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As the world evolves, more and more people are choosing to start their own business instead of pursuing the path of employment or having a corporate career. With the rise of technology and the digital age, a lot of doors have opened for entrepreneurs and business owners.<a href="https://www.rappler.com/brandrap/finance-and-industries/146187-globe-mybusiness-filipino-sme/"> Last 2020, the Philippines recorded a total of </a><a href="https://www.rappler.com/brandrap/finance-and-industries/146187-globe-mybusiness-filipino-sme/"> 952,969 of Medium, Small, and Micro Enterprises (MSMEs).</a> Micro enterprises constitute 88.77% (850,127) of total MSME establishments, followed by small enterprises at 10.25% (98,126) and medium enterprises at 0.49% (4,716). Like any running business, it is not without risk. Getting the right type of insurance is critical for business continuity and success. 
<img src="https://images.pexels.com/photos/7736045/pexels-photo-7736045.jpeg?auto=compress&cs=tinysrgb&w=1260&h=750&dpr=1" data-image="mqb28sgu2v4l">

What are SMEs?

Before moving further, let us define the subject at hand. What are SMEs or Small Medium Enterprises? In a Rappler infographic, “SMEs are defined as any enterprise with 10 to 199 employees and/or assets valued from P3 million to P100 million. SMEs and micro enterprises combined make up 99.6% of establishments in the country.”

Specifically, these Filipino SMEs are the “Instagram entrepreneurs, the tech startups, the grocery store owners; your nosey neighbor, your high school classmate, your cousin running the family business. It’s anyone and everyone who’s had the initiative to start their own business.”

Reasons Why Investing in Insurance for SMEs is the Right Move 
<img src="https://images.pexels.com/photos/7173047/pexels-photo-7173047.jpeg?auto=compress&cs=tinysrgb&h=750&w=1260" data-image="qxzxh9yb2n83">
 
 



Taking Care of Your Employees 
In other countries, providing your employees with healthcare benefits is required. In the Philippines, it is still optional. However, it is a wise decision to invest in one of the most important assets of your company, your people. Especially now that the world is living in the midst of a pandemic, it is important that your company has health insurance in case a need arises.<a href="https://www.sunlife.com/en/newsroom/news-releases/announcement/sme-businesses-seek-growth-and-greater-resilience-in-2022-sun-life/123652/"> An article states</a><a href="https://www.sunlife.com/en/newsroom/news-releases/announcement/sme-businesses-seek-growth-and-greater-resilience-in-2022-sun-life/123652/"> that p</a><a href="https://www.sunlife.com/en/newsroom/news-releases/announcement/sme-businesses-seek-growth-and-greater-resilience-in-2022-sun-life/123652/">andemic and health-related risks (51%), decreasing demand (43%) and increasing market competition (41%) are the top three risks facing SMEs.</a> 

It may not be a requirement, but taking care of the health of your employees also means taking care of your business. Providing them with HMO and group life insurance would be a great benefit in terms of employee satisfaction and smooth business operations.

Protecting Your Physical Assets 

As mentioned earlier, businesses come with risks in the form of natural disasters (earthquake, typhoons) and accidents (fire). An article in the <a href="https://openknowledge.worldbank.org/handle/10986/8754">Open Knowledge World Bank website</a> sites the Philippines as one of the most natural hazard-prone countries in the world. The social and economic cost of natural disasters in the country is increasing due to population growth, change in land-use patterns, migration, unplanned urbanization, environmental degradation and global climate change. It also said that reducing the risk of disasters will be key to achieving the development goals in the Philippines. 

Burglary and theft are also risks that businesses need to manage. Valuable assets are always the targets of thieves and burglars. Getting insured against natural disasters and crime is definitely a requirement for SMEs. 


Other Business Risks

There are plenty of other risks that SMEs should be wary of, and it depends on the type of their business. Online businesses need to protect against hackers and data breaches. Manufacturers face product liability. Those in agriculture will need poultry and livestock insurance. Medium-sized business should consider getting Directors and Officers Liability Insurance. 

Starting a business is exciting and is not without risks. To optimize success, it is best to minimize and manage risk where possible. Insurance is a critical component of risk management and business success. It may be daunting to learn about all types of insurance your business may need and so it best to reach out to a broker who will guide and assist you in finding the right insurance that fits your needs.

SMEs face plenty of risks. HMO and property insurance are the basic requirements for most businesses. Finding the right insurance to manage risks is critical for business success

Why Small and Medium Enterprises in the Philippines Need Insurance

MAXXIS Tires Auto Assist Insurance takes safe travels to the next level
As one of the best tire brands in the world, MAXXIS has always been committed to delivering high performance tires to more than 157 countries. With over 50 years of manufacturing experience, MAXXIS crafts tires of unequaled quality for cars, light trucks, SUVs, and motorcycles using the most advanced engineering facilities in the industry.
MAXXIS versatile tires are known for their excellent handling, traction, grip, tread wear and durability that are road-tested and perform very well on any terrain. Currently, three of MAXXIS’ most popular products namely the Bravo HP-M3, the Razr AT811 and the Bravo AT980.
An all-season premium touring tire for modern Cross-overs, Compact and MidSize SUVs, the BRAVO HP-M3 is an all-around performer engineered that provides a silent and comfortable ride on both wet and dry road conditions.
Designed for harsh and smooth surfaces alike, the silent all-surface, all-terrain Razr AT811 features a new off-road compound for maximum durability and tread life. It is also equipped with a true 3-Ply Armor Ply® as added protection when traversing difficult terrains.
As an all-terrain tire with a classic worm pattern, the Bravo AT980 features a new construction design to maximize road contact even under heavy loads, as well as improving puncture and bruising resistance.
Safety has always been a primary consideration in the development of MAXXIS tires and the Bravo HP-M3, the Razr AT811 and the Bravo AT980 are no exception. The company recognizes the needs of customers and their relationship with their vehicles when coming up with product technology and initiatives. This is why MAXXIS together with Kwik.insure (Kwiktech Insurance Brokerage, Inc.) has come up with an exciting, new insurance program that adds value to its world-class tires.
This June, MAXXIS is launching MAXXIS Tires Auto Assist Insurance, a personal accident insurance product with roadside assistance that highlights the company’s commitment for safety of providing and assisting their customers in their journey.
Powered by Kwik.Insure, underwritten by Metropolitan Insurance Company, Inc. (MICI) and with roadside assistance provided by Assist and Assistance Concept, MAXXIS Tires Auto Assist Insurance offers numerous benefits including the extension of tire warranty for up to seven (7) years, accidental death, disablement, and dismemberment (ADD) for up to P100,000.
Vehicles not more than 10 years old are also entitled to roadside assistance including emergency towing, crane services and minor onsite repairs.
The accidental death, disablement and dismemberment coverage pays up to the sum insured in the event of death or disablement due to accident. The cash assistance benefit is comprehensive deductible and pays for the certain amount of the deductible in the event that insured will file a one-time claim on their comprehensive auto insurance for own damage or theft while the emergency towing and breakdown service covers up to three (3) service calls due to mechanical breakdown and unlimited call for accident cases.
From June 1 to August 31, MAXXIS Tires Auto Assist Insurance will be available in selected Luzon dealers to customers who purchase at least two pieces of participating SUV tires for a single vehicle. 
Even as these offroad beasts promise topnotch performance and unparalleled safety, MAXXIS Tires Auto Assist Insurance adds value to these tires with an insurance product that provides added security and extra peace of mind.

MAXXIS versatile tires are known for their excellent handling, traction, grip, tread wear and durability that are road-tested and perform very well on any terrain

MAXXIS Tires Auto Assist Insurance takes safe travels to the next level

One of the many things that the coronavirus pandemic taught us is the importance of an emergency fund. When a job loss or pay cut impacts your source of income or an unforeseen illness incurs high medical costs, your emergency fund will be your safety net, helping you overcome these challenging times without taking on more debt. <h2>But what is an emergency fund in the first place? </h2>
An emergency fund also referred to as a contingency fund, is the money you’ve saved up and set aside to pay for unexpected expenses such as medical bills or home repairs. If you’ve lost your job because of company restructuring, downsizing, or other reasons, it can also help you cover your living expenses while you find a new source of income and get back on your feet. 
<h2>How much should be your emergency fund?</h2>
According to most financial experts, an emergency fund should cover at least three months’ worth of household expenses. However, sole breadwinners and business owners may consider setting aside around 12 months’ worth of expenses to safeguard their and their family’s financial stability should the unexpected happen. 
With all of that said, the right amount for your contingency fund ultimately depends on your income, expenses, and overall financial situation. Some factors you should consider when calculating your emergency savings fund are your rent or mortgage payment, utilities, transportation costs, food, debts from credit cards or loans, medical and dental bills, and other expenses. 
The importance of having an emergency fund
Having an emergency fund can help you weather unexpected events, whether it be unemployment, urgent medical treatment, emergency repairs or sudden death or disability. But more importantly, it helps you cover your living expenses amid these crises without having to use high-interest cards, take out unplanned loans or sell your existing assets. 
But more importantly, this cash reserve gives you peace of mind knowing that you have a safety net to fall back into no matter what life brings. 
Saving for an emergency fund can seem like an overwhelming endeavor at first, but following these smart and actionable tips can help make the journey easier. <h2>How To Build an Emergency Fund: 6 Practical Tips To Get You Started</h2><ul><li><h3>Set a monthly savings goal, but keep it small and achievable. </h3></li></ul> If this is your first time learning how to build an emergency fund and how much it should be, it’s natural to feel overwhelmed. After all, saving up three to six months’ worth of living expenses is a big deal. 
However, know that you don’t have to set a significant monthly savings goal from the get-go. This will only intimidate you, even making you feel like giving up.
Make saving for an emergency fund an easy yet fulfilling process by setting small and achievable goals and building from there as you go forward. Starting with a manageable contribution helps you kickstart your emergency savings fund and maintain your saving habit without straining your cash flow. <img data-image="lcpvhmlax8p3" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt82dff89c590a3a9a/62790b7d29f29d7c033abed5/ContentImage_6_Smart_and_Actionable_Tips_on_How_To_Build_an_Emergency_Fund.webp" data-sys-asset-uid="blt82dff89c590a3a9a" alt="emergency fund"><ul><li><h3>Have a separate account for your emergency savings fund </h3></li></ul> After deciding on your monthly savings goal, the next thing you have to think about is where to put your emergency fund. 
It’s best to park this cash reserve in a savings account separate from the one you use regularly to ensure you don’t unknowingly spend it. You may also consider banking with an entirely different financial institution to keep the contingency fund safe from yourself. 
You can choose whichever option suits your lifestyle and the banking options available to you, but the bottom line is that you should keep your emergency savings fund in a separate account. Lumping it with the money you use for your daily expenses makes it easily accessible, tempting you to use it. <ul><li><h3>Deposit your contribution automatically </h3></li></ul> Saving for an emergency fund may entail the added task of manually depositing checks yourself, but know that you can do this automatically. You may talk to your employer or your bank to have your desired contribution amount deposited automatically to your savings account. 
Automating these deposits not only makes the process hassle-free for you. Since you won’t get to touch the cash in the first place, this keeps you from unknowingly spending it and helps you stay on track towards your monthly saving goals. 
While you’re at it, you may consider saving any unexpected income right away as well. Setting aside windfalls like tax refunds, bonuses or cash gifts can help you get another step closer to achieving your target emergency fund amount. <ul><li><h3>Study your budget for opportunities to cut expenses and save more </h3></li></ul> You can ramp up your saving routine by studying your budget and finding opportunities to reduce your spending. 
For example, if there are subscriptions and membership plans you aren’t using anymore, canceling them will free up some cash you can redirect to your emergency fund. If you have been spending a significant amount of money on takeout food, eating at home can help minimize your expenses further. And if you’ve noticed non-essential items from your grocery receipts, consider creating a shopping list and sticking it on your next trip to the store. 
These practical habits can help you bring down your monthly expenditures, spend only on what you truly need and save up for your emergency fund much easier. <ul><li><h3>Evaluate your emergency fund progress regularly </h3></li></ul> When you started saving for an emergency fund, you kicked off with a small and manageable amount. However, it’s a smart idea to adjust the amount you’re setting aside for this reserve as your lifestyle and financial circumstances change. 
If you’ve comfortably maintained your saving habits for the past months, increasing your contribution in increments can help you grow your emergency fund faster while keeping the routine manageable. 
Or if you’ve recently withdrawn money from your contingency fund, re-evaluating how much money you need to set aside moving forward will help you rebuild it and get back on track as soon as possible.<a href="https://kwik.insure/products/life-insurance"><img data-image="k4ce1er2gwtv" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="life insurance with investment"></a><ul><li><h3>Use the fund only for true emergencies </h3></li></ul> The last and most important thing to remember about emergency funds is that they should be used only for true emergencies. 
As you move forward and stick to your saving routine, you will inevitably see your emergency savings fund growing. The figures you’ll see can be very enticing, especially if you’ve been longing to go on a vacation, buy the latest smartphone or get a new car. You may also be tempted to spend it if you’re running a bit low on cash. 
However, rationalizing these “urgent” expenses and saying that you’ll make up for them the next payday can sabotage your saving routine and keep you from achieving your target amount. So as you start building your emergency fund, try to be as disciplined as possible and use it only for dire situations. <h2>Safeguard Your Financial Health by Saving for an Emergency Fund Today</h2> It pays to remember that while things seem comfortable at present, life can throw unexpected troubles that can challenge you physically, emotionally, and financially. And while you can’t tell exactly when your car will break down or a job crisis will occur, you can start saving for an emergency fund today to keep yourself and your loved ones from tumbling into debt. 
An emergency fund is the cash reserve you can rely on to cover your living expenses and other necessities while you get back on your feet. On top of that, it eliminates the need to borrow money, take on credit card debt or sell existing assets to overcome a difficult financial situation. 
Saving for at least three months’ worth of expenses may sound like a huge task, but it’s not impossible. On top of that, you can begin right now and save whatever you can following the tips mentioned above. Finally, what matters most is that you keep going — whether big or small, your emergency savings fund can be the lifesaver that will help you and your loved ones live through a crisis. If you’re looking for more ways to build financial security, consider investing in an insurance policy that suits your needs. Kwik.insure provides you with a convenient online insurance marketplace where you can easily browse life, health, COVID-19 and auto insurance policies from the country’s top providers. <a href="https://kwik.insure/products">Browse through our products</a> or <a href="https://kwik.insure/request-quote">request a free quote</a> today!

Want to know how to prepare for life's uncertainties? This blog offers practical tips on how to build an emergency fund and why you should set one up..

6 Smart Tips for Building an Emergency Fund

Buying and owning a new car seems like an exciting new chapter in your life. After all, you now have a vehicle you can use to pursue your travel goals — or even just get to work faster, safer and more comfortably. 
With that said, it pays to remember that this is also a major investment that comes with great responsibilities, like keeping the automobile in good condition and practicing traffic etiquette while on the road. But before everything else, being a car owner entails ensuring your vehicle is registered each year. 
In the Philippines, the Land Transportation or LTO requires all motorists to register their vehicles regularly. This is to ensure that all vehicles on the road are registered and safe for driving. 
Generally, motorists are to secure their LTO car registration after buying a new car. Their Certificate of Registration will be valid for three years. After that, they must renew their registration every year. <h2>What the LTO Car Registration Process for Brand New Vehicles Looks Like</h2> Most of the time, car registration in the Philippines is handled by the dealer. However, there may be times wherein you may need or want to take care of it yourself. If you’re in a similar situation, here’s a brief outline of the steps you’ll need to take to register your vehicle. <h3>STEP 1: Gather All the Required Documents </h3>
Before heading to the nearest LTO branch, check that you have everything you need. Here are the papers and documents you’ll have to present: <ul><li>Original sales invoice </li><li>Appropriate insurance Certificate of Cover (COC)</li><li>Original copy of Certificate of Stock Reported (CSR)</li><li>Original copy of PNP-HPG MV Clearance Certificate </li><li>Taxpayer’s Identification Number (TIN ID) </li></ul> Registering imported vehicles is also possible, but it involves submitting more files. Here are the must-haves to include in your list: <ul><li>Original sales invoice of the motor vehicle issued by the country of origin </li><li>Bill of Lading </li><li>Bureau of Customs Certificate of Payment </li><li>Certificate of Stock Reported (CSR)</li><li>PNP-TMG MV Clearance Certificate </li><li>Duly accomplished and approved Motor Vehicle Inspection Report (MVIR) </li><li>Appropriate insurance Certificate of Cover (COC) </li><li>Certificate of Compliance to Emission Standard (CCES) </li><li>Taxpayer’s Identification Number (TIN ID) </li></ul> <h2>STEP 2: Have Your Vehicle Tested for Emissions </h2>
The Clean Air Act or R.A. 8749 mandates the government to monitor all cars in the Philippines and the gasses they release into the atmosphere. The law also indicates the emission limits for different kinds of vehicles. 
To have your automobile properly tested for emissions, you must visit an LTO-accredited testing center. You also need to prepare a photocopy of your car’s official receipt (OR), certificate of registration (CR) and P 500 for the emission test fee. Ultimately, your car must pass the emission test before you can proceed to the next steps. <h2>STEP 3: Submit All Requirements to Your Local LTO Branch </h2>
Once you have all your documents along with your Certificate of Emission Compliance, you can now head to the LTO office near you to register your vehicle. Make sure to prepare for these fees: <ul><li>Initial Fee: ₱ 1,000 </li><li>Stickers: ₱ 50 each </li><li>New Plate: ₱ 450 </li></ul> After settling these fees, all that’s left to do is wait for your name to be called to the releasing counter. You should be able to claim your Certificate of Registration, plates, stickers, and other documents the same day. 
<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="odowsf2yzmvj" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="car insurance"></a>
<h2>LTO Car Registration Renewal in the Philippines </h2> A brand new car’s Certificate of Registration is valid for the first three years. After this, LTO requires all motorists to renew their vehicle’s registration every year. 
Similar to car registration, you’ll have to prepare a few documents for your automobile registration renewal: <ul><li>Appropriate insurance Certificate of Cover (COC) </li><li>Certificate of Emission Compliance (CEC) </li><li>A photocopy of the Certificate of Registration (CR) and official receipt of payment (OR) </li><li>Duly accomplished and approved Motor Vehicle Inspection Report (MVIR) </li><li>Taxpayer’s Identification Number (TIN ID) </li></ul> But while you will go through essentially the same process enumerated earlier, anticipate that LTO car registration renewal can be quite tricky. There are now specific guidelines and instructions you must pay attention to, particularly when it comes to your designated renewal deadline dates. 
Your car’s license plate number will be your guide in determining when you’re due to visit your LTO branch for renewal. The last digit indicates your monthly schedule, while the second to the last digit decides your weekly deadline. <table><tbody><tr><td>Last Digit of Plate Number</td><td>Monthly Schedule </td></tr><tr><td>1</td><td>January </td></tr><tr><td>2</td><td>February </td></tr><tr><td>3</td><td>March</td></tr><tr><td>4</td><td>April </td></tr><tr><td>5</td><td>May </td></tr><tr><td>6</td><td>June</td></tr><tr><td>7</td><td>July</td></tr><tr><td>8</td><td>August </td></tr><tr><td>9</td><td>September</td></tr><tr><td>0</td><td>October</td></tr></tbody></table> <table><tbody><tr><td>Second to the Last Digit of Plate Number</td><td>Weekly Deadline</td></tr><tr><td>1, 2, 3</td><td>1st week of the month (1 to 7) </td></tr><tr><td>4, 5, 6</td><td>2nd week of the month (8 to 14) </td></tr><tr><td>7, 8</td><td>3rd week of the month (15 to 21) </td></tr><tr><td>9, 0 </td><td>4th week of the month (22 up to the last day of the month) </td></tr></tbody></table> So if your plate number is XYZ 1234, you have to renew your vehicle registration on or before the first week of April. Take note of this schedule, because failure to secure an LTO car registration on time entails paying hefty penalties. Aside from shouldering fines that can reach up to ₱ 10,000, LTO may also impound your vehicle. <img data-image="ywg2o3c1m9xn" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb528d3206b53e526/6279098afbd1dd35f419dffc/ContentImage_LTO_Car_Registration_Requirements_2022.webp" data-sys-asset-uid="bltb528d3206b53e526" alt="ContentImage_LTO_Car_Registration_Requirements_2022.webp"><h2>Get Your CTPL Insurance Online to Expedite Your Registration or Renewal </h2> Before heading to the nearest LTO branch for your registration or renewal, you must first have Compulsory Third Party Liability insurance or CTPL. As its name suggests, it is a policy mandated by the government for all motorists to possess before hitting the road. 
When you purchase CTPL, you will be given a copy of the policy along with the Confirmation of Cover or COC. This is one of the documents you have to present to the LTO as proof that your vehicle is covered. 
However, take note that CTPL insurance only covers third-party bodily injury or property damage. This means that you or your passengers are outside its coverage. For a more adequate protection and more enjoyable rides, consider getting comprehensive car insurance as well. Aside from covering you and your passengers in an accident, it also offers compensation should you damage your car due to theft, roadside accidents, or natural disasters. 
Whether you’re getting <a href="https://kwik.insure/kwik-hub/car-insurance/the-difference-between-ctpl-and-comprehensive-car-insurance">CTPL or comprehensive coverage</a> for LTO car registration or renewal, browsing through your options when you’re pressed for time can be overwhelming. So if you need one convenient platform where you can shop for all your car insurance needs, <a href="https://kwik.insure/request-quote">Kwik.insure</a> is your reliable resource. Search, compare, and buy plans — all in one place. 
<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="odowsf2yzmvj" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="car insurance"></a>

Whether you need or want to take care of your LTO car registration yourself, here are the steps you must take and the requirements you need to prepare.

LTO Car Registration and Renewal Requirements 2022

Today, buying a vehicle is not only a financial goal among young professionals in the Philippines but also a practical investment in these times. Aside from being able to travel from place to place quickly, owning a car also lets motorists commute as safely as possible, especially with the pandemic still ongoing. 
With that said, it’s best not to rush car ownership. Many first-time motorists make the mistake of jumping right into it, confident that their income can support the costs of buying a car. They fail to realize that this is a significant investment that can stretch their cash flow, even after settling the down payment. 
Car ownership is not really a matter of whether or not you can afford to buy a vehicle, but rather whether or not you can afford to own it. There are recurring expenses after buying a car that you should prepare for to keep your vehicle in good condition and your cash flow healthy. 
To help you plan for a new vehicle, we’ve prepared this brief guide on the monthly cost of owning a car in the Philippines. Take a look at the expenses you’ll have to budget for every year: <h2>The Primary Expenditure</h2> Before we discuss new car fees and other expenses after buying a car, let’s answer this fundamental question: how much does it cost to buy a car in the Philippines? 
If you are buying a brand new car, you have two options: to pay in cash or through financing. Paying through car financing or a bank loan means that you will have to settle at least 20% of your preferred vehicle’s price upfront as a down payment. 
For example, if you are eyeing a Toyota Vios 1.5 G CVT. You’ll have to pay ₱ 194,000 upfront for the 20% down payment and ₱ 17,331 for the monthly installment in the next five years. 
Some brands also offer zero down payment options but study them carefully as they often entail higher monthly fees for the next 3 to 5 years. <h2>What Are the Costs in Buying a Car? 6 Expenses To Prepare For</h2> As mentioned earlier, there’s more to the costs of buying a car after settling the down payment. Computing these new car fees can seem overwhelming, but it’s still a task that must be done. Planning for the monthly cost of owning a car in the Philippines will help you stay on top of your expenses and make car ownership an easier journey. 
Listed below are the major items you need to take into account: <ul><li><h3>Monthly Auto Loan Amortization </h3></li></ul> Paying a huge amount for your car’s down payment is not a small feat, so give yourself a pat on the back! However, keep in mind that this is just the beginning. 
Like the example earlier, you will have to pay ₱ 17,331 every month for the next five years for your new Toyota Vios. Of course, this amount can still change depending on the bank and car loan package you picked, the dealership promo available to you, or the amount of down payment you chose. <ul><li><h3>LTO Registration Fees </h3></li></ul> Another expense to prepare for is the LTO registration fee — you need to have your vehicle registered with the Land Transportation Office (LTO) first before using it for your day-to-day commutes. 
If you’ve purchased a brand new car, your dealership will handle the initial registration for you. However, you will have to renew your registration every year after the first three years. This may cost you around ₱ 3,500 for the annual LTO registration fee, emission testing fee, and CTPL insurance premiums, which we’ll tackle in the next item. <ul><li><h3>Car Insurance Premiums</h3></li></ul> As a motorist, you are mandated by law to take out a Comprehensive Third Party Liability policy, which covers the medical expenses of third-party individuals injured in an accident involving your car. This is even one of the documents required by the LTO for your vehicle registration or renewal. 
Getting comprehensive coverage on top of the CTPL is not mandatory but recommended, especially if you want to protect yourself and your passengers as well. 
Comprehensive coverage premiums vary depending on your car’s model and where you’ll purchase it. You can gain an idea of the amount you’ll have to pay for your specific vehicle by using our <a href="https://kwik.insure/vehicle-insurance/assistant-tool">Assistant Tool</a>. <ul><li><h3>Fuel </h3></li></ul> Fuel is obviously one of the most significant expenses you’ll have to take into consideration, especially in these times where price hikes are coming one after another. This is even more crucial if you use your car often. 
Let’s say your office is 20 kilometers away from your home. If you drive to your workplace four days a week, you’re driving around 640 kilometers every month. If the vehicle you’re eyeing has a fuel economy rating of 20 kilometers per liter, you’ll probably consume 32 liters of gasoline. And if gasoline is priced at ₱ 67 per liter, you’re looking at a monthly expense of ₱ 2,412.<img data-image="iy0f36u1led0" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltdd65a0b9e4adfd41/6271625d9dfd5f30d076e821/ContentImage_Car_ownership_101_02.webp" data-sys-asset-uid="bltdd65a0b9e4adfd41" alt="ContentImage_Car_ownership_101_02.webp"><ul><li><h3>Toll and Parking Fees</h3></li></ul> Car owners often overlook toll and parking fees because they’re relatively inexpensive compared to the other costs of buying a car. However, keep in mind that they add up to a significant amount eventually. 
If you live in Alabang and work in Makati, for example, these two items can take a significant chunk off of your budget. After paying toll fees to drive through the South Luzon Expressway (SLEX), you’ll also have to think about parking fees in Makati. You’re fortunate enough if your company provides you with parking spots; otherwise, you have no choice but to park in designated areas or malls. This can quickly add up to ₱ 180 for eight hours. <ul><li><h3>Car Repair and Maintenance </h3></li></ul> Keeping your car in good condition can greatly help prevent more expensive and intensive repairs. With that said, this is still a weighty cost that you should prepare for. Ideally, you should get a car wash once or twice a week, an oil change every 5,000 kilometers, and new tires every 4-5 years. 
Preventive maintenance services may cost up to ₱ 30,000 per year, but expect this expense to increase going forward as your vehicle becomes older. <img data-image="hph0qn7lphe0" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blta25d5fc4d6ad519c/6271623e5d936230ca8eb04c/ContentImage_Car_ownership_101_01.webp" data-sys-asset-uid="blta25d5fc4d6ad519c" alt="ContentImage_Car_ownership_101_01.webp"><h2>Get Your Car Ownership Journey on the Right Track by Getting Comprehensive Insurance</h2> Car ownership is probably one of the biggest investments you’ll make in your life. And as a young professional, it’s crucial that you prepare for this journey well. Rushing the decision of owning a car may strain your cash flow not only after settling the down payment but also while paying the monthly amortization fees in the next five years. 
That’s why you must always consider the costs of buying a car beyond the down payment. After you’ve settled the upfront expenses, will you still have enough funds for the monthly installment? The registration fees? Will you be able to get regular car maintenance to keep it in good condition? 
Most importantly, will you be able to tackle financial responsibilities should accidents arise? They can happen at any time even to the most careful driver, so it’s best to take out a policy that will give you and your passengers adequate protection. 
If you’re looking for a convenient way to browse your vehicle insurance options, Kwik.insure is your all-in-one resource. As an online insurance marketplace, you can compare your options, choose the best plan for your needs, and purchase it — all in one place. <a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner">Get a free quote</a> today to get started!<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="nrr9ckj93td2" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt571a231699d47d38" alt="car insurance in the philippines 2022"></a>

Ready to make your car ownership journey enjoyable? Here are the fundamental costs of buying a car in the Philippines you should take note of.

Car Ownership 101: The Costs of Buying a Car in the Philippines

With a high resale value, affordable pricing, easy-to-find parts, and a <a href="https://www.ancap.com.au/safety-ratings/toyota?is_current_model=true&page=1&field=rating_year&direction=desc" target="_blank" rel="noreferrer noopener">high score in crash tests</a>, Toyota remains the leading car brand in the Philippines. One of the most popular car models in their lineup is the Toyota Hilux. Despite its tough and reliable build, Toyota’s tried and tested pickup truck is still vulnerable to accidents. 
To ensure that you and your car are protected in case of an unfortunate event you need to invest in the right car insurance plan. Although the idea of getting car insurance might seem like an additional expense, it can save you from paying off hefty medical or car repair expenses. 
Think of car insurance as a security blanket that can act as an extra layer of protection for you and your car. Life can be unpredictable, therefore it's important to safeguard your finances. Before getting into how much car insurance can cost for a Toyota Hilux, here’s a quick rundown on everything you need to know about car insurance. 
Car insurance benefits are one of those rare cases that you hope you don’t get to use—ever. This means that you have not faced any accidents on the road. At the same time, car insurance benefits are something you would be thankful for during unfortunate events. It’s great that you don’t use it but also a lifesaver in your time of need. <h2>Finding the Right Car Insurance </h2>
Getting an insurance policy may seem expensive at first but you’ll be thankful that you got it, especially if you get into an accident on the road. After taking a look at the common benefits that come with most car insurance, availing of an insurance policy is a great way to protect you and your car. 
The premiums included in auto insurance cover a variety of different unfortunate situations that could happen on the road. While a wide coverage sounds appealing to get, it’s important to know that you can customize your insurance policy. 
To get a better grasp on what type of car insurance to get here’s a breakdown of the different types of car insurance available in the Phillippines. <h2>Compulsory Third-Party Liability Insurance </h2>
According to the Insurance Code of the Philippines, all car owners are required to get third-party liability insurance (<a href="https://kwik.insure/kwik-hub/car-insurance/the-difference-between-ctpl-and-comprehensive-car-insurance">CTPL</a>) upon registration. During an accident involving your car, every car owner needs to ensure all third parties. This type of insurance helps cover any legal liabilities that involve a third party. <h2>Comprehensive Car Insurance </h2>
If you’re looking for car insurance that provides the most benefits and protection for you and your car, comprehensive car insurance is a great option. This type of car insurance offers higher levels of protection. You can get third-party, loss and damage as well as weather, fire, natural calamities, and more. <h2>Third-Party Liability Insurance </h2>
Getting involved in an accident with other vehicles can happen. Whether you accidentally damage your vehicle or another’s, this coverage will save you from paying a high price. Reduce high out-of-pocket costs by getting third-party liability insurance. <a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="s2pr63hpfijz" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="car insurance for hilux"></a>
 <h2>Types of Car Insurance Benefits </h2>
Need to customize your car insurance even further? While comprehensive car insurances offer a number of benefits they may not cover everything you need. Luckily, you can add bonus benefits to your policy. 
So, what type of benefits can you claim from car insurance? Here are some benefits most car insurance policies include. <ul><li>Damage or Loss Benefit </li></ul>
The damage or loss benefit is an absolute must-have for any car insurance. This is the benefit that you need when it comes to car damages. The coverage protects your car from accidents, <a href="https://kwik.insure/kwik-hub/car-insurance/acts-of-nature-coverage-vehicle-insurance-why-you-need-it">natural disasters</a>, and other mishaps that damage your car. 
Along with car damages, this benefit also comes in handy in case of losses. If your car was broken into, vandalized, or lost in transit via road, rail or ship. Overall, the damage or loss benefit protects your car from a wide range of events. <ul><li>Personal Accident Benefit </li></ul>
Like what its name suggests, the personal accident benefit focuses on your wellbeing. This benefit is your safety net when you experience permanent disability or death. The benefit can also be used by other passengers involved in the accident. 
Transferring benefits to another person also depends on your car insurance plan. If you want to avail this specific benefit, make sure the insurance plan you choose includes this. <ul><li>Third-Party Liability Benefit </li></ul>
One of the most unfortunate accidents you need to prepare for is getting involved in an accident with a third party. If the accident results in damage or loss to the property of a third party, this benefit can protect you. 
If the accident resulted in injuries or the death of a third party, your insurance can also help with legal liabilities. This coverage is highly important especially when people’s well-being is involved. <ul><li>No-Claim Bonus Benefit </li></ul>
The no-claim benefit is the only benefit that everyone should receive. Claiming the no-claim benefit means that you were not involved in any accidents on the road. After a whole year of not claiming any benefits from your car insurance, you’ll be eligible for this benefit. 
For every claim-free year, you can get a discount on your renewed car insurance. This benefit is a great bonus along with an accident-free year. 
Before adding and customizing your comprehensive car insurance, it’s important to first understand what benefit offers and determine which ones are useful for you. While you can’t foresee future incidents, consider your everyday commute and what possible incidents can occur. 
 If you’re traveling through the hustle and bustle of EDSA where collisions are likely to happen, getting a third-party liability benefit is a must-have. If you often travel through calamity-ridden areas coverage which covers natural calamities will come in handy. <h2>How much does it cost to insure the Toyota Hilux? </h2>
Car insurance for the Toyota Hilux varies depending on its model variant. Its starting pricing for a 2019 model can start from PHP 2,351.25 a month to PHP 17,889.46 per year. To get a better idea of rates and payment schemes take a look at the table below. <table><tbody><tr><td data-celllook="69905" colspan="3">Toyota Hilux 2019 CabChassis 2.4L Diesel M/T RWD Pick Up 2-Seater </td></tr><tr><td data-celllook="69905">Insurance Company </td><td data-celllook="69905">Insurance Name </td><td data-celllook="69905">Rate </td></tr><tr><td data-celllook="69905">Metropolitan Insurance Company </td><td data-celllook="69905">Motor Car Insurance </td><td data-celllook="69905">PHP 2351.25/mo </td></tr><tr><td data-celllook="69905">SGI Philippines General Insurance </td><td data-celllook="69905">Car Insurance </td><td data-celllook="69905">PHP 3236.67/mo </td></tr><tr><td data-celllook="69905">MAPFRE Insurance </td><td data-celllook="69905">Mapfre Comprehensive Car Insurance </td><td data-celllook="69905">PHP 3392.50/mo </td></tr><tr><td data-celllook="69905">Fortune General </td><td data-celllook="69905">FGen Motor Car Insurance </td><td data-celllook="69905">PHP 4355.00/mo </td></tr><tr><td data-celllook="69905">New India Assurance </td><td data-celllook="69905">Motor Car Insurance </td><td data-celllook="69905">PHP 10,777.20/one-time payment </td></tr><tr><td data-celllook="69905">COCOGEN Insurance </td><td data-celllook="69905">Motor Car Insurance </td><td data-celllook="69905">PHP 12,108.37/one-time payment </td></tr><tr><td data-celllook="69905">FPG Insurance </td><td data-celllook="69905">Motor Car Insurance </td><td data-celllook="69905">PHP 14,770.72/one-time payment 
</td></tr><tr><td data-celllook="69905">Pacific Union </td><td data-celllook="69905">Motor Car Insurance </td><td data-celllook="69905">PHP 14,770.72/one-time payment 
</td></tr><tr><td data-celllook="69905">Malayan Insurance </td><td data-celllook="69905">Automaster </td><td data-celllook="69905">PHP 17,889.46/one-time payment 
</td></tr></tbody></table>

To have a more in-depth search on the different car insurances available for the Toyota Hilux, try out Kwik Insure’s <a href="https://kwik.insure/vehicle-insurance/assistant-tool" target="_blank" rel="noreferrer noopener">assistant tool</a>. <h2>Final Thoughts on Car Insurance </h2>
Purchasing a car and being on the road requires a lot of responsibility. Not only do you need to be cautious of your safety but also others surrounding you. That is why picking out the right car insurance is a crucial part of owning a car. You need to sort and pick through car insurance benefits and customize a policy that’s beneficial to you. 
Aside from picking out the right benefits for your car insurance another important thing you need to determine is choosing the right car insurance provider. There are several auto insurance companies available in the Philippines. Find reputable auto insurance providers and make a shortlist. After narrowing down your options, do thorough research and look into their customer experience, payment schemes, and customer service support among many others. 
By inquiring about each company’s insurance services you’ll be able to get a good idea of what type of experience you’ll receive. Car insurance is a long-term commitment, therefore you need to find an insurance company that will make you feel secure.<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="s2pr63hpfijz" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="car insurance for hilux"></a>

Thinking of purchasing a brand new Toyota Hilux? Don’t forget about purchasing car insurance! Here’s a pricing guide for you.

