• 10 Best Life Insurance Policies in the Philippines 2022 | AIA Philippines, AXA, And More 1
  • 10 Best Life Insurance Policies in the Philippines 2022 | AIA Philippines, AXA, And More 2
  • 10 Best Life Insurance Policies in the Philippines 2022 | AIA Philippines, AXA, And More 3
  • 10 Best Life Insurance Policies in the Philippines 2022 | AIA Philippines, AXA, And More 4
  • 10 Best Life Insurance Policies in the Philippines 2022 | AIA Philippines, AXA, And More 5

10 Best Life Insurance Policies in the Philippines 2022 | AIA Philippines, AXA, And More

Life insurance policies have taken on a new level of importance, especially these past few years. We saw the significance of taking care of ourselves and organizing our finances. That is why life insurance policies are here to be our loved one’s lifeboat in case we kick the bucket. 


If you’ve been considering getting a life insurance policy, we got you! We have crafted a detailed buying guide to help you pick the best life insurance policy according to your needs. Our curated list of the 10 best life insurance policies also offers you a wide range of choices from the top insurance providers in the country.

This article's contributors

Editorial Team
  • Last updated: 11-07-2022
Table of Contents

How to Choose an Insurance Policy - Buying Guide

Here are some key points to consider:


  1. Learn the 4 different types of life insurance policies.
  2. Assess your risk category.

  3. Consider the payment terms that match your budget.

  4. Look for inclusions that add more value.

  5. Opt for an insurance provider that has a high premium income.

  6. Check the provider’s license to operate in the country.

Learn the 4 Different Types of Life Insurance Policies

Before you sign up for a life insurance policy, you must first understand its four types. This will be a big help in determining which kind of insurance policy you should choose as it informs you about the insurance coverage, how much you should pay or your premiums, and the duration of your payments.

Term Policies for Hassle-Free Transactions

Term Policies for Hassle-Free Transactions

This is the most uncomplicated insurance policy you can get. A term insurance plan only requires low premiums and the contract is relatively easy to understand. However, the premiums cost usually increases with each policy renewal and only lasts for a certain number of years.

Endowment Policies Make Sure All Your Bases Are Covered

Endowment Policies Make Sure All Your Bases Are Covered

If you have a large budget allocated to an insurance policy, this would be a good option. An endowment plan owner will pay a fixed rate, which is called premiums, for a specific number of years or until they reach a certain age. Their beneficiaries will receive the whole amount at once in the event of the policy owner's death.


An endowment life insurance policy allows its owner to save up for multiple purposes through a savings plan included in the insurance policy. It also guarantees a huge return once the plan matures. It's considered to be a low-risk investment compared to other insurance policies due to its guaranteed returns.

Whole Life Policies Ensures a Worry-Free Retirement

Whole Life Policies Ensures a Worry-Free Retirement

True to its name, a whole life insurance plan covers the full life of its policy owner. The policy has flexible payment terms, a fixed premiums rate, and lets you use it as a savings account. While it’s generally a great insurance plan, it’s usually expensive to maintain and entails a complex contract that might need the help of a lawyer to help you look into.

Variable Universal Life (VUL) Policies Allow You to Invest and Save at the Same Time

Variable Universal Life (VUL) Policies Allow You to Invest and Save at the Same Time

If you're into investing, you might be interested in this type of insurance policy. A VUL plan lets you have life insurance and an investment vehicle in one. A part of the premiums you pay can be delegated to your chosen investments. The better your investment's performance is, the higher your policy can earn!


A VUL insurance policy requires you to pay separate investment fees, and the death benefits to be received highly depend on how well your investments are doing. It's also important to be well-versed in market movements so you can take advantage of its volatility.

Assess Your Risk Category

Assess Your Risk Category

One of the steps to get life insurance is going through a medical exam and lifestyle assessment which will determine your risk category. This is the deciding factor of how much you have to pay for the insurance. The older and unhealthier you are, the higher premiums you have to pay.


If you are extremely healthy, you’ll be classified as preferred plus, while having minor health issues will downgrade you to the preferred category. Those with good health but have high blood pressure risks will be classified as standard plus, while those that are healthy but have a family history of diseases are categorized as standard.

Consider the Payment Terms That Match Your Budget

Consider the Payment Terms That Match Your Budget

Make sure to take note of the payment terms of the life insurance policy you will avail of. You can pay for the policy annually, semi-annually, quarterly, or even pay a lump sum amount right away, depending on your budget. 


But, generally, it’s safer to go for policies that level with your financial capacityGetting an insurance policy that’s above your means might lead to it lapsing and your beneficiaries not receiving anything.

Look for Inclusions That Add More Value

Look for Inclusions That Add More Value

Life insurance policies only have two main components: the premium you will pay and the death benefit that your beneficiaries will receive. However, those are not the only things that you might get from a policy, depending on which one you will avail.


For example, a whole life insurance policy allocates a portion of the premium to building a cash value that you can withdraw from in case of emergencies, while a VUL plan also allows you to put up investments to generate more income.

