Best Affordable Life Insurance Philippines for Every Life Stage

When people think about life insurance, they assume it is only for people who are dying – and many more justifications. And I’m truly guilty of having excuses back then when a financial advisor reached out to me. However, the truth is that life insurance is more expensive when nearly to death or as your age increases. That’s why anyone is encouraged to be prepared for the unexpected. Furthermore, it’s one of the most important investments you can make. But you may say, it’s out of the budget which is why you can’t purchase a plan. Well, the best affordable life insurance in the Philippines is around the corner which means you can have cheap life insurance suitable for your needs.

Are you a single breadwinner? A soon-to-be parent? Or parents with children? Or perhaps a retiree already? You’re in the right place to know what’s the best affordable life insurance for you. Plus you’ll be able to know the best term and whole life insurance in the Philippines. Here’s a rundown of what we’ll discuss:

Best Term Life Insurance in the Philippines
Best Whole Life Insurance in the Philippines
Best Affordable Life Insurance Philippines for Single-Breadwinners
Best Affordable Life Insurance Philippines for Soon-To-Be Parents
Best Affordable Life Insurance Philippines for Parents With Children
Best Affordable Life Insurance Philippines for Parents With Retirees
How to Choose the Right Financial Advisor in the Philippines

Note: TTP and its writers are neither affiliated nor compensated with any of the insurance companies mentioned below. The information in this article is purely suggestive and not financial advice.
Moreover, each insurance policy may vary and change from time to time so it is recommended to conduct due diligence and seek a legitimate Financial Advisor’s guide to obtain sound financial advice according to your needs.

Best Term Life Insurance in the Philippines

Term life insurance in the Philippines is the simplest type of insurance, and usually the cheapest. It provides coverage for a predetermined time frame and is dependent on the individual’s age, health, and life expectancy – meaning your insurance premiums (or in other words, payment) is not fixed. For example, some insurance companies offer term insurance with premiums that change every year while other companies offer one that changes every 5 years. As you get older, your premiums will also get higher.

So, what’s the best term life insurance in the Philippines? Let’s go over the below five (5) term life insurance in no particular order.

1. PRUlife Your Term

Prulife‘s cheapest life insurance allows you to live your life to the fullest.
Renewable every year until the age of 89 with an age requirement from 0 or 7 days to 79 years old.
Premium starts at P8,000.

2. Sun Safer Life

It’s a straightforward and cost-effective insurance perfect for new policy buyers.
Your coverage will automatically renew every five (5) years up to the age of 75.
Premiums are subject to change based on the insured’s current age at the time of renewal.

3. FlexiProtect

A cost-effective insurance by AXA Philippines.
5-year protection policy that offers extensive coverage.
Pay budget-friendly premiums for as low as P35 a day.

4. FWD Short-Term Cover

It provides 100% of the coverage amount.
When diagnosed as terminally ill, 100% of the benefit amount will be paid in advance.
With a funeral benefit of 10% of the life insurance coverage up to P100,000.

Read More about the funeral or memorial plan: St. Peter Life Plan review Philippines: Honest Review

5. Philam Guardian

With Philam Guardian, you can choose to pay all at once, over the course of 5 or 10 years, or at regular intervals.
It is accessible to persons up to the age of 84.
You have the option to switch to an endowment plan.

Best Whole Life Insurance in the Philippines

On the other hand, whole life insurance in the Philippines is a type of insurance with total security for the rest of one’s life and is suitable for those who require permanent financial support. Unlike term insurance which increases its premiums over a period of time, most whole life insurance, if not all, offer a fixed premium for the whole duration of the insurance policy.

Among the best whole life insurance in the Philippines are as follows.

1. AIA All-In-One

A policy that addresses accident, illness, death, and disability.
Age requirement is from 18 to 60 years old and coverage is until 100 years old.
Powered by AIA vitality which enables you to be part of a total wellness program.

2. Seasons 100

A Manulife‘s whole life insurance with lifetime protection coverage.
Be paid the entire amount of your insurance coverage value when you turn 100.
You can add extra coverage like critical illness protection.

3. PRU Whole Life

Eligible for ages from 1 month to 65 years old.
Insurance covers until the age of 99.
Premium is payable for 10 years.

4. Premier Life Insurance

It’s one of Allianz PNB Life’s extensive protection plans covering up to the age of 100.
Guaranteed cash values throughout the period when your policy is active.
On your 100th birthday (who knows you’re going to reach this age), you’ll receive an amount equivalent to your policy’s face amount.

Best Affordable Life Insurance Philippines for Single-Breadwinners

As a single breadwinner, you need to secure life insurance that caters to health and income protection. The following are your best options for affordable life insurance in the Philippines.

1. AIA: Active Family Provider

Five (5) or ten (10) years to pay for premiums.
For 18-70 years old and you’re covered until 100 years old.
Your benefit has the potential to increase over time, and your contributions are invested.

2. Sun Fit and Well

Life insurance coverage until the age of 100.
With health and wellness coverage to maintain your fitness plus special access to wellness programs.
To make payments more manageable, semi-annual, quarterly, and monthly alternatives are also offered.

3. BIG 3 Critical Illness Insurance

If you are diagnosed with one of the BIG 3 catastrophic illnesses—cancer, heart attack, or stroke—you will receive financial assistance.
With multiple coverages up to a total benefit amount of Php 2 million.
No medical exam is needed in this FWD type of insurance, which makes it simple to use health insurance.

4. PRUMax Invest

A 15-year coverage that renews on its own if the insured is under 66.
Has the most advantageous elements of investment-linked policies.
To qualify, you must be 18-65 years old.

