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Expat Life Insurance in the Philippines

Expat Life Insurance in the Philippines2018-06-26T15:38:23+07:00

Life Insurance for Expatriates in The Philippines 

There are 3 main reasons why expats take out life insurance in the Philippines:

Family Protection

Expatriates, particularly in the Philippines, have a lot more to lose compared with a domestic employee. With expat packages boasting great benefits such as housing, schooling and transport, the death of the breadwinner could have major consequences on their survivors.

Unexpected death is commonplace the world over, and more often than not, many of these people die prematurely, and with insufficient life insurance cover.

Your death could leave your family financially vulnerable.

Nothing can replace you, but money provided at the right time will ensure that your family will be financially secure without you.

To first get on the path of protecting your family, fill in the form to receive a quotation.

Protection and Prosperity

It’s common for expatriates in the Philippines to take out life insurance cover that also has an investment element to it.

This means you can simultaneously save for the future and protect yourself against an untimely death.

Money can be taken out after a certain period or can be left inside the policy. This is where life insurance becomes life assurance as it assures there will be money passed down to your children at whatever age you pass away.

For countries with an inheritance tax, this type of policy can be very suitable.

Fill in the form to see how much this type of policy will cost you.

Business Protection

Businesses are nothing without their employees. If those key players in a company were to pass away without warning businesses, much like families can be significantly affected which usually results in a loss of income.

Businesses can protect against the loss of income due to a key player with Life Insurance For Businesses also known as Key Man Insurance.

“Expatriates often overlook the need for life insurance as they have bought a policy before they became an expat. More often than not, domestic policies are not designed for expats who are regularly moving country or living in countries deemed ‘dangerous’ by insurance companies and therefore are not covered.”

– Paul Beale, CEO of GMS

Get a Quote

Life Insurance FAQ2018-06-20T11:38:24+07:00

Life insurance, generally speaking, is a contract between an insurance policy holder and an insurer or provider. In exchange for the policyholder’s premiums, the provider promises to pay out a designated sum of money to the policyholder’s designated beneficiaries should that person pass away.

Term life insurance is a typical type of life insurance that provides a set sum insured at a fixed rate of regular payments for a limited period of time. If the person insured is to pass away during this period, the provider will pay out the agreed sum, but not after the term has finished. It is very cost effective at insuring the risk of death while house payments are being made, kids are going to college or simply until age of retirement.
Yes, all of GMS’ policies have the option to cancel at any time. The term simply represents the period of time the premiums have been fixed for and does not mean you are locked into any contract of payments.
Unit Linked Life Insurance is a product offered by insurance companies that gives the investor both insurance and investment under a single integrated plan. With unit linked life insurance the fund may either grow or diminish depending on the growth/decay over time. If decayed, then a higher premium will have to be paid.
Whole of Life (WOL) insurance is a type of policy which is guaranteed to remain in force for the insured’s lifetime provided required premiums are paid and up to date. Premiums are fixed with age and significantly higher than those of a term life policy, however they do assure that money can be passed down.
No it does not have to be. Most commonly Whole of Life Insurance is associated with unit linked policies however GMS have access to risk-only whole of life policies which are far more cost effective.
Life insurance is a crucial product for any individual with family members or others (dependants) depending on their income for housing, schooling, food, transport and life’s other basic necessities.
No it does not have to be. Most commonly Whole of Life Insurance is associated with unit linked policies however GMS have access to risk-only whole of life policies which are far more cost effective.
Depending on what health you may have, your premiums may stay the same or increase. Many more serious health conditions are likely to raise your premiums, whereas some less serious conditions won’t affect your premiums at all. If premiums are increased due to a health condition, then this is known as ‘loading’ and is usually based on a %.
Yes, in the eyes of an insurer, a person that smokes is far likely to pass away sooner than a non-smoker thus with most products, non-smokers can expect a 50% discount on their life insurance.
Your occupation can have an impact on how much you pay for life insurance. Generally higher risk jobs will have higher premiums than a lower risk job and is represented by a ‘loading’ that is based on a %. High risk occupations include: loggers, fishing, pilots, oil riggers, police officers, construction or other jobs at heights or below ground, laboratory work, working in mines and those working with dangerous chemicals.
Many expatriates are lucky enough to have housing, transport and education provided during employment thus leaving a lot more at risk if the expat is bringing in the majority of the family’s income. Also, it is not uncommon for expatriates to periodically move to various locations around the world in their working career. Finding a product that is truly portable with fixed premiums regardless of moving locations can save a lot of time and money.
It is not uncommon for expats to periodically move to various locations around the world in their working career. Finding a product that is truly portable with fixed premiums regardless of moving locations can save a lot of time and money. Also many expatriates are lucky enough to have housing, transport and education provided during employment thus leaving a lot more at risk if the expat is bringing in the majority of the family’s income.
Try and calculate your dependants needs as of tomorrow if you were to be taken today. How much to purchase accommodation, how much will school fees cost for the next x amount of years and other costs that will need to be paid. Depending on your situation you may choose to pay a high premium to insure a higher sum to protect your dependants further, The larger the sum assured, the easier it will be for your dependants survive and flourish.
There’s only one way to find out… GET A QUOTE NOW