Best Life And Health Insurance Services In The Philippines

There are numerous advantages in getting a life insurance, especially if you get one that also offers an investment option. Such type of insurance is known as variable life insurance. In 2008, I took Sun Life Financial's Sun FlexiLink plan.

Sun FlexiLink is a peso-denominated insurance plan that provides financial protection at the same time gives you the option to choose where your premium payments will be invested. I selected the Balanced Fund.

With variable life insurance, your plan's fund value appreciates/depreciates depending on the performance of the fund selected. In this aspect, it is similar to a mutual fund or UITF, except that your beneficiary is guaranteed to receive the plan's face amount, no matter what happens to the fund.

You can also withdraw portions of the fund value if needed.

On top of the face value and fund value, you get supplemental benefits such as the Hospital Income Benefit (HIB), which pays a daily hospital income in case of hospitalization of the insured. The daily hospital income doubles in case of confinement in an intensive care unit or confinement due to a dreaded disease. Another benefit is the Total Disability Benefit (TDB), that waives premiums if the insured becomes totally and permanently disabled.

Unlike mutual funds or UITF's or stocks, variable life insurance is not a one-time lump sum investment. Premium payments are piecemeal and gradual. You can also top up if you have extra cash. It's very much like a savings account but on steroids in terms of financial benefits and security.

Both bank savings account and insurance are highly liquid assets, a feature very useful in time of emergency cases.

Manulife Chinabank Invest with Enhanced Critical Illness Rider is another option. Other good candidates are PhilCare and ValuCare.

Here's a comprehensive HMO list, if you need to know.

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