In today’s fast-paced digital age, things have changed a lot in how we do stuff. Technology has made doing several things fast and more convenient, and that includes purchasing a life insurance.
With a few clicks, it is now possible to read details of life insurance, compare plans, and get insured with little to no interaction with an insurance agent—all with a few clicks of your computer or smartphone.
In fact, one can purchase life insurance from Facebook messenger.
This article is a quick survey of how insurers in the Philippines are gradually shifting to online sales, the policies that are available in different digital platforms, and some things that you need to bear in mind when buying a coverage online.
Table of Contents
Life insurance plans online
In the past, insurance is sold by agents. They act as a middleman between the life insurance company and someone seeking to be insured. They schedule for a meeting where they talk about their offerings, provide various choices, answer questions, walk through the application process, and help in filing claims.
Times have changed.
In the Philippines, a rising number of policies can be purchased online. These policies are sold not only on the website of insurers but also through different sales channels such as partner platforms and brokers, e-commerce sites, e-wallets, affiliated banking apps, etc.
With the rise of the internet and digital technology, people can do their research, get to know insurance products, narrow down options, and purchase a coverage without ever having to meet an agent in person.
Yet it is important to note that number of insurance plans sold online is only a fraction of over 500 life insurance products that are available in the market.
That means insurance agents still have a huge role to play and they are here to stay. They are duly licensed by the Insurance Commission, so they can assist in going over provisions of an insurance contract and provide personalized solutions.
Advantages of purchasing life insurance online
What are the advantages of life insurance products available online?
- Convenience. There is no doubt that it is convenient to have the ability explore various insurance plans and make a purchase without leaving your home at any time of the day.
- Accessibility. With the internet, you are able to check insurance providers and their products, allowing you to be able to have a list of options to compare and choose from.
- Flexibility. Flexibility allows you to see what choices you have in terms of what insurance and the extent of coverage you can get. Some providers allow different variants of the same plan, such as a higher sum insured at higher price points.
- Fast. No need to talk to an insurance agent. You can sign up, pay the first premium, and submit application online.
- Support. Providers have created landing pages with frequently asked questions, PDF ready for download, etc. These can help clarify what the plan is. There is also a way to reach out to the company for further inquiries.
- Exclusivity. There may be insurance products that are available online and cannot be purchased through an agent.
Disadvantages of purchasing life insurance online
And what are the disadvantages of digital life insurance?
- No guidance. You are on your own. This can be a concern especially that insurance can be complex. You are also liable to understand the terms of the contract, disclose personal information in good faith, etc.
- Limited insurance products. Not all products that an insurer offers are available and sold online.
- Limited coverage. The nature of coverage and the amount of the sum insured may be limited.
- Payment method. Cash might not be an available option for payment. So people without a debit card or credit card cannot buy online, or they may need someone in their family to make the payment on their behalf subject to terms.
- Support quality. Digital support through a company rep may take time to respond to inquiries, prolonging the process of obtaining an insurance.
- System downtime and security. At times, the sales channel may be unavailable or that it can be vulnerable to security issues.
- Outdated info. The terms and conditions posted on the website may not be updated, and that the terms of the actual contract might differ.
Before purchasing life insurance online
The following is a general guideline when buying a life insurance policy on the internet.
Check the sales channel
Make sure that the insurance product is offered by duly licensed insurance company in the Philippines.
Check too if you are using the official mobile app of the provider or their partner institutions like banks and digital banks (Diskartech, Komo), broker and sales webpages (Kwik.insure, Maria Health), e-wallets (GCash, Maya), e-commerce (Lazada), etc.
Due diligence
Do your own due diligence. When you research and compare insurance plans, make sure to read the fine prints, qualifications, etc. Some of the important things that you may need to know:
- What exactly are you buying? Is it life insurance, critical illness cover, benefit for accidental death, dismemberment, and disablement?
- How much is the coverage?
