5 Questions to Ask Before Buying Life Insurance

18 October 2017

Buying life insurance isn’t as simple as buying candy. It involves your hard-earned money, as well as your plans for yourself and your family. It’s only practical to take time and be curious before sealing that deal with a financial advisor.

There are a lot of companies that offer life insurance in the Philippines, as well as various insurance terms and policies to choose from. With so many options, arming yourself with knowledge can help build your confidence about your investment choice. The best way to do it is to ask.

Here are 6 questions you should ask before buying life insurance.

1. Who is the insurance provider?

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.

2. What kind of life insurance do I need? How do I determine which one is best for me?

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.

3. What are the living benefits of the 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.

4. What add-ons can I attach on the insurance policy?

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.

5. What if I can’t pay the premium?

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.

Don’t be afraid to ask!

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.

Did you know?

You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!

Life Ready Plus

Protection

Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.

The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.

Critical Care Max

Health

Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.

In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.

Build Estate Plus

Life Protection

Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.

It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.

CRITICAL CARE PLUS

Health

Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.

It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy.

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5 Questions to Ask Before Buying Life Insurance

1. Who is the insurance provider?

2. What kind of life insurance do I need? How do I determine which one is best for me?

3. What are the living benefits of the policy?

4. What add-ons can I attach on the insurance policy?

5. What if I can’t pay the premium?

Don’t be afraid to ask!

Did you know?

RECOMMENDED PRODUCTS

Life Ready Plus

Critical Care Max

Build Estate Plus

CRITICAL CARE PLUS

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