Insurance is a way of protecting yourself from unexpected financial loss. In a way, it is a method of managing risks. It provides a financial safety net if something unfortunate were to happen. Without insurance, you or your loved ones are entirely responsible for paying the cost of unfortunate events such as critical illness, unexpected hospital bills, car accidents, or in the worst case, death.

When you buy insurance, a fee called the premium is paid to the insurance provider or the insurer. This amount varies and the premium may be paid monthly, yearly, depending on your insurance policy. In exchange, the insurer provides compensation or protection against financial loss, based on the terms laid out in the insurance policy.

An insurance policy is a contract between the buyer, often referred to as the insured, and the insurer. This is essentially the terms and conditions of your insurance plan, detailing the coverage you’re entitled to in the event of an unfortunate incident. Each insurance policy covers different things, depending on the terms and type of insurance. It’s important to fully understand the terms stated in your insurance policy to know exactly what’s covered.

With a range of insurance plans in the market, choosing an insurance plan may be overwhelming, especially if you’re a first-time insurance buyer. There are many options to consider such as the premium, level of protection, coverage and more. At Singlife, we aim to design products, tools, and solutions to help you be confident and in control of your finances. Get in touch with us today and learn to manage, grow, and protect your money.

Types of Insurance

There are different types of insurance plans available, each offering protection for certain aspects of your life. Common types of insurance in the Philippines include life insurance, health or medical insurance, and investment-linked insurance.

  • Life Insurance
  • Health Insurance
  • Savings and Investment-Linked Insurance

Life insurance benefits the beneficiary, usually a family member, when the insured passes away. This financially safeguards the future of your loved ones or dependents in the event of death or total and permanent disability.

Insurance Dictionary

The person you assign to receive the benefits of your insurance policy if you pass away. Typically, this is your closest living family member (e.g., spouse, children, parents, siblings). You may assign more than one beneficiary. You may also change your beneficiaries over time.

It is basically the extent of benefits that an insurance company would give you in case of an event or condition stated in your insurance policy. For example, up to a PHP 100,000 coverage is given to you should you be diagnosed with and hospitalized due to severe dengue. The coverage depends on the nature of the event and the amount of your premium.

A claim is a formal request you make to an insurance company in case of an unfortunate event. For example: if you get into an accident that is covered by your insurance policy, you can file a claim which we will then validate. Once approved, we’ll pay you or your beneficiaries accordingly.

Any document that confirms a change, if any, made to an insurance policy. For example: if you increase your policy coverage, an endorsement will be issued. For an endorsement to be valid, the form number must be reflected in your insurance policy’s details page.

The day when your insurance coverage becomes active as stated in your policy contract. It is typically when you have completed the application process and paid the initial premium.

An event, cause, or conditionthat an insurance company does not able to cover under your policy and would not pay for. It is a reason that a claim could be denied.

It is the government body that supervises and regulates insurance companies. A company must be licensed by the Insurance Commission before it is able to sell insurance policies.

A contract between you and an insurance company. It contains both parties’ responsibilities, the extent of your benefits, and payment details. It is basically the terms and conditions of your insurance.

The person who is covered by the policy.

A date each year that is the same month and day as your effective date.

The person who applies for the policy. This is the person with the rights to the policy.

The 12-month period between your policy anniversaries.

A sum of money we pay you after a claim has been accepted as valid.

A condition or illness that you are already aware of or have previously received treatment for prior to purchasing your insurance policy.

The amount of money you need to pay to be covered under an insurance policy.

The last day your premium should be paid. Paying beyond this date may incur late fees or penalties.

The date after the end of term of a policy.

The guaranteed amount which you or your beneficiaries will be paid if a covered event (e.g., disability, death) happens to you.

Also called a Rider. It is an additional coverage or benefit attached to your basic insurance. It usually comes with an additional premium and can be adjusted based on your needs.

The guaranteed amount which you or your beneficiaries will be paid if a covered event (e.g., disability, death) happens to you.

The date when your insurance coverage ends.

This is the duration from the effective date of your policy that must pass before you can make any valid claim. The waiting period also applies when you make changes to your benefit coverage, which starts from the effective date of change.

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Get cash to cover medical costs related to dengue with our comprehensive yet affordable protection plan. For a limited time, this comes with a FREE COVID-19 COVER.

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Be protected from the financial stress of unfortunate events. This income protection plan allows you to sustain your family’s needs with a continuous monthly income in case you’re unable to.

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