Best Insurance For Kids Philippines (To Secure Their Future) - The Thrifty Pinay

Best Insurance for Kids in the Philippines

Being a parent puts a lot of people in a state of constant worry (including me). We all want the best for our children and that mostly comprises protecting their future. Thus, the search begins for the best insurance for kids in the Philippines.

I’ve met with fellow financial advisors to find the best insurance for babies in the Philippines. I understand that there’s really no foolproof way to secure my child’s success, but as a parent, I will do everything to increase its probability. Furthermore, here are some questions I’ll make sure to answer throughout this article:

  • 4 Things to Look For in Your Child’s Insurance Policy in the Philippines
  • What Type of Insurance Should I Get?
  • Cheapest insurance for Kids in the Philippines
  • Best Health Insurance for Kids in the Philippines
  • Best Insurance for Kids in the Philippines: Reminder to Parents and Guardians

4 Things to Look For in Your Child’s Insurance Policy in the Philippines:

I want a comprehensive insurance policy to cover these things for my child. 

1. Guarantee of Benefits

This applies when the owner or payor is no longer able to pay because of disability, critical illness, or death. Most policies include this on the basic plan but some will need to be added as a supplemental benefit.

2. Health Protection

In case of illness, I want my child to have the best possible treatment available. Critical illness and health coverage should provide enough funds for that. I can focus on being mentally and emotionally available for my kid until she fully recovers without the worry if impeding financial burdens.

3. Educational Fund

Tuition fee is another expense we can’t skip as a parent. I want to secure my child’s college fund at least but having yearly endowments when she starts school would be better. I am a fan of traditional insurance but this benefit can only be achieved by an investment-linked insurance policy.

4. Start-up Fund 

This is one benefit that I included in my goal coverage because I love the idea of giving something my child can kickstart their independence with. It can also double as an emergency fund if they choose to keep it intact. It’ll be advanced coursework on the money-handling lessons I’ll be giving my kid.

There are policies in this article that do not cover all of my must-haves but provide standout protection on two or more aspects. 

A study shows that a person needs multiple insurances in their lifetime to be truly secured. With that said, nothing can stop me from getting more than one policy if that means better security for my child’s future.

Pro Tip: Ask your financial advisor for alternatives. They are there to help.

Best Insurance for Kids in the Philippines: What Type of Insurance Should I Get?

There are mainly two types of insurance policies offered by insurance companies in the Philippines

1. Traditional Life Insurance

Traditional insurance plans guarantee a return on premium by setting the amount covered at the policy’s inception. Basic life and critical illness policies fall into this category. 

2. Variable Universal Life Insurance

This is an investment-link policy that bases its return on the performance of the investment fund. Some plans have determined pay-out schedules while some allow withdrawal at the discretion of the policy owner. 

Traditional life insurance plans can be bought on their own but a VUL insurance will have a life benefit coverage attached, always.

Life and health protection can be covered through traditional life insurance but educational funds and other cash benefits can only be achieved through an investment-linked plan. 

Pro Tip: You can check the previous VUL fund performance of insurance companies through their website so you can assess if their projected fund value reflects what they actually earn. 

My List of Best Insurance for Kids in the Philippines

Here is a list of the most comprehensive insurance for babies I can find. They are offered by credible insurance companies in the country so you can count on their credibility.

I will explain briefly what the insurance product brings to the table and its stand-out features so you can compare effectively and pick the one that resonates with your needs. The list goes in no particular order.

1. Sun Dream Achiever

From the Philippines’ longest-running insurance company, this plan gives the policy owner a life insurance benefit plus savings. Four annual payouts will be given at the owner’s choice between the 12th and 17th year from the policy’s effectivity date. 

The annual payment can be used as your child’s college fund. If that is the plan, you should get the policy when your child is between 0-6 years.

2. Sun Smarter Life Elite

Another life-plus saving plan from Sun Life, Sun Smarter Elite guarantees a cash benefit every two years starting from the 6th year of the policy’s effectivity. It’s a sort of pamana plan for your child and grandchild since your child is the one being insured and your grandchild is the default beneficiary. 

Although a yearly pay-out option would have been sweet, this plan can help support your kid’s education from grade school and beyond, nonetheless.

3. AIA Future Scholar

AIA, previously Philam Life, was actually where my parents got my educational plan for college. This insurance product aims to specifically support your child’s college education. Get this policy when your child is between 0-10 years old.

They will guarantee a bi-annual pay-out every year for 4 years starting when your child turns 18. The minimum annual premium is at an economical P20,000. 

4. AXA AcademiX 

An investment plan with guaranteed cash benefits for your child’s 4 years in college plus a cash gift when they graduate. 

One distinct feature of this plan is that in case of the payor’s untimely death, the cash benefits schedule will be adjusted to yearly guaranteed payouts until they finish college.

5. FWD Manifest

This childproof investment-linked insurance, coming from the country’s no. 1 in customer experience among insurers, covers a life plus savings withdrawable from the 10th year without any charges. 

It gives more freedom on the timing of withdrawals for when educational assistance is needed. FWD offers an automatic waiver of premiums when the payor is deemed incapable of paying and provides riders that can cover other supplemental benefits.