- What is the issue age? This is the age of the insured at the time of the application. The application may be denied if the age of the insured is too young or too old.
- How long is the coverage? Is it a term insurance? Can it be renewed? If yes, up to what age?
- What is the premium rate? How often is it going to be paid? Is it a single premium life insurance?
- Who can be named beneficiaries of the insurance plan? Can your kids including illegitimate children be designated as beneficiary?
Qualified to purchase insurance online
Are you qualified to purchase insurance online?
Some insurance products, their providers, and partners may have rules on who can buy coverage.
For instance, most of the insurance products sold online can be exclusive to Filipinos who are residing in the country. They may also require that the name of the insured and the name on the online account are the same person.
Or the name of the insured and the name that appears on the card used for payment must be the same person. If not, a company rep may reach out to ask for more details.
There are also examples where you must be a verified user of the platform, be a member for at least a month or so, and/or have made at least one purchase in the case of e-commerce sites.
Sometimes, you might be required to provide a means to reach digitally such as a Facebook Messenger account.
In addition, you must be insurable so what might be needed is to disclose in good faith that you are in good health, not employed in occupations that are restricted from being insured, etc.
Understand the terms
Read the terms. Making sure that you understand the terms of the plan is very important.
Some products may be purchased up to a number of times only, or they cannot be bought along with other insurance products, or the total sum insured may not exceed a certain amount.
There are also certain policies where coverage may only take effect for a period of time or they take effect after a number of days or months have passed since the contract was issued.
Apply for an insurance plan
You might be required to present at least one valid government ID card. Prepare a picture of the identification card in case it is required to be uploaded.
Fill out the online form truthfully. You may be asked to disclose personal and health-related information such as height, weight, etc.
Pay the first premium
Check how the first premium rate is to be paid. Some payment channels allow payment through a debit card, credit card, a fund transfer from e-wallets, or other methods.
In some cases, they may require that the name of the insured and the name that appears on the debit or credit card used for payment are the same person. If not, verification may be required or the sales could not push through.
Personal copy of the policy
Wait for a personal copy of the policy. It can be delivered to you through email.
If there are instances that more information is needed, a company rep may reach out regarding the application.
List of insurance plans available online
What follows below is a list of insurance plans that are sold online. They are arranged according to the name of the insurer in alphabetical order.
These policies include life insurance, accidental death/dismemberment/disablement, coverage for critical illness, and income protection.
The table contains general info only. For more details, ask for additional information from insurers.
| Policy | Details |
|---|---|
| PamilyaProtect | Benefits: – Life insurance – Accidental death, dismemberment, disability – Daily hospital income benefit How to buy: PamilyaProtect Facebook Messenger Insurer: BPI AIA Issue age: 18 to 64 years old (main insured) Issue age: 18 to 64 years old (adult), 14 days to 21 years old (minor) Term: Annual renewable term |
| ASPIRe | Benefits: – Life – Accidental death, dismemberment, disablement Coverage: 1 year Currency: Peso How to buy: Through Lazada Insurer: First Life Financial Company Inc. Issue Age: 18-55 Premium: Single premium |
| ASPIRe Plus | Benefits: – Life – Accidental death, dismemberment, disablement – Medical reimbursement due to Accident Coverage: 1 year Currency: Peso How to buy: Through Lazada Insurer: First Life Financial Company Inc. Issue Age: 18-55 Premium: Single premium |