Know About the Add-Ons Available

Know About the Add-Ons Available

Insurance policies can take your plans further by incorporating add-ons called riders. These are optional benefits you may add to your plan that enhances its coverage. It increases the amount of the premiums you have to pay, but it also upgrades the safety that your insurance plan provides. Some examples of these include hospitalization benefits and protection against accidents and illnesses, to name a few. 

Opt for an Insurance Provider That Has a High Premium Income

Opt for an Insurance Provider That Has a High Premium Income

It's as simple as this: higher premium income means better services provided by the insurance provider. Inquire or research the provider's New Business Annual Equivalent (NBAPE), which reveals their sales performance and shows the company's growth. Higher premium incomes also mean that the customers are more satisfied.

Check the Provider’s License to Operate in the Country

Check the Provider’s License to Operate in the Country

There are a lot of insurance providers that have surfaced, which means a higher chance of encountering insurance scammers. Before committing to a contract, check if the company is a licensed insurance agency. You may also refer to the list made by the Insurance Commission for this.

Compare the Best Life Insurance Policies

To give you a rundown, here are our top 5 picks for the best insurance policies you can buy online:


  1. Best all-around insurance policy: AIA All-In-One Plus

  2. Best insurance plan with loyalty bonuses: AXA life basiX Plus

  3. Best convertible policy: PRU LIFE UK Your Term

  4. Best budget-friendly plan: BDO Life Life Secure

  5. Best life insurance policy for first-timers: Insular Life Basic Assure 10

Image
1
AIA Philippines AIA All-In-One Plus  1

AIA Philippines

2
AXA life basiX plus  1

AXA

3
PRU Life UK Your Term  1

PRU Life UK

4
BDO Life Life Secure 1

BDO Life

5
Insular Life Basic Assure 10 1

Insular Life

6
Allianz PNB Life Allianz Protect  1

Allianz PNB Life

7
Manulife Philippines Seasons 100  1

Manulife Philippines

8
FWD Life 3-in-1 Protection Insurance Plan 5397  1

FWD Life

9
BPI-AIA Life Critical Care Max 1

BPI-AIA Life

10
Sun Life MaxiLink 100  1

Sun Life

Name

AIA All-In-One Plus

life basiX plus

Your Term

Life Secure

Basic Assure 10

Allianz Protect

Seasons 100

3-in-1 Protection Insurance Plan 5397

Critical Care Max

MaxiLink 100

Features

All-Around Whole Life Insurance Plan That Covers All Your Bases

Whole Life Plan With Guaranteed Loyalty Bonuses

A Convertible Plan You Can Choose According to Your Needs

A Budget-Friendly Whole Life Insurance Plan

Easy to Manage Plan With Guaranteed Benefits

Insurance Plan That Contributes to a Good Cause

A Whole Life Insurance Plan With 4 Varieties to Choose From

Get a Life Insurance Plan Instantly

VUL Plan With Additional 20% Policy Coverage and Benefits

Has Flexible Payment Options to Match Your Budget

TypeEndowmentWhole LifeTermWhole LifeTermTermWhole LifeTermVULVUL
Payment Terms10 Years or Up to Age 6510 YearsYearly, Renewable Until Age 895 Years, 10 Years, For Life10 YearsYearly, 5 Years, 10 Years5 Years, 10 Years, Up to Age 60YearlyConsult With Insurance Provider for More DetailsYearly, Semi-Annually, Quarterly
InclusionsProtection Against Critical Illness, Accident, and Disability, Savings AccountHealth Insurance, Investment VehicleConvertible to Insuravest PlansExtended Premium Payment Period, Potential DividendsGuaranteed Cash PayoutsAutomatic Contribution to the World Wildlife Fund Food Shed Farming EntCentenarian BonusProtection for Life, Accident, and Major Illnesses20% Upfront Upgrade on Policy Coverage, Health FundLoyalty Bonus
Add-OnsEnhanced Waiver of Premium, Daily Hospital Income, Payor's Benefit on Death and DisabilityWaiver of Premium Rider, Secure RiderProtection Against Accident, Death, Disability, Critical Illness, Hospital ExpensesAccidental Death and Disability BenefitDread Disease Rider, Special Accident Rider, Hospitalization RiderAccidental Death, Dismemberment, and Disability BenefitConsult With Insurance Provider for More DetailsCOVID-19 Protection via Pacific CrossAccident and Health Benefit, Hospital Confinement BenefitProtection Against Accidents, Disability, and Illnesses
CoverageUp to Age 80LifetimeContinues As You RenewLifetime20 YearsDepends on Chosen Payment termLifetimeUntil Age 55LifetimeLifetime
Age Requirement0 Years Old7 Days Old and Up7 Days Old 7 Days Old18 Years Old18 Years old15 Days Old18 Years Old18 Years Old18 Years Old
Premium Starts AtConsult With Insurance Provider for More DetailsPHP 4,500PHP 5,000 - 8,000Consult With Insurance Provider for More DetailsConsult With Insurance Provider for More DetailsConsult With Insurance Provider for More DetailsConsult With Insurance Provider for More DetailsConsult With Insurance Provider for More DetailsConsult With Insurance Provider for More DetailsConsult With Insurance Provider for More Details
Link

10 Best Insurance Policies to Buy Online

The products we introduce below were carefully curated by the mybest team using the points mentioned in our detailed and thoroughly researched buying guide.


