Death Benefits in the Philippines
Late last year, when someone in our extended family passed away, I became familiar with some of the death benefits available for beneficiaries in the Philippines. In my extended family’s case, some of these benefits were claimed successfully while the others were denied for various reasons.
Philhealth Benefits — Case Rates Payments for Certain Medical and Surgical Cases
Last September 1, 2011, Philhealth started implementing its policy of paying fixed rates or fixed amounts to accredited hospitals and clinics for 11 medical cases and 11 surgical cases under its reimbursement scheme called Case Rates Payment.
Life Insurance Companies in the Philippines, Ranked 2011
Here’s a ranking of the 33 life insurance firms in the Philippines based on premium income as of December 2010.
Top Ten Illnesses in the Philippines, Based on Philhealth Claims Paid
Alam nio ba na nearly 300,000 persons in the Philippines were hospitalized or treated in a medical facility for pneumonia in 2010?
Pre-need, Insurance Premium Payments Accepted at SM Southmall
Here’s a list of pre-need and insurance premium payments accepted at SM Southmall in Las Pinas.
Firms Licensed to Sell Pre-Need Plans in the Philippines for 2011
According to BusinessWorld’s Diane Claire J. Jiao, 17 firms have already obtained their licenses from the Insurance Commission to sell pre-need plans in the Philippines for the year 2011.
Cash Value of Insurance Policy or Pre-need Plan in the Philippines
Ano ba ang Cash Value? Bakit ganito lang ang cash value ko? Scam! Scam!
Life Insurance Companies in the Philippines With Licenses Renewed for 2011
UPDATE as of November 2011:
For the 2011-2012 license year, the 34 life insurance companies licensed for the past year have renewed their licenses. There was only one change in the industry — Grepalife Financial, Inc. became Sun Life Grepa Financial, Inc. The Philippine unit of Canadian firm Sun Life Financial bought 49 percent of Grepalife and assumed management control in October 2011.
In 2010, there were 35 life insurance companies whose licenses were renewed or issued. For the year 2011, there are 34 firms. One is missing from the list.
There’s one new name on the list:
CLIMBS Life & General Insurance Cooperative (It’s not explained in the Insurance Commission’s 2011 list, but further research says that this is formerly Coop Life Insurance and Mutual Benefit Services, which is on the 2010 list)
There are two name changes:
Ayala Life Assurance Inc. to BPI-Philam Life Assurance Corporation
Great Pacific Life Assurance Corp. to Grepalife Financial, Inc.
There’s one missing company on the 2011 list, which was on the 2010 list:
National Life Insurance Co. of the Phil. (I’ve been researching what happened to this firm. So far, I’m not getting any result aside from its Ayala, Makati address.)
Following are the 34 Licensed Life Insurance Companies for the year 2011:
Four of these firms offer both life and non-life insurance policies. These are:
1. AsianLife and General Assurance Corporation
(name before 2003 was ATR Professional Life Assurance Corporation)
2. CLIMBS Life & General Insurance Cooperative
3. Paramount Life & General Insurance Corporation
4. Philippine American Life and General Insurance Company
These 30 other firms offer only Life Insurance Policies:
1. AsianLife Financial Assurance Corporation
(name before 2003 was All Asia Life Assurance Corporation)
2. Banclife Insurance Company, Inc.
3. Beneficial Life Insurance Company, Inc.
4. BF Life Insurance Corporation
5. BPI-Philam Life Assurance Corporation
(formerly Ayala Life Assurance, Inc.)
6. CAP Life Insurance Corporation
7. Caritas Life Insurance Corporation
8. Cooperative Insurance System of the Philippines
9. Country Bankers Life Insurance Corporation
10. First Life Financial Company, Inc.
(name before 2007 was First Guarantee Life Assurance Co.)
11. Fortune Life Insurance Company, Inc.
12. Generali Pilipinas Life Assurance Company, Inc.
13. Great Life Financial Assurance Corporation
(name before 2007 was Nippon Life Insurance Company of the Philippines)
14. Grepalife Financial, Inc. (became Sun Life Grepa Financial Inc. in November 2011)
(formerly Great Pacific Life Assurance Corp.)
15. Insular Life Assurance Company, Ltd., The
16. Manila Bankers Life Insurance Corporation
17. Manufacturers Life Insurance Company (Phils.), Inc., The
18. Manufacturers Life Insurance Company (Branch), The
19. Manulife Chinabank Life Assurance Corporation
(formerly The Pramerica Life Insurance Co., Inc.)
20. Philam Equitable Life Assurance Company, Inc.
21. Philippine AXA Life Insurance Corporation
22. Philippine Prudential Life Insurance Company, Inc.
23. Philippines International Life Insurance Company, Inc.
24. Pioneer Life Inc.
25. PNB Life Insurance, Inc.
26. Pru Life Insurance Corporation of U.K.
27. Sony Life Insurance (Phils.) Corporation
28. Sun Life of Canada (Philippines), Inc.
29. United Coconut Planters Life Assurance Corporation
30. United Life Assurance Corporation
Related Article: Licensed Life Insurance Companies in 2010, with lists of top-performing companies
Philhealth Premiums for Professionals
The 100 percent increase in Philhealth premiums effective October 1 for Voluntary or Individually Paying Members who are Professionals has been opposed by many groups and a number of government officials, but it appears that Philhealth is going to implement the increase, as it continues to explain why the increase is needed.
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