How much is car insurance for Toyota Hilux?

Being on the road can be unpredictable and at times life-threatening. That is why it’s important to think ahead and safeguard yourself and your car from potential risks. With an insurance policy, you get to cover your vehicle against damages caused by accidents, fire, theft, flood, and more. 

So, you’ve purchased a brand new Toyota Vios, what’s next? To ensure that you and your new vehicle will be in safe hands in an event of an accident, look for an insurance plan that will meet your needs and price range. 

Despite the decline in car sales due to the COVID-19 pandemic in recent years, Toyota remains the best-selling car brand in the Philippines. The car brand remains the market leader rounding up to <a href="https://www.bworldonline.com/velocity/2022/01/17/423845/campi-tma-report-20-vehicle-sales-growth-in-2021/" target="_blank" rel="noreferrer noopener">48.3%</a> in sales in the whole of 2021, followed by Mitsubishi Motors with a 13.98% share. 
With a high resale value, economical pricing, accessible parts and a high score in crash tests, Toyota continues to be the #1 go-to car brand amongst Filipinos. Earning a <a href="https://www.carmudi.com.ph/journal/new-toyota-vios-scores-5-star-asean-ncap-rating/" target="_blank" rel="noreferrer noopener">5-star rating</a> under the 2017-2020 New Car Assessment Program for Southeast Asian Countries (ASEAN NCAP), Toyota’s Vios is one of the top bestselling car models in the Philippine market. <h2>Toyota Vios in the Philippines</h2><img data-image="dasqqib8jyyk" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltd8bb1a4e20b76001/625fe1e97e7b344b2534fee6/ContentImage_Vios(2).webp" data-sys-asset-uid="bltd8bb1a4e20b76001" alt="ContentImage_Vios(2).webp">
Known for its practicality, affordability and reliability, Toyota Vios is the ideal choice for the hustle and bustle of Metro Manila. Additionally, owners of this specific model don’t need to stress about the maintenance and looking for spare parts. Toyota parts are available everywhere and are significantly cheaper compared to other car brands. 
With new and improved versions of the sedan released each year, car buyers don’t need to settle for an outdated model. On the flip side, car buyers can purchase an older version for an affordable price. Either way, the Toyota Vios—new or old—can cater to a wide market. 
Yes, car insurance is compulsory for every car owner and it’s no question that you need to get one. However, it’s important to have a good grasp on its importance and how you can fully utilize your policy’s coverage. To get a good idea of how much car insurance is and what you can get out of it, keep on reading. <h2>How important is car insurance? </h2>
When it comes to car insurance, not receiving your insurance plan benefits is a good thing. This means that you have been safe on the road, accident-free. However, there is no guarantee that you will be able to avoid accidents in the future. Think of car insurance as a safety net in times of unfortunate incidents. The car insurance premium you’re paying might just save you from paying a much heftier price. 
Not sure what kind of benefits come with car insurance? Here are the most common premiums you can claim in case of emergencies. 
Damage or Loss 
One of the more common ways car insurance comes in handy is for car damages. This coverage also protects your car from accidents, fires and other unfortunate mishaps that cause a huge dent to your car. In addition, your car is also insured in case of losses due to theft, strikes, or terrorism. The benefit also covers loss or damaged while in transit via road, rail, ship or lift. 
Personal Accident 
Another important coverage included in car insurance is the personal accident cover which protects against permanent disability and death. This cover can also be transferred to other passengers depending on the terms and conditions of the policy. 
Third-Party Liabilities 
If your vehicle is involved in an accident that has resulted in damage or loss to the property of a third-party, your car insurance can cover you. If faced with any legal liabilities in case of injuries or death of a third party, you will also be protected. 
No Claim Bonus 
The no claim bonus is one of the best advantages of having car insurance. You will be to claim this benefit for every claim-free year. Despite not getting any benefit from your insurance, you will be able to get a discount on the premium making your insurance renewable more affordable. 
Car insurance offers a wide range of premiums that can one day save you from serious or even life-threatening situations. Investing in a good policy is important and will safeguard you from unforeseeable events. Now that you have a good basis on what premiums come with car insurance, there are a few important things you must keep in mind while choosing car insurance. 
The best way to ensure that you’re committing to good car insurance is by basing it on the company’s reputation. Do thorough research on multiple insurance companies and look into their customer reviews. While one client’s experience can be different from the other, it gives great insight into the company’s reliability. 
Another big factor when choosing the right car insurance is the company’s customer support. In times of accidents, it’s important to have a company that’s ready and competent to sort things out for you. 
When inquiring about their insurance services, observe the company’s personnel and how well they handle your queries. Insurance companies that offer live chats and receive calls without any delays are a definite plus.<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="8srale54c98t" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="toyota vioz 2022 car insurnace"></a><h2>Is Toyota Vios car insurance expensive? </h2>
For those of you who recently bought or are considering getting a Toyota, the good news is it affordable and one of the easiest to access car brands in the Philippines. As a result, Toyota’s car insurance is also one of the most affordable in the market. 
What makes Toyota one of the most inexpensive car brands is due to the brand’s high safety ratings. Their vehicles are packed with safety features which greatly affect car insurance costs. Additionally, Toyota car parts are easy to and affordable to source and repair. 
The Toyota Vios is a great pick among Toyota’s impressive lineup. The sedan’s sleek and compact design and sturdy build are ideal for big cities like Metro Manila. This 5-seater sedan is spacious and provides ample legroom space for groups and families. 
Vios sports a premium looking split grill, along with a modern and sleek headlight and taillights. Another great feature is its cabin noise isolation perfect for stress-free long drives. Known as one of the best-selling models in the Philippines from 2006 to 2017, its 2019 model doesn’t disappoint. 
Looking for comprehensive car insurance for the Toyota Vios 2019 model? Here’s a quick breakdown of the various car insurances being forward by companies today. <table><tbody><tr><td data-celllook="69905" colspan="3">Toyota Vios 2019 E 1.3L Gas A/T FWD Sedan 5-Seater </td></tr><tr><td data-celllook="69905">Insurance Company </td><td data-celllook="69905">Insurance Name </td><td data-celllook="69905">Rates </td></tr><tr><td data-celllook="69905">Metropolitan </td><td data-celllook="69905">Motor Car Insurance </td><td data-celllook="69905">PHP 2,368.13/mo </td></tr><tr><td data-celllook="69905">SGI Philippines </td><td data-celllook="69905">Car Insurance </td><td data-celllook="69905">PHP 3,465.00/mo </td></tr><tr><td data-celllook="69905">MAPFRE Insurance </td><td data-celllook="69905">Mapfre Comprehensive Care Insurance </td><td data-celllook="69905">PHP 3,876.88/mo </td></tr><tr><td data-celllook="69905">Fortune General </td><td data-celllook="69905">FGen Motor Car Insurance </td><td data-celllook="69905">PHP 5,515.00/mo </td></tr><tr><td data-celllook="69905">New India Assurance </td><td data-celllook="69905">Motor Car Insurance </td><td data-celllook="69905">PHP 11,428.76/ one-time payment </td></tr><tr><td data-celllook="69905">Pacific Union </td><td data-celllook="69905">Motor Car Insurance </td><td data-celllook="69905">PHP 14,879.83/ one-time payment </td></tr><tr><td data-celllook="69905">FPG Insurance </td><td data-celllook="69905">Motor Car Insurance </td><td data-celllook="69905">PHP 15,263.28/ 
one-time payment 
</td></tr></tbody></table>
To have a more in-depth search on the different car insurances available for the Toyota Vios, try out Kwik Insure’s <a href="https://kwik.insure/vehicle-insurance/assistant-tool" target="_blank" rel="noreferrer noopener">assistant tool</a>. <h2>Final Thoughts </h2>
Before purchasing a vehicle, it’s important to do your research and find the right car insurance that you can comfortably commit to. Taking a quick look at the Toyota Vios, it's the perfect option for those who are looking for affordable and reliable vehicles. Find the right vehicle that can fit your lifestyle and budget. With an affordable car like Toyota Vios also comes budget-friendly car insurance that starts at only PHP 2,368.13 per month.<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="8srale54c98t" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="toyota vioz 2022 car insurnace"></a>

Thinking of purchasing car insurance for your Toyota Vios? To find the right policy for your car and a pricing guide, here’s a quick read for you.

How much is car insurance for Toyota Vios?

Both aspiring first-time car owners and those looking for secondary cars consider the features and performance when weighing their options. But on top of these factors, price is another crucial consideration when preparing for a purchase as big as buying a new automobile. 
The good news is that Filipinos have plenty of choices to consider when it comes to budget cars in the Philippines, including entry-level sedans, hatchbacks, and even sport utility vehicles (SUVs) and multi-purpose vehicles (MPVs). There are bound to be limitations and compromises in these models compared to their more premium counterparts. However, these affordable cars provide an excellent value for money, especially with motoring becoming crucial for safety and personal convenience in these times. 
On that note, here are some cheap cars for sale in the Philippines 2022 you might want to include in your search: 
<h2>1. Toyota Wigo</h2><ol></ol>
<img data-image="jbslv118kjqn" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blte97080c69b63bb57/625fde447e05735302a3bcc3/ContentImage_Wigo_V02.webp" data-sys-asset-uid="blte97080c69b63bb57" alt="Toyota Wigo Car insurance philippines">
 
Toyota Wigo is among the best budget cars in the Philippines perfect for young professionals looking to buy their first automobile. It offers a cool and compact exterior, spacious seats and legroom and a fuel-efficient engine ideal for city driving. 
Toyota Wigo Prices:<ul><li>1.0E VVT-i E M/T: ₱ 568,000</li><li>1.0G VVT-i G M/T: ₱ 623,000</li><li>1.0G VVT-i G A/T: ₱ 658,000</li><li>1.0 TRD S AT: ₱ 700,000</li></ul> Key Specifications:<ul><li>Body type: Hatchback</li><li>Dimensions (mm): 3,660 x 1,600 x 1,520 mm</li><li>Seating capacity: 5</li><li>Transmission type: Manual or Automatic</li><li>Engine type: 3-cylinder in-line </li><li>Performance: 65 Hp at 6,000 rpm and 89 Nm at 4,400 rpm</li><li>Fuel type: Gasoline</li><li>Fuel capacity: 33 L </li></ul> PROS 
The new Wigo sports a more mature look, thanks to its sharper front and back ends and projector-type headlamps. Moreover, the newer tires improve grip and allow easier maneuverability, perfect for driving on congested roads or parking in tight spaces. Finally, even with its compact dimensions, the Toyota Wigo’s roomy cabin space can accommodate up to five passengers. There are also generous cup holders for a hassle-free trip. 
CONS 
The features on the inside of the Wigo can be pretty basic. It has a conventional instrument cluster, audio controls mounted on the steering, and an air conditioning system without the vent selector switch. 
Moreover, it only offers fundamental safety features like dual front SRS airbags and an anti-lock braking system. You’ll have to spend separately if you want to install an anti-theft system, wireless door locks or other safety equipment. 
Despite these drawbacks, the Toyota Wigo remains one of the most reliable choices among the cheapest cars in the Philippines. <a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="m5r5bxsacgi2" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt571a231699d47d38" alt="car insurance online philippines"></a><h2>2. Toyota Vioz</h2><img data-image="zxi8zl0nlvo9" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt3fb39b8fd5314a2a/6256b5bd7e05735302a3a993/ContentImage_Vios.webp" data-sys-asset-uid="blt3fb39b8fd5314a2a" alt="Toyota vioz insurance">
The Toyota Vios is among the best-selling sedans in the country, and it’s not hard to see why. Besides being among the cheapest cars in the Philippines, it offers an upgraded exterior design, reliable grip and steering, cushioned seats, a fuel-efficient engine and superior safety features. 
Toyota Vios Prices:<ul><li>1.3 Base MT: ₱ 681,000</li><li>1.3 J M/T: ₱ 707,000</li><li>1.3 XE CVT: ₱ 753,000</li><li>1.3 XLE M/T: ₱ 801,000</li><li>1.3 XLE CVT: ₱ 851,000</li><li>1.3 E M/T: ₱ 851,000</li><li>1.3 E CVT: ₱ 901,000</li><li>1.5 G M/T: ₱ 911,000</li><li>1.5 G CVT: ₱ 970,000</li></ul> Key Specifications:<ul><li>Body type: Sedan</li><li>Dimensions (mm): 4,425 x 1,730, 1,475</li><li>Seating capacity: 5</li><li>Transmission type: Manual or CVT</li><li>Engine type: 4-cylinder in-line</li><li>Performance: 107 Hp at 6,000 rpm and 140 Nm at 4,200 rpm</li><li>Fuel type: Gasoline</li><li>Fuel capacity: 42 L</li></ul> PROS: 
Even as a car priced below ₱ 1 million, the new Vios boasts a stronger and bolder look that won’t make car owners feel outdated. The Toyota Vios can also comfortably seat up to five passengers, making it a popular choice among small families. On top of that, it sports a 6.75-inch infotainment screen supporting both Apple CarPlay and Android Auto.
Ultimately, the Vios is packed with impressive safety features for its price, such as dual front airbags for the driver and passenger, a knee airbag for the driver, ABS with electronic brakeforce distribution (EBD) and brake assist, vehicle stability control and hill-start assist control. 
CONS: 
While five passengers can sit comfortably inside, there aren’t enough storage spaces for your carry-along. The spaces on the doors and the center armrest are quite small. Also, the center console only offers two cup holders, so there are no designated places where you can leave items like parking cards. 
While the Vios possesses some drawbacks, it still holds its own among the cheap cars for sale in the Philippines 2022, especially with its revamped look, spacious cabin and standout safety features. <h2>3. Hyundai Reina</h2><img data-image="9n6700intm2h" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt2b21d140dd429819/6256b61cd22f554a53ca9222/ContentImage_Reina.webp" data-sys-asset-uid="blt2b21d140dd429819" alt="Hyundai Reina car insurance philippines">
The Hyundai Reina is a great choice if you’re looking for budget cars built with practicality in mind. It boasts an elegant exterior, serious power and adequate safety features designed for a better, more economical drive. 
Hyundai Reina Prices:<ul><li>1.4 GL 5MT: ₱683,000</li><li>1.4 GL 4AT: ₱733,000</li></ul> Key Specifications:<ul><li>Body type: Sedan</li><li>Dimensions (mm): 4,300 x 1,705 x 1,460 </li><li>Seating capacity: 5</li><li>Transmission type: Manual or Automatic</li><li>Engine type: 4-cylinder</li><li>Performance: 95 Hp at 6,000 rpm and 132 Nm at 4,000 rpm</li><li>Fuel type: Gasoline</li><li>Fuel capacity: 43</li></ul> PROS 
One of the key features that set the Hyundai Reina apart from the rest is that it boasts a firm suspension system, allowing for a comfortable ride. It also offers ample headroom and legroom, and massive 415-liter trunk space. Finally, it sports a bold hexagonal grill and headlights updated with two halogen MFR lights and a two-tone bezel, making it one of the better-looking autos within its price range. 
CONS
While it can fit five passengers, the Hyundai Reina’s knee room may be a bit too cramped for five people. There’s also no touchscreen in its infotainment unit, which may be a big drawback since other entry-level sedans come with a touchscreen. Finally, the Reina’s distinct transmission may often give a stiff, uncomfortable ride because of its sporty handling. <h2>4. Honda City</h2><img data-image="3v5z14s2fxjc" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt93a110716c5f209e/6256b64901fc7752fb5334de/ContentImage_City.webp" data-sys-asset-uid="blt93a110716c5f209e" alt="honda city car insurance">
As one of the most well-loved cars in the country, any list of the most affordable cars in the Philippines in 2022 won’t be complete without the Honda City. This versatile sedan comes in a sleek new look, accessible controls and a state-of-the-art, Euro-4 compliant engine. 
Honda City Prices:<ul><li>1.5 S MT: ₱ 848,000</li><li>1.5 S CVT: ₱ 888,000</li><li>1.5 V CVT: ₱ 978,000</li></ul> Key Specifications:<ul><li>Body type: Subcompact sedan</li><li>Dimensions (mm): 4,553 x 1,748 x 1,467</li><li>Seating capacity: 5</li><li>Transmission type: Manual or CVT</li><li>Engine: 4-cylinder in-line</li><li>Performance: 120 Hp at 6,600 rpm and 145 Nm at 4,300 rpm</li><li>Fuel type: Gasoline</li><li>Fuel capacity: 40 L</li></ul> PROS: 
The new Honda City comes with improved styling. It now boasts dynamic corners and more ideal proportions, allowing for better maneuverability, especially on city roads. Compared to most affordable cars, it also offers remarkable fuel economy with its DOHC i-VTEC engine. Finally, the Honda City packs impressive safety features, easily accessible advanced controls, and luxurious comfort in a subcompact sedan, making it one of the best bang for the buck cars. 
CONS: 
The latest models of the Honda City come with a low ride height, which may be uncomfortable, especially for the elderly. Another drawback worth considering is that its base variants lack some comfort and safety features present in their counterparts. <h2>Honorable Mentions </h2>
If you want to look beyond hatchbacks and sedans without straining your budget, there are also plenty of options for you! <h2>Suzuki APV</h2><img data-image="mie9ctk9pno7" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt51367e3b1cf5b80a/6256b6781574214ead41ef81/ContentImage_APV.webp" data-sys-asset-uid="blt51367e3b1cf5b80a" alt="suzuki apv car insurance">
Key Specifications:<ul><li>Body type: Compact MPV</li><li>Seating capacity: Eight</li><li>Transmission type: Manual</li><li>Engine: 4-cylinder</li><li>Performance: 91 Hp at 5,750 rpm and 127 Nm at 4,500 rpm</li><li>Fuel type: Gasoline</li></ul> Suzuki APV Prices:<ul><li>GA 1.6 MT: ₱ 651,000</li><li>GLX 1.6 MT: ₱ 843,000</li></ul><h2>Toyota Avanza</h2><img data-image="ab4bn7uwy54m" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt6451e3426d43a45b/6256b69dd22f554a53ca9228/ContentImage_Avanza.webp" data-sys-asset-uid="blt6451e3426d43a45b" alt="toyota avanza car insurance">
Key Specifications:<ul><li>Body type: MPV</li><li>Seating capacity: 7</li><li>Transmission type: Manual or Automatic</li><li>Engine: 4-cylinder in-line</li><li>Performance: 95 Hp at 6,000 rpm and 121 Nm at 4,400 rpm</li><li>Fuel Type: Gasoline</li></ul> Toyota Avanza Prices:<ul><li>1.3 J M/T: ₱ 813,000</li><li>1.3 E M/T: ₱ 928,000</li><li>1.3 E CVT: ₱ 984,000</li></ul><h2>Mitsubishi Strada</h2><img data-image="qb89ykcukhjf" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf3c5f7d28434153c/6256b6c102d8144fd4dab224/ContentImage_Strada.webp" data-sys-asset-uid="bltf3c5f7d28434153c" alt="mitsubishi estrada car insurance">
Key Specifications:<ul><li>Body type: Pick-up</li><li>Seating capacity: 2-4 (depends on the configuration)</li><li>Transmission type: Manual</li><li>Engine: 4-cylinder</li><li>Performance: 134 Hp at 4,000 rpm and 324 Nm at 2,000 rpm</li><li>Fuel type: Diesel</li></ul> Mitsubishi Strada Prices:<ul><li>Cab & Chassis 2WD: ₱ 825,000</li><li>GL 2WD: ₱ 998,000</li></ul> <h1>Final Thoughts </h1>
Whether you’re buying your first car or adding to your fleet, price is definitely one of the most crucial factors to consider. Fortunately, there are plenty of options available when it comes to budget cars in the Philippines. Moreover, studying your choices carefully will help you get the vehicle that’s just right for your finances without compromising on comfort and performance. If you’ve already found a car that suits your budget and lifestyle, take the next step towards safety and convenience by purchasing car insurance. Kwik.insure is an all-in-one platform you can use to search for insurance policies from top providers, compare your options, and acquire your desired plan. <a href="https://kwik.insure/sign-up">Sign in today</a> to start shopping online, or <a href="https://kwik.insure/request-quote">request a FREE quote</a> tailored to your needs. <a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="m5r5bxsacgi2" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt571a231699d47d38" alt="car insurance online philippines"></a>
 <ol></ol><ol></ol>

If you want to purchase a new vehicle without breaking the bank, these budget cars in the Philippines 2022 bring the best value for money.

Top Budget Cars Philippines 2022

When the COVID-19 pandemic struck the world in 2020, countries had to halt both domestic and international trips to help prevent the spread of the disease. But with more and more people getting vaccinated against the virus, the world has been reopening its borders one after the other. And while we may still be far from the end of this health crisis, travel restrictions are easing up in certain countries, allowing people to travel either for business or recreation. 
If you are fully vaccinated or even boosted, you now have more protection from the disease caused by the novel coronavirus. You also have more flexibility as to where you can go and what you can feel safe doing. 
However, it still pays to remember that any kind of travel brings you in close contact with many people. This means that it’s still essential to practice safety precautions like wearing a mask properly and keeping your distance. And to make your visit to the Philippines safer and hassle-free, it’s also crucial to stay updated with the latest travel requirements in the country. 
<h2>The New COVID-19 Insurance Travel Requirement </h2>
On February 4, 2022, the Philippines announced that the country’s borders would be reopened starting February 10, 2022. But while the border control and quarantine measures will be lifted from this date forward, there are new protocols for foreign nationals arriving from different countries. 
Here are the latest travel requirements for the Philippines, as enumerated in <a href="https://www.officialgazette.gov.ph/downloads/2022/02feb/20220203-RESO-160B-RRD.pdf">Resolution No. 160-B</a> recently issued by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF): <ul><li>Foreign nationals traveling to the Philippines must be fully vaccinated (received the second dose in a 2-dose series or a single dose vaccine more than 14 days before departure from the country of origin). Minor children below 12 years old who are unvaccinated must be traveling with their fully-vaccinated parents. </li><li>They must carry or possess an acceptable proof of vaccination. </li><li>They must present a negative RT-PCR test taken within 48 hours before departure from the country of origin.</li><li>They must have passports valid for at least six (6) months at the time of arrival. </li><li>They must obtain travel insurance including coverage for COVID-19 treatment costs, with a minimum coverage of $ 35,000 for their whole duration of stay in the country. </li></ul> With this latest update from the IATF, all foreign nationals entering the Philippines are now required to have travel insurance policies specifically including coverage for COVID-19 treatment. <h2>Travel and COVID-19 Insurance Plans </h2>
Travel insurance policies generally offer travel disruption benefits such as accidents and disablements, travel delays, baggage loss or delays, and personal liabilities. And while they also include medical expense coverage, COVID-19 treatment costs may not be specifically included in them. 
So to help you plan for your next trip to the Philippines, here are some travel policies with COVID-19 insurance worth considering:&nbsp;
<h3>1. Smart Traveler </h3>
<ol></ol>
This travel insurance product covers emergency medical and evacuation costs due to COVID-19 on top of the usual travel inconvenience benefits. 
Provider: AXA
Coverage: <ul><li>Travel inconvenience benefits (e.g. trip cancellation, trip postponement, trip delay, baggage delay, loss/damage to baggage, loss of travel documents, hijacking) </li><li>Accidental death and permanent disablement (up to ₱ 2,500,000) </li><li>Emergency medical expense due to illness (up to ₱ 2,500,000) </li><li>Emergency medical evacuation and repatriation </li><li>Repatriation of mortal remains </li><li>24-hour travel assistance</li></ul><h3>2. Safe Trip with C-19</h3> This COVID-19 insurance plan offers medical coverage due to the pandemic disease along with benefits for travel inconveniences such as flight delays, baggage mishaps, and other emergencies. 
Provider: Pioneer Life Inc. 
Price: starts at ₱ 1,298 for 8-9 days of travel duration
Coverage:<ul><li>Cancellation and travel disruption benefits (emergency trip cancellation, emergency trip termination, flight delay, missed connecting flight, missed departure, flight diversion, hijacking)</li><li>Baggage, personal effects, and money benefits (baggage delay, damage to baggage, loss of baggage, loss of personal money, loss of travel documents) </li><li>Emergency medical treatment (up to ₱ 1,500,000) </li><li>Emergency medical evacuation due to COVID-19 (up to ₱ 750,000) </li><li>Repatriation of mortal remains due to COVID-19 (up to ₱ 750,000) </li><li>Hospital cash (up to ₱ 2,000 per day, maximum of 5 days) </li></ul> <a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="7g6oyfj7vvmb" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt869e745c3b801ded" alt="COVID-19 Insurance Travel Requirements for the Philippines"></a><h3>3. Travel Master </h3>

Travel Master is a comprehensive travel insurance plan made even better with COVID-19 coverage. It also offers personal liability coverage, travel inconvenience benefits, 24/7 travel assistance and other value-added features. 
Provider: Malayan Insurance 
Coverage: <ul><li>Travel inconvenience benefits (loss of travel documents, loss of cash, damage to laptop, loss of laptop, loss of baggage, damage of checked-in baggage, baggage delay, aircraft hijacking, flight delay) </li><li>Accidental death, dismemberment and disablement ($ 50,000) </li><li>Emergency medical treatment due to accident or sickness ($ 50,000) </li><li>Emergency medical treatment due to COVID-19 ($ 30,000 for Asian Travel, $ 50,000 for Worldwide Travel) </li><li>Hospital cash allowance with COVID-19 cover ($ 60 per day for Asian Travel, $ 80 per day for Worldwide Travel; maximum of 14 days confinement) </li><li>Emergency medical repatriation (Unlimited) </li><li>Emergency medical evacuation (Unlimited) </li><li>Return of mortal remains (Unlimited) </li></ul><h3>4. Travel Excess Plus </h3>

This insurance plan covers both leisure and business travels and now includes COVID-19 coverage, allowing you to enjoy your destination without worries. 
Provider: COCOGEN 
Coverage: <ul><li>Travel assistance services (transport or repatriation in case of illness or accident, hospital cash income, repatriation of mortal remains, repatriation of a family member traveling with the insured, emergency return home following death of a close family member, trip cancellation, delayed departure, flight diversion, baggage delay, loss of baggage, loss of personal money, loss of documents) </li><li>Accidental death and disablement (up to $ 50,000) </li><li>Accidental burial assistance (up to $ 1,000) </li><li>Medical and hospitalization expenses (up to $ 50,000) </li><li>Personal liability (up to $ 20,000) </li><li>Medical expenses and hospitalization abroad due to COVID-19 ($ 45,000)</li><li>Transport or repatriation in case of COVID-19 illness (up to $ 25,000) </li></ul><h2>Other COVID-19 Insurance Plans</h2><ul><li><h3>COVID-19 Assist + </h3></li></ul><ol></ol>
This personal accident insurance offers financial assistance for the insured for his/her beneficiaries if he/she is hospitalized or dies due to COVID-19. This covers any disablement or accidental death sustained anywhere in the world. 
Provider: Cocogen Insurance, Inc. 
Price: starts at ₱ 50 for three-month coverage, ₱ 200 for one-year coverage
Key inclusions: <ul><li>Cash assistance of up to ₱ 2,000 for loss of life due to COVID-19 </li><li>Cash assistance of up to ₱ 2,000 for loss of life due to other causes </li><li>Daily hospital income due to COVID-19 (up to 15 days) </li><li>Accidental death & disablement (₱ 20,000) </li><li>Accidental death burial benefit (₱ 2,000) </li></ul><ul><li><h3>Vital Cover (COVID-19 Cash Assistance Benefit) </h3></li></ul> Vital COVER is a comprehensive insurance product offering financial protection for COVID-19 and two other modern-day diseases in the Philippines. Aside from its extensive coverage for COVID, it also offers a separate travel accident and sickness benefit. Finally, it covers emergency medical repatriation, emergency evacuation, and more through its international partner, Assist America. 
Provider: Malayan Insurance Company
Price: starts at ₱ 600 for a one-year coverage 
Key inclusions:<ul><li>Accidental death (up to ₱ 100,000) </li><li>Medical Reimbursement due to Accident (up to ₱ 12,500) </li><li>Daily hospital income due to COVID-19 (maximum of 14 days) </li><li>Cash assistance of up to ₱ 100,000 for loss of life due to COVID-19 </li><li>Cash assistance of up to ₱ 50,000 for loss of life due to Dengue and Chikungunya </li></ul><ul><li><h3>COVID-19 Kwik Assist Max </h3></li></ul> The COVID-19 Kwik Assist Max is a COVID-19 insurance product that pays the amount of insurance upon death of the insured due to any cause, anywhere. With that said, take note that this plan is valid only for one month after it is activated. 
Provider: Generali Life Assurance Philippines, Inc. 
Price: ₱ 90 
Coverage: <ul><li>Death due to all causes (up to ₱ 100,000) </li></ul><ul><li><h3>Travel Lite </h3></li></ul>
This budget travel insurance is applicable to both domestic travel and non-Schengen countries catering International Asai Zone trips such as Southeast Asia, Hong Kong, Japan, China, Taiwan, Korea, Nepal, Sri Lanka, Australia and New Zealand. 
Provider: Malayan Insurance 
Coverage: <ul><li>Trip cancellation (up to ₱ 50,000) </li><li>Trip termination (up to ₱ 50,000) </li><li>Hotel accommodation for delayed departure (up to ₱ 2,500) </li><li>Loss of baggage (maximum of ₱ 10,000) </li><li>Damage to luggage (maximum of ₱ 5,000) </li><li>Emergency medical evacuation (up to ₱ 25,000) </li><li>Emergency medical repatriation (up to ₱ 25,000) </li><li>Accidental death and disablement (up to ₱ 500,000) </li><li>Total permanent disability (up to ₱ 500,000) </li><li>Daily hospital cash allowance due to accident or sickness (up to ₱ 1,000 per day, up to 7 days of confinement) </li></ul><h2>Tips for a Safe and Smooth Travel to the Philippines During the COVID-19 Pandemic</h2>
With more Filipinos getting vaccinated and boosted against COVID-19, traveling to the Philippines is becoming safer than it did before. And if you’re fully vaccinated yourself, the health risks that come along with traveling are much lower than they used to be. 
However, it helps to remember that we still live in a pandemic. This means that on top of getting adequate coverage for your trip, you also have to keep on with preventive measures to keep yourself and those around you safe from the disease. 
On that note, here are some tips worth keeping in mind to achieve a safe and smooth journey during COVID-19: <ul><li>Stay updated with the COVID-19 rates at your destination. Remember that your chances of getting the disease increases along with the infection rate in the area you’re planning to visit, so always consider this when scheduling your trip. </li><li>Stay updated with the travel requirements for the Philippines and prepare your documents in advance. You also need to schedule your RT-PCR test accordingly to meet the IATF’s guidelines. </li><li>Choose your hotel or vacation rental carefully to ensure a safe and hassle-free stay in the country. If you’re staying with friends or family, always consider yourself and your host’s vaccination status before making arrangements. </li><li>Bring a face mask and wear it correctly, especially if inside closed spaces.</li><li>As much as possible, avoid indoor venues packed with people, like bars, karaoke cafes, and other crowded indoor activities. </li><li>Be prepared to provide itinerary details and contact tracing information within 48 hours after returning to your country of origin. </li></ul><h2>Enjoy a Healthy and Hassle-Free Trip With Adequate COVID-19 Insurance </h2>
As the Philippines lifted its travel restrictions and reopened its borders to foreigners, it also issued a new set of requirements for those who wish to enter the country. Starting February 10, 2022, the latest resolution released by the IATF now requires foreign nationals to: <ul><li>Be fully vaccinated</li><li>Possess an acceptable proof of vaccination</li><li>Present a negative RT-PCR test taken within 48 hours </li><li>Have passports valid for at least 6 months at the time of arrival</li><li>Acquire travel insurance for COVID-19 with a coverage of at least $ 35,000. </li></ul> With that said, getting travel and COVID-19 insurance does not simply help you comply with the IATF’s requirements for foreign nationals traveling to the Philippines. Since we still live in a pandemic, traveling abroad can be risky for both your finances and your health. Getting adequate travel and COVID-19 insurance then gives protection against huge potential medical costs caused by the coronavirus disease on top of the usual travel disruption and inconvenience costs. Ultimately, it gives you peace of mind and allows you to travel to the country with significantly less worries. 
If you are planning to visit the Philippines soon, let Kwik.insure help make your trip much safer and smoother. We gather COVID-19 insurance policies on our easy-to-use platform through our partnerships with reputed insurers in the country. Study your options, request a free quote, and buy your health insurance all in one place, here at Kwik.insure.
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Read more about the IATF’s new conditions and COVID-19 insurance requirements for foreign nationals entering the Philippines, plus some tips for a safe trip.

