What are the Term Life Insurance Plans in the Philippines

A few months ago, I was venting how hard it is to find a term insurance in the Philippines.

My sibling found a suitable whole life and health insurance but it’s costly.

I knew there has to be an affordable term life insurance in the Philippines. These could be elusive but definitely not extinct.

So I spent a couple of days hunting for information about the list of insurance companies (renewed for license) from the Insurance Commission.

I followed the track of each companies online. Fortunately, most have websites that I delved into for hours.

So if you are looking for a term insurance, get ready to sit and read for a long . .  . long time. Don’t mind getting bored because you could save time, effort, and money with this blog post.

Note: I tried hard to figure out which among the products of each insurance company are term insurance. Some companies are straightforward as if telling “here are what you are looking for.” Others were somewhat speaking a foreign language.

If you find any error, let me know.

Term Life Insurance in the Philippines

Life Insurance Companies

I’ll update the list whenever necessary. By the way, the list is arranged in alphabetical order; no significance whatsoever.

1. Allianz PNB Life Insurance, Inc.

I can’t find a term insurance on the website of Allianz PNB Life Insurance. Whole-life insurance and VUL are the common products including a critical illness rider. Any addition, will increase the premium.

2. BDO Life Assurance Company, Inc.

The renewable term insurance of BDO can be converted  to a basic whole life or endowment product without medical examination.

While employees of a company can avail the group yearly renewable term that pays the coverage upon the death of the insured members.

Additional Riders for the Group Term insurance

  1. Accidental death and disability rider
  2. Total and permanent disability rider
  3. Total and permanent disability income rider
  4. Dread disease benefit
  5. Hospital income benefit
  6. Burial assistance benefit
  7. Accident medical reimbursement

3. BPI-Philam Life Assurance Corporation, Inc.

BPI-Philam has many insurance products. Life Protect Health seems to fit as a term insurance but correct me if I am wrong.

Other products that have term coverage period for accident and health insurance include the following:

  1. Health
    • Health Save 10
  2. Protection
    • Accident Guard 24/7
  3. BPI-Philam Direct
    • Smart Shield (18 – 64 years old / 0 – 17 years old)
    • Smart Health Shield Series (18 – 64 years old / 0 – 17 years old)
    • Life Protect Health Direct (18 – 50 years old)

4. Beneficial Life Insurance Company, Inc.

BenLife was established in 1960. It offers whole-life, accidental, and health insurance.

5. Caritas Life Insurance Corporation
Caritas has two types of insurance plans. The individual plan includes Heart Shield is a whole-life plan that can have a rider; on the other hand, group plans have term coverage.

  1. Personal Accident Shield – One year accident insurance protection.
  2. Term Life Coverage – Yearly renewable term plan.
  3. Credit Life Coverage – Credit group live plan.

Individuals cannot get a term insurance but those who has access to group plans can have accident insurance protection in a limited period.

6. Country Bankers Life Insurance Corporation

Without beating around the bush, I easily found the term insurance for individuals.

  1. Yearly Renewable Term – one time premium payment.
  2. 5-year and 10-year Convertible Term – can be converted to a permanent plan.
  3. 15-year and 20-year Convertible Term

Now, why can’t other life insurance companies make our life easier just like what Country Bankers did. The website is simple and straightforward, but there’s still room for improvement.

7. East West Ageas Life Insurance Corporation

So far, there’s no information on the website of East West Bank about insurance products but the news confirmed the joint venture of EastWest Bank with Ageas that resulted to the establishment of East West Ageas Life Insurance Corporation. If you’re eager to know more, visit a branch to broaden your options.

8. FWD Life Insurance Corporation

FWD Life Insurance Corporation has offices in Hong Kong and Macau, Indonesia, Japan, Singapore, Thailand, Philippines, and Vietnam. It is the first life insurance company licensed by the Insurance Commission of the Philippines under the new Insurance Code published in 2013.

Under Set for Tomorrow, you can choose from three term insurances:

  1. Short Term Cover Insurance (coverage: 5 to 10 years)
  2. Income Protector Term Insurance (coverage: until age 55, 60, or 65)
  3. Estate Protector Term Insurance (coverage: until age 120)

The minimum premium is Php 2,000 per month or Php 21,000 per year.
Common Benefits

  • Life insurance coverage
  • Terminal illness benefit
  • Overseas benefit
  • Funeral benefit
  • Spouse extension benefit

Payment Options:

  • Regular payment term
  • 5-year payment term
  • 10-year payment term
  • Single payment term

9. First Life Financial Company, Inc.

Another financial institution that simplifies the quest for a term insurance. Choose any from the four protection insurance for short and long-term coverage.

  1. Hospital Cash Plus
  2. Annually Renewable Term
  3. 10 Year Term
  4. Term 65 Series

Annually Renewable Term is convertible into a permanent plan. The 15-year coverage of the Hospital Cash Plus with accidental, waiver, and hospital income benefit makes it a good choice.

