I guess, that’s the most important factor to consider.

This boils down to two words: Don’t gamble!

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