COVID-19 Insurance Travel Requirements for the Philippines

The pandemic that struck the world in 2020 caused unprecedented disruptions in education. Because of the global health crisis, schools had to be closed suddenly, students had to deal with the stress coming with remote learning, and teachers were forced to quickly learn how to use conferencing technology to continue education. 
Of course, COVID-19 also shook up medical institutions across the globe and highlighted the importance of health and easy access to healthcare now more than ever. 
Two years in, scientists have learned more about the coronavirus, and vaccinations have been rolled out to help prevent severe illnesses. However, the fact remains that we still live in a pandemic. And with schools planning to return to face-to-face setups or launch hybrid arrangements to reestablish education, it’s normal for you to worry about your child’s health and safety. After all, going back to school means getting into close contact with different people from different places. 
With that said, you can rest assured that the government along with school administrators in the country are doing their best to create policies that will keep students healthy and safe. The Commission on Higher Education (CHED) and the Department of Health (DOH) released a joint memorandum enumerating guidelines that higher education institutions must follow as they gradually reopen and conduct face-to-face classes during the pandemic. It particularly called for students attending limited face-to-face classes to register with PhilHealth or acquire any equivalent medical insurance to cover medical expenses related to COVID-19. 
COVID-19 insurance plans help you ensure that your student will get prompt and proper medical attention in case the disease strikes. And no matter what their vaccination status is, having this financial safeguard in place helps them recover from the illness and protects your whole family from potentially crippling medical debt. 
Minors can usually get their insurance coverage from their parent’s plan, or from their school’s insurance policies. However, if you want a specific COVID-19 coverage for your child, know that you can also get a policy on your own. 
If you are a student preparing for senior high school or college, or a parent who wants to start protecting your child’s future with COVID-19 insurance for students, here are some plans worth considering: 
<h2>1. COVID-19 Assist + </h2><ol></ol>
This COVID-19 insurance for students provides financial protection for any disablement or accidental death sustained due to the disease anywhere in the world. 
Provider: Cocogen Insurance, Inc. 
Price: starts at ₱ 200 for one-year coverage
Age eligibility: 18-60 years old
Key inclusions: <ul><li>Cash assistance of up to ₱ 2,000 for loss of life due to COVID-19 </li><li>Cash assistance of up to ₱ 2,000 for loss of life due to other causes </li><li>Daily hospital income due to COVID-19 (up to 15 days) </li><li>Accidental death & disablement (₱ 20,000) </li><li>Accidental death burial benefit (₱ 2,000)</li></ul>
 

<h2>2. COVID-19 Kwik Assist Standard </h2>
This insurance product pays the amount of insurance upon death of the insured due to any cause, anywhere. However, take note that the plan is valid only for one month after it is activated.
Provider: Generali Life Assurance Philippines, Inc. 
Price: ₱ 50 (one-time fee) 
Age eligibility: 18-65 years old
Coverage:<ul><li>Death due to all causes (up to ₱ 55,000) <a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="jpvlbmhyqb3m" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt869e745c3b801ded" alt="covid 19 insurance philippines"></a></li></ul> <h2>3. COVID-19 Kwik Assist Max</h2>
Like the COVID-19 Kwik Assist Standard, this product pays the amount of insurance upon death of the insured due to any cause, anywhere. This plan is also valid only for one month after it is activated. 
Provider: Generali Life Assurance Philippines, Inc. 
Price: ₱ 90 
Age eligibility: 18-65 years old
Coverage: <ul><li>Death due to all causes (up to ₱ 100,000) </li></ul>
<h2> </h2><h2>4. Vital Cover (COVID-19 Cash Assistance Benefit)</h2>
Vital COVER is a 5-in-1 insurance product offering financial protection for COVID-19 and two other modern-day diseases. It has extensive coverage for the said disease, plus a separate travel accident and sickness benefit. Moreover, it includes emergency medical repatriation, emergency evacuation, evacuation of mortal remains, and more through Assist America, its international partner. 
Provider: Malayan Insurance Company
Price: starts at ₱ 600 for a one-year coverage 
Age eligibility: 1-75 years old
Key inclusions:<ul><li>Accidental death (up to ₱ 100,000) </li><li>Medical Reimbursement due to Accident (up to ₱ 12,500) </li><li>Daily hospital income due to COVID-19 (maximum of 14 days) </li><li>Cash assistance of up to ₱ 100,000 for loss of life due to COVID-19 </li><li>Cash assistance of up to ₱ 50,000 for loss of life due to Dengue and Chikungunya </li></ul><h3> </h3><h2>5. Terminal Illness COVID-19 </h2>
This COVID-19 insurance for students provides financial coverage for a confirmed COVID-19 infection or death of the Insured. 
Provider: Liberty Insurance Corporation 
Price: Starts at ₱ 889.14 for a 3-month coverage and ₱ 6,481.52 for one-year coverage 
Age eligibility: 18-50 years old
Key inclusions:<ul><li>Death benefit (up to ₱ 50,000)</li><li>Diagnosis benefit (₱ 5,000) </li></ul> <h2>6. The Philippine Red Cross Prestige Membership Card </h2>
This insurance product is offered by the Philippine Red Cross (PRC) and MAPFRE Insurance and is designed to help vulnerable Filipinos through life and non-life insurance coverage. It provides PRC members with life insurance that also covers death due to COVID. 
Provider: Mapfre Insular Insurance Corporation 
Price: ₱ 1,400
Age eligibility: 18-64 years old
Key inclusions: <ul><li>Life insurance (₱ 200,000) </li><li>Accidental death & disablement (₱ 200,000) </li><li>Priority assistance on swab and saliva testing, blood requests, and ambulance services </li></ul> <h2>The Importance of COVID-19 Insurance for Students</h2>
Some think that health insurance for students isn’t necessary because kids are young and generally healthy. But while this can be true for some, it pays to remember that medical emergencies can occur even when we least expect them. 
Aside from that, it’s worth noting that student healthcare needs have also drastically changed due to the pandemic. On top of the common health problems or injuries your child may encounter at school, they are now exposed to risks of contracting the disease, too.
As such, having adequate health insurance lets your student receive the face-to-face instruction they need to prepare for the real world while protecting their health and securing their future. 
Here are some more reasons to get COVID-19 insurance for students: <ul><li>Adequate Coverage for Medical Expenses </li></ul> Whether your child is a local or foreign student in the Philippines, purchasing the most suitable COVID-19 insurance policy for them lets them complete their studies without having to worry about healthcare expenses should they get sick. 
And in the event that they do contract the virus, they can focus on their recovery as COVID-19 insurance policies take care of in-patient care and other costs related to the disease. <ul><li>Easy Access to Healthcare</li></ul> The coronavirus is known to cause different levels of illness severity that, consequently, entail medical expenses that could easily pile up. Unfortunately, this deters some from seeking medical help, let alone getting themselves tested. 
On the other hand, protecting your child with a COVID-19 insurance policy gives you a safety net you can use to give them the medical attention they need, right when they need it the most. Ultimately, it gives them the chance to be treated promptly and get better as soon as possible. <ul><li>Financial Protection from More Debt </li></ul> Truth be told, higher education in the Philippines can become expensive. Getting health coverage, especially for a disease that can be easily spread in these times, can help your whole family safeguard your finances as your student finishes their schooling. 
When you have a policy you can count on in case your child gets sick, you won’t have to worry about their medical expenses on top of your child’s tuition fees and your family’s daily expenses. In the long run, your COVID-19 insurance for students can even be that plan that will protect you from accumulating debt. <h2>How to Choose the Best COVID-19 Insurance for Students </h2> COVID-19 may be a relatively new health concern, but there are some tips and smart practices you can follow to find the most suitable insurance plan for your student. 
Looking around for reliable insurance companies and comparing quotes are some great ways to start with this. You can Google the leading insurance providers in the Philippines, visit their website, and check if they’re offering COVID-19 insurance for local and foreign students, depending on your needs. Then, as you move forward with your search, make sure to collect quotes so you can easily compare potential plans later on. 
But if you want to save time, you can also browse through the available plans at Kwik.insure, an online marketplace that lets you compare, purchase, and manage your policies all on one convenient platform. 
At the end of the day, whichever method you use to conduct your search, the most important thing is to maximize all the resources available to you to protect your child’s health as they return to face-to-face learning in these unprecedented times.
<h2>Final Thoughts</h2>
COVID-19 has made access to affordable healthcare more important than ever — even for minors. While they may seem young and full of energy, the return to face-to-face learning arrangements can expose them to the novel coronavirus, aside from the health issues and injuries common in high school and college. 
Fortunately, learning institutions are doing their part to keep your child safe. Moreover, there are things you can do to help protect their health and future, like getting COVID-19 insurance for students. These insurance products give you the cash assistance you need to call for medical help in case they get sick. But more importantly, it protects you from the financial impact of your child contracting the virus in these challenging times. Eventually, this allows you to keep preserving your funds for your child’s education and future. 
If your child is still uninsured and unprotected from COVID-19, the best time to start is now and Kwik.insure is here to help. We partnered with reputable insurance companies in the Philippines to gather health insurance policies on one easy-to-use platform. Buy your COVID-19 insurance today online for as low as P50.00, only at Kwik.insure.
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Sending your kids back to school amid the pandemic? Check out these COVID-19 insurance for students to keep them and their future protected.

COVID-19 Insurance for Local and Foreign Students

As the pandemic continues, one way to prevent sudden health problems and expenses is to continue following health protocols. However, we should also consider our health and finances carefully and plan to prepare for the worst. Consider securing your health and finances by purchasing a health insurance plan, specifically COVID-19 insurance.
The latest research by Pru Life UK’s AI and Data Analysis Center revealed that health riders or additional benefits in insurance policies proved resilient despite a disrupted and slowing economy. A comparison of the insurance purchases by Pru Life UK customers in the first six months of 2020 and 2019 found that there is a slight drop of 0.05% in health riders. This means Filipinos continue to prioritize their health and protect their finances by buying health riders to complement their policies.
If you want to add extra protection to your health and finances, consider purchasing a rider or insurance that covers pandemic diseases like COVID-19. Since life is unpredictable, take advantage of a wide range of healthcare services. <h2>Why Get a COVID-19 Insurance?</h2><h3>1. Care for Your Health</h3>
Some insurance providers offer riders or policies that help you pay for medical expenses if you get hospitalized due to COVID-19. Ensure that you get the right medical assistance and coverage in case of a COVID-19 infection.
Each COVID-19 variant affects people differently, with some patients experiencing severe conditions. Getting COVID-19 insurance will help you receive the right care without worrying about expenses.
A few insurance riders also cover severe reactions to COVID-19 vaccines. It is also recommended to look for policies with this kind of coverage for extra protection.<h3>2. Protect Your Finances</h3>
It is necessary to have a financial backup plan, especially during these trying times. A COVID-19 insurance policy will provide the financial aid that you need during a sudden hospitalization or death due to the virus.
A <a href="https://newsinfo.inquirer.net/1482978/surviving-covid-19-a-costly-struggle">report</a> on hospitalization expenditure of COVID-19 patients at the University of the Philippines-Philippine General Hospital (UP-PGH) revealed that patients below 60 years old paid a hospital bill ranging from Php 25,899 to Php 44,428.63, while patients aged 19-30 years old paid Php 44,428.63 out of pocket. That’s a lot of money to shell out in a short period, and some patients even report spending more.
When you are hospitalized, it will also disrupt your work which can affect your income. This may further hinder your ability to pay for expenses in case of a sudden illness or death from the virus. Protect your finances from huge expenses by getting the right COVID-19 insurance today.<h3>3. Ensure Your Safety When Traveling</h3>
As the government starts to ease travel restrictions, more Filipinos are taking this opportunity to travel. However, you should still follow health protocols when you go outside since we are still in a pandemic. More importantly, get travel insurance that provides COVID-19 coverage.
Whether you are going home to the province or traveling for vacation, protect yourself from sudden expenses and receive the right medical care if you get sick from COVID-19 while traveling. Many travel insurance providers already offer this as a rider or inclusion in their policies.<img data-image="uy13luvs8ytu" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blta39aade72a4dd0f9/622dc34a638e1304348430b6/ContentImage_TopCovid19Insurance.webp" data-sys-asset-uid="blta39aade72a4dd0f9" alt="ContentImage_TopCovid19Insurance.webp"><h3>1. COVID-19 Kwik Assist Standard</h3>
Kwik.insure promises easy and reliable insurance by providing affordable and accessible insurance. The <a href="https://kwik.insure/products/health-insurance/covid/kwik-assist-standard">COVID-19 Kwik Assist Standard</a> pays an insurance coverage of up to Php 55,000 for the death of the insured due to accident, illness, natural death, or COVID-19. Avail of this convenient insurance policy for only Php 50 and receive coverage one month from the date of registration.
The product is available to people from 18-65 years of age. Note that it is underwritten by Generali Life Assurance Philippines, Inc. The COVID-19 Kwik Assist Standard insurance may be purchased via the Kwik.insure website, Lazada, or Shopee.<h3>2. COVID-19 Kwik Assist Max</h3>
The <a href="https://kwik.insure/products/health-insurance/covid/kwik-assist-max">COVID-19 Kwik Assist Max</a> is similar to the previous Kwik.insure product except that it offers higher coverage and premium. The insurance provides coverage for one month from the date of registration and up to Php 100,00 for only a Php 90 premium. The insurance applies for all causes of death, including COVID-19.
The product is also underwritten by Generali Life Assurance Philippines, Inc. and can be purchased via the Kwik.insure website, Lazada, or Shopee. The COVID-19 Kwik Assist Max is a great option for those looking for a quick, low-cost, and accessible insurance policy.<h3>3. Cocogen COVID-19 Assist+</h3>
The <a href="https://kwik.insure/products/health-insurance/covid/covid-19-assist-plus">COVID-19 Assist+</a> by Cocogen Insurance provides financial protection for accidental death and disablement. It also offers financial assistance if the insured is hospitalized or dies from COVID-19. The insured or the beneficiary can receive cash assistance of up to Php 3,000 for a COVID-19 death.
Other coverages include loss of life cash assistance due to other causes, daily hospital income due to COVID-19 or accident, accidental death and disablement, and accidental death burial benefit. The insured may choose from three basic plans and three prime plans that provide coverage ranging from three months to one year.<h3>4. Malayan Insurance Vital Cover</h3>
<a href="https://kwik.insure/products/health-insurance/covid/vital-cover">Vital Cover</a> by Malayan Insurance provides cash assistance benefits for those who get hospitalized or die due to COVID-19. The product covers up to Php 300,000 and is available for individuals from 1-75 years of age.
The product coverage includes accidental death, medical reimbursement due to accident, daily hospital income due to COVID-19, cash assistance for death due to COVID-19, and cash assistance for death due to Dengue & Chikungunya. Five types of plans are available ranging from a premium of Php 130 to Php 600 for six months to a year of coverage.<h3>5. Liberty Insurance Corporation Terminal Illness COVID-19</h3>
Liberty Insurance Corporation has been one of the trusted partners for non-life insurance since 1953. They provide a low-cost <a href="https://kwik.insure/products/health-insurance/covid/terminal-illness-covid-19">Terminal Illness COVID-19</a> insurance with a death benefit of up to Php 100,000. The product may be purchased overseas, but it only covers clients located in the Philippines.
Choose from four different options ranging from three months to one year of coverage. The premium starts at Php 889.14 for three months of coverage and up to Php 50,000 death benefit. Meanwhile, the highest plan peaks at Php 11,505.24 for one-year coverage and up to Php 100,000 death benefit.<h3>6. The Philippine Red Cross Prestige Membership Card</h3>
The Philippine Red Cross (PRC) and MAPFRE Insurance collaborated to bring <a href="https://kwik.insure/products/health-insurance/covid/prc-prestige-member-card">The Philippine Red Cross Prestige Membership Card</a> to PRC members. It offers both life and select non-life insurance coverage, including death due to COVID-19.
For a gross premium of Php 1,400, get up to Php 400,000 of life insurance and accidental death benefit with COVID-19 coverage. The plan covers life insurance, death and disablement, unprovoked murder and assault, priority assistance on swab and saliva testing, priority assistance on blood requests, priority assistance on ambulance services, discount on safety training, and fire cash assistance.<h3>7. AXA Health Care Access</h3>
Last year, life insurance company AXA Philippines introduced a family healthcare plan called Health Care Access, which is one of the few health insurances with COVID-19 coverage in the Philippines. It is a comprehensive health plan that caters to individuals and families. Meanwhile, COVID-19 coverage includes hospitalization, vaccine complications, and prescribed tests.
The health plan offers five different options, ranging from a benefit of Php 500,000 to Php 5 million. Other inclusions provided are inpatient care, emergency care, longevity health fund, and teleconsultation, among many others.<h3>8. Visa Infinite Travel Insurance Protection</h3>
Visa and AIG Philippines Insurance recently launched travel insurance with COVID-19 Insurance available to Visa Infinite cardholders. The travel insurance plan is applicable for traveling locally and abroad. There’s no need to register for the plan. Just use your Visa Infinite card for your airfare and travel-related purchases and the plan will automatically apply.
The plan offers a travel accident reimbursement of up to $50,000 for local trips and up to $100,000 for international trips. It also includes overseas medical expenses and trip inconveniences due to COVID-19, baggage protection, and travel assistance. This exclusive offer is available until December 3, 2022.<h3>9. Malayan Insurance Travel Master with COVID-19 Coverage</h3>
Malayan Insurance’s Travel Master offers comprehensive travel protection plan offers a comprehensive travel protection that covers trips via land, air, and sea. It also recently added COVID-19 Emergency Medical Treatment coverage in its policy, making it one of the best COVID-19 travel insurance plans in the country. It will provide the insured with cashless hospitalization for medical emergencies like sickness or injury while traveling.
Note that availing of this travel insurance plan requires the insured to be medically diagnosed by a public health authority and comply with necessary pre-departure requirements mandated by the government.<h3>10. Pacific Cross</h3>
The Pacific Cross Travelsafe insurance now offers COVID-19 coverage to keep Filipinos safe while traveling. The travel insurance also includes medical coverage, individual, family, and group coverage, 24/7 worldwide assistance, coverage for baggage loss, loss of travel documents, flight delays, and more.
The insurance plan offers options catered to specific travel needs. Travelsafe Tripguard offers premiums and benefits on a per-trip basis, while Travelsafe Annual is perfect for frequent travelers. They also offer ShortSecure, which is a low-cost group travel insurance for short trips. <h2>Consider Buying a COVID-19 Insurance Today</h2>
Overall, purchasing COVID-19 insurance will add extra health and financial protection to you and your family. Check out the top insurance coverages above, or explore more insurance plans that fit your needs. Browse Kwik.insure to find, compare, and buy the right insurance plans for you. Request a quote at <a href="https://kwik.insure/request-quote">Kwik.insure</a> for free!
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Besides prevention, getting insured against the potential financial problems COVID-19 might bring is a smart move to protect yourself from this pandemic.

COVID-19 Insurance You Can Buy Today in the Philippines

Thinking of getting your place? Start future-proofing your assets with an MRI (mortgage redemption insurance). 
When it comes to safeguarding your finances, insurance has become one of the best investments you can make. In the event of an emergency, insurance plans like life insurance and car insurance can financially save you from paying a hefty bill in the future. MRI takes care of your outstanding debt and protects your home from foreclosure in the event of your death or total disability. 
Life can be unpredictable sometimes, therefore it’s important to plan on your finances. Therefore, all Filipinos need to start safeguarding their future and save themselves from painful out-of-pocket expenses. 
Today, you’ll only be eligible to get a housing loan if you have subscribed to a mortgage redemption insurance plan. Without an MRI, Pag-IBIG Fund and banks can easily foreclose your property regardless of how much is your remaining loan. Having an MRI will ensure that your family will still have possession of your house in case you die early. 
To have a better understanding of what mortgage redemption insurance is and why you need one, keep on reading. <h2>What is Mortgage Redemption Insurance?</h2><img data-image="12obco3v5g71" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltacbbdf0d2ae38636/620c815a5c6eff2435cb3fb7/BlogImage_MortgageRedemption.webp" data-sys-asset-uid="bltacbbdf0d2ae38636" alt="BlogImage_MortgageRedemption.webp">
MRI is a form of insurance that helps you settle your outstanding mortgage balance in the case that you die early and still haven’t fully paid your loan. As mentioned earlier, having an MRI helps to avoid foreclosure of the mortgaged property in case of any financial emergency. 
An important thing to take note of is that having an MRI doesn’t mean your mortgage will be paid in full. It all depends on the type of coverage you have subscribed to. For example, if you chose the cheapest premium, you’ll only cover a fraction of your loan. Therefore, the higher your premium, the more coverage you’ll receive. 
Similar to other insurance policies, MRI pays for a set amount and duration. Your mortgage coverage all depends on how big your premiums are. <h2>Do you need Mortgage Redemption Insurance in the Philippines?</h2>
If you’re planning to get a house loan, then the answer is yes. Banks in the Philippines require you to get an MR to be eligible for a loan. At a first glance, this type of life insurance plan may seem like an additional expense, you’re not looking at the bigger picture—the future. It’s important to think ahead, by allocating funds today, will help secure your mortgage tomorrow. 
Just last year (2021), The Home Development Mutual Fund (Pag-IBIG Fund) financed <a href="https://www.pna.gov.ph/articles/1166085" target="_blank" rel="noreferrer noopener">PHP100.8 billion</a> worth of housing loans. Despite the COVID-19 pandemic, the amount disbursed in 2021 grew significantly by 58% compared to PHP63.75 billion in 2020. 
With the number of loans being given out today, there is a high demand for mortgage redemption insurance in the Philippines. An MRI helps ensure that your family has a roof over their heads in case something happens to you, the home loan borrower. 
As an MRI is now a requirement by banks and Pag-IBIG Fund to get a housing loan, how do you get one? <h2>How do you get an MRI in the Philippines? </h2>
Getting mortgage redemption insurance in the Philippines is fairly simple. If you already have an existing life insurance policy, you can assign your policy as your MRI. If you don’t, the bank will require you to apply for an MRI. With MRIs being a requirement for house loans, applying for one is part of the home loan application process. 
Applicants don’t need to go through a separate application process to get this type of insurance policy. Home loan borrowers are usually required to pay the MRI premium fee in a single lump-sum payment. 
Although paying a premium may seem like an extra expense, it’s important to think of it as an investment for your family’s future. The proceeds of your insurance will pay off your remaining loan balance and if there’s excess it will be given to your heirs. You’ll be leaving your family in peace, ensuring that all debts will be taken care of. <h2>How Much Does Mortgage Insurance Cost? </h2>
Any type of life insurance varies in cost. It depends on how much you plan on taking out as a loan. In general, insurance companies will require you to secure an MRI coverage that is equal to your mortgage amount. For example, if you plan on borrowing P2 million, your policy should also cover the same amount. 
Another factor that will dictate the cost of your MRI is your age and loan term. Like other insurance plans, your age and the duration of your policy will affect your premium’s cost. Loan borrowers in the Philippines often use a mortgage redemption insurance premium calculator to get a rough estimate of you much their MRI would cost. The most accurate way to find out about the cost of an MRI is to consult a bank. 
Once your home loan has been approved, your amortization payments will begin. For Pag-IBIG Fun, the MRI will be paid monthly as part of the computation of your amortization payment. For bank loans, payment will be one-time, annually. <h2>Things to Keep in Mind Before Getting an MRI </h2>
Still unsure how an MRI works? Here are some important things you need to remember. <h3>Understand your financial goals. </h3>
Similar to other insurance policies, MRIs are financial investments that you take to safeguard your finances. Therefore, it’s important to analyze your current financial situation and find the right MRI premium for you. The higher the premium, the more coverage you get. <h3>Read and check terms and conditions. </h3>
A major rookie mistake is not paying close attention to the details. Remember, life insurance is a big financial commitment. Ensure that the policy you get only covers a specific amount and duration. 
Do your due diligence to do your research and speak to a loan officer about their coverage policies. Getting advice from professionals will give you better insight on what size of the loan you specifically need to get. <h3>Choose the right premium, not the cheapest. </h3>
As mentioned earlier, the higher your premium the better the coverage. If you have opted for a smaller premium price, expect minimum coverage. If you’re the sole breadwinner of your family, reconsider getting the cheapest MRI policy. 
Despite the heftier price tag, you’ll be taking care of your family even while you're gone. If you come from multiple-income households, opting for lower coverage would be feasible. <h2>Takeaways </h2>
Mortgage redemption insurance serves as a safety net
 for future homeowners and housing loan borrowers. Most importantly, it 
will help ensure that your family won’t have to struggle to keep up with
 the finances when you’re gone. 
Homes are big investments that increase in value over time, that is why 
it's important to have an MRI. When applying for an MRI remember to 
choose the right premium and loan that will suit your specific needs. 
Take a look at your finances and figure out your financial needs. 
When it comes to owning a piece of property, it’s highly important to 
get mortgage redemption insurance. Do not think of MRI as an extra 
expense, think of it as a security feature. Just like getting a car or 
medical insurance, this type of insurance reassures that your family’s 
financial situation will be sound. 
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While life and car insurance are popular types of insurance, are you familiar with mortgage redemption insurance? Read on to learn why you need one.

Mortgage Redemption Insurance:  Here's why you need one

Financial freedom and investments go hand-in-hand. Successfully kickstart your financial journey by placing your money where it can grow. Mutual funds, UITFs and, <a href="https://kwik.insure/products/life-insurance">VULs</a> are well-known investment options that can help increase your fund value through interest. The financially savvy have attested that investing is a low-risk financial move. 
However, there’s a flip side to safeguarding your finances—falling for investment scams. With more individuals seeking ways to grow their hard-earned cash, investment scams in the Philippines have exponentially increased. 
Disguising themselves as easy investments with guaranteed returns, newbie investors can easily be tricked. Here’s a helpful guide on everything you need to know about scams and how to avoid them. <h2>How to Steer Clear from Fraudulent Scams </h2>
Fraudulent schemes come in different shapes and sizes, from petty theft to painful losses. With promising offers with bigger returns, many can easily be enticed and fall victim to these deceitful schemes. 
To protect your finances from the hands of the fraudulent, here are basic tell-tale signs that you’re dealing with fraud: <h3>#1 It sounds too good to be true. </h3>
Fraudsters are well known to the hype and entice their victims by using enticing words such as ‘easy’, ‘risk-free’ and most of all ‘quick returns’. They promise the prospect of instant and guaranteed wealth. This method is called phantom riches. This fraudulent scheme often targets new investors who are looking for a way to instantly double up their finances. 
If what they're selling sounds too good to be true, it probably is. 
First off, there is no such thing as a ‘risk-free’ investment. All investments come with a set of risks, to be a successful investor you need to be able to manage them. In other words, the more you invest, the higher set of risks you're dealt with. 
Another offer that points to a scam is absurdly fast financial returns. If you’re ‘agent’ is offering a 70% return within a week, it’s time to leave the conversation. It’s important to realize that investments take time. Your money will grow in small increments. <h3>#2 Tugging at your heartstrings. </h3>
One of the most common ways scammers try to sell their product is by emotionally manipulating their victims. They often share stories that are made to sway you towards a sensitive state. Their tactics can also target your desires and aspirations. 
Their main goal is to gain your trust and once they have it, they will employ tactics to induce pressure. When you’re planning on investing, it’s important to find an agent who is straightforward and objective. If your agent is selling to you with an emotional story, it’s a scam. <h3>#3 Trying to hook you into the business. </h3>
Another infamous investment scam is popularly known as a pyramid scheme, a business model where current members recruit new ones. Recruits are given a promise of payments or services for enrolling others into the scheme. These new members are then made to pay an entrance fee upfront upon joining. 
Members often go under huge amounts of debt if they fail to meet their quota. While you might be able to get your money back, profiting will not be easy. <h3>#4 Lack of information online. </h3>
The most obvious sign that an investment isn’t legitimate is if there is a lack of information about the investment company online. The best way to see if they are reputable is to search for their registered name in the <a href="https://www.pifa.com.ph/memlist.asp" target="_blank" rel="noreferrer noopener">Philippine Investment Funds Association</a>. Being a fund member will help verify their legitimacy. 
To appear credible, fraudulent investment companies have claimed to be affiliated with reputable agencies or claim to be an expert in the field. Before committing, it’s important to always do your research and cross-check with similar investment schemes from other companies. <h3>#5 Making joining the bandwagon. </h3>
An important thing new investors need to realize is that investments aren’t a trend you need to immediately hop on. Success stories and an amazing sales pitch shouldn’t be the only deciding factors for your investment. 
Deceptive branding has scammed even the financially savvy. Therefore, big names and a large network do not guarantee that it’s legitimate. Scammers have done their spiel countless times, learn to be sceptical and always do your research. <h3> </h3><h3>#6 Rushing you to invest due to ‘limited investments’ </h3>
Investments never run out of stock. Investments aren’t items that you just buy off the shelf. If your agent is pressuring you to commit ASAP, this is very suspicious behavior. These scammers will use pressure and urgency as part of their tactic. 
Remember, you aren’t shopping at a flash sale for a pair of shoes. Investments of any type require a thorough check. Take your time and make sure you’re committing to the right investment for you. 
 
