What are the best life insurance companies in the Philippines? Check out our top picks for the most financially stable, comprehensive, and customer-friendly insurers.
Life insurance is undoubtedly one of the best investments you can ever have. As of March 2023, the insurance industry in the Philippines is more than ₱2.2 Trillion pesos with a total of 136 insurance companies. With so many insurance companies in the Philippines, it can be overwhelming to choose the right one.
However, by considering factors such as financial stability, the range of insurance products offered, and customer service, you can narrow down your options and get a life insurance company that suits your needs.
If you’re interested in the best health insurance in the Philippines, check out our post.
What is Life Insurance?
Life insurance is a contract between a life insurance company and a policy owner. It guarantees the insurer pays a sum of money to one or more named beneficiaries when the insured person dies in exchange for premiums paid by the policyholder during their lifetime.
Life insurance provides financial security for your loved ones if something happens to you. It can help cover funeral costs, pay off debts, and replace lost income, ensuring that your family’s financial needs are met even in your absence. Read our personal finance guide for a quick intro.
15 Best Life Insurance Companies in the Philippines
Based on data released by the Insurance Commission of the Philippines, some insurers stand out from the rest. Here’s the list of the top insurance companies in the Philippines:
1. Sun Life Philippines
Sun Life Philippines is in the top spot of the leading life insurance companies in the Philippines that offers a range of insurance products and investment solutions to Filipino residents and organizations. It is worth considering for those who want flexible insurance products that cater to their specific needs and financial goals.
2. Pru Life Insurance UK
Pru Life UK is a top life insurance company that offers life, investment-linked, and health insurance plans. It has been named International Life Insurer of the Year for three consecutive years and has championed financial awareness, literacy, and inclusion among Filipinos.
3. Allianz PNB Life Insurance
Allianz PNB Life Insurance is one of the major life insurance companies in the Philippines providing a wide array of insurance products for individuals. With their customer-centric approach and innovative solutions, Allianz PNB Life Insurance is a great choice for Filipinos who want to achieve financial success and live confidently.
4. Philippine AXA Life Insurance
Philippine AXA Life Insurance, Corp. is a member of the global AXA Group, one of the largest insurance providers in the world. With its strong presence and extensive network, Philippine AXA Life offers a wide range of insurance products and services to cater to the diverse needs of individuals, families, and businesses. The company is known for its customer-centric approach and innovative solutions, and it focuses on delivering excellent customer service.
5. AIA Philippines Life and General Insurance
AIA Philippines Life and General Insurance Company Inc. is one of the largest and leading life insurance providers in the Philippines. The company was founded in 1947 as Philam Life by Cornelius Vander Starr, the founder of AIG, and his partner Earl Carroll. As of 2019, AIA Philippines has total assets of ₱292.97 billion and total equity of ₱91.2 billion. With its comprehensive insurance plans that cover all kinds of life’s uncertainties, AIA Philippines can help you achieve your financial goals and live confidently.
6. Insular Life Assurance Company
Insular Life is one of the oldest and largest life insurance and investment companies in the country, established in 1910. It offers a variety of life insurance plans and investment options, including education plans, retirement plans, and health insurance.
Insular Life is known for its financial stability and excellent customer service, and it has been providing comprehensive protection and financial security to Filipinos for over a century. As of August 2023, Insular Life has total assets of ₱230.6 billion and total equity of ₱25.3 billion.
7. BPI-AIA
BPI-AIA is a strategic alliance between the Bank of the Philippine Islands (BPI) and AIA Philippines, one of the most trusted life insurers in the country. The company offers a variety of insurance products and services, including life insurance, health insurance, and investment-linked insurance.
One of its popular products is the BPI-AIA Aspire, a peso-denominated participating ordinary life insurance plan that provides double protection and guaranteed cash benefits. As of August 2023, BPI-AIA has total assets of ₱ 123.8 billion and total equity of ₱ 22.4 billion.
8. Manulife
Manulife is a leading life insurance company in the Philippines that offers life, investment-linked, and health insurance plans. The company has been providing comprehensive protection and financial security to Filipinos for over a century.
Manulife has a solid track record of financial stability and resilience, with a net income of $7.3 billion and core earnings of $6.2 billion in 2022. It is also ranked in the top 6% among global finance and insurance companies in 2022.
