Put yourself at ease by protecting those you love
31 March 2023
The COVID-19 pandemic has changed the way employers care for their employees. A 2021 study showed that 80% of employers in the Philippines want to integrate employee wellbeing into their benefits packages, while 60% plan to add or enhance their healthcare benefits and offer flexible benefits programs until 2023.
One benefit that employers can offer their employees is group life insurance. Around 80% of companies already provide this type of insurance as a benefit because it is inexpensive and offers almost the same protection and value as individual plans. Some companies even provide for their employees' dependents at no cost.
Offering group life insurance ensures that your employees and their loved ones will be financially secure when unexpected situations occur. As everyone knows, financial security is critical now more than ever as the country continues to experience economic fluctuations.
To start offering group life insurance in your organization, you must first partner with a trusted insurance provider
6 Things to Look for in a Group Life Insurance Policy Provider
With many group life insurance policy providers to choose from, it can be challenging to settle with one you can trust in the long run. Here are some factors to consider when looking for a reliable group life insurance policy partner.
1. Flexible or competitive pricing
Group life insurance prices vary per provider. Compare plans from at least three companies and choose one that fits your organization's budget. If you must select affordable plans, ensure they still offer your employees the best value.
Consider your provider's reputation, as well. If they have good reviews from other clients, it may be worth investing in their group life insurance plans.
2. Customizable coverage
Employee lifestyles, professions, and medical conditions change over time. For example, many people have been financially securing themselves and their loved ones because of the economic and health threats that COVID-19 poses. The initial policies of their insurance plans before the pandemic may no longer apply to their needs today.
As such, companies should get customizable group life insurance plans. Choose a provider that can renew your group life insurance policy according to your current workforce's needs, especially if you no longer qualify for a new plan.
3. Financial stability
Life insurance is a commitment that involves long-term policies, so choose a group life insurance provider with stable operations and finances. You wouldn't want to deal with an insurance company or business partner if they exhibit disorganized communication lines, inefficient processes, etc.
Dealing with a holistically established provider can give your employees peace of mind as you invest in their group life insurance plans.
4. Customer service
As your employees' needs change over time, you must closely coordinate with your group life insurance policy provider when renewing or converting plans. Trained and certified customer care representatives can answer all your inquiries, accommodate your requests, resolve your complaints, and apply your feedback.
You could visit their office in person or schedule one-on-one online meetings with them to voice your concerns quickly. Remember that getting group life insurance is a long-term commitment, so make sure to deal with providers who can be patient with you and your employees' needs.
5. Track record
The rule of thumb when dealing with insurance companies is to work with well-established and reputable ones. One way to gauge an insurance provider's credibility is its number of years in the industry. Its proven history can attest to its quality products and services.
Founded in 2009, BPI AIA has been in the industry for 13 years. Additionally, BPI AIA has recently earned the title of World Finance Best Life Insurance Company in the Philippines for the fifth consecutive year, which proves the company's excellent track record in helping Filipinos protect their families and employees.
Another indication is client reviews. Look for feedback describing how well a provider deals with claims and customer complaints.
6. Market ethics
Make sure that your chosen insurance company adheres to the Insurance Code because it provides the legal framework for the Insurance Commission and the insurance sector.
You can check the Insurance Commission's website for an official list of licensed insurance companies in the Philippines. This step is a sure way of knowing if an insurance company runs legal operations and complies with the law.
Keep Your Employees Safe and Happy
Investing in your employees' wellbeing shows you respect their needs and life outside work. Not only does this boost their productivity and morale, but it also encourages them to stay in your company for many years.
Consequently, good employee benefits can help you retain quality employees, enhance your operations, and improve your branding in the long run.
If you're ready to offer group life insurance for your employees, consider getting BPI AIA's Group Life insurance plan. Our plans are inexpensive and easy to avail, which is essential as Filipinos continue to feel the economic impact of the pandemic.
Talk to one of our Bancassurance Sales Executives online today to learn more about our group life insurance policies and plans.
Invest in both your health and wealth with BPI AIA Wellness Series
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 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.
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.
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.