 
Tips to Ensure that You’re Making the Right Investment 
After double, triple or quadruple checking that the investment schemes you’re eyeing are legitimate, what’s next? Make sure you’re committing to the right type of investment for you. 
Everyone has their financial capacity, needs and goals. Therefore, you need to find the right type of investment option to achieve financial freedom. Before making your first investment, it’s important to figure out who you are. 
There are three main types of investor personalities: passive investor, active investor and hands-off investor. Here’s a quick breakdown of what they are and the type of investments that suits them. <h3>The Passive Investor </h3>
Also known as low-maintenance investors, passive investors often do not have enough time in their day to monitor their investments. As proactive investors, they like to own a little bit of everything. Their goal is to match the market, not get ahead of the curve. 
Simply put, passive investors aren’t emotionally invested in the process but still keep an active portfolio management. They have a good grasp of risk management and are most likely to keep traditional types of investments. 
Long-term investors with a buy-and-hold portfolio. They make upfront capital investments and do minimal trading in the market. They often invest in passive mutual funds, stock and other equity-based schemes. These investment types give you an ownership stake in the investment, where you are paid with dividends. <h3>The Active investor </h3>
Just like their name, active investors are always up to speed with the latest financial news. They are often the first movers, jumping in on the newest investment schemes. This type of investor like to be involved in every aspect of the investing experience. 
They are active day traders, who actively follow stock markets and even has an investment account at online brokerages. Their hands-on approach makes them emotionally invested when it comes to their financial journey. 
Active investors are selective, like full control over their investments and seek to beat the market. To be an active investor, you need to be involved in ongoing buying and selling. Investments are constantly monitored and traded at the right price. <h3>The Automatic investor </h3>
Lastly, the third type of investor is the automatic investor, these are types of want to be completely hands-off in the investment process. They don’t have the time or ability to watch their investments. They’d want to set it and forget it, outsourcing the work to a team of professionals. 
They like to own a little of everything and seek professional assistance for their financial moves. They often invest in target-date funds, mutual funds and savings accounts. They also may hold a few dividend-paying stocks. Preferring to invest in a solution or investment plan. <h3>Final Thoughts </h3>
To succeed in your financial journey, it’s important to understand that money doesn’t just grow overnight. There isn’t a shortcut to doubling your finances, despite what the scammers claim. Avoid investment scams in the Philippines by taking a moment to think, examine and study the investments companies you’re dealing with. Remember, investing is all about understanding and managing your financial obligations, capabilities and the risks that come with it. 
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Disguising themselves as easy investments with guaranteed returns, newbie investors can easily be tricked. Here’s a helpful guide on everything you need to know about scams and how to avoid them.

Avoid Investment Scams in the Philippines

Unfortunately, one of the things that most schools don’t teach students includes attaining better financial health. Some subjects mention the concept of insurance and investment, but how many discuss their details and emphasize their importance? As a result, many students graduate not knowing how to save, protect, and grow their money.
If you are a young adult who doesn’t know what to do financially in your 20s, start by learning more about financial health and the different ways to build your financial health and wealth. Specifically, here are seven financial tips for young adults to help you start saving today. <h2>1. Learn to Make a Budget</h2>
One of the most significant money management tips for young adults is making a budget. Tracking your income and expenses allows you to check your current spending and foresee how much money you need on a monthly or weekly basis. Knowing where your money goes gives you a better understanding of your current finances and allows you to cut unnecessary spending.
When making a budget plan, start listing all your expenses, from necessary bills to your wants. Necessary expenses include rent, utility bills, groceries, phone bills, and transportation costs, among many others. Meanwhile, wants or discretionary expenses include cosmetics, eating out, new clothes, streaming services, and more.
After listing all your expenses, allot a budget for each spending based on your current spending. Prioritize your necessities and savings, and only make room for discretionary expenses if you have more money to spend. This method ensures that you have money to pay for necessities and still have savings.
If you don’t know how to make a budget plan, browse online to find free budget templates. Download or print a suitable template. <h2>2. Invest in Your Health</h2><img data-image="4rvb9vfvw6gd" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt4647ec8fd6db30cc/620c7d324ae5ae6845c6b19d/BlogImage_7FinancialTips_01.webp" data-sys-asset-uid="blt4647ec8fd6db30cc" alt="BlogImage_7FinancialTips_01.webp">
One of the most important financial planning tips for young adults is investing in their health. Investing in your health not only includes eating healthy and staying fit but also ensuring you are covered during emergencies. It means getting health insurance in your 20s.
Health insurance helps cover your medical, dental, and surgical expenses when you need them most. It ensures that you can pay for medical emergencies without depleting your savings. Many employers provide health insurance plans as a benefits package for employees. However, most people often have to avail these plans from insurance providers.
Unfortunately, many Filipinos see health insurance as a waste of money due to the monthly premiums, which tend to be pricey. Many also don’t understand the concept and importance of having health insurance, so people don’t prioritize getting one. However, purchasing health insurance is one of the best financial decisions you can make today.
Get quotes from different insurance companies to find the best plans and rates for your health or life protection needs. Use a platform like <a href="https://kwik.insure/">Kwik.insure</a> to browse, compare, and buy insurance plans from various legitimate insurance providers. Consider getting health insurance today, and thank yourself tomorrow.<a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="uj17qewy72ca" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt1696b34e426440a1" alt="health insurance online philippines"></a><h2>3. Protect Your Wealth</h2>
As you start to work and build your wealth in your 20s, you will eventually gain savings and assets like a car and property. Moreover, you might also start a family. To protect your wealth, you must take steps to protect it. It includes getting insurance for life, property, and car, depending on your current assets. Life is unpredictable, and getting appropriate insurance for your wealth prepares you for the worst.
For example, getting disability income insurance protects your ability to earn in case of a sudden disability. This insurance provides a steady income if you can’t work due to an injury or illness. Meanwhile, getting car insurance covers car and medical expenses in case of an accident. Comprehensive car insurance plans can even cover expenses for damaged property or an injured third party.
Overall, the right insurance plan protects your hard-earned savings and assets. Although getting insurance means paying monthly premiums today, rest assured that these investments will not be a waste and will become a life-saver during unexpected events. <h2>4. Create an Emergency Fund</h2>
Regardless of how much you earn and pay for daily expenses, bills, and debts, you should always have room for an emergency fund. As its name suggests, this fund is used for sudden expenses. Besides ensuring that you have enough money for emergencies, it keeps you from asking for money from others and getting into more debt.
How does an emergency fund differ from savings? The main difference lies in its purpose. Savings refers to the money you keep for a specific goal, like a car or vacation. Meanwhile, an emergency fund is a separate savings fund for unexpected situations, such as an accident, calamity, or job loss.
Many Filipinos combine both their savings and emergency fund. However, doing this might make you fall short in case of sudden expenses. For example, let’s say you finally saved up for a car and used your entire savings to buy it. However, you got into an accident a few days after, and you have no insurance to cover most of the expenses. Unfortunately, you have no savings left since you used all of it to buy a car.
Separating your savings and emergency fund guarantees that you have money left in case of emergencies. It also ensures that unexpected expenses won’t affect your short-term goals. So, if you have a budget plan, prioritize saving for an emergency fund as well. <h2>5. Start Saving for Retirement</h2>
Starting to save for retirement in your 20s seems too early. After all, retirement is still a few decades away, right? However, you will be surprised how time flies. Moreover, saving for retirement isn’t merely a form of savings. Think of it as wealth accumulation.
You may not be earning a lot of money in your 20s, but saving over a long period makes a significant difference. Let’s say you are 21 years old and have started to save Php 1,000 every month for your retirement. That’s Php 12,000 in a year. By age 60, your retirement savings will total Php 468,000. If you save it in a bank or avail of a retirement plan, this can compound over time and reach over a million pesos, depending on the return rate.
Company-sponsored retirement plans are the best option. However, if you don’t have one, you can easily set up a retirement plan from a wide range of options. Overall, the most important thing is to start today to reap its maximum benefits in the future. <h2>6. Resist Spending More Than You Need</h2>
Saving also means living within your means. Now that online shopping platforms make it easy to browse and buy items with just a click, many young adults spend more than what they earn. A 2019 <a href="https://www.aboutschwab.com/modernwealth2019">survey</a> by Schwab, a multinational financial services company, found that 49% of American millennials spend money due to social media influences, while 48% overspend to participate in experiences with friends.
One of the most important money management tips for young adults is to learn how to control your spending. No matter how much money you save, it will all go to waste if you don’t know how to spend it properly. While you are still young, understand the value of money and saving, and discipline yourself when it comes to spending.
Some of the things you can do to control your spending habits include understanding your triggers, avoiding credit cards, sticking to cash, and tracking your expenses. <h2>7. Start Building Good Financial Health at an Early Age</h2>
Learning to save at an early age ensures that you protect your finances during emergencies and build your wealth for the future. Aside from the commitment to save, one of the most important aspects of saving is time.
Saving now in your 20s and doing it continuously will make a big impact on your overall financial health. Overall, create a suitable financial plan for your lifestyle and you might learn how to be financially free in your 20s.
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If you are a young adult who doesn’t know what to do financially in your 20s, start by learning more about financial health and the different ways to build your financial health and wealth. Specifically, here are eight financial tips for young adults to help you start saving today.

7 Financial Tips for Young Adults to Start Saving

The pandemic changed how the Filipino people transact from cash to cashless transactions considering physical distancing measures. Moreover, it paved the way for increased online and cashless transactions as many saw the convenience of online banking and e-wallets. Plus, the country has finally approved digital banks in the Philippines.
A recent report from finder.com showed that digital banking usage will double in the next five years. Moreover, it is expected that 36% of Filipinos will own a digital-only bank account by 2026. Elizabeth Barry, Finder’s global fintech editor said that digital banking in the country will increase faster than the global average.
As the country starts to modernize Philippine banking, how will it change the way we transact? Moreover, should you open a digital bank account? Learn more about digital banking, its pros and cons, and the currently approved digital banks in the Philippines. <h2>What are Digital Banks?</h2>
The Bangko Sentral ng Pilipinas defines digital banks as lenders that offer financial products and services exclusively via an online platform. It means digital banks don’t have brick-and-mortar branches that account holders can visit to make transactions. All of its processes, products, and services are only accessible online.<h3>Digital Banks vs Traditional Banks</h3>
A digital bank differs from a physical bank with an app or website. Digital banking enables clients to perform all their transactions and errands using a computer or mobile device. You only need the platform to create an account and make transactions. Think of the app or website as the bank itself.
Moreover, digital banks don’t need human intervention or face-to-face interactions to process transactions. There is no need for over-the-counter transactions since all the products and services are readily available via the app and website.
Traditional banks require face-to-face interactions for certain services to ensure security for both the client and the bank. However, digital banks automate these processes and provide a secure, end-to-end online banking experience. Overall, digital banks remove manual processes and human intervention, giving clients complete control of their accounts via an app or website. <h2>The Benefits and Downsides of Digital Banking</h2><img data-image="8k6rsendgy58" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltcf8e91d39d9b99a7/620c78666662ca0a6f61754f/BlogCover_DigitalBanks_Image01.webp" data-sys-asset-uid="bltcf8e91d39d9b99a7" alt="BlogCover_DigitalBanks_Image01.webp"><h3>Benefits</h3>
Digital banking offers plenty of benefits to make banking more convenient and safe. Maximize technology when it comes to managing your finances.<h4>1. Convenient Banking</h4>
The best digital banks in the Philippines offer convenient online banking by helping clients save time and effort. Customers no longer have to leave their homes and queue in long lines to pay bills or make deposits. Plus, digital banks don’t have store hours, so you don’t need to rush to the bank to reach the cut-off. Transact anytime during your most convenient time.<h4>2. Full Control</h4>
Digital banking offers account holders complete control of their finances. Clients have access to their accounts 24/7, as long as they have a device and a stable Internet connection. Moreover, keep track of transactions and current balances easily by checking online. Overall, this control makes banking more flexible and secure for customers.<h4>3. Cheaper Fees</h4>
Using a digital bank means paying cheaper fees. Digital banks don’t have branches, so they reduce operating costs significantly. After all, they don’t pay rent, labor, and equipment, unlike a regular bank. As a result, they can lessen fees or offer free services that traditional banks often charge, such as withdrawal fees and interbank transfers. Ultimately, customers no longer have to worry about fees for withdrawals and transfers.<h4>4. Higher Interests</h4>
Aside from cheaper fees, another benefit to having fewer operation costs include offering higher interest rates. For example, Tonik Bank, Southeast Asia’s first neobank, offers a high interest of 6%. Traditional banks usually offer 1-2% interest, but digital banks provide 3% or more. If you want to get more from your savings, the high interest from digital banks will help you maximize your bank account.<h4>5. Easy Registration</h4>
Creating an account in digital banks involves fewer requirements and fewer hassles. For one, you don’t need to go to a physical bank to open an account. Everything is done within the app or website. Interested account holders only need to fill out all the information and take a photo of the valid IDs required. Some digital banks don’t require clients to make an initial deposit, and some even offer zero minimum balance.<h4>6. Safe and Secure</h4>
Finally, digital banks are designed to be safe and secure from cyber-attacks. Some of their security practices include a password log-in, regular password changes, fingerprint scans for log-ins or transactions, and a one-time PIN (OTP) for each log-in and transaction. Moreover, digital banks enable customers to lock their cards, block online transactions, and manage card limits for extra control and security. <h3>Downsides</h3>
Although digital banking offers a lot of pros, note the following downsides of using them. These cons are not major concerns. However, keep these in mind before opening a digital bank account.<h4>1. Technical Issues</h4>
Relying solely on online banking means you don’t get to access your account during an Internet disconnection, power outage, and system maintenance. If you need to make urgent transactions during these situations, you have no branch to visit to run your banking errands. Digital banks provide 24/7 customer service, but they might be overwhelmed if the system is down. It is easier to go to the bank and talk to a teller during these technical issues.<h4>2. Learning Curve</h4>
Unfortunately, digital banking, online banking, and mobile banking apps may be difficult to understand for people who are not tech-savvy. People who fall behind using the latest apps and software will need to learn how to use the app and make transactions. Overall, it might be a steep learning curve for some.<h4>3. Inconvenient Deposits</h4>
Digital banks don’t have branches, so account holders can’t make cash deposits. Some of the ways to deposit money into your account include mailing a check, using the bank’s e-check deposit service, and transferring money into the account from another bank account or e-wallet. These methods are inconvenient for those who don’t have a check, e-wallet, and another bank account.<h4>4. Security Risks</h4>
Although digital banks implement tight online security, there is still a chance that your account could be hacked. Moreover, many use deceiving or fraudulent means to trick account holders into providing personal information. Clients who are not tech-savvy or not wary of online scams can easily fall victim to cyber-attacks. Make sure you know the risks of using digital banking before opening an account. <h2>Approved Digital Banks in the Philippines</h2>
The BSP announced a new bank category for virtual lenders last December. Six virtual banks received digital banking licenses after completing the required documents.
The central bank hopes that these digital banks can help digitize 50% of the country’s retail transactions. Moreover, it aims to increase the number of Filipinos with bank accounts to 70% by 2023. Check out the six approved digital banks in the Philippines.<h3>1. Maya Bank</h3>
Maya Bank is PayMaya’s digital bank that is set to launch in the first quarter of 2022. This digital bank promotes a seamless online banking experience thanks to its affiliation with PLDT and Smart. Maya Bank will also include savings accounts and loans like traditional banks. However, all transactions are conducted online as the bank will not have a physical branch.<h3>2. Overseas Filipino Bank</h3>
The Overseas Filipino Bank or OFBank is an all-digital banking platform that provides convenient and secure banking solutions specifically for overseas Filipino workers (OFWs) and their beneficiaries. It is also the first branchless Philippine bank. Their current services include debit cards, loans, treasury, and remittance, among many others.<h3>3. Tonik Digital Bank</h3>
Tonik is the country’s first neobank to secure a digital bank from the BSP. The platform aims to revolutionize finance in Southeast Asia. It offers a simple and non-intimidating platform to help locals save with just a click of a button. Tonik offers retail financial products, such as deposits, savings accounts, loans, payments, and cards.<h3>4. UNObank</h3>
UNObank by Singapore-based fintech firm UNO Asia Pte. Ltd. received its digital banking license last June and became the third bank to be approved by the BSP. The digital bank features an AI-first approach to banking by incorporating AI into its platform. They apply advanced machine vision and learning, from customer onboarding to privacy management.<h3>5. Union Digital Bank</h3>
Union Digital Bank (UnionDigital) by the Union Bank of the Philippines (Unionbank) also received a digital banking license from the BSP. However, the platform is expected to launch in 2022 with no specific date yet. Unionbank chief finance officer Jose Emmanuel Hilado stated that this digital bank will use “first principles thinking”.<h3>6. GOtyme</h3>
GOtyme is a new digital banking platform by the Gokongwei Group and Tyme, a Singapore-based banking group. Expect GOtyme to be launched in the second quarter of the year. The platform is accessible via the app and digital kiosks set up in malls and retails of the Gokongwei Group. <h2>Should You Open a Digital Bank Account?</h2>
Digital banks in the Philippines will provide Filipinos with more financial options and flexibility. Ultimately, it will help people take control of their finances by making banking more accessible, convenient, and safe.
If you prefer the convenience and easy access to your bank account, consider opening a digital bank account. However, if you choose the traditional way of banking, there’s no harm in opting not to create an account.
However, consider getting the best of both worlds by having a digital and regular account. Take advantage of the benefits of digital banking but still have another account for regular banking. Overall, use a banking solution that fits your needs and habits.
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As the country starts to modernize Philippine banking, how will it change the way we transact? Moreover, should you open a digital bank account? Learn more about digital banking, its pros and cons, and the currently approved digital banks in the Philippines.

What are Digital Banks, and Should You Open an Account?

As the saying goes, “Mahirap magkasakit.” This is true for many Filipinos, not only because of the challenges that come with getting sick but also the medical expenses. Even if you’re employed, you still need all the help you can get to cover unexpected costs as well as your own family’s medical needs. 
Generally, the healthcare system in the country varies. Hospitals in major cities demonstrate high standards with more and better equipment than those in rural areas, which often lack infrastructure. As such, <a href="https://kwik.insure/kwik-hub/health-insurance/a-filipino-s-guide-to-buying-health-insurance">buying health insurance</a>—although this can be expensive—is a must for Filipinos to prepare them in case of medical emergencies and financial shortcomings. 
Thankfully, aside from a health maintenance organization or <a href="https://kwik.insure/hmo">HMO plan</a> that workers usually receive as part of their benefits from their employers, public healthcare is available. PhilHealth, a government-owned organization, provides medical assistance and health benefits to Filipinos—regardless of social status—helping alleviate the medical financial burden. Read on to learn more about PhilHealth functions, membership categories, and benefits. 
<h2>What is PhilHealth?</h2>
The Philippine Health Insurance Corporation or PhilHealth was created to deliver universal health insurance coverage for all Filipinos, making healthcare more accessible, available, and affordable for many. This holds especially for those who do not have instant access to quality healthcare. PhilHealth uses a sustainable fund pooling, management, and disbursement system cross-subsidized across districts. 
The <a href="https://www.ilo.org/dyn/natlex/docs/ELECTRONIC/43355/68748/F874157960/PHL43355.pdf">National Health Insurance Act of 1995</a> facilitated the establishment of PhilHealth, assuming the responsibilities of its precursor, the Medicare Program. PhilHealth was directed to provide social health insurance coverage to Filipinos within 15 years. 
As of June 2021, there are <a href="https://www.philhealth.gov.ph/about_us/statsncharts/snc2021_1stSem.pdf">52,530,152 members</a> and 42,265,302 dependents registered (direct and indirect contributors) in PhilHealth.
<h2>Types of PhilHealth Members</h2>
Fully employed citizens get automatic PhilHealth membership, as it is the employer’s responsibility to settle their membership and regular contributions. However, there are also other membership categories available. Anyone can register manually through a PhilHealth office or via <a href="https://eregister.philhealth.gov.ph">online registration</a>. 1. Formal economy members<ol></ol> This pertains to all employed individuals working in the government or private sectors with offices based in the country. This also covers seafarers, considering their agencies are in the Philippines. 
The monthly contribution payments for formal economy members start at 3%. The employer and employee will each pay half of the premium. 2. Informal economy members<ol></ol> Members in the informal economy category include those who are unemployed, self-employed, informal workers (market vendors, small construction workers, etc.), naturalized Filipinos, and foreigners living in the Philippines who are voluntarily or individually paying their premiums. Like formal economy members, these voluntary contributors will follow the same 3% rate, but they will pay the full premium amount. 3. Overseas Filipino Workers (OFWs)<ol></ol> Sea-based OFWs follow the formal economy membership monthly contribution, as they are bound by the employer-employee relationship. For others, their contributions can be made every 3, 6, or 12 months. 4. Senior citizens<ol></ol> Filipinos aged 60 years and above who do not belong to any membership category are <a href="https://www.philhealth.gov.ph/news/2021/senior_citizens.pdf">automatic members of PhilHealth</a> as stated by the <a href="https://doh.gov.ph/uhc">Universal Health Care Law of 2019</a>. Furthermore, it is the national government that should cover their annual premiums.
To become a member under this category, you can <a href="https://www.philhealth.gov.ph/members/senior/">enroll</a> through Office for the Senior Citizens Affairs (OSCA) or PhilHealth Local Health Insurance Office (LHIO). 5. Lifetime members<ol></ol> Lifetime members are those aged 60 years and above and have paid a minimum of 120 monthly premiums with PhilHealth and the former Medicare Program. Their membership becomes free once they reach 60. 6. Sponsored members<ol></ol> This refers to members whose contributions are shouldered by a sponsor, which can be a private individual, the local government, or a government agency or private agency. Sponsored members can include low-earning citizens who are not indigents such as barangay health workers and volunteers, nutrition scholars, Persons with Disabilities (PWDs), and unenrolled pregnant women, among others. 7. Indigent members<ol></ol> This category pertains to members without a source of income or insufficient household income based on DSWD’s (Department of Social Welfare and Development) specific criteria. Once identified, indigents shall be registered under the program. 8. Qualified dependents<ol></ol> Qualified dependents are those whose contributions are declared and covered by a principal member. Those could be the member’s legitimate spouse, children, or parents. Qualified dependents must be listed in the PhilHealth contributor’s Member Data Record (MDR) to access the benefits.
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 <h2>Scope and Coverage of PhilHealth</h2>
PhilHealth provides various types of medical benefits to support and make healthcare available for Filipinos. Below is a list of PhilHealth’s benefit coverage you should know. <ul><li>Inpatient benefits<ol><li>Inpatient benefits cover any kind of diagnostic or therapeutic procedure, as well as hospital charges (patient room, medicines, professional fees, etc.) for individuals who may need confinement in a hospital. Members can avail of inpatient benefits at any PhilHealth accredited healthcare institution (HCI), and the case rate amount shall be deducted from the member’s total bill before discharge. </li></ol></li><li>Outpatient benefits<ol><li>Outpatient benefits refer to assistance in procedures and treatments that do not require confinement, such as day surgeries, radiotherapy, outpatient blood transfusion, and hemodialysis. Members can utilize the benefits at accredited ambulatory surgical clinics (AASC), HCIs, and primary care facilities. </li></ol></li><li>Z benefits<ol><li>The Z benefits coverage assists members and dependents with severe conditions requiring hospitalization and expensive treatments, including but not limited to cancer (prostate, breast, cervical), kidney transplant, and selected orthopedic implants. </li></ol></li><li>SDG-related benefits<ol><li>Following the United Nations Sustainable Development Goals (SDG), PhilHealth has established medical packages for members diagnosed with or undergoing procedures such as outpatient malaria, outpatient HIV-AIDS, animal bite, and voluntary surgical contraception procedures. </li></ol></li><li>Maternity benefits<ol><li>Expectant mothers who are PhilHealth members with updated contributions can take advantage of maternity benefits. PhilHealth offers a range of benefit packages for pregnant women, including: <ol><li>Antenatal care package - Prenatal check-ups such as laboratory tests and ultrasounds are included in this coverage.</li><li>Normal spontaneous delivery package – This covers normal, low-risk vaginal deliveries, including postnatal check-ups from three to seven days post-delivery. </li><li>Other methods of delivery - Cesarean, breech extraction, vaginal delivery after cesarean section, and complicated vaginal delivery (with or without forceps or episiotomy) are also insured by PhilHealth. </li><li>Newborn care package - This covers newborn screening and hearing tests and provisions of essential newborn care, including early skin-to-skin contact, drying of the baby, weighing of the baby, etc.</li><li>Note that this benefits package covers only the first four normal deliveries of a member, and any subsequent childbirths will no longer be insured. Members can avail of the benefits at any accredited hospital and non-hospital facilities. </li></ol></li></ol></li><li>Mental health services<ol><li>PhilHealth is working with the Department of Health (DOH) to include <a href="https://news.abs-cbn.com/news/06/25/21/philhealth-includes-mental-health-primary-care">mental health services</a> in their roster of primary care packages, particularly the outpatient package. You can visit this <a href="https://www.philhealth.gov.ph/benefits/">link</a> for a more thorough list of PhilHealth’s benefit packages and amounts.
</li></ol></li></ul><h2>PhilHealth Contribution Table</h2>
The monthly or quarterly contribution rate of PhilHealth members depends on their salary range. Take a look at the PhilHealth contribution table below, which illustrates the premium rate increase for the years 2022-2025.
For 2021, note that the contribution remains at 3% following PhilHealth’s <a href="https://www.rappler.com/nation/philhealth-suspends-rate-hike-january-5-2021/">suspension</a> of contribution hike. <table><tbody><tr><td>Year</td><td>Monthly Basic Salary</td><td>Premium Rate</td><td>Monthly Premium</td></tr><tr><td rowspan="3">2021</td><td>₱10,000.00</td><td rowspan="3">3.00%
(premium rate increase suspended from supposed 3.50%)</td><td>₱300.00</td></tr><tr><td>₱10,000.01 to ₱59,999.99</td><td>₱300.00 to ₱1,800.00</td></tr><tr><td>₱60,000.00</td><td>₱1,800.00</td></tr><tr><td rowspan="3">2022</td><td>₱10,000.00</td><td rowspan="3">4.00%</td><td>₱400.00</td></tr><tr><td>₱10,000.01 to ₱79,999.99</td><td>₱400.00 to ₱3,200.00</td></tr><tr><td>₱80,000.00</td><td>₱3,200.00</td></tr><tr><td rowspan="3">2023</td><td>₱10,000.00</td><td rowspan="3">4.50%</td><td>₱450.00</td></tr><tr><td>₱10,000.01 to ₱89,999.99</td><td>₱450.00 to ₱4,050.00</td></tr><tr><td>₱90,000.00.00</td><td>₱4,050.00</td></tr><tr><td rowspan="3">2024 to 2025</td><td>₱10,000.00</td><td rowspan="3">5.00%</td><td>₱500.00</td></tr><tr><td>₱10,000.01 to ₱99,999.99</td><td>₱500.00 to ₱5,000.00</td></tr><tr><td>₱100,000.00</td><td>₱5,000.00</td></tr></tbody></table> To calculate your contribution amount, you need to check where your salary fits in the salary range. For example, suppose you earn a monthly salary of ₱15,000. Based on the table above, your monthly premium will be ₱450. This will then be shared by the employee and employer, amounting to ₱225 each.
<h2>How to Claim PhilHealth Benefits</h2>
A PhilHealth member must meet a <a href="https://www.philhealth.gov.ph/news/2018/new_policy.html">set of requirements</a> first before they can claim benefits. For one, sufficient regularity of payment (SRP) will be required to avail the benefit. A member should have completed at least nine months’ worth of contribution within 12 months before confinement to be eligible for the assistance. 
Below are the documents members need to accomplish when filing to claim benefits. <ul><li>Your PhilHealth ID and another valid ID.</li><li>An original copy of PhilHealth Claim Form 1 signed by your employer.</li><li>A clear and updated copy of your Member Data Record Form (MDR). This may be skipped if the hospital has a My PhilHealth Portal account. </li><li>Proof of contribution payments with official receipts if the information is not included on the MDR. </li></ul> Members can get copies of the necessary documents from the hospital or healthcare facility or download the required forms through the PhilHealth <a href="https://www.philhealth.gov.ph/downloads/">website</a>. 
<h2>Know and Maximize Your Benefits for Better Health</h2>
It helps to be informed and know what benefits the government provides for you. Government agencies like PhilHealth make it possible for Filipinos of all backgrounds to have social and financial safety nets. Being a PhilHealth member can assist you during tough times of emergencies for you and your family’s medical needs. 
If you want to learn more about medical insurance and how it can protect you from unexpected costs, experts at Kwik.insure can help you determine which coverage would best match your needs. <a href="https://kwik.insure/contact">Reach out</a> to Kwik.insure today to get all your insurance-related concerns answered or to get a free consultation.<a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="gx3aczvcjprg" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt869e745c3b801ded" alt="Buy HMO, Health Insurance, Covid-19 insurance online"></a>

Are you aware of the benefits you can get as a PhilHealth member? This article will walk you through all the important details you need to know as a member.