| ASPIRe Max | Benefits: – Life insurance – Accidental death, dismemberment, disablement – Hospital Income Benefit Coverage: 1 year Currency: Peso How to buy: Through Lazada Insurer: First Life Financial Company Inc. Issue Age: 18-55 Premium: Single premium |
| ASPIRe Premium | Benefits: – Life – Accidental death, dismemberment, disablement – Hospital Income Benefit – Medical reimbursement due to accident Coverage: 1 year Currency: Peso How to buy: Through Lazada Insurer: First Life Financial Company Inc. Issue Age: 18-55 Premium: Single premium |
| Hospital Income Plan Plus | Benefits – Annual physical exam allowance – Hospital income / income protection Issue age: 5 – 59 years old Insurer: Fortune Life How to buy: Through website |
| 3-in-1 Protection Insurance Plan 5397 | Benefits: – Critical illness – Life – Accidental death – Covid protection Cover age: Coverage: 1 year (until age 55) How to buy: Through website Insurer: FWD Life Issue Age: 18-50 Premium: Yearly (until age 54) |
| BIG 3 Critical Illness Insurance | Benefits: Critical illness Coverage: 1 year (until age 79) Insurer: FWD life Issue age: 18 to 60 years old Premium: Yearly (until age 78) |
| KanLive Life Insurance Plan 1799 | Benefits: Life insurance Coverage: 1 year (until age 55) How to buy: Through website Insurer: FWD Life Issue Age: 18-50 Premium: Yearly (until age 54) |
| KanMend Critical Illness Insurance Plan 1799 | Benefits: Critical illness cover Coverage: 1 year (until age 55) Insurer: FWD Life Issue age: 18 to 50 years old Premium: Yearly (until age 54) |
| Set for Tomorrow – Short Term Cover Digital Life Insurance | Benefits: – Life insurance – Overseas benefit – Funeral benefit – Spouse extension benefit – Terminal illness benefit Insurer: FWD Life Issue age: 25 to 55 years old Premium mode: annual, quarterly Term: 1 year |
| The One (for Life, for music lovers) | Benefits: – Life insurance (renewable until age 99) – Critical illness (renewable until age 79) – Accidental death benefit (renewable until age 79) Coverage: 1 year How to buy: Through website Insurer: FWD Life Issue Age: 18-70 Premium: Yearly |
| 365 Ready Duo | Benefits: – Life insurance – Accidental death, dismemberment, disablement Coverage: 1 year Currency: Peso How to buy: Through website Insurer: Manulife Philippines Issue Age: 18-45 Premium: 1 year |
| 365 Ready Life | Benefits: Life insurance Coverage: 1 year Currency: Peso How to buy: Through website Insurer: Manulife Philippines Issue Age: 18-45 Premium: 1 year |
| 365 Ready Health | Benefits: – Life insurance – Critical illness Coverage: 1 year How to buy: Through website Insurer: Manulife Philippines Premium: 1 year |
| Health Start Lite | Benefits: – Life insurance – Critical illness Coverage: Renewable until age 75 How to buy: Through website Insurer: AXA Philippines Premium: Yearly |
| Goal Getter | Benefits: Life insurance (VUL) How to buy: Through website Insurer: AXA Philippines Issue Age: 20-60 years old Premium: Single premium |
| 100-in-1 Medical Plan | How to buy: Through GCash Insurer: Singlife Philippines |
| 3-in-1 Protection Plan | How to buy: Through GCash Insurer: Singlife Philippines |
| Cash for Goals (Education) | How to buy: Through GCash Insurer: Singlife Philippines |
| Cash for Income Loss | Benefit: Life insurance Coverage: 1 year (up to 64 years old) How to buy: Through GCash Insurer: Singlife Philippines Issue age: 18-54 |
| Protection for Income Loss | Benefit: Life insurance or hospital income How to buy: Through Singlife app or GCash Insurer: Singlife Philippines |
| Protect My Goals | Benefits: VUL How to buy: Through GCash Insurer: Singlife Philippines |
| My Scholar Plus | Benefits: – Life insurance – Accidental death and dismemberment How to buy: Through Diskartech Insurer: Sun Life Grepa |
| My Family Life Shield | Benefits: – Life insurance – Personal Accident – Accident medical reimbursement How to buy: Through Diskartech Insurer: Sun Life Grepa |
| My Income Protect Plus | Benefits – Life insurance – Accidental death and dismemberment How to buy: Through Diskartech Insurer: Sun Life Grepa |