Asking which is the best insurance in the Philippines is like looking for a needle in the haystack. It may sound exaggerated, but it’s not, especially that all insurance companies claim they are the best there is.
Finding the best one requires due diligence and patience. Do these steps before you sign on the dotted line.
- Know what life insurance is really
Interpretations vary, more so when you are doing online research. It pays to talk to advisors since they are the subject matter experts.
Notice the word ‘advisors,’ which is a subtle hint that you should be open-minded because even these experts interpret their products differently. That is if you are going to ask company-affiliated advisors or agents.
- Compare insurance products
In the Philippines, the typical scenario involves insurance agents approaching family, relatives, friends, and colleagues they can pitch to. There’s value to the process—receiving comprehensive information from a person that you know personally and trust.
However, there is a tendency to sugarcoat, overpromise, and other forms of biases. Doing your research is more than necessary. Through this, you’d have several options that you can compare against another and your needs.
Shop around, create a shortlist, and compare some more. Evaluate the outcomes of your comparisons to come up with the policy that addresses two factors: need and budget. Your goal is to find the best insurance in the Philippines with the most coverage with the amount you can afford.
Which factors to compare?
This is a common question when finding insurance policies. The factors to look for as the basis of comparison are:
- Rates or quotes
- Benefits and riders
- Fees, charges, and taxes
- Payment terms
- Cooling-off and grace periods
Secure a copy of the proposals from your shortlisted companies. Most often than not, it has the information on the things mentioned above. Make sure that it is clear to you what the primary and additional benefits are. This will be your basis if particular insurance will meet your need or not.
Premium amounts vary from one insurance company in the Philippines to another, even for the same coverage. You also need to know the reasons for the price differences. Even slight differences in amount figure significantly in lump sum payments, guaranteed cash benefits, cash value, withdrawable, cash value, and anything financial-related.
- Review the fine print
Do not sign anything if there’s something or anything that is not clear to you. You need explanations and clarifications, and only a competent insurance advisor can help you with this.
Discuss the policy’s features. Highlight what might happen given different scenarios. How the insurance company responds to the health crisis is a great conversation starter. This helps you gauge the company’s preparedness in case unexpected events like this occur.
Walk away if you feel that the agent is withholding certain information from you or cannot discuss the answers to your questions in detail. The bottom line is getting all bases covered. In this way, you won’t regret your decision to obtain a policy.