PhilHealth 101: Everything You Need to Know

Getting insured is beneficial in multiple ways. Life insurance can provide the security blanket you need from uncertainties in health or financial matters. With your policy's coverage, you can enjoy key moments in life, whether that's settling in a home with your family or building your retirement nest.
Amidst current challenges, the need to insure yourself is important now more than ever. In 2020, <a href="https://www.iii.org/fact-statistic/facts-statistics-life-insurance">more than half of the American population</a> signed up for <a href="https://kwik.insure/">online insurance</a> instead of using traditional in-person methods to adapt to COVID-19 safety measures.
Here in the Philippines, the year of the pandemic also spurred the growth of the industry as Filipinos either got themselves life insurance for the first time or renewed their policies. The result was a <a href="https://www.pna.gov.ph/opinion/pieces/435-life-insurance-industry-thriving-under-a-united-front-">5.9%</a> growth in life insurance premiums, which is a positive sign that more people have adequate protection from unexpected risks. Whatever your situation is, there's a life insurance package that best suits your individual and family needs, thanks to life insurance riders that maximize your insurance benefits and coverage.
Should you want to customize your life insurance, you can get riders for your policy, as you'll learn in this <a href="https://kwik.insure/kwik-hub/life-insurance/a-step-by-step-beginners-guide-to-life-insurance-in-the-philippines/">life insurance guide</a>. 
What is a Life Insurance Rider?
Life insurance riders are additional benefits that expand your basic life insurance policy into a complete package. Without them, you only receive basic types of protection under your insurance. Riders don't involve buying a new policy for every benefit, as you simply add them to your existing insurance to increase your coverage.
The tradeoff is that you'll have to pay an extra premium—which is relatively low since the supplementary features <a href="https://www.forbes.com/advisor/in/insurance/what-are-riders-in-a-life-insurance-policy/">only include risk protection without a savings component</a>—to add riders to your insurance.
As for how riders are designed, here are a couple of other things you need to know:<ul><li>Compared with basic life insurance policies, riders have a shorter coverage period and lesser coverage amount attached to them.</li><li>Riders with cash benefits are distributed either in a lump sum payment or as a stream of income, depending on the terms and conditions of the contract.</li><li>There's no limit to the number of riders you can attach to your life insurance. However, the coverage of your riders will only be lower or equal to your life insurance, as it cannot be more than the value of your sum insured.</li></ul>
 8 Types of Life Insurance Riders
Learn more about what types of life insurance riders are suitable for you, depending on their purpose, benefits, and eligibility factors or requirements. 
1. Accidental Death Rider 
An accidental death rider—also known as a <a href="https://www.investopedia.com/articles/pf/07/life_insurance_rider.asp">double indemnity rider</a>—entitles the insured's beneficiaries to an additional amount of death benefit if the latter dies from an accident. The examples or extent of accidents that fall under this rider may vary from one provider to another. 
How this rider works: This rider doubles the death benefit of your original policy, as it matches the value of your policy when paying out the additional death benefit. As such, your family will receive twice the amount stated in your life insurance policy. 
Who needs this rider: Family breadwinners can get this rider to ensure that their policy's death benefit will help cover the immediate expenses of their surviving family. 
2. Accelerated Death Benefit Rider 
With an accelerated death benefit (ADB) rider, the insurance company may pay out the death benefit you are entitled to if the medical diagnosis indicates a terminal illness that can shorten your lifespan. 
How this rider works: An ADB rider advances the payment of a percentage—which can be as high as <a href="https://www.policygenius.com/life-insurance/what-is-a-life-insurance-rider/#accelerated-death-benefit-or-living-benefit-insurance-riders">80%</a>—of your death benefit from your base policy. That percentage may include the payout amount and the corresponding interest, while the rest of the benefit will be paid to your beneficiaries upon your passing. There are no restrictions on how you can use the money from your ADB rider, whether it's for treatment or non-medical expenses. 
Who needs this rider: ADB riders are recommended for people who want to be able to tap into their death benefit while they're alive—which is why it's also called a living benefit rider—and still leave a considerable amount of money to their beneficiaries.
3. Waiver of Premium Rider 
The word "waiver" in this rider means your policy will pay your premiums and will continue to take effect even if you become disabled, seriously injured, or critically ill—all that can make you unfit to work. 
How this rider works: To claim your benefits from this rider, you'll need to submit proof of your illness or disability to your insurance provider every few years. The waiver applies until you're no longer disabled or have reached the age specified in your policy. You can resume payment once you're able to work again. Approval of claims typically takes <a href="https://www.nerdwallet.com/article/insurance/life-insurance-riders">six months</a>, at which time you can already receive your payout, including any amount you've paid in the past. 
Who needs this rider: Members of the workforce can greatly benefit from this rider, as being out of work while they try to recover from an illness or injury will require that the family has adequate financial resources to fund hospital bills and living expenses. 
4. Guaranteed Insurability Rider 
With a guaranteed insurability rider, you can increase the amount of your policy's death benefit at a later date without needing to undergo medical examinations to prove you're healthy enough to be insured. 
How this rider works: Your option to purchase additional life insurance benefits has to follow a predetermined schedule, which typically coincides with major life events such as your marriage or your child's birth. 
Who needs this rider: If you think you'll need more from your current coverage as you reach certain life milestones, this rider can address those possibilities. 
5. Family Income Benefit Rider 
Having a family income benefit rider in place means that if the policyholder dies, the surviving family will have a steady flow of income through monthly payments to be made by the insurer. 
How this rider works: When getting a family income benefit rider, the insured must specify the length of time they want their family members to receive the benefit. 
Who needs this rider: Sole breadwinners who want to secure continuous financial support for their families usually purchase this add-on. Typically, younger wage earners opt for a longer coverage period, as they have more working years left before retirement. 
6. Child Term Rider 
As its name implies, the child term rider pays a benefit for the death of your biological child, stepchild, or legally adopted child. Instead of getting separate policies for them, you can add this rider to your policy to receive death benefits, such as funeral costs, on their behalf. 
How this rider works: You can buy this supplementary insurance if you have a child at least two weeks old. The term of the rider ends when your children reach the maturity age, which your insurance provider sets, but the range typically falls between 18 and 25 years. A single unit of this rider can include all the children in your family. 
Who needs this rider: Parents who want to cover their children under the original policy but have plans to eventually get them a permanent policy once they're at the right age may consider the benefits that come with this rider. <a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner-raq"><img data-image="rxhyudves167" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="life insurance philippines"></a>
7. Long-Term Care Rider 
A long-term care rider refers to when a portion of your death benefit is paid out to you every month. This lets you pay for the necessary long-term expenses that may result from Alzheimer's, dementia, or other forms of <a href="https://www.investopedia.com/long-term-care-rider-4802409">cognitive impairment</a>. 
How this rider works: You must be medically certified to use your long-term care rider's benefits. In such a case, your death benefit will decrease accordingly. Conversely, your long-term care benefits that remain unused will entitle your beneficiaries to the full amount of your policy's death benefit minus any outstanding loans on your policy. 
Who needs this rider: An add-on for long-term care can be useful for those who want to be proactive in managing their finances and addressing medical issues in the future.
8. Return-of-Premium Rider 
A return-of-premium rider is a partial or full refund of your premium payments that you receive at the end of the term of your life insurance if you live past that period. 
How this rider works: Since you can get some or all of your cash-back benefits, you must be prepared to pay premiums that may cost up to three times higher than your original premium. You can use half or all of your refund to purchase a new policy, this time without a recent medical checkup requirement. 
Who needs this rider: Those who start young in their life insurance journey can be assured that when their term ends 20 or 30 years later, they'll be able to recover all the premiums they've paid in their policy.
4 Reasons Life Insurance Riders are Worth It 
Having an add-on to your life insurance is a cost-effective way of ensuring that you get the most out of your premiums because of how insurance riders are designed. Here are the top things you can enjoy from your insurance rider: <ol><li>It cancels the need for an additional policy. As with most policyholders, you probably want to save on costs associated with taking out an insurance policy. Buying a rider is more affordable because you get to build other features into your policy instead of getting separate standalone insurance plans, which will require another set of premium payments. </li><li>It enhances existing coverage. With the right rider, you can customize your plan to get more coverage that may not be part of your original policy's benefits. </li><li>It provides tax benefits. Although riders afford you additional benefits, you're qualified for tax discounts since the premise is you're already paying extra premiums for those riders. </li><li>It offers flexibility. Given the wide range of available riders insurance companies offer, you can choose the ones that are most relevant to you while staying clear of those you don't need.</li></ol> Factors to Consider When Choosing a Life Insurance Rider
 Before adding a rider to your policy, it would be good to first determine what each add-on entails. Below are essential things to look into to help guide your decision. <ul><li>Added coverage – Not all riders are created equal. Some may apply to you, while others may not. When choosing additional coverage, consider the type of benefit that can give the most value based on your social status, lifestyle, or specific circumstances. </li><li>Total cost – Riders come with extra premiums, which can significantly raise your insurance expenses. A good practice is to assess if you can afford to pay more on your premium and by how much. </li><li>Requirements – Some riders have age restrictions you must meet to be eligible for benefits, while others prevent you from adding supplementary features after the policy has been drawn up. </li><li>Terms and conditions – Insurance coverage, limitations, and provisions are not the same across the industry, as insurers use different criteria in designing their insurance products. Make sure to review them thoroughly before signing any agreements.</li></ul> The Case for Life Insurance Riders
Although optional, life insurance riders make for comprehensive coverage that can protect you and your family from such things as loss of income, health problems, and long-term needs for medical care. 
If you're in the market for <a href="https://kwik.insure/life-insurance">life insurance in the Philippines</a>, Kwik.insure will be glad to help you out. Through our easy-to-use online platform, we'll guide you through the process of finding the right insurance rider specific to your needs. <a href="https://kwik.insure/contact">Contact us</a> today and get a free consultation from our experts for any insurance-related questions to help you get started.<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner-raq"><img data-image="rxhyudves167" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="life insurance philippines"></a>

For every situation, there's a life insurance package that will best suit your individual and family needs, thanks to life insurance riders. Read on and learn more about them in this article.

A Complete Guide to Life Insurance Riders

Kwik.insure, the Philippines’ first and largest multi-channel insurance platform, has partnered with leading financial technology (fintech) player GCash to help Filipino car owners conveniently purchase compulsory third-party liability (CTPL) and comprehensive car insurance policies through the GCash platform. 
Under the partnership, Kwik.insure and GCash will bring the two insurance products in GInsure, an in-app feature on the GCash app that allows users to purchase and manage their insurance policies. 
As the car industry continues to bounce back – with 205,078 brand new vehicles sold in the market from the first quarter to the third quarter of 2021 – Kwik.insure offers a more convenient way of purchasing car insurance. 
“There’s a consistent rise in car ownership here in the country and it has motivated us to further aid Filipinos when it comes to ensuring their safety and security on the road. Through this partnership, renewing and buying car insurance is now possible with just a few taps,” said Hamilton Angluben, Founder and CEO of Kwik.insure. “We hope that hassle-free and easy transactions would become the norm through all these initiatives and partnerships that we form. GCash is the go-to digital wallet of almost every adult Filipino and we are happy to make our products available in their app.” 
GCash users need only to go to GInsure, click on ‘Go to Marketplace’ and choose the vehicle insurance that they need. After clicking on their preferred insurance policy, they just need to provide the complete details of their vehicle to see all their options. 
“This partnership with Kwik.insure perfectly aligns with our goal of democratizing financial services in the Philippines. The pandemic changed how people use and perceive digital products, and we’re happy to deliver convenient financial transactions for our users, especially with partnerships like this in place,” said GCash President & CEO, Martha Sazon. The in-app availability of Kwik.insure products made it even easier for GCash users to buy insurance instantly. If you wish to view more Kwik.insure products, you may visit <a href="https://kwik.insure/">https://kwik.insure/</a>.

Kwik.insure, the Philippines’ first and largest multi-channel insurance platform, has partnered with leading financial technology (fintech) player GCash to help Filipino car owners conveniently purchase compulsory third-party liability (CTPL) and comprehensive car insurance policies through the GCash platform.

Kwik.insure Partners with GCash for CTPL and Comprehensive Car Insurance

Owning a car is often associated with a sense of freedom in mainstream media, but there’s a lot more to it than taking joyrides whenever. Car ownership is no joke, as it comes with a lot of responsibilities.
Today, there are <a href="https://www.wardsauto.com/news-analysis/world-vehicle-population-tops-1-billion-units">at least a billion vehicles</a> globally, with people spending so much time inside a car than out. In the Philippines, one spends at least <a href="https://newsinfo.inquirer.net/1222065/metro-commuters-lost-257-hours-to-traffic-last-year">257 hours</a>—or ten days and 17 hours—a year on the road. With the growing number of vehicles roaming around, road accidents are bound to happen. When they do, having a <a href="https://kwik.insure/kwik-hub/car-insurance/8-smart-tips-for-choosing-the-right-car-insurance-plan">car insurance plan</a> in place can make a big difference when dealing with the financial aftermaths of the incident. 
What do you need when applying for car insurance, and how can you get one? Below, we’ll discuss everything you need to know about <a href="https://kwik.insure/car-insurance">car insurance in the Philippines</a>.<img data-image="zq9wb9u798lb" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb441c267cde2039b/61b997ac8d6b4f214f469934/car_insurance_in_the_philippines.webp" data-sys-asset-uid="bltb441c267cde2039b" alt="car_insurance_in_the_philippines.webp">
<h3>What is Car Insurance?</h3>
Car insurance is a financial protection contract between you and an insurance company. Whether you caused damage to another vehicle or it was your car that suffered in a road accident, the insurance coverage can help you avoid major financial loss, for it serves as a safety net you can fall back to. 
When you drive your vehicle on a public road, the law requires you to have car insurance. At a minimum, your policy should be able to cover the medical expenses for any driver or passenger injuries. <h3>Fast Facts and Statistics on Car Insurance</h3>
Before getting into the specifics of car insurance and how to get one, here are quick facts and figures about the industry that are good to know. <ul><li>The global auto insurance market is estimated to hit $1.06 trillion by 2027. (<a href="https://www.alliedmarketresearch.com/auto-insurance-market">Allied Market Research</a>)</li></ul>
From $739.30 billion in 2019, the global auto insurance market is projected to grow in value at $1.06 trillion come 2027, resulting in a compound annual growth rate (CAGR) of 8.5%. <ul><li>In the Philippines, around 1.13 million private cars were registered in 2020. (<a href="https://www.statista.com/statistics/708042/number-of-registered-private-cars-in-the-philippines/">Statista</a>)</li></ul>
The number of registered private cars in 2020 is less than it was in the previous years, decreasing in number to 1.13 million from an all-time high in 2019 of 1.17 million. The pandemic played a huge role in this drop. <ul><li>In 2020, the daily average of road crashes in Metro Manila was 178 cases. (<a href="https://mmda.gov.ph/images/Home/FOI/MMARAS/MMARAS_Annual_Report_2020.pdf">MMDA</a>)</li></ul>
According to the Metropolitan Manila Development Authority (MMDA), the total number of road crashes in 2020 was 65,032. From their annual report, 50,230 were classified as damage to property, 14,465 were non-fatal injuries, and 337 were fatal cases. <ul><li>In 2017, the total gross value of motor car insurance premiums in the Philippines was about ₱27.7 billion. (<a href="https://www.statista.com/statistics/1057258/philippines-gross-premiums-written-motor-car-insurance/">Statista</a>) </li></ul>
The overall gross premium covering the risk and losses of motor car accidents increased from 2012 to 2017, recording a total of ₱27.7 billion. <ul><li>Globally, younger auto insurance buyers are more interested in wide-ranging policies that cover all types of transportation. (<a href="https://www2.deloitte.com/xe/en/insights/industry/financial-services/financial-services-industry-outlooks/insurance-industry-outlook-2021.html">Deloitte</a>)</li></ul>
According to a Deloitte survey, the younger customers prefer greater customization in their policies, wanting their plans to cover more than one type of vehicle. <h3>Different Types of Car Insurance</h3>
While it’s good to have insurance that covers the basics and the minimum requirements, you should consider other forms of liability coverages to bolster your protection.
Compulsory Third Party Liability
The Land Transportation Office (LTO) mandates <a href="https://lto.gov.ph/images/ISSUANCES/Memo_Circular/AVT_2015_1975.pdf">Compulsory Third Party Liability Insurance</a> (CTPL) for all vehicle owners. When your car encounters an accident that causes bodily injury to a third party, CPTL pays for expenses incurred. 
Benefits<ul><li>As long as the expenses are within coverage, you won’t be paying out-of-pocket. When the unexpected happens, it can be expensive to compensate for the damage. As assistance, CTPL can help you pay for covered expenses. </li><li>It can cover up to ₱100K in accident expenses. Depending on the situation, a ₱100K coverage can help pay for damages inflicted to the third party.</li></ul> Drawbacks<ul><li>It only pays for the accident expenses of the third party. CTPL doesn’t cover your personal injury or car damage, and it also doesn’t extend to the vehicle damage of the third party.</li><li>You’ll have to pay for costs exceeding ₱100K. Since CTPL can only cover ₱100K of the medical expenses for the third party, you’ll have to shoulder the exceeding costs. </li></ul> Comprehensive Car Insurance Plan
Comprehensive insurance is a car insurance policy that covers certain damages to your vehicle that are not caused by a collision with another car. It also deals with damage caused by artificial and natural circumstances, such as vandalism, fire, theft, and flood. In the Philippines, this policy is required on leased cars and vehicles currently being paid for by a loan.
Benefits<ul><li>It can cover an extensive list of unforeseen events. Depending on your <a href="https://kwik.insure/kwik-hub/car-insurance/the-best-car-insurance-providers-in-the-philippines">car insurance provider</a>, this plan can include damage from fallen objects, earthquakes, explosions, and even contact with animals. </li><li>It extends to damage caused by break-ins and theft. If you live in a high-crime area, you can depend on your comprehensive plan to repair your car damage due to break-ins and theft. </li></ul> Drawbacks<ul><li>It doesn’t cover stolen items. While it can pay for your broken window expenses from a robbery incident, a comprehensive car insurance plan won’t cover your stolen personal items. </li><li>It doesn’t cover collision damage. This plan is only for faults beyond your control. As such, it’s not one to cover for any vehicle or object damage from crash accidents. </li></ul> <h3>7 Steps in Shopping for Car Insurance</h3>
There are many ways to get car insurance, from talking with an agent on the phone to applying with a few clicks online. To help you get started, here’s a step-by-step guide to finding your ideal car insurance. 1. Establish your coverage needs
When finding a car insurance policy, you must first decide what coverages you want or need. Make sure to explore different options to put together the right plan for your vehicle. Some plans offer certain coverages as add-ons, while some come with full coverages. Here are the <a href="https://kwik.insure/kwik-hub/life-insurance/car-insurance-coverages-you-need-to-have">common coverages in a car insurance policy</a>: <ul><li>CTPL - As mentioned above, CTPL is the legally-required minimum level of car insurance, covering the damage and losses of the third party in case of an accident. </li><li>Liability insurance - You can use this coverage as an extra layer on top of CTPL. Aside from having a higher threshold in bodily injury coverages, you’ll also have coverage for third-party property damage. </li><li>Comprehensive coverage - As described previously, this kind of coverage can help pay for damage from non-crash situations. For example, your comprehensive coverage can kick in if a tree branch falls and breaks your windshield. </li><li>Collision insurance - In the event of an accident, this will cover the repairs of your damaged vehicle and the properties you harmed. Take note that this coverage will not reimburse you for your car’s normal wear-and-tear or mechanical failure. </li><li>Personal injury protection - If you or your passenger gets injured, personal injury protection will cover medical costs, rehabilitation expenses, and sometimes, even lost wages. </li><li>Underinsured motorist coverage - Some drivers only carry the minimum required coverage because they want to save money. Since CTPL isn’t enough to cover for property damage and injury costs, an underinsured motorist coverage can financially protect you when you get into an accident with them.</li><li>Towing coverage - In CTPL, towing isn’t usually covered. Often, this type of coverage is included in collision insurance. In case it isn’t, you can add this to your plan. Towing coverage will handle the expenses when you need machine assistance getting your car to the nearest safe location or repair shop after an accident.</li></ul>
2. Assess your budget Your coverage priorities should be in line with your budget. Pick coverages that you think you’ll need the most and that won’t break the bank. It would be best to consider other <a href="https://kwik.insure/kwik-hub/car-insurance/how-much-does-car-insurance-cost-in-the-philippines">car insurance costs</a> like downpayment fees when you start a policy. 3. Choose how you’ll shop for insurance <ul></ul>
Today, you can get insurance in multiple ways. You can directly contact an insurer, work with a captive agent, or get in touch with an independent broker.
Purchasing insurance straight from the insurer enables you to apply online without going through an agent. Meanwhile, getting insurance from a captive agent means you buy a policy from an agent who exclusively works for a single insurance company. As for independent agents or brokers, you accept a policy from someone representing different providers. 4. Scout for trusted insurance companies<ol></ol>
When looking for trusted <a href="https://kwik.insure/kwik-hub/car-insurance/the-best-car-insurance-providers-in-the-philippines">car insurance providers</a>, you can do your own research online or ask for recommendations from your networks. It’s also best to read reviews and check for any advice from other customers. By scouting different companies, you’ll also get the opportunity to compare quotes for the same type of coverage you want to go with. 5. Prepare the application requirements<ol></ol>
Before you apply, the insurance company will need your personal and car details. It would help if you had most of these ready on hand. 
All car insurance policies will ask for documents like your government IDs, driver’s license, car registration number, and official receipt. Depending on the provider, they can ask for extra information like your social security number, car insurance history, driving history, and current mileage. 6. Get insured<ol></ol>
Once you’ve compared rates and chosen an insurance company you’d like to work with, you can now commit to a policy and get insured. In starting your policy, you’d have to choose a date for when it’ll begin and when you’ll pay your first premium. Typically, the insurer will give you proof of coverage and information on your online account if they have such an application during this process. 7. Cancel your old policy (if applicable)<ol></ol>
Some people buy new car insurance to replace their old one. If you’re one of them, you should avoid gaps between your two policies. Ensure that your latest coverage is in place before you cancel your old one, so you can avoid the mistake of driving without insurance. You can easily do this by setting the cancellation date of your old policy and the effectivity date of your new policy on the same day. <h3>Be a Smart Buyer</h3>
Getting car insurance is very important since it can help you with your financial obligations if and when an accident occurs. Doing ample research on policies and coverages will make the selection process easier, as you will then know what to expect, submit, and do. 
Buying car insurance shouldn’t be complicated or overwhelming. If you need assistance at any point, Kwik.insure is ready to help. With our easy-to-navigate platform and pool of experts, we’ll assist you in finding the right car insurance for your needs. Contact Kwik.insure for any insurance-related questions today, and let us lead you into the future of online insurance.<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner-raq"><img data-image="8pi59nllg869" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="buy life insurance online"></a>

Having car insurance can make a big difference when dealing with the financial aftermaths of an accident. How can you get one? Check out this guide to know more.

7 Step Guide to Setting Up Your Car Insurance

Trip cancellations, delays, curtailment, and other alterations have become more frequent than ever due to the COVID-19 pandemic. If you have a trip coming up, it’s highly important to be prepared and safeguard your finances with travel insurance.
Maybe this is your first time hearing about travel insurance. Or maybe you’ve just received your policy documents, trying to understand what it all means. The best way to understand what travel insurance is and its benefits are to understand the basics first. Here’s a quick breakdown of all you need to know about travel insurance in the Philippines. <h2>What Is Travel Insurance? </h2>
Like health insurance, travel insurance is a benefit plan you purchase that protects you from travel-related financial risks or losses. From delayed suitcases to last-minute trip cancellations, your travel insurance has got you covered.
Another important perk of having travel insurance is having access to a medical emergency benefit. You’ll be able to receive medical treatment overseas. Here’s a quick list of benefits that most travel insurances offer: <h3>Personal Possessions and Luggage Cover </h3>
This benefit helps cover for any loss, theft, or damage of your personal belongings like loss of travel documents, baggage delay, loss of cash, or damage to laptop There is a total monetary amount that you are covered for which will then be broken down to sub-sections. 
The items you’ve packed will fall into this sub-section and will be the maximum amount you would be able to claim as either damaged, lost, or stolen. <h3>Cancellation Cover </h3>
According to travel insurance provider, Squaremouth, trip cancellation coverage has always been popular.<a href="https://www.squaremouth.com/press-room/forbes-jan-12-2020-2021-outlook-for-travel-insurance-buyers"> 80% to 90% of travel policies</a> include this benefit. This coverage is very useful especially today, helping you protect your finances from pandemic-related issues. 
With borders constantly opening and closing and other travel restrictions worldwide, you’ll never know when your flight could be postponed or canceled altogether. Getting your money back can be rather tricky without travel insurance. 
If your trip needs to be cut short or canceled recovery of your travel expenses can be reimbursed for the following reasons a death or life-threatening sickness or injury. Or from a member of an immediate family in need of medical attention. <h3>Personal Accident and Activity Cover </h3>
If your holiday travel plans include accident-prone activities such as sky-diving, cliff-diving, or mountain climbing this benefit is worth every penny. Make sure that your travel insurance policy covers a wide range of activities, personal accidents, and medical expenses. <h2>Important Reminders on Travel Insurance Policies</h2><img data-image="7opqoemx8u6e" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt6363a86ea35db59a/61b1af1dcfcd77416c46ee41/travel_kwik_insure.webp" data-sys-asset-uid="blt6363a86ea35db59a" alt="travel_kwik_insure.webp">
Travel insurance is essentially an investment that requires in-depth research. Before purchasing your travel insurance, there are three important things that you must keep in mind. <h3>Benefits vary from plan to plan. </h3>
Make sure your plan has the right benefits for you. For example, the policy’s possession and luggage cover some items that are and aren’t covered or require additional payment. Make sure that your valuable possessions are included. <h3>Purchase a travel policy relevant to your travel plans. </h3>
Travel insurances can’t save you from every possible situation. Opt for a travel policy plan that covers specific situations, events, and losses that you find most important and relevant to your trip. <h3>Travel Policies are only for unforeseeable events. </h3>
Think of your<a href="https://kwik.insure/request-quote"> travel insurance</a> as a safety net for things that are out of your control. This means that the coverage of your travel policy can only be applicable for events that you could not see coming. If you bought insurance for a trip where a named hurricane is on its way, your losses will not be covered. <h2>How Does Travel Insurance Work? </h2>
Now that you have a basic understanding of what travel is all about, how do you claim and get covered for your losses? <h3>How to Claim for Personal Possessions and Luggage Cover </h3>
When it comes to loss of personal belongings and other minor travel-related issues, your travel insurance reimburses you file a claim and the claim gets approved. You must be able to submit proof of your loss and wait for your provider to verify what happened. 
Filing a claim to your travel insurance provider can be as easy as filling out an online form, calling customer service, or using an app (if available). <h3>How to Claim for Cancellation Cover </h3>
The trip cancellation benefit is one of the most useful coverages offered by travel policies. Without one, there’s a big chance that you could lose the money you spent on your vacation if you get diagnosed with a life-threatening sickness or injury. 
Here’s a quick scenario that can have two possible endings, a good and an unfortunate one. A few days before the trip you accidentally get yourself into a serious accident. Your doctor advises you to cancel your trip to fully recover. When you notify the airline of your situation, they inform you that it’s too late to receive a refund for your trip. 
Without<a href="https://www.lazada.com.ph/products/kwik-travel-protection-i2546389639-s11796829247.html?spm=a2o4l.searchlist.list.1.6ee4424ewVY8iX&search=1"> travel insurance</a>, you would automatically waste away the money spent on your airfare and other trip costs. However, with travel insurance, you’ll be able to claim your coverage due to your accident and reimburse all non-refundable expenses. 
To file a claim, gather all of your travel and medical documents and submit them to your insurance provider and wait for it to get approved. <h3>How to Claim Personal Accident and Activity Cover </h3>
The process for filing a claim for personal accident and activity benefit can be different depending on your provider. Sometimes, your travel insurance can pay for your expenses upfront if you require emergency medical treatment or transportation while overseas. 
If your holiday travel plans include accident-prone activities such as sky-diving, cliff-diving, or mountain climbing this benefit is worth every penny. Make sure that your travel insurance policy covers a wide range of activities, personal accidents, and medical expenses. 
To file a claim, gather all of your medical documents such as medical certificate, doctor’s report, medical bills and submit them to your insurance provider. <h2>Get the Most Out of Your Travel Insurance Plan</h2><img data-image="29swgy189utb" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt04e4aabae65d0f3d/61b1af9d91961639b0f4b14c/how_to_buy_travel_insurance_philippines.webp" data-sys-asset-uid="blt04e4aabae65d0f3d" alt="how_to_buy_travel_insurance_philippines.webp">
Ready to embark on a new travel adventure? Before you go, here are a few pro-tips on how to get the most out of your travel insurance plan. <h3>Do Your Research </h3>
Before investing in your travel insurance, you must read up on all you need to know about travel insurance—like reading this article. Make sure that you’re opting for the right plan for you. <h3>Buy Your Insurance Earlier </h3>
The early bird catches a bigger worm. In this case, the earlier you buy your travel insurance, the bigger your coverage window. Once you have set and booked all your travel arrangements, go get your travel policy. <h3>Read Your Policy Documents </h3>
Before hopping on a plane, have a thorough readthrough of your travel insurance and take note of anything you would like to change. Most insurance providers give around 15 days to request a refund or claim. <h3>Contact Your Insurance Provider </h3>
If you have any concerns or questions about your policy, the best way to get answers is from the experts themselves. Don’t hesitate to contact your insurance provider before and during your travels. <h3>Final Thoughts </h3>
Like any type of investment, purchasing travel insurance is a financial commitment that could be very beneficial to you. During these uncertain times where flights are frequently canceled or delayed, travel insurance can be a great way to protect your finances. 
You’ll also be able to offset any added expenses due to travel delays or losses such as delayed or damaged luggage. Lastly, you’ll be able to save yourself from costly medical bills should you need treatment overseas. If safeguarding your finances is your topmost priority, travel insurance is a smart and safe way choice for you.
<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner-raq"><img data-image="79o97ntzruke" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="life insurance in the philippines"></a>

Trip cancellations, delays, curtailment, and other alterations have become more frequent than ever due to the COVID-19 pandemic. If you have a trip coming up, it’s highly important to be prepared and safeguard your finances with travel insurance.

Do I need to buy travel insurance?

The COVID-19 pandemic compelled a lot of Filipinos -- including overseas Filipino workers (OFWs) -- to invest in insurance products. Latest statistics from the Insurance Commission states that insurance penetration or the contribution of the insurance industry to the Philippine economy is at 2.3% in the first quarter of 2021. To help bring insurance products closer to more Filipinos, PLDT Global Corporation has teamed up with the country’s largest online insurance marketplace, Kwik.insure, to provide overseas Filipinos with convenient access to reliable insurance products via Free Bee.
“This partnership with PLDT Global allows us to reach more Filipinos and provide them with convenient access to discover a wide variety of insurance products that are suited to their needs,” said Hamilton Angluben, Founder and CEO at Kwik.insure.
“There is a need to bridge the gap and insure Filipinos, especially OFWs and their families. Aside from giving them peace of mind, this can also be a way to educate them about investing on their health and the future,” said Albert V. Villa-Real, President and CEO at PLDT Global.<h3>One-stop shop for OFWs</h3>
Overseas Filipinos can enjoy free two-minute calls to their loved ones who are customers of PLDT, Smart, and TNT in the Philippines. Or they can also subscribe to premium calls which would allow them to make affordable calls to their families even if they are offline or do not use a smartphone.
The upgraded Free Bee app also allows Filipinos in Canada, South Korea, United States, India, Singapore, Australia, and Japan to use a Virtual Philippine Number -- a local Smart number that is assigned or paired to their Free Bee account-- so that their families in the Philippines can freely call or text them and be charged only with local rates.
Free Bee users can also enjoy unlimited app-to-app calls and messages with their friends when they are online, wherever they are in the world.
Free Bee also comes with Bee Coins – an in-app digital currency or credit that allows the user to purchase any call or text plans within the app. Free Bee users can easily purchase prepaid load on the Bee Shop and send it to their families back home, or pay for Philippine bills even if they are abroad.
Available in 200 countries and with over 1 million downloads, Free Bee continues to expand its list of partners on What’s The Buzz – the one-stop shop within the app that enables users to look for information, entertainment, job listings, important hotlines, and other services like Kwik.insure that can help the madiskarteng Pinoy.
Download the Free Bee app via <a href="https://play.google.com/store/apps/details?id=com.pgc.freebee&hl=en">Google Play</a> or <a href="https://itunes.apple.com/us/app/free-bee-calls/id1335497024?ls=1&mt=8">App Store</a>. For more information, visit <a href="http://www.freebeecalls.com/">www.freebeecalls.com</a>.

“This partnership with PLDT Global allows us to reach more Filipinos and provide them with convenient access to discover a wide variety of insurance products that are suited to their needs,” said Hamilton Angluben, Founder and CEO at Kwik.insure.

Free Bee, Kwik.insure make insurance accessible to OFWs

When you graduate college, you come to the first-hand realization that money doesn’t grow on trees. It may sound cliche, and you may have told one of your parents that you know that already, but actually seeing the state of your wallet is a whole other level of understanding. One of the first signs of adulting, in fact, is when you feel like buying some delicious take-out, check your wallet, and tell yourself that there is food at home. 
So, as overwhelming as it can be to suddenly feel the weight of financial self-awareness, the first few steps to starting your savings can be simpler than you might expect!
The decision to start managing your finances consciously can be an intimidating first step to building your savings, however, it is a necessary one. Thankfully, it’s not as difficult as it sounds. All it takes are a couple of handy lists and apps that can help you organize your savings into a solid system. Let’s get into it:
<h3>Open a bank account</h3>
First things first, you need a place to securely place your savings into. A bank account will not only keep it all safe, but banks also provide financial products and loans for loyal customers. There are also other perks to having a good standing with a bank. You can also eventually apply for debit and/or credit cards to make bigger purchases and earn rewards points to get discounts and more savings down the line. To be financially independent, having your first bank account is a must. 
Opening a bank account may vary per bank, but you will more or less need the following:<ul><li>A valid ID</li><li>Minimum initial deposit</li><li>Bank account application forms</li></ul> When choosing which bank to place your first savings account into, consider the following:<ul><li>For convenience - in case you need a support hub or nearby filing - which bank has the most branches in your area?</li><li>If you were to get a time deposit or credit card, which bank offers the best interest rates for your long-term needs?</li></ul> <h3>Set a monthly budget</h3>
The best advice when it comes to saving is to have a set budget for every month. Normally, people pay their bills, buy what they want, and whatever is left will be saved for the month. This method is not only unreliable but can also be a source of a lot of anxiety. You never quite know how much you’re truly spending and, in case you’re having trouble saving up, you won’t be able to tell if the problem stems from your spending habits or your amount of income. If you want a more disciplined approach that takes into account long-term savings, it is safest to always commit a set percentage of your income for the future.
If you are not sure how much you should be setting aside, you can compute 10% of your monthly income and the amount you get will become your staple savings amount per month. Let’s say you earn around P20,000 a month, then you will have to commit to saving P2000 on top of your bill payments and monthly expenses. What is left will be your spending money.
This means 90% goes to your essential spending (bills, set costs, allowance) while the other 10% goes to your investments (bank savings, bonds, insurance, assets).<img data-image="1coxnj4s4h7b" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt1f6476b2e29c3455/61b1b3a6f6adbe75ea5e0f1b/savings_tips.webp" data-sys-asset-uid="blt1f6476b2e29c3455" alt="savings_tips.webp">
<h3>Track your expenses </h3>
There are a lot of free expense tracking apps available for download on your smartphone in order to help you get started. Simply put in the amount of your expense and place it in a category so that you can easily see what type of purchases are making up the majority of your expenses. By doing this, you can start making conscious decisions about what you’re paying for. If your tracking app is letting you know that you have reached this month’s budget for food and groceries, you might want to hold off on those buffet plans you want to set up with friends over the weekend.
Another way to track your expenses (for those who may find it difficult to consciously remember to input every expense in their phones) is to collect all of your receipts for the month, open a Microsoft Excel file or Google sheets, and manually input your expenses into a ready-made template. Just download a monthly budget template that works for you (there are tons of resources, but you can even just use the template already placed inside the software), and fill it in every month.