If you want a renewable term plan for a longer period then choose between 10 Year Term and Term 65 Series.

10. Fortune Life Insurance Company, Inc.

For as young as 10 years old, a client can avail a renewable term through Fortune Life Insurance Company. But should a child get an insurance?

  1. Annual Renewable Term (ART)
  2. 5-Year Renewable Term (5-YRT)
  3. 10-Year Renewable Term (10-YRT)

The 5-Year and 10-Year plans are convertible to a permanent plan before the age of 60.

11. Generali Life Assurance Philippines, Inc.

Generali offers group plans such as life, health, and accidental insurance. Term insurance for individuals is not available.

12. Insular Life Assurance Company, Ltd.

The insurance products of InLife (or Insular Life) are categorized into Save, Protect, and Invest. InLife provides investment-linked life insurance plans that may include accidental or critical illness coverage. I didn’t find a term or whole-life plan.

I am impressed with the easy-to-navigate website which is definitely an advantage; Insular Life made the right move to adapt to the new technology. My mom has a life insurance from Insular; she started paying for it when I was probably in kindergarten. Years had passed, the company is still active and my mom keeps getting annual dividends.

For those who has a budget for insurance, Insular Life is one of the companies to consider but when it comes to term insurance it’s better to look somewhere else.

13. Manila Bankers Life Insurance Corporation

The individual insurance plans of Manila Bankers are payable for 5 years with varying covered period.

  1. Life Saver – 10 year coverage
  2. Money Saver – 15 or 20 year coverage
  3. MPower – 10 year coverage

It isn’t clear of the policy is renewable after the term. For a lifetime coverage, MB Life Plan is the only option for individual plan.

14. Manulife Chinabank Life Assurance Corporation

The Personal Protection Plans include the following:

  1. Base Protect – one year coverage
  2. Base Protect Plus – five year coverage

Both plans are renewable at the end of the term or convert to a lifetime coverage plan like the MCBL Legacy Protect 100.
Manufacturers Life Insurance Company, (Phils.) Inc.

15. National Life Insurance Company of the Philippines (no website, acquired by another company in 2016)

16. Philam Equitable Life Assurance Company, Inc.

Clients whose age is between 0 to 84 can avail the Guardian, a term insurance plan with life insurance coverage until 85 years old.

  • Leave a guaranteed cash amount for your family
  • Riders: accident, disability, and hospitalization
  • Payment Mode: one time, 5 years, 10 years, or regularly
  • Option to convert the plan to a life or endowment plan

Meanwhile, Health Invest Plus is for those who wants life insurance and critical illness coverage. What I like about Philam’s website is the definition of terms at the sidebar. The terms help the readers to have a grasp of the benefits of the plan.

17. Philippine Axa Life Insurance Corporation


  • Protection coverage of at least Php 3 million.
  • Affordable premium for as low as Php 1,050 or Php 35.00 per day.
  • Pay for 5 years or one-time.
  • Guaranteed renewability or convertibility of the plan.

Life eXentials is another affordable plan (Php 1,000 per month). The beneficiary will receive guaranteed cash benefits for as long as 60 months. This is the most accessible plan because you can buy it online and it doesn’t require medical exams.

18. Philippine Life Financial Assurance Corporation

PhilLife Financial offers whole-life, health, and investment-linked insurance products.

19. Philippines International Life Insurance Company, Inc.

Philinterlife has four life insurance products. The most affordable is 4 Star Pan; it is a single payment insurance with 4 years coverage. The premium depends on the age of the insured.

20. Pioneer Life Incorporated

Pioneer has six life insurance plans; five of those are variable life insurance plans for individuals.

21. Pru Life UK

PRUterm 15 is the most affordable product of Pru Life UK. Customers can pay as low as Php 8,000 per year to avail the basic coverage of up to Php 3 million.

Optional Benefits:

  1. Accelerated total and permanent disability
  2. Accelerated life care benefit
  3. Accidental death and disablement
  4. Personal accident
  5. Hospital income
  6. Waiver of premium on total and permanent disability
  7. Life care waiver

22. Sun Life GREPA Financial, Inc.

Sun Grepa Pro Term is a five year renewable and convertible term. It automatically renews every five years regardless of health condition. Optional benefits include accidental death benefit and total disability benefit.

23. Sun Life of Canada (Phils.), Inc.
I maybe biased here because my sibling and I have a life insurance from Sun Life. But it’s best to avail products from well established companies. So far, Sun Life has the most number of term insurance plans.

  1. Sun Safer Life
  2. Sun Life Assure
  3. Sun Maiden / Sun Maiden Plus (only for women)

Sun Safer Life and Sun Life Assure are renewable every five years. The latter is is a life and health insurance plan; it includes coverage for critical illness. Which one would you choose?