9. BDO Life Assurance
BDO Life Assurance is a life insurance company that offers a range of insurance products and services to Filipinos. BDO Life Assurance is a subsidiary of BDO Unibank, one of the largest banks in the Philippines. The company provides various life insurance options such as term insurance, whole life insurance, endowment plans, and investment-linked insurance. As of August 2023, BDO Life Insurance has total assets of ₱ 5.8 billion and total equity of ₱ 2.3 billion.
10. Manulife China Bank Life
Manulife China Bank Life Assurance Corporation is a strategic alliance between Manulife Philippines and China Bank, providing a wide range of innovative insurance products and services that cater to the diverse needs of individuals and families.
Manulife China Bank Life provides comprehensive protection and financial security to policyholders and their loved ones. The company offers a variety of insurance products and services, including life insurance, health insurance, and investment-linked insurance.
11. Sun Life Grepa Financial
Sun Life Grepa Financial, Inc. is one of the country’s major life insurance companies. It’s a joint venture between Sun Life Philippines and Yuchengco Group of Companies (YGC). YGC is one of Asia’s largest conglomerates, with more than 90 companies.
12. FWD Life Insurance
FWD Life Insurance Corporation is a relatively new player in the Philippine insurance industry, having been launched in the country in 2014. Despite this, it has managed to expand its reach drastically and is successful not only in the Philippines but also in other countries such as Thailand, Vietnam, Malaysia, Japan, Singapore, and Indonesia.
13. United Coconut Planters Life Assurance
United Coconut Planters Life Assurance (or Cocolife) is one of the largest Filipino-owned stock life insurance companies in the country. It offers a variety of life insurance plans and health insurance products to meet the specific needs of Filipinos. Cocolife is known for its financial stability and excellent customer service, and it has been providing comprehensive protection and financial security to Filipinos for over 70 years.
14. Pioneer Life
Pioneer Life Insurance offers a variety of life insurance policies to help secure your family’s financial future. Their policies can cover burial expenses, uninsured medical bills, outstanding debts, and maintain a comfortable standard of living. They offer term life insurance, which provides maximum coverage for a limited number of years, and universal life insurance, which is characterized by great flexibility. Pioneer Life Insurance is worth considering for Filipinos who want to invest in a reliable and reputable life insurance company.
15. EastWest Ageas Insurance
EastWest Ageas Insurance is a joint venture between EastWest Banking Corporation and Ageas Insurance International. The company offers a range of insurance products and services, including life insurance, health insurance, and travel insurance.
10 Best Life Insurance in the Philippines Based on Net Worth
Here are the top ten best life insurance companies in the Philippines in terms of Net Worth as of Dec 31, 2022.
| Company | Net Worth (in Million Pesos) |
|---|---|
| 1. AIA Philippines | ₱ 67,975 |
| 2. Insular Life Assurance Company | ₱ 49,389 |
| 3. Sun Life of Canada | ₱ 41,786 |
| 4. BDO Life Assurance | ₱ 17,153 |
| 5. Manufacturers Life Insurance Company | ₱ 13,227 |
| 6. Philippine AXA Life | ₱ 9,304 |
| 7. BPI AIA Life | ₱ 7,175 |
| 8. Sun Life Grepa Financial | ₱ 5,747 |
| 9. United Coconut Planters Life Assurance | ₱ 5,575 |
| 10. Pru Life UK | ₱ 4,042 |
Top 10 Life Insurance in the Philippines Based on Premium Income
Here are the top ten best life insurance companies in the Philippines in terms of Premium Income as of Dec 31, 2022.
| Company | Premium Income (in Million Pesos) |
|---|---|
| 1. Sun Life of Canada | ₱ 52,614 |
| 2. Pru Life UK | ₱ 41,503 |
| 3. Allianz PNB Life Insurance | ₱ 33,434 |
| 4. Philippine AXA Life | ₱ 24,218 |
| 5. BDO Life Assurance | ₱ 19,166 |
| 6. FWD Life Insurance | ₱ 17,361 |
| 7. Manufacturers Life Insurance Company | ₱ 16,913 |
| 8. AIA Philippines | ₱ 15,683 |
| 9. BPI-AIA | ₱ 15,658 |
| 10. Insular Life Assurance | ₱ 14,326 |
10 Best Life Insurance in the Philippines Based on New Business Annual Premium Equivalent (NBAPE)
Here are the top ten best life insurance companies in the Philippines in terms of New Business Annual Premium Equivalent (NBAPE) as of Dec 31, 2022.