<h3>Put aside a monthly investment</h3>
Once you have committed to how much you should be saving per month, you can break that down further into money that will be sitting in your bank and money that you can invest for higher returns. Normally, banks give a low percent interest for money in a savings account. If you want to beat that number and make sure your money can passively gain a higher interest rate, you can look into investing. If you’ve heard the phrase “don’t put all your eggs in one basket” then this should be a familiar practice. Diversify your financial portfolio and don’t just place your savings in one “basket” or bank account. Whether you decide to invest a part of your earnings in stocks, bonds, or assets, just always make sure your money isn’t all in one place.<img data-image="770xunpvbxee" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt8aab4ffe3334ad78/61b1b4421a1be33b1b240261/saving_money_tips.webp" data-sys-asset-uid="blt8aab4ffe3334ad78" alt="saving_money_tips.webp">
<h3>Set financial goals</h3>
While being able to set aside a specific percent of earnings per month is already a big deal, an even better motivator is to list down all of the big purchases you plan on saving up for. By aiming for a new car, you can already break down how many months it will take you to save up for an initial down payment and minimum loan bank requirements. Knowing that extra P20 in your wallet can help you get that first car in 20 months will make you turn away that milk tea splurge with ease.
<h3>Earn passive income (optional)</h3>
If your current pay grade isn’t high enough to attain the lofty financial goals you have set for yourself, or if you have financial obligations to your family that need a separate source of income to allow you to save up more of your salary, then you can also consider earning passive income. There are several ways you can go about this, depending on your secondary skills or even hobbies. Consider the following ways you can give your savings a boost:<ul><li>Open an online store with digital products like high-resolution stock photos so that you earn every time someone purchases it but not have to bother with shipping or packaging</li><li>Invest in stocks or bonds through your bank so that a portion of your savings can increase when the market is up</li><li>Save up for small property and have it rented out</li><li>Invest in VUL insurance policies which invests a portion of your premium payment and returns the earnings for your living benefits</li></ul> The possibilities are endless! So remember, when it comes to your savings, you can either limit your expenses or diversify your income.
<h3>Protect your income</h3>
Aside from putting away your savings in order to attain your financial goals, you must also be prepared for emergencies that may eat them up. As soon as an emergency happens, like your family car breaking down or someone getting hospitalized, there is a big possibility that it can clean out your savings in one go. Like a piggy bank being broken open by a hammer to get all the bills inside.
To prevent this from happening, make sure that your income is safe when accidents strike. By investing in insurance policies that can cover medical bills, car expenses, and other potential emergencies, you are placing a manageable amount every month into a large piggy bank that can cover more than your savings should accidents occur. 
Think of it as a rainy day fund, only that you can take out more than you put in when you need to. For starters, consider getting comprehensive life insurance or basic medical insurance if you’re not a regular employee with health benefits. 
<h3>Create a system that works for you</h3>
Once you have your tools in places like a working bank account, an expense tracker, and a set budget, you can mix and match what works for you. Are you a creature of habit that prefers sticking to routines? Or do you want more flexibility in the time spent going over savings? 
Some people might find spending one day at the end of the month to compute everything in an excel sheet to align their spendings for the succeeding month is the ideal way to go about it. But others with more immediate needs for savings might prefer daily check-ins with an app on their smartphones to help them become more conscious in their spending. 
Do whatever works and keep working on your financial wellness by consistently exploring your options.<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner-raq"><img data-image="9o5syyd8a5ki" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="request a quote for life insurance"></a>

Starting your savings can be intimidating, especially if you’re a fresh graduate or a young professional. Learn how to get started on responsibly managing your finances by checking out our handy guide.

Every 20-somethings’ guide to starting your savings

At its most basic form, a life insurance policy covers the life of the insured. When the insured passes away, the insurance company pays the beneficiaries the amount agreed on the policy. However, what if you need more coverage? How will you cover unexpected incidents, such as accidents and critical illnesses? Adding life insurance riders will solve these concerns. <h2>What is a Life Insurance Rider?</h2>
Life insurance riders in the Philippines refer to add-on contracts or benefits to your policy. These supplementary coverage accommodate unexpected life events, including accidents, disabilities, unemployment, and critical illnesses. Attaching riders to your life insurance allows you to maximize your policy and get the coverage you need.
However, note that adding riders to your policy increases your premium. So, it would be best to include riders that you need to keep your premium within your budget. Your insurance agent can help you decide which riders to add according to your needs. Knowing your priorities will help you choose suitable riders for you. <h2>How to Pick the Best Life Insurance Rider for You</h2>
Follow these tips to narrow down the best riders for your needs.<h3>Learn the Different Riders Available to You</h3>
Start by knowing the different riders offered by your life insurance company. The most common riders include medical and accident-related coverage. Some insurance companies also offer unique riders, such as maternity coverage.
Make sure to understand the terms of each rider, including factors like the sum assured and age at entry, as these will affect your insurance coverage. Moreover, check if your insurance provider allows you to add riders after purchasing a policy, as some companies don’t allow this. Some policies also include a limit to the attached riders. Hence, know your coverage terms and conditions to maximize your policy.<h3>Assess Your Life Risks</h3>
After learning about the different riders available to you, narrow down your choices by evaluating possible life risks. For example, if your family has a history of being diagnosed with a terminal illness, choose to add a critical illness rider for extra protection. Moreover, if you do dangerous work, such as in construction, adding a rider for accidental death and dismemberment will help cover expenses in case of an accident.<h3>Know Your Purpose for Getting Life Insurance</h3>
Most policyholders get life insurance to protect their family and loved ones financially in case they pass away. However, many also use them to cover expenses in case of accidents or critical illnesses. If your reason for getting life insurance includes paying off medical expenses, getting medical-related riders will allow you to get the most from your policy. Ultimately, choose riders that align with your goal. <h2>Common Life Insurance Riders</h2><img data-image="lfa66vows0ii" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf9e5d6f284e20912/61b19a2a6d9dd71335c0ca3d/ezgif.com-gif-maker(16).webp" data-sys-asset-uid="bltf9e5d6f284e20912" alt="ezgif.com-gif-maker(16).webp">
Insurance providers offer different types of riders in insurance. Here are the ten most popular riders to add to your policy.<h3>1. Accidental Death and Disability Rider</h3>
An accidental death and disability rider provides a disability benefit or an additional death benefit in case of an injury or death due to an accident. Bear in mind that different companies and policies cover different injuries. Take note of your provider’s disability coverage to see if it is worth it.
If the insured dies due to accidental bodily injury, the beneficiaries get twice the amount of the policy. Because of this, others also call this type of rider a double indemnity rider. This rider is perfect for policyholders who are the breadwinner in their families. The double benefit will help cover the expenses of the beneficiaries. <h3>2. Waiver of Premium Rider</h3>
Adding this rider to your policy will waive future premiums if the insured becomes permanently disabled or loses their source of income due to injury or illness. Depending on the policy and insurance company, waiving of premiums will cease once the policyholder is fit to work again.
Consider attaching this rider to your policy if you pay a high premium. With this rider in place, you no longer have to worry about keeping your policy active in case you can no longer work. However, make sure to read the rider conditions carefully and see how your insurance provider defines being totally disabled. Each insurer defines this differently, so take note of these conditions before adding the rider to your policy. <h3>3. Accelerated Death Benefit Rider</h3>
This type of rider allows the policyholder to receive a portion of their death benefit in advance if diagnosed with a terminal illness. Usually, the insured only has at most two years left to live. However, read the terms and conditions carefully, and see how your provider defines a terminal illness. Note that insurance companies also deduct the benefit you receive in advance to the total amount that a beneficiary will receive upon the insurer’s death. 
An accelerated death benefit rider often costs a small premium, and it doesn’t cost anything at all for some. Overall, it’s a practical rider to include for its benefit and low-cost premium.<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner-raq"><img data-image="crvysitnk4e9" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="life insurance quote"></a> <h3>4. Income Protection</h3>
Adding an income protection rider is also a practical way to aid your finances in the future during a medical emergency. This rider aims to replenish lost income because of being hospitalized. Under the rider, the policyholder will receive a monthly benefit equivalent to their monthly income. This rider also includes a cash benefit for each day of your stay in the hospital.
The amount you will receive depends on the rider’s terms and the total number of days you spend in the hospital. Moreover, the daily benefit depends on the insurance provider’s policy. Overall, an income protection rider will be a great help in case of sudden medical expenses. <h3>5. Critical Illness Rider</h3>
One of the most common life insurance riders in the Philippines is the critical illness rider. This type of rider covers major illnesses, including heart attack, stroke, and cancer, among many others. Each insurance company covers different diseases, so compare riders carefully.
How is a critical illness rider different from an HMO (health maintenance organization)? An HMO pays for your medical and hospital expenses directly to the hospital, while this rider provides cash assistance as soon as you are diagnosed with the illness. <h3>6. Family Income Benefit Rider</h3>
A family income benefit rider is a death benefit that provides beneficiaries continuous income equal to the insured’s monthly income. Compared to a lump sum death benefit, this rider provides cash assistance in installments until the end of the rider’s term. If you avail of this rider, you will need to determine the number of years that the beneficiary will receive the benefit. People who are the sole income earners of their families usually avail this rider. <h3>7. Child Term Rider</h3>
Parents who want to cover their children with insurance can purchase a child term rider to their new or existing life insurance policy. This rider provides life insurance to your children until they become adults. Once they are of legal age, they may convert the policy into their life insurance.
Aside from this, a child term rider provides a small death benefit when the insured child passes away. Consider this type of rider if you prefer to insure your children. <h3>8. Long-term Care Rider</h3>
A long-term care rider is a type of living benefit that allows the insured to use a portion of their death benefit to pay for long-term care expenses. The policyholder must have verification from a medical professional if they can no longer perform daily activities or if they need supervision due to physical or cognitive health reasons for the rider to take effect. If you are considering adding this rider, take note that your death benefit will decrease depending on the amount the insured uses for this rider. <h3>9. Return of Premium Rider</h3>
For those who purchased a term life insurance policy, adding a return of premium rider allows you to refund the premiums you paid if you don’t die during the policy’s term. As a result, you pay zero cost for your policy. However, adding this rider will increase your premium significantly. So, weigh the pros and cons of including this rider in your policy. <h3>10. Guaranteed Insurability Rider</h3>
Also known as a guaranteed purchase option rider, this type of rider allows policyholders to increase their coverage later in life without the need for a medical exam. Policyholders usually get this rider in case their circumstances or needs change in the future. For example, marrying or having a child changes a person’s priorities, and you might want to expand your insurance coverage when these events happen. <h2>Are Life Insurance Riders Worth It?</h2>
Adding life insurance riders to your policy will help you manage potential risks in your life and get the financial help you need during emergencies. Overall, getting riders is worth it if the coverage aligns with your needs.
However, keep in mind that some riders cost more than they are worth, especially if you don’t need them. Assess your needs and risks carefully to determine suitable riders and get the most from your policy. 
If you are looking for the best life insurance in the Philippines, Kwik.insure provides an online marketplace to help you find, compare, and buy suitable plans. Request a free quote at <a href="https://kwik.insure/request-quote">Kwik.insure</a> today!<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner-raq"><img data-image="crvysitnk4e9" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="life insurance quote"></a>

At its most basic form, a life insurance policy covers the life of the insured. When the insured passes away, the insurance company pays the beneficiaries the amount agreed on the policy. However, what if you need more coverage?

Life Insurance Riders in the Philippines: How to Pick the Best One

For young adults, getting life insurance may be the least of your concerns. After all, many young adults prioritize their careers, relationships, and life goals in the early stages of their lives. However, getting life insurance later in life may cost you more than you realize.
A <a href="https://www.bworldonline.com/pandemic-has-pushed-gen-zs-millennials-into-insurance-bonds-and-crypto-manulife/">survey</a> by Manulife Philippines revealed that the pandemic made the Filipino millennial and Gen Z generations more aware and concerned about their financial health. 
Melissa Henson, the Chief Marketing Officer of Manulife Philippines, said, “What we found through the study is that the pandemic, actually, has been a game-changer for these two generations. They have become much more financially conscious because their top stressor, or their number one worry during this time, is running out of money.”
The survey also revealed that 79% of millennials and 68% of Gen Zs owned an insurance plan. Given that life is currently unpredictable, more young adults are considering life insurance plans for financial stability in the future. <h2>How Does Life Insurance Work?</h2>
Life insurance provides beneficiaries, such as your loved ones, with a death benefit when you pass away. Ultimately, life insurance acts as financial protection for the people you leave behind. Some insurance policies also include an investment element, which allows your cash value to grow.
Aside from receiving a death benefit, people get life insurance to help pay for education expenses for children, pay estate taxes, replace lost income, pay for accidents and sudden hospital bills, and more. Depending on your insurance plan and needs, you can avoid financial losses and protect the financial health of your loved ones.
Overall, investing in life insurance at an early age can be a smart financial move for your future. Aside from protecting yourself and your loved ones during unexpected events in your life, here are five reasons to get life insurance at an early age. <h2>5 Reasons to Get Life Insurance Early</h2><img data-image="n1klii1dhvsj" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt63fc5d56c542de02/618ce473d11a660213026dcd/ezgif.com-gif-maker(9).webp" data-sys-asset-uid="blt63fc5d56c542de02" alt="Reasons to buy life insurance early - kwik.insure"><h3>1. Get cheaper rates</h3>
Getting term life insurance means that premiums remain the same amount throughout your term unless you opt for more coverage. So, if you buy insurance today, you continue to pay the same premium amount 10 years from now regardless of lifestyle changes. However, eligibility and premiums are determined by two crucial factors: age and health. 
Getting life insurance at an early age will allow you to get a lower premium and spend less on insurance throughout your lifetime. Take note that the premium amount increases by <a href="https://www.investopedia.com/articles/personal-finance/022615/how-age-affects-life-insurance-rates.asp">8-10%</a> for every year that you age. That's why a 20-year-old person will have a significantly lower insurance premium than a 30-year-old. 
Moreover, age and health are crucial factors when purchasing life insurance because it is all about risk. When calculating your premium, a life insurance company evaluates how likely you are to make a claim in the near future. 
A younger person is at less risk of developing illnesses or health conditions, such as high blood pressure or high cholesterol, compared to an older person. So, someone in their 20s can avail a lower insurance premium than someone in their late 30s.
Moreover, a life insurance company looks at your current lifestyle, health condition, and family medical history to calculate your premium. If you are a smoker, you will likely get a higher premium. In fact, smokers pay <a href="https://www.cooperators.ca/en/Resources/protect-what-matters/life-insurance-for-smokers.aspx">40% to 100%</a> higher premiums than non-smokers.
Many other factors will determine your premium range, such as type of coverage, the amount of coverage, and actuarial tables. However, age and health weigh heavily when calculating life insurance premiums. So, consider getting insurance while you are young and able. <h3>2. Protect loved ones financially</h3>
Keep in mind that <a href="https://kwik.insure/products/life-insurance">life insurance</a> benefits your loved ones, such as your parents, spouse, or children. Ideally, it is not for you. Getting life insurance is an act of care towards the people that you might suddenly leave behind.
Most people in their early 20s rent or buy a place to live independently, get a credit card, or take a loan for a new car. Unfortunately, if something happens to you, the responsibility of paying for these transactions falls on your parents, spouse, or immediate family member. Purchasing life insurance will protect these people from carrying the responsibility of paying off your remaining debt.
For those who are married or in a relationship, life insurance will protect the surviving partner by covering debts or helping pay for a mortgage. If you have children, the insurance benefit can be used for their education as well.
Ultimately, getting life insurance will ensure that your loved ones can continue living comfortably. If you do not have any debts, your loved ones can invest the death benefit into a business or real estate and get regular income from these sources. Either venture will sustain your loved ones until your debts have been paid or when your children can fend for themselves.
You may not have a spouse or child right now, but this could change sooner or later. Purchasing life insurance at a young age means that you already have protection in place for your future family. Ultimately, you can rest assured that your loved ones will be financially secure.<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner-raq"><img data-image="sy0sz4i13sa1" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="life insurance early"></a> <h3>3. Add more coverage later without the high cost</h3>
As you grow older, your needs and lifestyle will change. You may end up marrying, buying a house, or having a child soon. When your situation changes, it’s best to review your current policy and see if you need to increase your coverage for peace of mind.
Those who will buy life insurance at a young age will not only avail lower insurance premiums but also buy more insurance coverage for the future without the high costs. For example, buying life insurance in your late 30s can cost up to Php 55,000 annually or more, especially when you have dependents. If you need to add more coverage or riders as you grow older, your annual premium can become too expensive. 
On the other hand, getting insurance at a young age allows you to pay as low as Php 24,000 annually. When you add extra benefits to your policy, your annual premium can remain lower than Php 50,000 depending on the additional riders that you avail.
Some of the most common riders or benefits that policyholders add to their coverage include a guaranteed insurability rider, accidental death rider, child term rider, and long-term care rider. These additional benefits will help you customize your policy according to your current or future needs. <h3>4. Receive money when you need it most</h3>
Although life insurance is specifically for your loved ones, you may also receive some of its benefits while you are living and during unexpected events in your life. Nowadays, life insurance companies offer different types of plans. These life insurance plans cover many different areas, such as accidents, critical illnesses, and disability. In case of an accident, hospital confinement, or surgery, you can use your life insurance to help with hospital expenses.
For example, when you are diagnosed with a critical illness, you receive a specific cash amount to help with your expenses. Most life insurance companies cover a wide range of critical illnesses, such as cancer, stroke, Alzheimer's disease, heart attack, paralysis, and more.
Moreover, some plans provide a certain percentage of your critical illness coverage when you are diagnosed with an early stage condition or minor critical illness, such as early bladder cancer, early thyroid cancer, and liver surgery, among many others.
You also receive a specific cash benefit in case of an accident or total disability that prevents you from working and providing for your family. It will help replace a percentage of the monthly income that you lost, allowing you to continue providing for yourself and your family.
No one wants to think about having a critical illness or disability, but these are major unexpected events that could happen to anyone at any time. Getting life insurance will prepare you for these possibilities at an early age and will allow you to reap its benefits when you need it the most. <h3>5. Gain better investment returns and savings</h3>
If you choose to get permanent or whole life insurance, you also get additional cash value that increases as your policy continues. It works just like an investment fund, so younger people can build up more cash value in the long run. Moreover, policyholders can withdraw the cash value in case of emergencies.
The most popular type of permanent life insurance is the Variable Universal Life insurance or VUL. It combines insurance and investment into one life insurance plan. When you get VUL insurance, you get death, health, income protection, and investment benefits. 
When it comes to the investment element, it also works like a mutual fund where your investments are diversified and managed professionally. As a result, VULs yield higher investment returns than any other type of life insurance and investment fund. To get an estimate of how much cash value you might get at a certain age, ask an agent for a quote, and they will give a projection of how much you might earn according to the life insurance company’s projected growth.
Overall, this is a great life insurance plan for young adults looking for a no-hassle and all-in-one insurance, as it covers all the basic protection you need. Plus, it offers an investment element that enables millennials to save a portion of their income for their future and protection. 
If you live long and healthy, policyholders can enjoy their cash benefits and cash value in full and use it for their retirement. Getting life insurance early will help you reap the benefits of permanent <a href="https://kwik.insure/life-insurance">life insurance</a> policies. <h2>The Best Time to Get Life Insurance</h2>
<img data-image="bayuvx69bp3m" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt12f7718199c36e2a/618ce4b9867d1817d95f3828/ezgif.com-gif-maker(10).webp" data-sys-asset-uid="blt12f7718199c36e2a" alt="Best time to get life insurance - kwik.insure">
Given the benefits stated above, the best age to get life insurance is in your 20s and 30s when you are young and healthy. Getting insurance in your 20s can help your beneficiaries pay off student loans, housing, debts, childcare expenses, or final expenses, among many others.
It is also a good idea to consider getting insurance in the following situations:<ul><li>When getting married Marriage can change a person’s financial responsibilities. Newlyweds will need to consider each other’s well-being as well as their future children. Getting life insurance during this stage in life will protect you, your spouse, and your children during unexpected events.</li></ul> <ul><li>When buying a house Newlyweds who buy a house together have a mortgage that is influenced by their incomes. In case unexpected situations happen, like sudden death, it could be difficult to maintain the mortgage payments. So, getting life insurance for both parties can help cover those expenses. </li><li>When having kids Most people decide to get life insurance when they are about to have children. It will ensure that the children can still live comfortably in case anything happens to the parents.</li></ul> Life insurance will protect and prepare your loved ones during unexpected events. For those who already own life insurance, it’s best to revisit your coverage as your lifestyle and responsibilities change. <h2>Find the Right Life Insurance for You</h2>
When getting life insurance quotes, financial advisors usually recommend young adults to start with a term policy. This type of policy will allow you to get more coverage for less premium. Moreover, a term insurance policy provides coverage for a certain number of years, and it can be renewed if you pay for another term or if you convert your plan to a permanent life policy.
The other type of insurance that you can choose is permanent or whole life insurance. It offers coverage continuously as long as you pay the premiums. This type of policy often includes a cash value account that you can use while you are alive. Ultimately, speak to an insurance agent to learn the right type of life insurance that fits your current needs and lifestyle. If you don’t know where to find an agent or provider, Kwik.insure offers an online insurance marketplace that will help you connect with the right insurance provider and find the best policy for your needs. Request a free insurance quote at <a href="https://kwik.insure/request-quote">Kwik.insure</a>! <a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner-raq"><img data-image="sy0sz4i13sa1" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="life insurance early"></a>

For young adults, getting life insurance is not the first thing that comes to mind when starting in life, but here are reasons to put it on top of you

5 Reasons Why You Need to Get Life Insurance Early

According to the Global Road Safety Facility, <a href="https://www.roadsafetyfacility.org/country/philippines">77%</a> of people from 15-60 years old experience road crash fatalities and injuries in the Philippines. If you are buying a new car, consider getting car insurance to protect yourself and compensate others in case of an accident. 
Fortunately, Philippine law requires car owners to get liability car insurance upon registering their vehicle. This ensures that you have some form of protection on the road even if you don’t get comprehensive car insurance. After all, compensations for damages and repairs can amount to over Php 100,000. 
However, getting full car insurance coverage will allow you to cover vehicle damages, pay for medical assistance, get emergency services like roadside assistance, and additional perks and benefits. So, driving an insured car does not only abide by the law but is also a good financial move.
However, since coverages have different inclusions and limitations, you need to know and understand the different car coverage options to help you buy the right car insurance policy. <h2>Must-have Car Insurance Coverages</h2><img data-image="45s4shzpb61q" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt02f39128074ec432/618ce785fb61e4021ad3370f/ezgif.com-gif-maker(12).webp" data-sys-asset-uid="blt02f39128074ec432" alt="Must-have car insurance coverage">

<a href="https://kwik.insure/vehicle-insurance/assistant-tool">Car insurance</a> companies offer different types of car insurance. Take note that each coverage has its own costing, so you can find variability in terms of policy limits and pricing. <h3>Compulsory Third-party Liability Coverage</h3>
When it comes to car insurance in the Philippines, all car owners must have third-party car insurance. According to Section 373c, Chapter VI of the Insurance Code of the Philippines, car owners must get compulsory third-party liability insurance, or CTPL, when registering a vehicle.
A CTPL is a type of car insurance that offers coverage for any legal liability to a third party. Ultimately, it ensures that any third party, such as friends and other passengers who are not related to you, are covered in case of an accident, bodily injury, and/or death caused by the use of your vehicle. A CTPL also subjects the insurer to pay all necessary sums to provide financial assistance to the insured, regardless of the vehicle owner’s financial capacity.
The coverage of CPTL can provide up to Php 100,000 and can range from bodily injuries to the death of a third party. Note that a third-party liability car insurance coverage does not include the cost of loss of belongings in the vehicle or damage to property. 
This type of insurance also does not provide coverage if a car or person’s valuables are stolen or destroyed. Moreover, injuries to animals do not apply and are only covered under Third Party Property Damage.
Overall, getting compulsory third-party liability coverage will allow you to protect third-party passengers and prepare for any financial risks due to sudden accidents on the road. <h3>Medical Payments Coverage and Personal Injury Protection </h3>
Sustaining injuries during a car accident, especially a big car crash, is inevitable. Aside from ensuring that you can cover the expenses of the third party involved, car owners should also have medical insurance prepared for the car’s passengers. 
Medical payments, or “med pay”, is a common coverage that car owners include in their auto insurance policy. This type of coverage helps cover medical expenses if you and other passengers incur injuries during an accident. The insurance applies regardless of who caused the accident. Moreover, it can be used to pay for expenses when you get hit by a vehicle as a pedestrian.
A med pay coverage can compensate for the following expenses for everyone inside the car:<ul><li>Health insurance co-pays and deductibles</li><li>Visits to the doctor and hospital</li><li>Needed surgery, prosthesis, or X-ray</li><li>Nursing services</li><li>Medications</li><li>Fees for ambulance and emergency medical professionals</li></ul> On the other hand, personal injury protection or PIP is also another available medical coverage for you and your passengers after a car accident. Unlike medical payments, personal injury protection can cover expenses that a med pay can’t. For example, med pay covers medical bills only, while PIP can cover health costs, child care, and lost wages for the passengers due to the accident. 
Overall, always include medical payments coverage in your policy to prevent any spending too much on medical bills in case of an accident. Moreover, since med pay has a coverage limit, getting PIP can help cover more expenses, especially after a road accident.<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="rfka3eildqws" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="buy car insurance online"></a> <h3>Collision Coverage</h3>
Unfortunately, car crashes are common in the Philippines due to bad drivers and narrow city streets. Protect yourself from paying for compensation if you ever accidentally hit another car or object on the road.
As its name suggests, collision coverage compensates for the damages that your car will incur on non-living things. This includes coverage for collisions with other cars, trees, telephone poles, and other objects. This type of coverage also covers car damages due to potholes. Collision coverage also helps pay for the repair costs of prominent dents on your car due to the accident. 
When getting collision coverage, take note that it is usually sold with a separate deductible. For example, if you caused a car accident, the collision coverage will reimburse the cost of the car repair, minus the deductible. 
On the other hand, if the collision was not your fault, your car insurance company may try to get the collision coverage they provided you from the other vehicle’s auto insurance company. If this happens, you will also receive reimbursement for the deductible.
Although including collision coverage in your auto insurance policy is a good idea, you still need to decide whether it is right for you. After all, adding extra coverage will increase your annual premium. 
To help you determine if you should add collision coverage to your policy, ask yourself the following questions:<ul><li>What is the current value of your car?</li><li>How much deductible do you need to pay before your policy takes over?</li><li>How much will your annual premium be if you include coverage for collisions?</li></ul> If the value of your car is higher than your deductible and premium, it’s worth getting collision coverage as an investment and protection for your car. <h3>Uninsured and Underinsured Motorist Coverage</h3>
Road accidents, such as collisions and getting hit by a vehicle, are commonplace in the Philippines due to the general traffic conditions and bad drivers. That’s why more vehicle owners purchase auto insurance to protect themselves and their passengers from the financial responsibilities of experiencing road accidents. 
However, what do you do if the driver who caused the accident doesn’t have insurance? Moreover, what if the driver does a hit-and-run? You don’t have information on how to track the driver down and ask for compensation. How do you protect yourself from irresponsible drivers? Including uninsured and underinsured motorist coverage in your auto insurance policy will cover the liabilities if the other driver doesn’t have enough liability coverage or goes missing.
Specifically, uninsured insurance coverage provides compensation if the at-fault driver doesn’t have insurance. On the other hand, underinsured coverage is used when the driver who caused the accident doesn’t have enough liability coverage to pay for the expenses. The underinsured coverage will then take over to compensate for the rest of the expenses. Overall, this type of coverage saves you from paying for damages that are not your fault.
If ever you find yourself in a car accident, always call the police first to protect yourself from uninsured drivers. Moreover, get as much information as you can about the other driver, such as their name, plate number, model and make of their car, and insurance information, in case you need this information to make a claim. <h3>Comprehensive Coverage</h3>
A comprehensive car insurance coverage is the most common type of auto insurance that car owners get since it covers a wide range of situations and benefits. It offers the highest level of protection among the different types of auto insurance coverage.
For one, comprehensive car coverage protects not only you and your passengers but also the other parties involved. It also provides compensation in case you damage your own car without any third party involved. Moreover, this type of car insurance offers the following coverage options:<ul><li>Theft Car owners can make an insurance claim if they become a victim of a carjacking. </li><li>Property damage The insurance can cover the car damages due to the roadside accident. </li><li>Acts of nature This coverage will compensate for damages due to natural disasters, such as earthquakes, floods, and naturally occurring fires. In flood-prone countries like the Philippines, it is must-have coverage for car owners. </li><li>Legal assistance Comprehensive car insurance coverage may also include financial assistance for legal aid in case you need to go to court due to the accident. </li><li>Roadside assistance In case your car breaks down during your trip, your insurance can cover the towing and repair expenses.</li></ul> Take note that adding these coverages will increase your overall annual premium. So, decide which ones you might need in the future. Overall, since a CTPL offers limited coverage, getting comprehensive car insurance coverage will further protect you in various road accidents. <h2>How Much Does Car Insurance Cost in the Philippines?</h2><img data-image="mw4u4szrj8eg" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt5ffff44de2275b2e/618ce7b5d380f814d61efd57/ezgif.com-gif-maker(14).webp" data-sys-asset-uid="blt5ffff44de2275b2e" alt="How Much Does Car Insurance Cost in the Philippines?">
The average <a href="https://kwik.insure/kwik-hub/car-insurance/how-much-does-car-insurance-cost-in-the-philippines">car insurance cost in the Philippines</a> for a Php 750,000 to Php 2 million insurance ranges from Php 15,000 to Php 50,000 annually. In a month, that ranges from Php 1,250 to Php 4,200. However, take note that car insurance cost varies as car insurance companies will need to assess several factors to compute the price of your policy.<h3>Factors that impact car insurance cost</h3>
Car insurance companies look at several risk factors when computing your annual premium payment. Consider the following factors to get an idea of how much your car insurance policy might cost. <ul><li>Car brand and model Companies will assess your vehicle’s market value to calculate the car’s insurance value. So, a low-priced car will have a lower annual insurance premium compared to a more expensive car model. </li><li>The newness of the car Is the car brand new or secondhand? A car decreases in value over time as it becomes more prone to breaking down and repairs. So, expect a higher premium for a new car and a lower premium for an older car. </li><li>Driving history Are you a good or bad driver? Car insurance companies also consider the policyholder’s driving history to predict their future performance and assess the risk factor. If you have had violations or tickets in the past, expect a higher premium cost. </li></ul> <ul><li>Insurance coverage The overall insurance cost will also depend on the coverage that you need. What benefits will you add on top of your basic car insurance? Some of the most popular include coverage for natural disasters, theft, and additional medical coverage. </li></ul> If you find an insurance premium expensive for your budget, know that some car insurance companies offer auto insurance discounts based on individual rating factors. Some common discounts include an affinity discount, good driver discount, low mileage discount, and loyalty discount. Ask your car insurance agent of any available discounts you could avail to make your overall insurance cost more affordable. <h2>Choose the Right Car Insurance Coverage for Your Needs</h2>
Remember that the <a href="https://kwik.insure/car-insurance">best car insurance for you</a> depends on your needs, budget, and law requirements. To help you find the right car insurance for you, ask yourself the following questions:<ul><li>What specific coverages should I have according to the law?</li><li>How much monthly or annual cost can I pay?</li><li>What is the worth of my vehicle now?</li></ul> Moreover, make sure to do ample research on every car insurance coverage to determine all of your options. Use comparison tools that compare different car insurance companies or quotes to compare which policy works best for you. Finally, connect with a reliable and trustworthy car insurance provider. Overall, determine your car insurance needs and review all the coverage options available to you to find the best coverage for you and your car.
<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner-raq"><img data-image="rfka3eildqws" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="buy car insurance online"></a> If you need a one-stop-shop for all your car insurance needs, check out <a href="https://kwik.insure/request-quote">Kwik.insure</a>, an online insurance marketplace, for a quick and easy search on car insurance companies and plans.