My life and health insurance in Canada are cheaper probably because I pay separately every month but wouldn’t it be convenient to pay a one-time premium? I may discontinue the life insurance and get a disability insurance instead.

Related Post: Why is it Hard to Find Term Insurance in the Philippines

24. United Coconut Planters Life Assurance Corporation / Cocolife

Cocolife has no term insurance plan; instead, whole-life and variable life insurance plan are available.

25. United Life Assurance Corporation (no website)

That’s not all the term life insurance plan in the Philippines. There are five more companies that may provide the plan that you are looking for.

Composite (Life and Non-life Insurance Companies)

1. 1 Cooperative Insurance System of the Philippines Life and General Insurance

Life insurance for the members of the cooperative:

  • Group Basic Life Insurance Security System
  • Group Yearly Renewable Term
  • Student Insurance Plan – life insurance for the dependent of the member

2 AsianLife and General Assurance Corporation

It offers whole life and endowment plans.

3. CLIMBS Life and General Insurance Cooperative

It offers whole life and endowment plans.

4. Paramount Life & General Insurance Corporation

Secure Essential is a term life insurance plan that is renewable every year and convertible to a permanent plan. There’s no need to present evidence of insurability. Clients aged 18 to 69 years old can avail the plan to get a minimum life coverage of Php 2 million for every year the plan is renewed.

Prime Term is another term insurance but with lesser minimum life coverage (Php 500,000) than Secure Essential. It is convertible to a permanent plan. The clients aged range from 5 to 60 years old. The payment options are annual, semi-annual, quarterly, and monthly.

5. Philippine American Life and General Insurance Company

Guardian is a term life insurance plan that is convertible to a life or endowment plan.

Coverage: 1, 5, 10 years or up to age 65
Payment Options: one-time, 5 years, 10 years,or regularly

Which Term Insurance Should You Choose

That’s quite a long list isn’t it. After writing this post, I felt I deserved to binge watch a kdrama which made me laughed so hard.

But I can imagine anyone reading this post frowning instead of laughing. Let me help you.

Figure out first how much you want to be insured and how much is your budget for the premium. Choose from the list that suits your need. Don’t rush. It could take days.

Request a quote online or make a phone call. If a meetup is necessary, prepare the right question that you should ask.

The first question is obvious that comes with a roller coaster answer.

“Is this a term insurance?”

It can happen. An advisor may sell you a different product. Persuade you of better options. Stand your ground.

Get quotes and don’t make a decision right away. Don’t sign just yet. Compare the quotes and choose the best among the rest. And don’t forget to search online of any feedback.

I was elated to know that Filipinos are becoming more concerned about financial literacy that they are seeking protection for there loved ones.

Final Thoughts

If I live in the Philippines and have to get a term insurance, I’ll refer to the list and choose the plan from established companies.

Pru Life UK and Sun Life products are great options. These are not recommendations. Weigh all the benefits before making a decision.

And as I’ve said before it’s all right to change policy because situations and needs change. You have to adapt. Get a new policy or add more benefits (riders).

Do you have a term insurance? What and why did you choose it?

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About Pwede Padala Gal

Pwede Padala Gal loves to share tips on how to save in Canada and the Philippines. Someday she'll finally teach her Aspin at least one dog trick and keep a cactus alive. Chat with her on Facebook and reddit.


  1. This article is very informative for people like me shopping around for a good life insurance company to partner with.

    • Pwede Padala Gal says

      Hi Ray. Hope you can share what life insurance you choose and feedback about it so others will have more idea what insurance it fits them.

  2. Useful blog. I’m wondering, what among the term insurance listed here would you recommend (or the cheapest) for a basic life term with minimum of 1m coverage that can be renewed annually?

    • Pwede Padala Gal says

      Alvin I can’t recommend anything since my siblings were only able to get a quote from Sun Life which offers Sun Life Assure. It is an affordable term insurance but there could be cheaper from other insurance companies. Ask for quotes and time to decide because you’re still shopping around. Take your time and don’t be pressured. Now, I’m curious which one you’ll have.

    • Great content! Im a licensed financial advisor under Prulife UK and I can say that you are accurate about your info regarding our term product. For Alvin, I dont know where your coming from but I assume that you want to get the best value for your money. My rule of thumb, find which company can give you more coverage for every peso you put in. I see term insurance very useful for people with liabilities that are ending in a specific period. For example, paying for a 15 year mortgage and sending your kids to college.

      • Pwede Padala Gal says

        Hi Echo. As a financial advisor, can you give a sample quote for a single 30-year old female who doesn’t smoke or drink and no serious medical condition.

      • Thank you so much for this article … and Alvin can I also ask for a quotation for my husband. He is 35 yrs old. He just quit smoking and drinking just a month ago. No serious medical condition. Thanks.

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