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  • The Rights of an Insurance Policy Holder

    25 January 2018


    The Rights of an Insurance Policy Holder

    As an insurance policy holder, it’s important to make sure that you understand your rights and responsibilities to take full control over your insurance protection coverage and investments.

    But before that, you must first understand the basic life insurance roles. If you own an insurance contract or policy, you are a policy holder or a policy owner. As a policy holder, you may also be the person covered by the policy – referred to as the insured. You may also own a policy and name another person as the insured. The beneficiary, on the other hand, is the person who collects the insurance money when the insured person dies.

    As an informed policy holder, you should always know your rights regarding your insurance protection coverage and claims. This will help you make proper decisions and strategies surround your life protection benefits and investment strategies.

    What are your rights as an insurance policy holder?

    1. Right to Cancel the Policy

      Within 15 days after receiving the policy document, you have the right to cancel your life insurance policy. If you are dissatisfied with the policy or disagree with any of the terms, you can return the policy stating the reasons for objection. It must be signed and sent directly to the insurance company.

      After which, the premium you paid will be refunded, and the policy will be cancelled.

    2. Right to Withdraw a Portion of the Cash Value

      Just in case you need extra money, you can withdraw a partial amount of the cash value from your life protection policy such as a ULIP, VUL, or other life insurance plans with investments. This may be done while the policy is in effect.

      The amount to be withdrawn needs to be specified in your withdrawal request, as well as the investment funds from which the partial withdrawal will be made.

    3. Right to Switch Funds

      As a policy holder, you have the control to choose which fund to put your money. Given that, you are allowed to switch units of one investment fund allocated in your life protection or insurance policy to another investment fund such as a ULIP, VUL, or other life insurance policies with investments.

      Take note that the amount to be switched must not be subject to a minimum amount and other administrative rules and fees.

    4. Right to Decide or Change the Beneficiaries

      In the beginning, you are free to decide who the beneficiary/ies of the life insurance policy is/are. If you will have a change of mind, you can replace your beneficiary/ies while the policy is in effect.

      If the beneficiary is non-revocable, then you need a signed consent form from the said beneficiary. In the case of the non-revocable beneficiary’s death, you have the right to name a new beneficiary.

    5. Right to Surrender the Policy After the Lock-In Period

      You have the right to surrender the insurance policy at any time after the end of the prescribed lock-in period from the date of commencement of the policy.

      When you surrender the policy, you will receive and fully withdraw the fund value of your life protection policy. Of course, this would mean termination of your life protection. Most insurance protection policies cannot be reinstated after its surrender. So, before you surrender the policy, be sure that you understand the consequences.

    6. Right to Request for Modifications

      To accommodate your evolving lifestyle, career changes, family milestones, and individual financial situation, you can request for modifications in your insurance policy. Such modifications may include:
      • Mode of Payment of Premium
      • Term of the Policy
      • Reduction or Increase of the Coverage or Sum Assured
      • Premium Redirection
         
    7. Right to Transfer Ownership

      You are free to transfer the ownership of an insurance policy to another person or entity. Such can be done to redirect the premium and save on estate taxes in the event of the policy holder’s death.

      Transfer of ownership between spouses is not permitted by Philippine law.

    If you want to know more about your rights as a life insurance policy holder, talk to a BPI AIA Bancassurance Sales Executive at any of the 800 BPI branches nationwide.

    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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