5. Health Invest Plus

As a breadwinner, health is wealth and that’s why this AIA‘s extensive health coverage plan is for you.
If you end up in the hospital, you get a daily cash payment plus additional funds for long-term confinement.
From the name itself, there’s a growing health fund of yours managed by experts.

Best Affordable Life Insurance Philippines for Soon-To-Be Parents

For soon-to-be parents, your life insurance should cover educational and retirement funds. Take a look at the below list of 5 affordable insurance plans for you.

1. Sun Smarter Life Elite

According to Sunlife, it is a traditional whole life insurance with anticipated endowments.
You may pay your premiums on a quarterly, semi-annual, or annual basis.
Check the image below shared with me by a financial advisor.

*Disclaimer: For illustration purposes only.*

2. BDO Saveflex Secure

Suitable for soon-to-be parents in saving up for a child’s future.
You opt to enhance your long-term savings strategy with riders that can be your husband and soon-to-be child.
Eligible for up to 70 years old with lifetime coverage until the age of 100.

3. Manulife Freedom Plan

Life insurance coverage until the age of 65.
You can earn dividends that you can invest or utilize for your own purposes.
From its name, this plan lets you experience the freedom of cash values in case of emergency.

4. FWD’s Manifest Investment-linked Insurance

Up to the age of 100 for its investment possibilities and length of life protection.
You’ll earn an extra 2% of your investment upon the continuance of paying premiums after the required term.
Customizable plan depending on your goals in life.

5. BDO Lifestyle Secure

For 5 years to pay, the eligible age is from 24 to 63 years old; for 10 years premium payment, it’s up to 60 years old only.
You are insured up to the age of 74 years old.
Aside from insurance protection, you have guaranteed cash rewards.

Best Affordable Life Insurance Philippines for Parents With Children

Same with soon-to-be parents above, parents with children must have insurance catering to education and retirement funds. Among these life insurance plans are as follows.

1. FWD’s Estate Protector Life Insurance

Leaving a legacy in your own way that protects up to the of age 120.
100% assistance of terminal illnesses which your children can benefit too.
You opt to pay one-time, 5-year, 10-year, or yearly to age 120.

2. Sun Maxilink Prime

An investment-linked life insurance that can assist you in planning for your children’s future.
Pay for a minimum of 10 years or choose to boost the value of your fund with extra payments on top of your regular premiums.
With manageable investment options that can aid with your retirement planning and long-term happiness.

3. Flexi-Education

A Cocolife‘s insurance designed for your children’s education, most especially during college years.
Payment periods are 5, 7, 10, 15, or 20 years.
You’re covered until the age of 100.

4. PRUHealth FamLove

Perfect for parents with children because it’s a plan that permits you to share coverage.
You’re protected until the age of 85, provided you’re regularly paying premiums.
It’s simple and no medical exam is required.

5. Study Secure

A guaranteed educational life insurance coverage for your child by BDO Life.
In case of death or disability, all upcoming premiums will be eliminated and a yearly contingent allowance benefit will be provided to support your child.
You choose to pay for either 5 or 10 years.

Best Affordable Life Insurance Philippines for Retirees

Already a retiree? Ideally, at this stage, you may be more focused on leaving a legacy or transfer of wealth. Thus, below are your best options.

1. BDO Life’s Income Secure

Guaranteed yearly cash distributions to support your expenses during retirement years.
Insurance protection covers 20 years.
You can choose to pay for either 5 or 10 years.

2. Wealth Assure Plus

A personalized insurance package with an investing component (see below illustration) by Insular Life.
Has additional benefits 10 times your yearly premiums.
Accumulate and invest for as low as P500 pesos only.

3. Sun Flexilink 1

A cheap investment-linked insurance ideal for future-focused Filipinos especially in their retirement years.
Easy premium paying that you opt to raise the value of your fund.
You can receive incentives when you regularly pay premiums for at least 10 years.

4. PNB Life AZpire Peak

Pay for as low as P2,500 per month to experience this plan.
You’re covered 5 times your yearly premium or account value, whichever is higher.
Easy access to financial needs and lets you be worry-free in your golden years.

5. Sun Legacy

Coverage is until you are 100 years old.
Provides a consistent income stream that you can depend on until you retire.
Guaranteed cash benefits in the form of dividends.

How to Choose the Right Financial Advisor in the Philippines

We’ve mentioned above your best options for life insurance in the Philippines but still, it’s advisable to talk with a financial advisor who will further explain the plan that suits your current needs. This is why it’s important to choose the right financial advisor for you.

Here are some factors I personally consider for you to choose your financial advisor in the Philippines. I named it the 3 Cs for choosing the best and right financial advisor.

Compassion to help – someone who does beyond sales since the journey doesn’t end when you get the policy but it continues and provides you with helpful information to prepare for your retirement years and any other financial concerns.
Consistency to reach – someone who checks on you and makes a reminder to pay your premium contributions and updates on insurance-related information.
Competitive – someone who continues to excel and build authority to validate an excellent service.

Well, there’s no perfect financial advisor but one thing is for sure: your life insurance can truly help whatever life stage you’re currently in.

There you have it! These are the best affordable life insurance in the Philippines for every life stage. But remember, life insurance is just one aspect of financial planning. To get the most out of your policy, make sure to review your coverage regularly and compare rates to get the best deal. And for the last reminder, always check insurance providers’ websites to keep yourself informed on the latest updates, or better yet, ask a legit financial advisor.

Best Affordable Life Insurance Philippines for Every Life Stage