For new car owners, what type of car insurance coverage should you include in your auto insurance policy? Consider adding this list of car insurance

Car Insurance Coverages You Need to Have

Are you considering purchasing your very own HMO? Or are you still figuring out what exactly an HMO is and whether you need it or not? 
Health Maintenance Organizations or HMOs are privately-owned companies that provide healthcare insurance in the form of affordable packages and specific coverages. To illustrate, there are HMO plans dedicated for dengue patients with payments starting at P50 per month and plans that focus solely on hospital exams and regular consultations. There is even more flexibility in payments as compared to traditional health insurance plans since HMOs allow split bill types of plans that allow the insured individual to split HMO payments with their employer. On top of that, insured individuals can even buy prepaid cards, which are cheaper and quicker options for those who want to invest a smaller amount per month than with a traditional monthly premium. 
Basically, HMO plans make sure to minimize your out-of-pocket medical expenses by giving full coverage or generous discounts off of certain medical procedures such as consultation, medication, or even hospitalization. Should you need to pay a medical bill for an operation, your HMO plan coverage on top of your PhilHealth membership discount will allow you to pay only for the remaining sum, not the entire bill.
Most private companies even offer HMO plans to their employees as part of the benefits package. But if you’re a small business owner or self-employed individual, don’t worry. You can also avail yourself of an HMO package directly. By reviewing the available local HMO providers and products, you can choose which HMO plans to invest in.
For your reference, check out our list and categories for the best HMO providers in the Philippines. Review each of their product coverages so you can make the best decision for your health and financial needs.
COVID Protection
<a href="https://kwik.insure/products/health-insurance/covid/covid-19-assist-plus">Cocogen Insurance, Inc. COVID-19 Assist</a>
Cocogen Insurance’s COVID-19 Assist is a type of Personal Accident Insurance that provides financial protection for accidental death and disablement sustained anywhere in the world. Financial assistance that pays the Insured (or its beneficiaries) if he/she is hospitalized or dies due to COVID-19.
Payment: Starts at P50
*Up to P3,000 Loss of Life Cash Assistance Due to COVID-19
Eligible Age: 18-65 years old
Coverages<ul><li>COVID<ul><li>Loss of Life Cash Assistance Due to COVID-19</li><li>Loss of Life Assistance Due to Other Causes</li><li>Daily Hospital Income Due to COVID-19 (maximum of 15 days)</li></ul></li><li>Accident<ul><li>Accidental Death & Disablement</li><li>Accidental Death Burial Benefit</li></ul></li></ul><a href="https://kwik.insure/products/health-insurance/covid"> </a>
<a href="https://kwik.insure/products/health-insurance/covid">Malayan Insurance Vital Cover with COVID-19 Cash Benefit</a>
Malayan Insurance’s Vital Cover with COVID-19 Assist is a type of Personal Accident Insurance that provides financial assistance that pays the Insured (or its beneficiaries) if he/she is hospitalized or dies due to COVID-19. Parents may also purchase this plan for their children, however only those residing in the Philippines may avail of this product.
Payment: Starts at P130 for basic coverage (Plan E)
*Up to P300,000 Loss of Life Cash Assistance Due to COVID-19 for premium coverage (Plan A)
Eligible Age: 1-75 years old
Coverages<ul><li>COVID<ul><li>Accidental Death</li><li>Medical Reimbursement Due to Accident</li><li>Loss of Life Cash Assistance Due to COVID-19</li><li>Loss of Life Assistance Due to Dengue and Chikungunya</li><li>Daily Hospital Income Due to COVID-19 (maximum of 14 days)</li></ul></li></ul><a href="https://kwik.insure/products/health-insurance/covid/terminal-illness-covid-19"> </a>
<a href="https://kwik.insure/products/health-insurance/covid/terminal-illness-covid-19">Liberty Insurance Corporation Terminal Illness COVID-19</a>
Liberty Insurance Corporation Terminal Illness COVID-19 COVID-19 Assist is another type of Personal Accident Insurance that also provides financial assistance that pays the Insured (or its beneficiaries) if he/she is hospitalized or dies due to COVID-19. You may only purchase this product one at a time, and again upon expiry.
Payment: Starts at P889.14
*Up to P100,000 coverage for Loss of Life
Eligible Age: 18-50 years old
Coverages<ul><li>COVID-19<ul><li>Death Benefit</li><li>Diagnosis Benefit</li></ul></li></ul> Specialized HMO
<a href="https://kwik.insure/products/health-insurance/dengue-rx">PhilCare Dengue RX</a>
PhilCare Dengue RX is a health plan that covers a multiple use benefit up to ₱ 30,000 for hospitalization due to Dengue. Accepted in more than 500 accredited hospitals nationwide.
Payment: Starts at P299
*Up to P30,000 Hospitalization costs Due to Dengue
Eligible Age: 6 months-64 years old
Coverages<ul><li>Hospitalization<ul><li>Hospitalization Due to Dengue (Room & Board- Member’s Preference)</li><li>Accidental Death & Disablement/Dismemberment</li></ul></li></ul><a href="https://kwik.insure/products/health-insurance/dengue-cash"> </a>
<a href="https://kwik.insure/products/health-insurance/dengue-cash">Malayan Insurance Dengue Cash</a>
Malayan's Dengue Cash is a Personal Accident Insurance that provides cash assistance following diagnosis of Dengue by the insured. Parents may also purchase this plan for their children, however only those residing in the Philippines may avail of this product.
Payment: Starts at P320
*Up to P10,000 Dengue Diagnosis Benefit
Eligible Age: 1-70 years old
Coverages<ul><li>Dengue<ul><li>Dengue Diagnosis Benefit</li><li>Accidental Death</li><li>Accidental Dismemberment or Disablement</li><li>Total Permanent Disability</li></ul></li></ul><a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="c6tw3h6719ev" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt1696b34e426440a1" alt="buy hmo online philipppines"></a> <a href="https://frontend.staging-ph.kig.codes/products/health-insurance/dengue-protect"> </a>
<a href="https://kwik.insure/products/health-insurance/dengue-protect">Starr Insurance Corporation Dengue Protect</a>
Starr Insurance Corporation Dengue Protect provides a lump sum amount that you can use for medical treatment should you or your loved one is diagnosed with Dengue. The product may be availed overseas by Filipinos for their loved ones who are residing in PH.
Payment: Starts at P350
*Up to P10,000 Dengue Diagnosis Benefit
Eligible Age: 1-70 years old
Coverages<ul><li>Dengue<ul><li>Dengue Diagnosis Benefit</li><li>Death Benefit</li><li>Daily Hospital Income (maximum of 10 days)</li></ul></li></ul><a href="https://frontend.staging-ph.kig.codes/products/health-insurance/cancer-assist-plus-male"> </a>
<a href="https://kwik.insure/products/health-insurance/cancer-assist-plus-male">Cocogen Cancer Assist+ for Male</a>
Cocogen Cancer Assist+ for Male is an insurance plan for men that provides financial assistance to the insured when diagnosed with a major and/or minor cancer.
Payment: Starts at P356.86
*Up to P5,000,000 Diagnosed with Major Cancer (100%)
Eligible Age: 18-60 years old
Coverages<ul><li>Cancer<ul><li>Diagnosed with Major Cancer (100%)</li><li>Diagnosed with Minor Cancer (20%)</li></ul></li></ul><a href="https://frontend.staging-ph.kig.codes/products/health-insurance/cancer-assist-plus-female"> </a>
<a href="https://kwik.insure/products/health-insurance/cancer-assist-plus-female">Cocogen Cancer Assist+ for Female</a>
Cocogen Cancer Assist+ for Male is an insurance plan for women that provides financial assistance to the insured when diagnosed with a major and/or minor cancer.
Payment: Starts at P356.86
*Up to P5,000,000 Diagnosed with Major Cancer (100%)
Eligible Age: 18-60 years old
Coverages<ul><li>Cancer<ul><li>Diagnosed with Major Cancer (100%)</li><li>Diagnosed with Minor Cancer (20%)</li></ul></li></ul> Medical Consultation
Kitika Individual/Family Plan
Kitika Mobile Healthcare  is a 24/7 telehealth platform that allows you to consult a doctor anytime, anywhere, via mobile application or web browser. While it can be availed overseas, the insured must be residing in the Philippines.
Payment: Starts at P579
24/7 Health Hotline Service
Eligible Age: 18 years old and above
Coverages<ul><li>Service Features<ul><li>24/7 Triage and Medical Consultations</li><li>Electronic Medical Prescriptions</li><li>Medical Certificates</li><li>Access to Medicine Delivery</li><li>Access to Specialist Consultations with BridgeMD Doctors</li><li>Coordination with Partner Ambulatory Service Providers</li><li>Referral to Partner COVID-19 PCR Swab Test Service Providers</li></ul></li></ul> KonsultaMD Individual/Dual/Group
KonsultaMD is a 24/7 health hotline service manned by skilled and licensed Filipino doctors who provide medical assessment and information, including basic healthcare and advice on permissible medication over the phone. Call anytime, even without an appointment.
Payment: Starts at P360
24/7 Online and Hotline Doctor Consultation
Eligible Age: 18 years old and above
Coverages<ul><li>Telemedicine<ul><li>E-prescription</li><li>E-Lab Request</li><li>E-MedCertificate</li><li>Partner Discounts</li><li>Mental Health Support</li></ul></li></ul> Complimentary Benefits<ul><li>Benefits with Other Partners<ul><li>Hi Precision (Tests and Ancillary Services)</li><li>Lifeline (Emergency Quick Response ambulance requests)</li><li>Aventus Medical Clinic (All laboratory tests and Medical specialist consultation in secondary care)</li></ul></li><li>Benefits with Accredited Health Partners<ul><li>Generika</li><li>Medgrocer</li></ul></li></ul><a href="https://frontend.staging-ph.kig.codes/products/health-insurance/covid/prc-prestige-member-card"> </a>
<a href="https://kwik.insure/products/health-insurance/covid/prc-prestige-member-card">Mapfre Insular Insurance Corporation The Philippine Red Cross Prestige Membership Card</a>
The Philippine Red Cross Prestige Membership Card is a partnership product by the Philippine Red Cross (PRC) and MAPFRE Insurance that provides members with both life and select non-life insurance coverage. It is also the only card that offers PRC members with life insurance that also covers death due to COVID.
Payment: Pay only P1,400
*Up to P400,000 Life Insurance and Accidental Death with COVID-19 Coverage
Eligible Age: 18-64 years old 
Coverages<ul><li>Life<ul><li>Life insurance</li></ul></li><li>Accident<ul><li>Death and Disablement/Dismemberment</li><li>Unprovoked Murder & Assault</li></ul></li><li>Health<ul><li>Priority Assistance on Swab and Saliva Testing</li><li>Priority Assistance on Blood Requests</li><li>Priority Assistance on Ambulance Services</li><li>Discount on Safety Training</li><li>Fire Cash Assistance</li></ul></li></ul> Medical Confinement
<a href="https://kwik.insure/products/health-insurance/critical-protect">Starr Insurance Corporation Critical Protect</a>
Starr Insurance Corporation Critical Protect provides a lump sum cash benefit upon diagnosis of any one of the 51 listed critical illnesses including cancer, AIDs, Alzheimer’s Disease, Hepatitis and others.
Payment: Starts at P1,100
*Up to P2,000,000 Critical Illness 
Eligible Age: 18-65 years old 
Coverages<ul><li>Critical Illness<ul><li>Critical Illness Benefit</li><li>Cancer Surgical Benefit</li><li>Dietary and Nutritional Benefit</li><li>Home Accessibility Benefit</li></ul></li></ul><a href="https://frontend.staging-ph.kig.codes/products/health-insurance/hospital-protect"> </a>
<a href="https://kwik.insure/products/health-insurance/hospital-protect">Starr Insurance Corporation Hospital Protect</a>
Starr Insurance Corporation Hospital Protect provides a daily hospital income should you or a loved one be hospitalized as a result of suffering from a sickness or an accident. A daily hospital income makes sure that you have an allowance for each day that you are hospitalized.
Payment: Starts at P1,050
*Up to P3,000 Daily Hospital Income
Eligible Age: 18-65 years old 
Coverages<ul><li>Hospitalization<ul><li>Emergency Surgical Expense</li><li>Double Indemnity ICU (maximum of 30 days)</li><li>Daily Hospital Income (maximum of 45 days)</li></ul></li></ul><a href="https://frontend.staging-ph.kig.codes/products/health-insurance/health-vantage"> </a>
<a href="https://kwik.insure/products/health-insurance/health-vantage">PhilCare Health Vantage</a>
PhilCare Health Vantage is a multiple-use healthcare card that provides coverage of up to ₱ 80,000 for emergency care and hospitalization for viral and bacterial illnesses, treatment of injuries resulting from accidents (except for stroke) in 400+ designated PhilCare-accredited hospitals nationwide.
Payment: Starts at P3,750
*Up to P80,000 Emergency Care and Hospitalization
Eligible Age: 6 months-64 years old
Coverages<ul><li>Health<ul><li>Emergency Care and Hospitalization (Ward Room)</li><li>Life Insurance</li><li>Accidental Death & Disablement/Dismemberment</li></ul></li></ul><img data-image="byvexjfg33iy" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt288d799e122b5761/618ceb70d380f814d61efd5f/ezgif.com-gif-maker(13).webp" data-sys-asset-uid="blt288d799e122b5761" alt="health insurance in the philippines">
Conclusion
HMO plans have various coverages available for all types of health insurance - the key is knowing which ones are worth investing in. As with all types of insurance, HMOs are about minimizing financial risk. That being said, in considering which packages to purchase, try to consider what your likely medical expenses will be. 
Do you have a pre-existing condition that would make health insurance way too expensive? Then maybe you need an HMO plan that will allow you to pay a smaller amount for a sure cost. Do you get yearly checkups? Try to look into HMO plans that provide free medical exams for a monthly payment. Consider your likely risks. If you want to easily compare each HMO plan and provider, you can also use Kwik.insure’s assistant tool <a href="https://kwik.insure/vehicle-insurance/assistant-tool">here</a> and get a list of available HMO packages with the specific monthly payments and coverage list. Time to check which plans are the best for you or your loved ones!<a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="tsqles3qu6tl" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt1696b34e426440a1" alt="afforadble hmo philippines"></a>

Health maintenance organizations or HMOs have more affordable and specific types of coverage for regular medical consultations or specific illnesses.

The best HMO providers in the Philippines

Life insurance is one of the most critical protection plans that any person can get in their lifetime. But since there are many types of guidelines commonly used, understanding them can feel overwhelming. 
Health and life insurance policies are known to adhere to several technicalities that you should carefully examine before signing anything. Otherwise, this can lead you to multiple situations of misunderstandings and complications when trying to claim its benefits during an emergency.
Because of these speculations, more and more people opt-out from getting <a href="https://kwik.insure/life-insurance">life insurance in the Philippines</a> because they don't fully understand its terms and conditions. These situations have also brought upon the rise of several myths and misconceptions—which is what this <a href="https://kwik.insure/kwik-hub/life-insurance/a-step-by-step-beginners-guide-to-life-insurance-in-the-philippines/">life insurance guide</a> will talk about.
Want to learn more? Broaden your knowledge about life and health insurance policies using the information presented in the infographic below.<img data-image="8zi0jbtyf8qd" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt49aee68856e5f1d4/6184dcc9cc735f786653b1d2/Kwik_Insure_info3_edit1.png" data-sys-asset-uid="blt49aee68856e5f1d4" alt="Kwik_Insure_info3_edit1.png">
The Truth Behind These Life and Health Insurance Myths
Myth 1: Coverage is useless for single people.
Life insurance does not have any benefits for someone without a dependent. When you pass away, no one can claim its premiums, making it a waste of time and money. 
Truth: Single people can still benefit from life insurance.
If you're single, you still need enough insurance to cover personal costs such as debts and medical bills. Without this, you could leave your other family members with unpaid expenses and significant financial setbacks. 
Myth 2: My life insurance coverage must only be twice my annual salary. There is no need to spend more than twice my annual salary for insurance because it is enough to pay off my medical bills. This will also be enough to cover death bills for when I pass away.
Truth: The amount depends on each person's specific situation, not their salary.
Your insurance coverage varies based on several factors, which you can determine by making a cash flow analysis. With the right coverage, it should be enough to cover medical and death bills, as well as your debts, such as mortgages. A person can even carry around 6-10 life insurance policies in their lifetime.
Myth 3: Only healthy individuals can get coverage.
My pre-existing medical condition will not allow me to get the same benefits as what healthy people get—because of this, getting insured is not worth it.
Truth: Life insurance covers a wide range of common medical conditions.
Getting insured can still protect you, even if you have a pre-existing medical condition. There are life insurance policies that provide coverage extensive enough to grant you better medical treatment when needed. Pre-existing conditions may be covered but it is normally subject to an additional premium.
Myth 4: The breadwinner is the only one who needs life insurance.
Getting insured is only applicable to the breadwinner of the household because it covers their missing salary. Other family members or the dependents can't get it if they are not making the same income. 
Truth: It covers more than just missing salary.
Other family members and dependents can still financially contribute to the insurance costs as long as you work out a good budget plan. This can also help cover other expenses when the replacing services become higher than expected. 
Myth 5: My term life insurance coverage at work is sufficient.
My coverage from work is sufficient enough to cover medical costs and bills. I don't need any additional insurance once I have this. 
Truth: Your work coverage might not be enough for your family.
Your coverage from work is often not enough to secure you and your dependents in the event of an emergency. Getting insured on your own can also provide more benefits, and it stays that way even if you leave your position later on. 
Myth 6: My premium costs will be deductible.
Personal insurance is automatically tax-deductible because it is considered taxable income. The cost of these premiums will be deducted from your monthly salary each month.
Truth: The cost of personal life insurance is not normally deductible.
In most cases, if you are insured by your own means, it is not deductible. The exception to this rule is if you have a small business or are considered self-employed by the government. 
Myth 7: I'm young and kicking. 
Life insurance is only beneficial for the elderly because they are more prone to illnesses. If I am young and healthy, there is no need to get insured until I get older. 
Truth: Life insurance can still benefit the youth.
Getting insured as early as possible allows you to grow your premiums as you age and become more susceptible to illnesses. The waiting time also lets you use your benefits faster when you need to cash in later on.
Myth 8: People have to wait for my demise to get any benefit from the policy.
Your dependents can only collect the benefits of your life insurance in certain situations after you die. This is because the coverage is meant to help your family with financial problems when an unexpected death occurs.
Truth: Many life insurance policies have extra benefits with a maturity period. 

Most coverage comes with living benefits that you can use while you are still alive. This policy allows you access to death benefits in the event of a serious medical condition or injury. These are typically indicated in the policy agreement, which you can confirm with your agent. There is also variable unit link insurance which offers investment and insurance all at the same time. 
Myth 9: It’s better to invest my money elsewhere than buy life insurance.
You can gain more profit from investing your money in stocks. Through these investments, you can generate passive income as time goes on. 
Truth: There’s a lot of risks when you depend completely on investments.
Major investments often don't guarantee you any profit because the situation can vary through several factors. For example, if a stock does not do well in the market, you can end up losing everything. However, life insurance guarantees you protection and the agreed-upon benefits in its policy. 
Myth 10: It's too expensive.
Life insurance is always too expensive and not worth the trouble. The monthly payments can cause you to go over your allocated budget and leave you with financial problems.
Truth: There are different types of insurance plans to meet your financial needs.
Many companies offer various life insurance plans so you can choose the best one that fits your financial capability, lifestyle, and needs. The benefits of these can also vary where you can opt for additional perks later on. 
Insurance is Your Security Life insurance is a vital policy that everyone needs to sign up for to protect themselves and their loved ones. However, the complicated terms and conditions can often make it difficult to get through the overwhelming process. If you need help, experts at <a href="https://kwik.insure/">Kwik.insure</a> are readily available for a free consultation for any insurance-related questions or inquiries. <a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner-raq"><img data-image="k7bpb73wgmmg" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="life insurance"></a>

There is a lot of misleading information that can be found about insurance policies all over the internet. Learn the truth behind the myths with this

The Truth Behind These Life and Health Insurance Myths

If there’s one thing that you can take away during these trying times is that you need to be prepared for the unexpected. Aside from investing your money on tangible items like a house or a car, consider investing in something that can protect you on a rainy day, like health insurance.
Life can be unpredictable at times, therefore it’s important to create a safety net that can provide future-proof support for you and your loved ones. Investing in health insurance is one of the best ways to be financially prepared for emergencies and hefty medical bills. <h2>Out of Pocket Expenditures in the Philippines</h2>
Medical expenses in the Philippines continue to grow at an average of per cent year after year. According to the <a href="https://psa.gov.ph/pnha-press-release/node/163258">Philippine Statistic Authority</a>, out of the Php 684 billion health expenditure, an estimated PHP 373 billion came from the uninsured—OOP (out-of-pocket). 
Due to the COVID-19 pandemic, OOP expenditures in medical bills have skyrocketed and affected the Philippine economy. In a <a href="https://actamedicaphilippina.upm.edu.ph/index.php/acta/article/view/2809">recent study</a>, it was found that the average OOP payment for patients less than 60 years old ranged from Php 25,899 to Php 44,428.63 compared to patients older than 60 (Php 4,005.60 to Php 32,920.20). Furthermore, the most OOP charges were for the age group 19-30, amounting to Php 44,428.63. <h2>Medical Insurance in the Philippines</h2>
There are three main types of medical insurance available in the Philippines; PhilHealth, HMO (Health Maintenance Organization), and Health Insurance. To better understand all of the medical insurances available for you, here’s a quick look at the three different types and their differences. <h3>PhilHealth</h3>
The Philippine Health Insurance Corporation better known as PhilHealth is the official government-run insurance provider in the country. Among the three medical plans, this is the most affordable insurance type for Philippines nationals. 
This insurance program provides financial assistance to employed Filipino citizens in need of medical services. Oftentimes, employees pay half of their monthly contributions directly from their salary while the other half is shouldered by the employer. Aside from national employees, Philippines citizens over the age of 60 (and above) along with persons with disabilities are automatically covered by PhilHealth. 
Coverage and medical benefits offered:<ul><li>Inpatient and Outpatient services</li><li>Ancillary services</li><li>Catastrophic coverage</li><li>Maternity benefits</li><li>Surgeries</li></ul> PhilHealth medical insurance can be considered as the most basic health insurance Filipino citizens can avail. Once you become employed, you automatically get insured. With its affordability, this medical insurance makes it accessible to Filipinos from all income groups. While PhilHealth doesn’t offer extensive medical support, its benefits can still be helpful during dire times. <h3> </h3><h3>HMOs (Health Maintenance Organizations) </h3>
HMOs are private medical organizations that provide exclusive healthcare insurance to their members. This insurance type gives you access to a wide network of doctors and healthcare providers across the country.
They can be customized depending on the person’s needs but are usually limited to how much financial assistance you’re allocated in a year. The amount of medical services availed to you depends on how high your premiums are. Simply put, the bigger the premium the bigger the annual allowance. 
HMO memberships are often provided by private employers to their employees on top of their PhilHealth contribution. The amount of medical allowance will depend on the medical plan the private company offers. Popular HMO organizations include Maxicare, CocoLife, and Medicare. 
Included in the covered services of most HMOs are:<ul><li>Outpatient services</li><li>Ancillary services (Lab tests, medication)</li><li>Surgery</li><li>Hospitalization</li><li>Dental services</li></ul> Overall, the coverage offered by HMOs is ideal for medical emergencies. With access to a network of health professionals, you’re able to go to your nearest accredited clinic or hospital, present your HMO card and receive proper care. No need to worry about filling out paperwork, paying upfront, or waiting to get cleared just to receive medical care. 
<h3>Private Health Insurance</h3>
Private health insurance is a coverage plan that pays for the medical or surgical expenses of the insured. Depending on your plan, expenses can be paid directly to the hospital or reimbursed. Compared to HMOs, health insurance companies offer a more extensive network of healthcare professionals. 
With more extensive offers and customizable plans, private health insurance is considered the steepest in terms of price. These medical plans are often fully paid for by the individuals themselves. 
For individuals with dependents, private health insurance coverage plans are a great option if you want your family to be covered. These plans come at an additional cost and are only applicable to immediate family members such as children, spouses, and parents. 
What’s great about health insurance is that you’re able to avail yourself of the type of medical assistance you need. And with more premium offers included private insurance companies like PRU Life UK and Sun Life are comparable to international medical plans and can even be used abroad. 
Private health insurance companies offer and benefits:<ul><li>Critical illness benefits</li><li>Surgery</li><li>Hospitalization</li><li>Dental services</li><li>Ancillary services (lab tests and medication)</li><li>Financial assistance for hospitalization and surgical expenses</li><li>Financial assistance for loss of income in case of illness or accident</li></ul> Health insurance plans offered by private insurance companies are comprehensive in terms of coverage. This type of medical plan is ideal for serious illnesses that require extensive medical assistance. 
With health insurance, you’ll have access to long-term hospitalization and expensive medical procedures and treatments. Most importantly, you’ll be able to fully cover all of your medical bills under the policy of your health plan. No need to worry about unexpected expenses during an emergency.<a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="x91mxayudgl4" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt869e745c3b801ded" alt="buy health insurance online philippines"></a><h2>How much does health insurance cost in the Philippines?</h2>
Health insurances are real literal lifesavers that will always have you covered. Now that you’ve covered all the important information about the different medical insurance available in the Philippines, how much will it cost? 
Philippine health insurance costs vary depending on several factors, from very affordable to very steep. It all depends on your medical needs. <ol><li>Age </li></ol>
Like most insurance plans, companies often factor in how much you need to pay based on your age. Younger clients are generally offered more affordable payment schemes due to being least likely to develop health conditions and illnesses. On the other hand, clients on the older side are offered pricier premiums. <ol><li>Past Medical Records</li></ol>
Another important factor companies take into account is your medical record. If you show no pre-existing health problems, you will be offered a significantly lower health insurance premium. For those of you with existing health issues like asthma, diabetes or cancer, premiums will be significantly higher than regular rates. <ol><li>Add-on Benefits </li></ol>
Rates can differ depending on what your insurance company offers. Aside from covering your basic benefits like laboratory tests and the annual general check-up, some companies may offer add-on benefits like dental care that you might want to add to your plan. <ol><li>Emergency Care</li></ol>
There is an added price tag if you require immediate care perhaps due to an accident. Insurance plans with more comprehensive coverages that offer emergency services will come at a higher rate. <ol><li>Family Plans </li></ol>
If you’re planning to provide your loved ones with health insurance, it’s important to expect a steeper monthly fee. Compared to an individual plan, adding a dependent will also increase the amount of medical care needed. 
After taking a look at these different factors and considering the type of medical care you want to be included in your health insurance, you’ll be able to have a better understanding of the costs. Just like buying a property, you need to consider the value of your investment. <h2>Do you need health insurance?</h2>
Future-proof your overall well-being by having your medical finances sorted ahead of time. When comparing PhilHealth, HMOs and private health insurance providers understand that each plan shares a single goal, covering medical bills and expenses. It all depends on how comprehensive you want your medical support to be. To lead a healthier and happier life, investing in your physical well-being is highly important.
Health insurance in a COVID-19 stricken world has become more essential than ever. The amount of out-of-the-pocket medical expenses will surely burn a hole through every Filipino’s pocket. Investing in a good health insurance plan is the best way to create a safety net for both you and your loved ones.&nbsp;
Ready to get your health insurance? Get a quotation for free and buy online at Kwik.insure!<a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="x91mxayudgl4" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt869e745c3b801ded" alt="health insurance in the philippines"></a>

Thinking of investing in your future? Here’s a guide on how to find the right health insurance for Philippine nationals.

