Pero hindi rin ibig sabihin na kapag licensed na ang isang pre-need company ay reputable company na. Malaki pa rin ang risk. Maganda ang maghanda sa pangangailangan natin in the future katulad ng pang-tuition at pang-retirement, pero maging mapanuri pa rin tayo sa company. Mag-invest tayo sa company na maraming back-up na prime assets at affiliated sa reputable companies.

Maganda rin kung makilala natin ang mga tao behind these pre-need companies, na sana masigurado natin na hindi sila katulad ng mga tao at pamilya na hanggang ngayon ay niloloko ang mga planholders, kagaya ng mga tao at pamilya behind Platinum Plans, Ideal Pension Plans, Grayline Plans, Legacy Plans at yong marami pang iba na naglaho na lang at iniwan ang mga umaasang planholders. Pero paano ba nating masasabi na ang isang executive, director o businessman ay reputable at magiging consistently reputable?

Saan ba tayo puedeng mag-invest nang merong katiyakan? Dahil mapa-bangko, mapa-insurance, mapa-pre-need, mapa-investment company, mapa-co-op, meron at meron nagko-close na wala man lang instructions sa customers, planholders or policyholders nila?

Here’s a list of the 21 pre-need firms licensed by the Insurance Commission as of September 6, 2011 to operate as pre-need companies for the year 2011.

Here’s the old list of pre-need firms or pre- need companies, if you like to compare:
Pre-Need Firms Licensed to Sell Pre-Need Plans in the Philippines as of Dec 2009

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

Philippine Prudential is an insurance company; it is not a pre-need firm.

It is different from pre-need firm Prudential Life Plans Inc. whose license was revoked by the SEC in 2009. These two firms are not affiliated with each other.

Philippine Prudential is one of 35 life insurance firms  whose licenses have been renewed by the Insurance Commission every year for the past years.  Their newest licenses are for the license year 2009 to 2010.

Of the 35 life insurance firms, Philippine Prudential is:

• 17th in ranking based on premium income as of December 31, 2009
  640,144,183  pesos
• 17th in ranking based on first-year premium as of December 31, 2009
  207,613,865
• 22nd in ranking based on paid-up capital as of December 31, 2009
  123,807,730 pesos

As can be seen on both the websites of Philippine Prudential and Danvil Plans and in SM malls, the two firms use the same sales offices in SM Pampanga, SM Fairview, SM North Edsa, SM Megamall and SM Southmall.

The pre-need code was signed into law just last December 2009 and the implementing rules were signed just last March.

In a report published by Business World,  Insurance Commissioner Santiago Javier Ranada also said that the IC needs about 150 more employees, including lawyers, actuaries and researchers, to manage pre-need matters.

Ranada, however, added that the IC is prepared to hear and settle pre-need cases.

To request for assistance, you can refer to the Claimant’s Request for Assistance form on the IC website as reference for details you need to include in your letter:

• Name of Planholder
• Address
• Telephone No.
• Name of Pre-Need Company
• Plan No.
• Name of Plan
• Amount of Plan
• Maturity Date
• Summary of Claimant’s Request

You can also refer to the complaint form designed by the SEC for pre-need complaints.

Related Article:

Pre-need Companies in the Philippines Now under the Insurance Commission

How to File a Complaint Against Any Pre-need Firm in the Philippines

The pre-need law was passed in December 2009 and the implementing rules and regulations (IRR) were signed in March 2010.

Visit the website of the Insurance Commission at insurance.gov.ph, and you will see the pre-need code and the IRR already published on the site.

You will also see the list of the 23 pre-need firms under Directory of the IC  home page.  However, the list on the IC was still the list previously prepared by the SEC.

The list includes the 23 pre-need firms that were licensed to sell pre-need plans as of December 2009:

1. Abundance Providers and Entrepreneurs Corporation (APEC) (formerly Pacific Plans)
2. AMA Plans
3. Ayala Plans
4. Caritas Financial Plans
5. CityPlans
6. Cocoplans
7. Danvil Plans (formerly Berkley International Plans)
8. Destiny Financial Plans
9. Eternal Plans
10. First Country Plans
11. First Union Plans
12. Grayline Plans
13. Himlayang Pilipino Plans
14. Loyola Plans Consolidated
15. Manulife Financial Plans
16. Mercantile Careplans
17. Paz Memorial Services
18. Philplans First (formerly Philam Plans)
19. Provident International Plans
20. St. Peter Life Plan
21. Sun Life Financial Plans
22. Transnational Plans
23. Trusteeship Plans

The only two changes from the May 2009 list are:

• the addition of APEC to the list
• change of name of Philam Plans to Philplans

For those who have complaints, inquiries or claims, you can address them to:

Public Assistance & Information Division

523-8461 to 70 local 102, 103, 105

pubassist@insurance.gov.ph