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  • 5 Things You Should Know Before Buying Life Insurance

    03 October 2018


    How to Be Financially (and Physically) Healthy in Retirement

    If you are planning to buy a life insurance soon, then congratulations! You’re on the right track.

    Getting insured is one of the best decisions you can make in your life. It affords you the feeling of security and relief in case unexpected things come your way. But before making your final decision, it’s important that you do your assignment by researching about what you are buying.

    Not all kinds of life insurance are made equal. There’s a wide range of life insurance products in the Philippines and a roster of insurance providers you can buy it from. You can only guarantee yourself that you are making the right decision when you know these five things about life insurance. 

    1. Your insurance policy should match your life's key moments

    Whether you’re a young professional or an established executive planning for retirement, there’s an insurance policy that’s perfect for you. Identify your insurance needs based on your current financial status, as well as goals for yourself and your family.

    You can evaluate your insurance needs depending on where you are in your life's key moments:

    • Building Your Wealth. This is ideal for young professionals who want to jumpstart their success and manage their finances early in life. Where you will be in the future depends on how well you invest your time.

    • Getting Married. Marriage is one of life’s biggest milestones, and it’s important to be on the right foot when starting a life together. Insuring you and your future spouse’s financial future is one of the crucial steps to a successful marriage.

    • Becoming a Parent. As a new parent, you want to make sure that your child will have a bright and secure future. An insurance policy can help you protect your child so that no matter what happens, their future is secure.

    • Working Abroad. Being an OFW is a big sacrifice. You’re living and working in a foreign land, away from your family and friends. The right insurance plan can help you build your dreams and prepare you for an early homecoming. Don’t let your hard-earned money go to waste, and make a smart investment.

    • Planning for Retirement. The right insurance plan can help you ensure a happy and comfortable retirement.

    • Running a Business. Having a business is what a lot of Filipinos want. Protect your business and secure the future of your company and its employees. Make sure you take care of your most important asset.

    2. Various insurance policies have unique advantages

    There are different kinds of life insurance policies such as term insurance, whole life insurance, and variable universal life insurance. Each one offers protection, but has its own unique advantages and features too.

    Term life insurance has a specific end-date, whether it’s one year, five years, 10 years, 20 years, or 30 years. Whole life insurance is valid for the rest of your life, so your dependents are guaranteed a payout no matter the age of your death. Meanwhile,variable universal life insurance invests a part of your policy in a variety of investment vehicles such as stocks and bonds. However, you’re not guaranteed a fixed interest rate.

    3. You can enjoy the benefits of life insurance while living

    Life insurance protects your finances and takes care of your loved ones’ future. But, there are assets beyond risk protection that offers other financial benefits such as cash payouts when you get into an accident or acquire a critical illness.

    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.

    With the BPI AIA Wellness Series, you’re not just investing in your wealth, but also your health. You can get benefits such as additional insurance coverage and premium discounts and incentives from partner establishments. 

    4. Having life insurance can help you protect your beneficiaries in case of untimely death

    What happens to your dependents when you’re not around to take care of them any longer? A life insurance policy will leave you free from worry knowing that in the case of a debilitating accident or death, your loved ones have something to rely on. Your dependents will have funds they can use to get back on their feet should you be unable to provide for them any longer.

    5. You can buy life insurance from a trusted bank like BPI

    Getting a life insurance is now made easier and accessible. You can conveniently buy a life insurance plan from over 800 BPI branches nationwide. Just go to the branch nearest you and talk to a Bancassurance Sales Executive from BPI AIA.

    BPI AIA is backed by two of the strongest and most reputable financial institutions in the country, BPI and AIA Philippines, so you no longer need to worry about the credibility of the Bancassurance representative agent you’re talking to.

    With life insurance, there’s no one-size-fits-all policy. You need to take your individual circumstances and needs into consideration. Give yourself time to learn the insurance policies and programs available to you, and choose the one that best fits your goals.

    Talk to any of our friendly Bancassurance Sales Executive to discuss your financial needs today.

    Did you know?

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

    RECOMMENDED PRODUCTS

    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.

    Philam Life Vitality

    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.

    Philam Life Vitality

    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.

    Philam Life Vitality

    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. 

     

     

    Philam Life Vitality
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