Best Life Insurance in the Philippines
Getting life insurance is non-negotiable. Why? Well, if for some unfortunate scenario you don’t make it home, or you develop some sort of an incurable illness, who’s going to take care of your family? This is what life insurance is about – it ensures the family you leave behind is protected financially; it will replace your lost income, cover expenses pay off debt, and help secure your family’s future, especially your kids. If you’re reading this guide, you probably already know why you need insurance and you are looking for the best policy to choose.
There are plenty of options for life insurance in the Philippines. Deciding on which insurance to get can be quite daunting. So, what is the best life insurance in the Philippines?
Top Life Insurance in the Philippines
Many companies claim to be the best life insurance provider in the Philippines. Moreover, different websites have their own list using data they consolidated from the Insurance Commission (IC), news articles, press releases, etc. Depending on whom you ask, and the categories and metrics they use, results in the top three are interchangeable.
But why do you need to know who is on the list in the first place?
This list serves as a validation that these companies fulfill their promises to their clients; it is a testament to their reputation and financial stability as a company. As an insurance policy buyer, you want to give your hard-earned money to companies you can trust.
Make sure you invest your hard-earned money on companies that can deliver on their promise of securing your family’s future.
Sun Life Gets the Top Spot
Based on the latest performance reports from the Insurance Commission (as of December 31st, 2021), Sun Life remains at the top spot as the leading insurer in the country. This is the 11th consecutive time that Sun Life managed to get the premium income category both in traditional plans (whole life, term, endowment) and variable plans.
Here’s the list of the best life insurance in the Philippines in 2022. Note that this list is based on the premium income of the company.
1. Sun Life of Canada (Philippines) Inc.
Founded in 1895, Sun Life of Canada (Philippines) Inc. is a subsidiary of Sun Life of Canada (Netherlands) and is the first and oldest insurance provider in the country. They offer a wide range of financial services and products, from insurance to wealth, and asset management. Their products range from health protection, education, estate preservation, income protection and continuation, retirement, group life, etc. Sun Life is the most preferred insurer in Filipino households, no wonder it remains on top.
In 2021, Sun Life has generated more than Php 45,465,692,968 in total premiums from their policies (traditional and variable plans). They also ranked 2nd in the New Business Annual Premium Equivalent (NBAPE), which they previously ranked first over the past years.
They managed to remain on top by being the most profitable insurance company in the country by having the second biggest income of all listed companies Php 8,386,484,311 in 2021.
2. Philippine AXA Life Insurance, Corp.
Next on the list is the joint venture between the Paris-based AXA Group and the Metrobank Group. Though relatively young (established in 1999), the company has managed to grow massively, thanks to its bancassurance business.
The company takes pride in its stability and has managed to keep its position in all categories, except in the Net Worth department (which dropped just one spot).
AXA consistently ranks in the top 10 over the last decade. This is a testament to their reputation and commitment to their clients. Today, it is one of the biggest and fastest-growing insurance companies in the country, with financial security for close to 2 million individuals in the Philippines.
3. Pru Life Insurance Corp. of U.K.
Founded in 1848, Pru Life Insurance Corp. of the U.K. has headquarters all over the world. This insurance company also offers a wide range of products and services, including asset management, health, and protection services. They arrived on the Philippines’ shores in 1996 and pioneered insuravest (an investment product linked to life insurance) in the country.
Pru Life UK is easily one of the recognized names all around the world, and in the Philippines, it has maintained its position across all metrics including Premium Income, Total Assets, and NBAPE.
Moreover, Pru Life has some of the most affordable premiums in the market in the VUL policies. Also, they have recently made rounds in social media by making some of their products accessible to more Filipinos when they launched their Dengue Care package in Shopee. They said they will be going to add more plans and products to cater to different financial needs and the protection of Filipinos in the coming months.
4. Allianz PNB Life Insurance, Inc.
Founded in 2001, Allianz PNB Life is a subsidiary of Allianz SE, a German multinational financial services company headquartered in Munich, Germany. Allianz is a globally recognized brand and one of the biggest insurers and financial services groups in the world.
The company has made quite a huge leap in the past few years, thanks to its significant advancements across all metrics, including premium income, NBAPE, and net worth.
With more than 80% of its business in life insurance, Allianz Life is one of the biggest insurance companies in the world. Their savings and investment plans are incredibly flexible, as they offer a variety of options, including a one-time payment investment plan.
5. FWD Life Insurance Corporation
More commonly known as FWD Insurance, FWD Life was established in 2014, making it a relative newcomer in the industry. Despite that, it is one of the fastest-growing insurance companies in the country. Thanks to their aggressive customer base. As a matter of fact, managed to crack the top 10 in the past few years, and has the highest paid-up capital among insurers in the country.
The great thing about FWD is, it lets clients manage their own policies using their mobile devices, anytime, anywhere, through their app called Tapp.
They offer a wide array of products, including investment products, life insurance, and health insurance plans. One of its unique features (one that you cannot find in any other insurance provider) is an investment component with a US dollar denomination, as well as a life insurance plan that includes protection against terrorist attacks.
6. BDO Life Assurance Co. Inc.
Formerly known as Generali Pilipinas Life, BDO Life is a subsidiary of BDO Unibank, Inc. That means it is being run by one of the biggest banks (if not the biggest) and corporations in the country, that alone should give you enough idea of its stability and reputation.
BDO Life has a wide selection of insurance and financial products, including health, insurance, education, and financial services.
The company managed to thrive even during the pandemic, as it advanced two spots in both premium income and NBAPE categories. Moreover, it leaped from the 30th spot to the 7th spot in the net income category.
7. BPI-AIA Life Assurance Corportation
Founded in 1933 the company formerly known as Ayala Life Assurance Inc., is now a subsidiary of Philippine American Life and General Insurance Company, Inc. (BPI-PHILAM).
It is the Philippines’ top bancassurance on the list, thanks to its strategic alliance with BPI and Philam Life. BPI-AIA Life provides considerable protection and better access to medical care with minimal out-of-pocket expenses. They offer savings, educational funds, investment products, retirement, personal accident, income protection, motor insurance, and a lot more.
BPI-AIA dropped two spots in premium income and NBAPE but managed to keep its spot in total assets.
8. Manulife Philippines
Established in 1907, Manufacturer’s Life Insurance Company is one of the oldest insurance providers in the country. They specialize in pension, education, medical, educational, investment, student, corporate, employee security, credit life, personal accident, and various insurance plans.
Their premium income and NBAPE dropped two spots, but their total assets and net worth remained the same.
9. Manulife Chinabank Life Assurance Corporation
Founded in 1998, this company is a strategic partnership between Manu Life Philippines and China Bank. They offer innovative insurance products and services to China Bank customers. This is to ensure that every client gets the best possible protection and solution for their financial and insurance needs, with products ranging from health, protection, savings, and group products (group life insurance, group health insurance, etc.)
Despite the pandemic, they managed to advance two spots in premium income (they last appeared in the top 10 of the list in 2019). They also increased four spots in NBAPE, despite the decline in their net income and net worth. Their total assets, however, increased a little bit.
10. AIA Philippines
Philam Life officially changed its name to AIA Philippines in August of 2021. According to Insurance Commission, AIA is the largest life insurance based on assets and net worth.
In terms of premium income, however, they experienced a tremendous drop of six spots in just a year. They also declined one spot in NBAPE. Despite that, they managed to increase their income.