5 Questions to Ask Before Buying Life Insurance

Do your research and do background checks. It’s important to know the credibility of your insurance provider to make sure they are able to meet their promise in the future.

The Insurance Commission reviews and monitors the operations of all insurance companies in the Philippines. You can also ask referrals from friends and relatives who have had experiences with insurance claims. Excellent customer service and after-sales care are also indicators of an insurance provider’s credibility.

Your policy must be dependent on your and your family’s lifestyle needs today and in the future.

There are different key moments and milestones in life, and everyone is at a different stage. Whether you’re preparing for your retirement, securing your dependent’s future, or investing your money for a big-ticket purchase in the future, there’s an insurance policy that’s perfect for you and your budget.

Remember, different policies offer different protection and coverage features. It’s important that these are all clear to you before buying your chosen life insurance policy. 

Some life insurance policies provide living benefits—access to a portion of the death benefit, partial or full withdrawal from the account value, and even discounts and privileges at partner establishments. These living benefits allow you to enjoy and utilize your insurance plan.

The BPI AIA Wellness Series, for instance, is a range of insurance products powered by AIA Vitality – a program that encourages one to lead a healthy lifestyle and rewards you for it. Here, you invest both in your wealth and health. You gain living benefits like savings generated from discounts and establishments.

Add-ons provide additional coverage such as critical illness, disability, hospital benefits, and more. Depending on your goals and specific life circumstance, you can attach add-ons that you need and remove those that you don’t.

You may have heard isolated stories about how people lost their insurance after months of not paying their premium. It’s important to ask your financial advisor what happens should you find yourself unable to pay your premium.

Because some life insurance policies are packaged with an investment bundle, you can use the accumulated account value to pay for the premiums.

Always ask anything that pops into your head. BPI AIA’s Bancassurance Sales Executives will be happy to answer all your questions along the way. You can stop by at more than 800 BPI branches nationwide and consult with one of our Bancassurance Sales Executives.