**Prices may vary depending on the website and their campaign period**

1

AIA PhilippinesAIA All-In-One Plus

TypeEndowment
Payment Terms10 Years or Up to Age 65
InclusionsProtection Against Critical Illness, Accident, and Disability, Savings Account
Add-OnsEnhanced Waiver of Premium, Daily Hospital Income, Payor's Benefit on Death and Disability
CoverageUp to Age 80
Age Requirement0 Years Old
Premium Starts AtConsult With Insurance Provider for More Details
2
TypeWhole Life
Payment Terms10 Years
InclusionsHealth Insurance, Investment Vehicle
Add-OnsWaiver of Premium Rider, Secure Rider
CoverageLifetime
Age Requirement7 Days Old and Up
Premium Starts AtPHP 4,500
3
TypeTerm
Payment TermsYearly, Renewable Until Age 89
InclusionsConvertible to Insuravest Plans
Add-OnsProtection Against Accident, Death, Disability, Critical Illness, Hospital Expenses
CoverageContinues As You Renew
Age Requirement7 Days Old
Premium Starts AtPHP 5,000 - 8,000
4
TypeWhole Life
Payment Terms5 Years, 10 Years, For Life
InclusionsExtended Premium Payment Period, Potential Dividends
Add-OnsAccidental Death and Disability Benefit
CoverageLifetime
Age Requirement7 Days Old
Premium Starts AtConsult With Insurance Provider for More Details
5
TypeTerm
Payment Terms10 Years
InclusionsGuaranteed Cash Payouts
Add-OnsDread Disease Rider, Special Accident Rider, Hospitalization Rider
Coverage20 Years
Age Requirement18 Years Old
Premium Starts AtConsult With Insurance Provider for More Details
6
TypeTerm
Payment TermsYearly, 5 Years, 10 Years
InclusionsAutomatic Contribution to the World Wildlife Fund Food Shed Farming Ent
Add-OnsAccidental Death, Dismemberment, and Disability Benefit
CoverageDepends on Chosen Payment term
Age Requirement18 Years old
Premium Starts AtConsult With Insurance Provider for More Details
7
TypeWhole Life
Payment Terms5 Years, 10 Years, Up to Age 60
InclusionsCentenarian Bonus
Add-OnsConsult With Insurance Provider for More Details
CoverageLifetime
Age Requirement15 Days Old
Premium Starts AtConsult With Insurance Provider for More Details
8

FWD Life3-in-1 Protection Insurance Plan 5397

TypeTerm
Payment TermsYearly
InclusionsProtection for Life, Accident, and Major Illnesses
Add-OnsCOVID-19 Protection via Pacific Cross
CoverageUntil Age 55
Age Requirement18 Years Old
Premium Starts AtConsult With Insurance Provider for More Details
9

BPI-AIA LifeCritical Care Max

TypeVUL
Payment TermsConsult With Insurance Provider for More Details
Inclusions20% Upfront Upgrade on Policy Coverage, Health Fund
Add-OnsAccident and Health Benefit, Hospital Confinement Benefit
CoverageLifetime
Age Requirement18 Years Old
Premium Starts AtConsult With Insurance Provider for More Details
10
TypeVUL
Payment TermsYearly, Semi-Annually, Quarterly
InclusionsLoyalty Bonus
Add-OnsProtection Against Accidents, Disability, and Illnesses
CoverageLifetime
Age Requirement18 Years Old
Premium Starts AtConsult With Insurance Provider for More Details

Frequently Asked Questions

Below are some of the most asked questions on the web answered by the mybest team.

Are Life Insurance Proceeds Taxable?

Life insurance proceeds are not taxable because it is not included in the beneficiary’s gross income. It is not subjected to estate or income tax either, so you don’t need to worry about taxes when it comes to life insurance policies!

Whole Life Insurance vs Term: What’s the Difference and Which Is Better?

It all depends on what you need and your financial capabilities. Term policies are the simplest life insurance plan you can get and only require you to pay low premiums. Whole life policies, on the other hand, demand higher premiums to pay but guarantees protection for the duration of the entire life of the policyholder.

How Many Life Insurance Policy Can You Have?

You can have as many as you want! There is no law that states how many insurance policies you can get, but it’s imperative that you consider your budget, so you don’t run into future complications with insurance providers.

Manage Your Finances Better With These Products

Handling your funds might be challenging sometimes, but not with the help of digital banks, accounting software, and transfer services! Skip the hassle of long lines, manual computations, and shady transactions with the products below. 

Author: Ronadine Amata

Editor: R. Umlas, J. Cuizon

How We Chose and Ranked Our Product Recommendations

Our buying guide was carefully researched and crafted by the mybest team of writers and editors. We used the buying guide as a basis for choosing and ranking the product recommendations, and we looked at reviews and ratings from E-commerce sites like Lazada, Shopee, and more.

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