| Company | NBAPE (in Million Pesos) |
|---|---|
| 1. Sun Life of Canada | ₱ 9,715 |
| 2. Pru Life UK | ₱ 9,460 |
| 3. Allianz PNB Life Insurance | ₱ 4,734 |
| 4. BDO Life Assurance | ₱ 3,895 |
| 5. Philippine AXA Life | ₱ 3,465 |
| 6. FWD Life Insurance | ₱ 3,304 |
| 7. Manufacturers Life Insurance Company | ₱ 2,934 |
| 8. BPI-AIA | ₱ 2,396 |
| 9. Insular Life Assurance | ₱ 1,998 |
| 10. Manulife China Bank Life | ₱ 1,713 |
Factors to Consider When Choosing a Life Insurance Company
When choosing a life insurance company, there are several factors that you should consider to ensure that you are getting the best policy for your needs. Here are some things to keep in mind:
- Financial stability and reputation: Choose a company that is financially stable and has a good reputation in the industry. Check financial strength ratings from independent rating agencies such as AM Best.
- Range of insurance products offered: Look for a company that offers a range of insurance products that fit your specific needs. Consider the coverage, premiums, and benefits of each policy.
- Customer service and support: Choose a company that provides excellent customer service and support. Check online reviews and ratings to see how the company handles customer inquiries and claims.
FAQ
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What are the top 10 life insurance companies in the Philippines?
The top 10 life insurance companies in the Philippines based on market share and customer satisfaction are Sun Life Insurance, Manufacturers Life Insurance Company (Manulife), Pru Life UK, BPI-AIA (formerly BPI-Philam Life), AXA Philippines, Allianz PNB Life Insurance, FWD Insurance, Philippine AXA Life Insurance, Insular Life and Sun Life Grepa Financial.
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How does life insurance work in the Philippines?
Life insurance in the Philippines works by paying regular premiums to an insurance company. In return, the insurance company provides a lump sum payment, known as the death benefit, to the beneficiaries in the event of the policyholder’s death.
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What types of life insurance plans are available in the Philippines?
There are different types of life insurance plans available in the Philippines, including term insurance, whole life insurance, endowment insurance, and unit-linked insurance. Each type of insurance plan offers different benefits and features, so it’s important to choose the one that suits your financial goals and needs.
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Can I get life insurance with investment options?
Yes, there are life insurance plans in the Philippines that offer investment options. These plans, known as u003cstrongu003eunit-linked insuranceu003c/strongu003e or u003cstrongu003evariable life insuranceu003c/strongu003e, allow policyholders to invest a portion of their premium in investment funds, such as u003ca href=u0022/investing-in-stocksu0022u003estocksu003c/au003e, u003ca href=u0022/what-are-bondsu0022u003ebondsu003c/au003e, and u003ca href=u0022/4-types-of-mutual-fundsu0022u003emutual fundsu003c/au003e.
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What is the best life insurance company in the Philippines?
Based on the rankings provided by the Insurance Commission, u003cstrongu003eSun Life Philippinesu003c/strongu003e stood out as the best life insurance company in the Philippines.
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Where can I find a licensed insurance agent to help me with life insurance?
You can find licensed insurance agents in the Philippines by reaching out to insurance companies directly, attending insurance seminars or events, searching online directories, or u003ca href=u0022/contactu0022u003econtacting meu003c/au003e so I can endorse you to my partners.
Final Thoughts
By choosing the right life insurance company, Filipinos, especially millennials and young professionals, can secure their future and protect their loved ones. These companies have a solid track record of financial stability and provide excellent customer service and support.
Sources:
- https://www.insurance.gov.ph/consolidated-insurance-industry-performance-1st-quarter-of-2023/
- https://www.insurance.gov.ph/wp-content/uploads/2023/03/Q4-2022-Performance-Life-Net-Worth.pdf
- https://www.insurance.gov.ph/wp-content/uploads/2023/03/Q4-2022-Performance-Life-Premium-Income.pdf
- https://www.insurance.gov.ph/wp-content/uploads/2023/03/Q4-2022-Performance-Life-NBAPE.pdf
