How to get a life insurance in the Philippines 2019

Life insurance is a great way to have peace of mind and also make sure that your family’s future would be secured. Are you looking to invest in a life insurance policy but do not know where to begin? You have come to the right place. This article is meant to guide you on how to invest in life insurance and make the most of your policy.

What is life insurance?

In a nutshell, life insurance is one of the best and most affordable methods to prepare for any emergencies that can happen in life. It can be a safety net that can be used to accumulate savings, invest, have a retirement fund and not worry about what will happen to your family in case you suddenly die.

Steps to get get a life insurance policy

Consider what needs you have.

Look into the needs of your family. There would be specific riders that can answer to those needs. Before even going to see a financial adviser or life insurance agent, it would be wise to list down the needs of your family and talk to a financial adviser at the insurance company about these needs.

Research life insurance.

It would help you not to go directly to a life insurance company without even a little knowledge about what you are going to invest in. Searching on the internet is free and easy, research the types of life insurance, the different payment methods and the benefits you would want to have included in your policy.

See a life insurance agent.

After gathering some knowledge on what these insurance companies have to offer, it would be the right time to reach out to an insurance agent. By this time, you should already have an idea of which company you would like to invest in. You can talk to an insurance agent or financial adviser in the physical office of the insurance company.

Look at the requirements.

While talking to your insurance agent, they will tell you about all the needed requirements for your policy. You will most likely need two valid ID’s, and you would need to fill up some paperwork. Some insurance companies will also require medical tests to be done to ensure that you are at optimal health before letting you have a policy.

Submit your application. 

After filling out all the necessary documents and gathering everything you would need, you can go back to your insurance agent and submit your application. They will usually give you a timeframe of when you should make your first payment and when you should expect to receive your policy.

Pay for your first premium.

You will not be making your first premium payment. These payments will be made either monthly, quarterly, semi-annually or annually, depending on what you had originally agreed upon with your insurance agent.

For the first payment, it would usually be made over-the-counter at a bank, but you will have the option of paying online for the succeeding payments. Some companies also have the option of doing an auto-debit from your bank account for your premiums.

Receive your life insurance policy.

At this point, when you receive your policy, you will already be insured. No matter what happens to you, your family will be able to receive the cash benefit that was promised to you in your policy. Just continue to pay for it for around five to ten years (depending on what you agreed to when you signed the documents) and you will be all set for anything that life will throw your way.

Getting a life insurance policy would be easy. It would be the first step in achieving peace of mind and having financial security for your family.