6. PruLink Elite Protector Series

Elite Protector is good to have for building long-term funds and gaining maximum life insurance in case of the payor’s untimely demise. 

A life, saving, and investment plan for a minimum annual premium of 85,000, which might not be as budget-friendly as other plans.

7. Manulife Education Builder

Another flexible life and investment plan, Manulife Education Builder lets you choose to prepare for a 4-year or 5-year college degree during which you can access your funds through withdrawals. 

Add-on benefits can be added like premium waivers. Cash support will continue till the age of 22 for your child in case you pass away.

8. Paramount Direct Dream College Plan

This College plan should be secured when your child is between 0-10 years old. Your child will receive college funds twice a year for four years starting when he’s 17. Paramount also tosses in a guaranteed cash graduation gift when your child turns 21. 

One con would be that the payment term is set at 5 years which may be tough as the premiums will be higher.

Cheapest insurance for Kids in the Philippines

I’ve rounded insurance policies with the lowest premiums. They can’t provide the same comprehensive protection as my list above but will surely not lag in the value for money department.

1. AXA My Life Choice 

This insurance policy from AXA is a flexible investment link policy that can be used as health protection, life protection, and savings fund. For as low as 1,000 monthly top-ups, you can gradually but steadily save for your child’s future. 

Given its customizable feature, you can choose whether to go heavy on health coverage or savings fund.

2. AIA Future Scholar

AIA’s Future Scholar Plan is included in our list above but I have to mention it here again because of its affordable minimum annual premium of 20,000. 

You can’t expect a large coverage with the minimum premium but the bi-annual pay-outs will surely lift off some of the burden during your child’s 4 years of university. You can also add a supplemental benefit to the plan to make it more extensive.

Best Health Insurance for Kids in the Philippines

Here are a couple of outstanding policies I recommend that cover critical illness and comprehensive healthcare protection.

1. Pacific Cross Select Plus Plan

For a little 1,600 monthly premium for a 3-year-old child, Pacific Cross guarantees a 1.5M annual benefit including, outpatient care, COVID19 coverage, mental health, unlimited teleconsultations, and more. 

This non-life insurance company offers comprehensive coverage for your child’s medical protection. The plan is renewable every year subject to adjustment as the child ages.

2. FWD Set for Health

FWD provides a different set of juvenile critical illness coverage for minors and automatically updates the coverage list when they reach adulthood. You can claim the coverage amount up to three times provided that they are from different illness strings. Premium is waived once a claim is made and other benefits remain active.

A monthly premium of 1,960 for 20 years gives you a 500,000 critical illness benefit, plus life, plus a refund upon the end of the policy duration when there are no claims made. 

Child Health Insurance Philippines

Not all health insurance plans cover minors. Know who has life and health coverage by asking your financial planner. 

Best Insurance for Kids in the Philippines: Reminder to Parents and Guardians

Keep to heart the oxygen mask theory

When a plane loses cabin pressure, you should put your mask first before helping somebody else, including your children. This practice will put you in a more effective position to help and have a more lasting benefit for everyone.

Consequently, make sure that you have life, disability, and critical illness coverage first before your kids. Considering that they are minors, they will not be able to afford the premiums themselves in case you are no longer able to provide them, resulting in a terminated policy. 

A terminated policy is a loss for everyone.

A few more reminders to make the search easier:

Know how much you are able and willing to pay

I’ve seen insurance seekers asking financial advisors how much one policy costs. A valid question by the way, but the correct way to go about payment premiums is the other way around. 

You should be the one declaring the amount of premium you are most comfortable with and the financial advisor look for the plan that works with it. Consider it as a money-saving challenge.

Know how long you want to pay

You are saying yes to a promise of strict savings so an insurance payment term should be determined by your commitment level. 

Investment-linked products usually have payment terms between 5 and 20 years but with options to top up to add to your investment fund.

Know the riders you want

Riders are add-ons that add another layer of benefit on top of your base policy. They usually come at an additional cost but if you’re aiming for comprehensive coverage, knowing your additional options will help you make a better plan. A good financial advisor will recommend good policy riders.

Pro Tip: Make sure your policy has a waiver of premium in case you pass away.

My Search for the Best Insurance Plan for My Child in the Philippines

It is my personal goal to secure insurance for my kid this year, so hopefully, when I update this piece next year, I can share the policy I chose. 

Give me a holler here if you want to discuss more on this topic!

This list may be a lot to chew on and you might not decide which to choose right away (which is good) but the fact that you’ve come to this page is proof that you’ve already decided on securing your child’s future. *fist bump*

I’m now wrapping up my best insurance for baby Philippines piece. I hope this article gives you a good headstart in your search. We can only do so much to get the best for a child but that doesn’t stop us from doing it anyway. Good luck to us fellow Thrifty Pinay Mommas!


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By Rhea Trillanes

Rhea Trillanes is a writer of The Thrifty Pinay, an entrepreneur, and a proud mother & wife to a family of three in the Philippines. Her background in business and accounting makes her the perfect pro-bono business consultant for family and friends. She spent 10 years in corporate before discovering the world of freelancing. She writes articles and business proposals in the wee hours of the night. When not absorbed in writing, Rhea enjoys reading mangas and exploring money-making breakthroughs.