A Filipino's Guide to Buying Health Insurance

When it comes to life insurance in the Philippines, many Filipinos view it as a liability instead of a source of funds in case of an unforeseen accident or sudden death. However, this belief is changing as more Filipinos see the benefits of financially investing in one’s future, especially during these tough times. In fact, out of 104.9 million Filipinos, <a href="https://businessmirror.com.ph/phl-insurance-industry-reaching-new-heights-of-achievements/">52%</a> have life insurance. 
If you are interested in applying for life insurance, this article provides a list of the top life insurance providers in the Philippines. With countless life insurance companies available in the country, which ones are at the top, and which ones can you trust? <h2>What is life insurance and why do you need one?</h2>
Before jumping into our list, make sure that you understand how life insurance works and the value of getting one. Otherwise, you may not find a suitable life insurance policy for you.
In simple terms, having life insurance ensures that your loved ones or ‘beneficiaries’ receive a monetary benefit when you, the insured, dies. Each life insurance policy is different depending on your needs. Many life insurance policies also offer medical benefits to the insured in case of an accident or serious illness.
However, getting life insurance is, ultimately, for your family. In case of a sudden accident, illness, disability, or death, you can ensure that your family has the funds to pay for medical bills or to continue living. When the insured dies, they can protect their loved one’s financial future. 
If the concept of life insurance is still confusing, talking to a reliable life insurance agent will help answer your questions and clarify your concerns. If you don’t know what life insurance to get, here is the list of companies that offer the best life insurance in the Philippines. <h2>The best life insurance providers in the Philippines</h2>
The <a href="https://www.insurance.gov.ph/pr/2020yearendrankings">Insurance Commission</a>, an agency under the Department of Finance that oversees life insurance companies and health maintenance organizations (HMOs) in the country, has recently released the top 10 life insurance companies in the Philippines as of December 31, 2020. 
The list consists of the top companies per category, including Net Income, Premium Income, New Business Annual Premium Equivalent (NBAPE), Total Assets, and Net Worth. For a comprehensive view of each provider, this list features the best life insurance companies for each category. <h3>Net Income</h3>
The net income refers to the company’s overall income minus the expenses. This factor shows the profitability of a life insurance company, which is an important factor to consider when choosing a life insurance provider. This ranking is based on the 2020 data from the Insurance Commission.
1. Sun Life of Canada (Philippines)
Net Income: PHP 8.47 billion
Founded in 1895, Sun Life insurance in the Philippines is the first and the oldest life insurance provider in the country. They offer a range of financial products such as insurance, wealth, and asset management. These include financial services for education, health protection, retirement, and group life, among others.
2. The Philippine American Life and General Insurance Co., Inc.
Net Income: PHP 4.52 billion
AIA Philippines, formerly known as AIA Philam Life, is one of the leading insurance companies in the country. The company specializes in comprehensive life insurance and investment products for protection, health and accident, investment plans, and more. Among the life insurance companies in the country, AIA Philippines ranks first In terms of net worth and assets.
3. The Manufacturers Life Insurance Company (Phils.), Inc.
Net Income: PHP 4.05 billion
Manulife is one of the largest life insurance companies in the Philippines, ranking fourth in terms of net worth. The financial company offers insurance and investment plans for pension, education, medical, credit life, and corporate, among others. They have also received a Gold Award for the 2021 Reader’s Digest Most Trusted Brands.
4. Pru Life Insurance Corporation of UK
Net Income: PHP 3.27 billion
Pru Life is one of the life insurance companies in the Philippines that has cemented its presence in the country. They are known for life insurance plans, health and protection services, and affordable premiums in terms of VUL policies. They also ranked first for the NBAPE category.
5. Philippine Axa Life Corporation
Net Income: PHP 2.83 billion
Philippine Axa Life Corporation, popularly known as AXA Philippines, is one of the fastest-growing life insurance providers in the country. They offer a wide range of products, including health, investments, income protection, education, and more. In recent years, AXA Philippines has been steadily maintaining its position as one of the country’s top insurance companies. 6. The Insular Life Assurance Company Ltd.
Net Income: PHP 2.70 billion 
Established in 1910, Insular Life or InLife is the first and largest Filipino life insurance company in the country. They offer a wide range of high-value insurance products for accident, health, and disability protection plans, education and retirement plans, and investment plans. They are also connected to over 2,000 hospitals, outpatient facilities, and dental clinics. 7. BPI-Philam Life Assurance Corporation
Net Income: PHP 1.43 billion
BPI AIA is an alliance between AIA Philam Life and Bank of the Philippine Islands (BPI), two of the most trusted financial companies in the country. They offer a variety of financial products, such as investment, retirement fund, educational fund, personal accident, and more.
8. Sun Life Grepa Financial, Inc.
Net Income: PHP 958.09 million
Formerly known as Grepalife Financial, Sun Life Grepa is a life insurance company owned by the Yuchengco Group of Companies and Sun Life Financial Philippines. Aside from providing financial protection products and services, Sun Life Grepa also focuses on financial literacy.
9. United Coconut Planters Life Assurance Corporation
Net Income: PHP 674.22 million
The United Coconut Planters Life Assurance Corporation, popularly known as Cocolife, offers a range of financial products and services for non-life, healthcare, and mutual funds. Cocolife is also the biggest stock life insurance company and the first Filipino-owned insurance company to be ISO certified. 
10. Manulife China Bank Life Assurance Corporation
Net Income: PHP 382.85 million
Manulife China Bank is a strategic alliance between Manulife Philippines and China Bank. The company also offers a wide range of life insurance in the Philippines, including education, protection, health, wealth, retirement, and group life and health plans.<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner"><img data-image="ephfh6jg1z1w" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt33ba86fc1961e7cb/629db52f6634c30f572ca168/BlogBannerAd_Life_V03.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="Buy Life Insurance"></a> <h3>Premium Income</h3>
Premium income refers to the total amount of collections paid by the company’s policyholders. <table><tbody><tr><td>Rank</td><td>Company</td><td>Premium Income</td></tr><tr><td>1</td><td>Sun Life of Canada (Philippines), Inc.</td><td>₱39.27 billion </td></tr><tr><td>2</td><td>Philippine Axa Life Insurance Corporation </td><td>₱31.27 billion</td></tr><tr><td>3</td><td>Pru Life Insurance Corporation of UK</td><td>₱30.98 billion</td></tr><tr><td>4</td><td>The Philippine American Life and General Insurance Co.</td><td>₱16.77 billion</td></tr><tr><td>5</td><td>BPI-Philam Life Assurance Corporation</td><td>₱16.30 billion</td></tr><tr><td>6</td><td>The Manufacturers Life Insurance Co. (Phils.)</td><td>₱15.88 billion</td></tr><tr><td>7</td><td>Allianz PNB Life Insurance, Inc.</td><td>₱15.76 billion</td></tr><tr><td>8</td><td>BDO Life Assurance Company, Inc.</td><td>₱15.14 billion</td></tr><tr><td>9</td><td>FWD Life Insurance Corporation</td><td>₱13.64 billion</td></tr><tr><td>10</td><td>The Insular Life Assurance Company, Ltd.</td><td>₱10.37 billion</td></tr></tbody></table>
Source: <a href="https://www.insurance.gov.ph/pr/2020yearendrankings">Premium Income for 2020</a><h3>New Business Annual Premium Equivalent (NBAPE)</h3>
The NBAPE refers to all the premiums paid for new insurance plans plus 10% of single premiums. It is a new metric introduced by the Insurance Commission to measure the life insurance industry’s sales performance. <table><tbody><tr><td>Rank</td><td>Company</td><td>NBAPE</td></tr><tr><td>1</td><td>Pru Life Insurance Corporation of UK</td><td>₱7.95 billion</td></tr><tr><td>2</td><td>Sun Life of Canada (Philippines), Inc.</td><td>₱7.80 billion</td></tr><tr><td>3</td><td>Philippine Axa Life Insurance Corporation </td><td>₱4.81 billion</td></tr><tr><td>4</td><td>FWD Life Insurance Corporation</td><td>₱2.87 billion</td></tr><tr><td>5</td><td>BPI-Philam Life Assurance Corporation</td><td>₱2.83 billion</td></tr><tr><td>6</td><td>The Manufacturers Life Insurance Co. (Phils.)</td><td>₱2.76 billion</td></tr><tr><td>7</td><td>BDO Life Assurance Company, Inc. </td><td>₱2.26 billion</td></tr><tr><td>8</td><td>Allianz PNB Life Insurance, Inc. </td><td>₱2.23 billion</td></tr><tr><td>9</td><td>The Philippine American Life & General Insurance Co., Inc.</td><td>₱1.86 billion</td></tr><tr><td>10</td><td>United Coconut Planters Life Assurance Corporation</td><td>₱1.48 billion</td></tr></tbody></table>
Source: <a href="https://www.insurance.gov.ph/pr/2020yearendrankings">NBAPE for 2020</a> <h3>Net Worth</h3>
The net worth is the company’s total assets minus liabilities. Looking at a life insurance provider’s net worth will help you see if a company’s net worth is enough to cover future claims. <table><tbody><tr><td>Rank</td><td>Company</td><td>Net Worth</td></tr><tr><td>1</td><td>The Philippine American Life and General Insurance Co., Inc.</td><td>₱78.44 billion</td></tr><tr><td>2</td><td>Sun Life of Canada (Philippines), Inc.</td><td>₱31.44 billion</td></tr><tr><td>3</td><td>The Insular Life Assurance Company, Ltd., Inc.</td><td>₱28.22 billion</td></tr><tr><td>4</td><td>The Manufacturers Life Insurance Co. (Phils.), Inc.</td><td>₱12.86 billion</td></tr><tr><td>5</td><td>BPI-Philam Life Assurance Corporation</td><td>₱8.82 billion</td></tr><tr><td>6</td><td>Philippine Axa Life Assurance Corporation</td><td>₱8.04 billion</td></tr><tr><td>7</td><td>Pru Life Insurance Corporation of UK</td><td>₱6.12 billion</td></tr><tr><td>8</td><td>BDO Life Assurance Company, Inc.</td><td>₱5.28 billion</td></tr><tr><td>9</td><td>Sun Life Grepa Financial, Inc.</td><td>₱4.22 billion</td></tr><tr><td>10</td><td>United Coconut Planters Life Assurance Corporation</td><td>₱3.03 billion</td></tr></tbody></table>
Source: <a href="https://www.insurance.gov.ph/pr/2020yearendrankings">Net Worth for 2020</a> <h3>Total Assets</h3>
The total assets consist of the current and fixed assets of a company. It’s a good indicator of how a life insurance company manages its assets. <table><tbody><tr><td>Rank</td><td>Company</td><td>Total Assets</td></tr><tr><td>1</td><td>The Philippine American Life & General Insurance Co., Inc.</td><td>₱291.22 billion</td></tr><tr><td>2</td><td>Sun Life of Canada (Philippines), Inc.</td><td>₱274.21 billion</td></tr><tr><td>3</td><td>Philippine Axa Life Insurance Corporation </td><td>₱141.50 billion</td></tr><tr><td>4</td><td>The Insular Life Assurance Company, Ltd. </td><td>₱140.93 billion</td></tr><tr><td>5</td><td>Pru Life Insurance Corporation of UK</td><td>₱117.19 billion</td></tr><tr><td>6</td><td>The Manufacturers Life Insurance Company (Phils.), Inc.</td><td>₱117.13 billion</td></tr><tr><td>7</td><td>BPI-Philam Life Assurance Corporation</td><td>₱112.26 billion</td></tr><tr><td>8</td><td>BDO Life Assurance Company, Inc.</td><td>₱68.47 billion</td></tr><tr><td>9</td><td>Allianz PNB Life Insurance, Inc.</td><td>₱51.62 billion</td></tr><tr><td>10</td><td>Sun Life Grepa Financial, Inc.</td><td>₱48.57 billion</td></tr></tbody></table>
Source: <a href="https://www.insurance.gov.ph/pr/2020yearendrankings">Total Assets for 2020</a> <h2>Which life insurance provider should you choose?</h2>
Getting life insurance is a long-term commitment and investment, so you should put your hard-earned money in the right hands. This list ranks the top life insurance companies in the Philippines, so you know the right companies to trust. The best way to narrow down your choices is to check the policies from different companies and compare them with each other and with your needs. The policy that suits your needs and preferences will be the best option for you. To help you find the right life insurance provider and policy, Kwik Insure provides an online insurance marketplace to help you find reliable life insurance easily. Request a free insurance quote at <a href="https://kwik.insure/request-quote">Kwik.insure</a>! <a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner"><img data-image="fclf3wxpcvdt" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt33ba86fc1961e7cb/629db52f6634c30f572ca168/BlogBannerAd_Life_V03.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="Buy Life Insurance at Kwik.insure"></a>

If you are considering applying for life insurance in the Philippines, here’s a list of the best life insurance providers according to the Insurance C

The Best Life Insurance Providers in the Philippines 2021

Are you actively looking for affordable and reliable car insurance policies in the Philippines? Whether you’re looking for government-mandated Compulsory Third-Party Liability or a comprehensive car insurance plan that covers all your likely risks, this handy list will help you conveniently track your choices and compare the most ideal options. The criteria for these top car insurance plans include coverage, value for money, and flexible payment schemes. But take note that at the end of the day, the best car insurance provider is the one that has plans best suited for your specific needs, car model, and life stage.
That being said, let’s get started on our rundown of the best car insurance providers in the Philippines. <img data-image="v58h75kasd2n" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt891daa22991a815a/615ac8dea4d10c511f1ad41e/BlogImageContent_MAPFRE.webp" data-sys-asset-uid="blt891daa22991a815a" alt="BlogImageContent_MAPFRE.webp"> <ul><li>Mapfre Insular Insurance Company</li></ul>
Mapfre Insular Insurance Company is a non-life insurance company that offers general insurance for various financial safeguards. It has three car insurance plans to choose from: the basic CTPL extended third-party liability coverage for extra protection and a premium comprehensive car insurance plan.
Premium starts at: 4,740.83/month (based on the computation of 2021 Honda Civic A/T FWD Sedan)
Coverage<ul><li>Damage to Vehicle<ul><li>Own Damage / Theft</li><li>Riot, Strike, Civil Commotion</li><li>Acts of Nature</li></ul></li><li>Excess Third Party Liability<ul><li>Bodily Injury</li><li>Property Damage</li></ul></li><li>Passenger Personal Accident Maximum Coverage Per Seat<ul><li>Accidental Death & Disablement</li></ul></li></ul>
Complimentary Benefits<ul><li>Towing</li><li>Crane Services</li><li>Glass Etching (Free for vehicles that are not more than 5 years old)</li><li>Personal Assistance<ul><li>Hotel Accommodations</li></ul></li><li>Other Assistance Services<ul><li>Hospital Admission Assistance</li><li>Ambulance dispatch assistance</li><li>Arrangement of Legal assistance</li><li>Emergency message relay</li><li>Accident coordination with MMDA or police</li><li>24-hour information assistance</li><li>Repatriation of Mortal Remains</li></ul></li><li>Minor Roadside<ul><li>Change of flat tires</li><li>Battery boosting/jumpstart</li><li>Emergency fuel delivery (excluding fuel cost)</li><li>Car locksmith</li></ul></li></ul>
Important Notes
Mapfre car insurance can be availed overseas so long as the insured vehicle is within the Philippines. <img data-image="6wtnh3ss52g9" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt6fb921bf8fd0b228/615ac9216d2d465121b1c19b/BlogImageContent_MALAYAN.webp" data-sys-asset-uid="blt6fb921bf8fd0b228" alt="BlogImageContent_MALAYAN.webp"> <ul><li>Malayan Insurance</li></ul>
Malayan Insurance adheres to globally accepted quality management standards under the Yuchengco Group of companies as a non-life insurance company that offers Automaster insurance. 
Premium starts at: 27,427.77/one-time payment (based on computation of 2021 Honda Civic A/T FWD Sedan)
Coverage<ul><li>Damage to Vehicle<ul><li>Own Damage/Theft</li><li>Acts of Nature</li></ul></li><li>Excess Third Party Liability<ul><li>Bodily Injury</li><li>Property Damage</li></ul></li><li>Passenger Personal Accident<ul><li>Accidental Death & Disablement</li><li>Accidental Medical Reimbursement</li></ul></li></ul>
Complimentary Benefits<ul><li>Towing</li><li>Crane Services</li><li>Personal Assistance<ul><li>Replacement Vehicle</li><li>Hotel accommodation</li></ul></li><li>Minor Roadside</li><li>Other Assistance Services<ul><li>Emergency Telephone Medical Advice</li><li>Ambulance dispatch assistance</li><li>Arrangement of Legal assistance</li><li>Emergency message relay</li><li>Coordination with LTO, MMDA, Traffic advisory</li><li>Metro Manila-wide map locator assistance</li><li>Arrangement for return of mortal remains</li><li>Referral to discounted shop</li><li>General claims assistance</li></ul></li></ul>
Important Notes
Malayan Automaster Insurance can be availed overseas so long as the insured vehicle is within the Philippines. It also provides transportation reimbursement of 500 Php per day for a maximum of fifteen days, while your car is undergoing repairs due to an accident covered by the policy.<img data-image="dmhrfr12z420" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blta98fecaef1d27630/615ac94458e1f54c5cbc571f/BlogImageContent_CharterPingAn.webp" data-sys-asset-uid="blta98fecaef1d27630" alt="BlogImageContent_CharterPingAn.webp"> <ul><li>Charter Ping An Insurance Corporation</li></ul>
Charter Ping An is a subsidiary of AXA Life Insurance Corporation. They provide non-life insurance services. Premium starts at: P15,600+/year

Coverage
Damage to Vehicle<ul><li>Theft</li><li>Fire and explosion</li><li>Excess Third Party Liability<ul><li>Bodily Injury</li><li>Property Damage</li></ul></li><li>Passenger Personal Accident<ul><li>Accidental Death & Disablement</li><li>Accidental Medical Reimbursement</li></ul></li></ul>Complimentary Benefits<ul><li>Loss or damage cover</li><li>Alternative transportation allowance</li></ul>
Important Notes
The alternative transportation allowances reimburse up to P300 per day for a maximum of 10 days while your vehicle is undergoing repair. Plus, their unnamed passenger personal accident protections extend to all passengers within the insured vehicle.<img data-image="sqpov7segsci" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt8126031e030a716d/615ac9668f1f7b5582148690/BlogImageContent_FortuneGen.webp" data-sys-asset-uid="blt8126031e030a716d" alt="BlogImageContent_FortuneGen.webp"> <ul><li>FGen Insurance</li></ul>
FGEN Insurance protects the insured against loss, damage, and/or liability incurred by the insured from accidents related to the ownership and operation of vehicles.
Premium starts at: 38,727.30/one-time payment (based on computation of 2021 Honda Civic A/T FWD Sedan)
Coverage<ul><li>Damage to Vehicle<ul><li>Own Damage/Theft</li><li>Riot, Strike, Civil Commotion</li><li>Acts of Nature</li></ul></li><li>Excess Third Party Liability<ul><li>Bodily Injury</li><li>Property Damage</li></ul></li><li>Passenger Personal Accident<ul><li>Accidental Death & Disablement</li><li>Accidental Medical Reimbursement</li><li>Accidental Burial Reimbursement</li></ul></li></ul>
Complimentary Benefits<ul><li>Towing</li><li>Crane Services</li><li>Minor Roadside<ul><li>Change of flat tires</li><li>Battery boosting/jumpstart</li><li>Emergency fuel delivery (excluding fuel cost)</li><li>Car locksmith</li></ul></li><li>Personal Assistance<ul><li>Replacement Vehicle</li><li>Hotel accommodation</li></ul></li><li>Other Assistance Services<ul><li>Hotel Admission Assistance</li><li>Ambulance dispatch assistance</li><li>Arrangement of Legal assistance</li><li>Emergency message relay</li><li>Accident coordination with MMDA or police</li><li>Directory assistance</li><li>MMDA traffic advisory/Road directory assistance</li><li>Travel Assistance</li></ul></li></ul>
Important Notes
FGEN Motor Car Insurance can be availed overseas so long as the insured vehicle is within the Philippines. Coverage for Riot, Strike, and Civil Commotion is included in the package when Acts of Nature is availed.
<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="v8wfwywkmlfp" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt68e4ab6ffb0ec183/BlogBannerAd_Car_V03.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="Buy car insurance online"></a>
 
<img data-image="7qj53p0khg4e" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/bltcad1f18324bb5375/615ac98d7ab23a526f225228/BlogImageContent_PacificUnion.webp" data-sys-asset-uid="bltcad1f18324bb5375" alt="BlogImageContent_PacificUnion.webp"> <ul><li>Pacific Union Insurance Company</li></ul>
Pacific Union Insurance Company is a long-standing local insurance company founded in 1945. They provide Motor Insurance that covers the basics of a comprehensive car insurance plan 
Coverage<ul><li>Damage to Vehicle<ul><li>Own Damage/Theft</li></ul></li><li>Excess Third Party Liability<ul><li>Bodily Injury</li><li>Property Damage</li></ul></li><li>Passenger Personal Accident <ul><li>Accidental Death & Disablement</li></ul></li></ul>
Complimentary Benefits<ul><li>Towing</li><li>Crane Services</li><li>Minor Roadside<ul><li>Change of flat tires</li><li>Battery boosting/jumpstart</li><li>Emergency fuel delivery (excluding fuel delivery)</li><li>Car locksmith</li></ul></li><li>Personal Assistance<ul><li>Hotel accommodation</li><li>Return of driver</li></ul></li><li>Other Assistance Services<ul><li>Hospital Admission Assistance</li><li>Ambulance dispatch assistance</li><li>Arrangement of Legal assistance</li><li>Emergency message relay</li><li>Accident coordination with MMDA or police</li><li>24-hour information assistance</li><li>Repatriation of Mortal Remains</li></ul></li></ul>
Important Notes
Pacific Union Motor Insurance can be availed overseas so long as the insured vehicle is within the Philippines.<img data-image="qvy1zgy4wc3x" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/bltc034560d17963e1f/615ac9aa8f1f7b5582148694/BlogImageContent_Metropolitan.webp" data-sys-asset-uid="bltc034560d17963e1f" alt="BlogImageContent_Metropolitan.webp"> <ul><li>Metropolitan Insurance Company</li></ul>
Metropolitan Insurance Company is an affiliate of MetLife Inc, one of the largest global providers of insurance and employee benefit programs.
Premium starts at: 2,872.50/month (based on computation of 2021 Honda Civic A/T FWD Sedan)
Coverage<ul><li>Damage to Vehicle<ul><li>Own Damage/Theft</li></ul></li><li>Excess Third Party Liability<ul><li>Bodily Injury</li><li>Property Damage</li></ul></li><li>Passenger Personal Accident Maximum Coverage Per Seat<ul><li>Accidental Death & Disablement</li></ul></li></ul>
Complimentary Benefits<ul><li>Towing</li><li>Crane Services</li><li>Vehicle Assistance<ul><li>Minor Onsite Repair</li><li>Battery Boosting/Jumpstarting</li><li>Flat Tire Replacement</li><li>Delivery of Emergency Fuel (excluding fuel cost)</li><li>Locksmith Service</li><li>Delivery of Spare Key</li></ul></li><li>Other Assistance Services<ul><li>Traffic Information and Road Condition Assistance</li><li>Directory Assistance</li><li>Information on Nearest Gasoline Station</li><li>Program Benefits Inquiry</li><li>FREE 24/7 Dedicated hotline where we will answer as MICI</li><li>Cashless Towing (up to benefit limit)</li></ul></li><li>Personal Assistance<ul><li>Stay or Travelling Expenses due to immobilized vehicle</li><li>Relay of Urgent Messages</li><li>Accident Coordination</li><li>Legal Assistance</li></ul></li><li>Protection Assistance <ul><li>Ambulance Coordination</li><li>Assistance with Reimbursement Benefit</li><li>Arrangement for Hospital Admission Assistance</li></ul></li></ul>
Important Notes
Policies may vary depending on the tier of the product. You can pay in installments of 3 to 6 months.<img data-image="vyxyoff07ih6" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt5a05fde8041477e8/615ac9c6e289fa55888ed676/BlogImageContent_SGI.webp" data-sys-asset-uid="blt5a05fde8041477e8" alt="BlogImageContent_SGI.webp"> <ul><li>SGI Philippines</li></ul>
SGI Comprehensive Motor Car insurance covers all eligible accidental damages to your vehicle both for own damage and caused by third parties, it even has an extension to cover damages caused by your vehicle to third parties - both property damage and/or bodily injuries.
Premium starts at: 3,170.00/month (based on computation of 2021 Honda Civic A/T FWD Sedan)
Coverage<ul><li>Damage to Vehicle<ul><li>Own Damage/Theft</li><li>Acts of Nature</li></ul></li><li>Excess Third Party Liability<ul><li>Bodily Injury</li><li>Property Damage</li></ul></li><li>Passenger Personal Accident<ul><li>Accidental Death & Disablement </li><li>Accidental Medical Reimbursement</li></ul></li></ul>
Complimentary Benefits<ul><li>Towing</li><li>Crane Services</li><li>Minor Roadside<ul><li>Change of flat tires</li><li>Battery boosting/jumpstart</li><li>Emergency fuel delivery (excluding fuel cost)</li><li>Car locksmith</li></ul></li><li>Personal Assistance<ul><li>Replacement Vehicle</li><li>Hotel accommodation</li><li>Return of driver</li></ul></li><li>Other Assistance Services<ul><li>Hospital Admission Assistance</li><li>Ambulance dispatch assistance</li><li>Arrangement of Legal assistance</li><li>Emergency message relay</li><li>Benefits inquiry</li><li>Directory assistance</li><li>Referral to accredited repair shops/services centers</li><li>Merchant affiliations</li><li>Carnapping reporting assistance</li></ul></li></ul>
Important Notes
SGI Philippines car insurance can be availed overseas so long as the insured vehicle is within the Philippines. You may also add Acts of Nature benefit without additional charges. You can pay in installments of 3 to 6 months.<img data-image="efww62jhzy5a" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt11818efbaac4b5e1/615ac9de58e1f54c5cbc5723/BlogImageContent_COCOGEN.webp" data-sys-asset-uid="blt11818efbaac4b5e1" alt="BlogImageContent_COCOGEN.webp"> <ul><li>Cocogen Insurance</li></ul>
FGEN Insurance protects the insured against loss, damage, and/or liability incurred by the insured from accidents related to the ownership and operation of vehicles.
Premium starts at: 28,169.73/one-time payment (based on computation of 2021 Honda Civic A/T FWD Sedan)
Coverage<ul><li>Damage to Vehicle<ul><li>Own Damage/Theft</li><li>Acts of Nature</li></ul></li><li>Excess Third Party Liability<ul><li>Bodily Injury</li><li>Property Damage</li></ul></li><li>Passenger Personal Accident<ul><li>Accidental Death & Disablement</li><li>Accidental Medical Reimbursement</li><li>Accidental Burial Reimbursement</li></ul></li></ul>
Complimentary Benefits<ul><li>Towing</li><li>Crane Services</li><li>Vehicle Assistance<ul><li>Hotel Accommodation (maximum of two nights)</li><li>Alternative Travel Assistance (if vehicle is non-repairable within six hours)</li><li>Motor Shop Referral</li><li>Medical Referral Assistance</li><li>Return of Mortal Remains</li><li>Repatriation of Vehicle</li><li>Gasoline Refill Assistance</li><li>Continuation of Journey</li><li>Directory Assistance (Police Assistance)</li></ul></li><li>Personal Assistance<ul><li>Emergency Assistance</li><li>Traffic Updates</li><li>Road Directions</li><li>Vehicle Registration Assistance</li><li>24/7 Accident Assistance Hotline</li><li>Referral to Authority Assistance</li><li>Claims Report Service</li><li>Claims Requirements Assistance</li><li>Referral to Claim Department</li></ul></li><li>Minor Roadside<ul><li>Change of flat tires</li><li>Battery boosting/jumpstart</li><li>Emergency fuel delivery (excluding fuel cost)</li><li>Car locksmith</li></ul></li><li>Protection Assistance<ul><li>Security Assistance</li><li>Anti-Carnapping</li></ul></li></ul>
Important Notes
Cocogen Insurance has additional coverage depending on the following conditions:<ul><li>Non-Dealer or Non-Casa Shop Clause for units more than five years old</li><li>Special conditions for windshield and back glass losses shall not be subject to depreciation, provided repaired in Aguila Glass Inc</li><li>Waive one deductible per claim, provided repaired in any “Gawa Agad Program” accredited repair shops</li><li>Automatic enrollment under Cocogen’s “Gawa Agad Program”</li></ul>
Conclusion
While each car insurance provider may appear to have overlapping or similar packages, your choice has to take into account the likelier risks your car faces given where you live or the places you drive in. Which add-on or coverage plan takes your specific needs and budget flexibility into account? Time to start checking!
Since your actual premium payment will depend on several factors such as the newness of your car and its make and model, you can also use Kwik.insure’s assistant tool <a href="https://kwik.insure/vehicle-insurance/assistant-tool">here</a> and get a list of available insurance policies with the specific cost breakdown and coverage list. Just put in the necessary details and the insurance policies available for your car will pop up for easy comparison.
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Car insurance providers in the Philippines have plans that vary in coverage and price points. Here’s a list of trustworthy car insurance providers tha

The Best Car Insurance Providers in the Philippines

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You might have heard about vehicle insurance, life and accident insurance, and health insurance (which is the first thing you would probably get especially during this time of the pandemic.) But have you thought about why getting insurance for your property should also be part of your list?

For starters, getting any kind of insurance is a way for you to prevent spending a huge chunk of money following any unexpected damage or loss. By paying a certain fee, it guarantees that possible large and unexpected expenses in the future will be handled by the insurance provider as long as it is part of the coverage that will be presented to you.

<h3>Why should you protect your home?</h3>

With the past typhoons that resulted in floods and threats of a volcanic eruption that damaged numerous homes and properties in the Philippines, protecting your home from these kinds of calamities is a smart decision to make for you and your loved ones. Getting property insurance not only helps you when it comes to future financial expenses but also gives you and your family a sense of security in case something unexpected happens to your home.

Thus, getting your property insured will definitely give you a sense of security and peace of mind if any type of calamity damages your property.<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner-raq"><img data-image="02nj5h64wga3" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="top life insurance philippines"></a>

<h3>What do you need to know about getting property insurance?</h3>

While the importance of getting insurance for your property cannot be stressed enough, there are certain things you should know before signing any property insurance plan offered to you.

There are different types of property insurance:

Not all property insurances have the same coverage and purpose. If you own a property that you want to be insured, you need to identify first which type of insurance is best for your property.

In the Philippines, the most common type of property insurance is the one that covers fire and/or lightning-related incidents. While these two are part of the basic coverage of property insurances, there are other options you can choose from that would offer more comprehensive coverage which of course, would require additional payment.

To help you decide, here are some of the common coverage of property insurances in the country:

<ul>
	<li>Fire</li>
	<li>Lightning</li>
	<li>Typhoon</li>
	<li>Flood</li>
	<li>Earthquake</li>
	<li>Volcanic Eruption</li>
	<li>Robbery</li>
	<li>Broad Water Damage</li>
	<li>Bursting of Water Tanks, Apparatus and Pipes</li>
	<li>Riot, Strike, and Malicious Damage</li>
	<li>Smoke Damage</li>
	<li>Vehicle Impact</li>
	<li>Falling Aircraft</li>
	<li>Explosion</li>
</ul>

Having your property insured has numerous benefits

Apart from the fact that you have guaranteed assistance from your insurance provider in case the unexpected happens to your property, there are other benefits you should know about that some companies include in their plan coverage.

While you can opt for the most basic property insurance package that already answers your insurance needs, there are plans that have more benefits than the others. That is why it is important to understand different insurance plans and do your research before making a decision and closing the deal with a specific provider.

Depending on the plan you will get, here are the possible benefits that will be included in your property insurance:

<ul>
	<li>Relocation Allowance</li>
	<li>Legal Assistance</li>
	<li>Bereavement Assistance</li>
	<li>Hospital Allowance</li>
	<li>ICU Assistance</li>
	<li>Home Assist</li>
	<li>Removal of Debris</li>
	<li>Fire Fighting Expenses</li>
	<li>Damage to resident employee’s properties</li>
	<li>Professional Fees</li>
	<li>Temporary Accommodation Expenses</li>
	<li>Liability to the Public</li>
	<li>Personal Accident for: Family member</li>
	<li>Personal Accident for: Residence Employee</li>
</ul>

Many reputable providers offer property insurance 

There are different companies that offer property insurance in the Philippines. Apart from companies that are mainly for providing insurance, some banks and other institutions also offer property insurance plans.

To help you start with your property insurance search, here are some of the companies that offer property insurance in the Philippines:

<ul>
	<li>Malayan Insurance Company, Inc.</li>
	<li>Pacific Union Insurance Company</li>
	<li>Cocogen Insurance, Inc.</li>
	<li>SGI Philippines General Insurance Co., Inc.</li>
	<li>Fortune General Insurance Corporation (FGen Insurance)</li>
	<li>Metropolitan Insurance Company Inc. (MICI)</li>
	<li>MAPFRE Insurance Corporation</li>
</ul>

<h3>How do you compare property insurance rates, plans, and providers?</h3>

There are several ways on how you can find the best insurance for your property. But first things first, you should know the necessary steps to do when deciding which insurance plan to get. One important thing that you should never skip doing is comparing multiple property insurance rates, as well as their coverage and benefits. But how do you exactly do that?

Here are some tips you can do to choose the best insurance plan for your property:

Identify your needs and limitations

This includes setting the amount of money you are willing to invest in property insurance and what type of possible calamities or unexpected events you are insuring your house from. Is your house part of an area that is often flooded? Is your property along the fault line? Are there reported cases of burglars breaking into homes within your community? If you know any possible and probable cause of why you need to protect your property, make sure to get the insurance that covers just what you need.

Get multiple quotes for you to compare

There are several ways for you to get property insurance. You can opt for the traditional way where you will talk to an agent that will basically handle everything you need; you can also visit an insurance office if you want to do the search without needing the help of an agent; or you can definitely search for the best property insurance if you’re after easier and more convenient processes.

Now that most prefer to stay at home because of the pandemic, this setup should not be a problem for those who want to have their property insured. Having mentioned the online method, interested property owners can now get multiple and customized property quotes right in the comfort of their homes.

Kwik.insure, your online insurance marketplace, is here to offer you easy and reliable property insurance. Through partnering with the most trusted insurance companies, Kwik.insure provides the right kinds of insurance plan that fits your needs and preferences for your property. You can compare offers from the top insurance providers in the Philippines and find the best rates and services that you need right away— for free!

Finding the best insurance for your property has never been this easy! Request a free quote <a href="https://kwik.insure/request-quote">here</a>!<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="rayktwnh4kh6" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="vehicle insurance philippines"></a>

You might have heard about vehicle insurance, life and accident insurance, and health insurance (which is the first thing you would probably get

All You Need To Know About Property Insurance and Why It’s Important

Kwik.insure, the Philippines’ largest online insurance marketplace, has further empowered Filipinos to avail of affordable insurance policies for their vehicles through the introduction of a zero-interest installment payment scheme.
Customers can pay their premiums in easy, light installments over 3 or 6 months which can be paid with any chosen payment method – no post-dated check or credit card required.
“Since our launch in March, we haven’t stopped innovating for ways that can make our customers’ experience better with every purchase. By introducing the zero-interest installment payment scheme for car insurance policies, we are helping bring insurance closer to Filipinos who need them at a much more convenient and affordable manner,” said Hamilton Angluben, Founder and CEO of Kwik.insure.
With more than 28 payment methods in the platform, Kwik.insure accepts debit card, credit card, payments via e-wallets, online payment with partner banks, and over-the-counter bank and non-bank payments.
Insurance marketplace Kwik.insure is the first full service digital platform in the industry to offer instant quotation with installment rates displayed along with each plan.
Transactions in Kwik.insure are completely digital – from plan comparison to checkout – making it easy and convenient for customers to purchase from the comfort of their homes.
This newly launched program is part of the company’s efforts to make insurance uncomplicated, accessible, and easy on the pocket. Installment plans start for as low as P500, payable up to 6 months, depending on the car year and model.
“Our goal is to drive growth in the insurance industry, while helping more Filipinos avail of affordable insurance products. At Kwik.insure, we believe that insurance should be available and uncomplicated for everyone for their financial well-being. We plan to introduce the installment feature in all insurance lines in the future,” Angluben said.
More products are coming soon on the platform as the business continues to forge relationships with top insurance providers in the Philippines. This will mean more insurance plans and packages for Kwik.insure customers to compare and choose from. To view their product listings, you may visit <a href="/">https://kwik.insure/</a>.<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="5pusdmu2sx7a" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt571a231699d47d38" alt="installment car insurance philippines"></a>

Kwik.insure, the Philippines’ largest online insurance marketplace, has further empowered Filipinos to avail of affordable insurance policies for

Zero Interest Installment Plans Now Available at Kwik.insure

Lazada has partnered with the Philippines’ largest online insurance marketplace, Kwik.insure, for an exclusive promo for customers who will pay their bills through the e-commerce site’s bills payment feature.
For every Bills Payment transaction done by a Lazada customer via the Lazada Wallet, they will be eligible for a free Covid-19 insurance. The customer will instantly receive a free voucher for a Kwik.insure product, the COVID-19 Kwik Assist, which provides P10,500 one-month coverage for accidental death, death due to sickness, and death due to COVID-19.
“Through our partnership with Lazada, we provide millions of Filipinos the opportunity to have insurance against Covid-19. Given our country’s low insurance penetration rate, majority of them will be first time insurance availers. The goal is to educate more people about the value of insurance and learn how easy it is to be protected,” says Hamilton Angluben, Founder and CEO of Kwik.insure.
The promo will run from July to October 2021 and customers can earn and stack up to 10 insurance vouchers per month.
“For us at Lazada, our innovations, promotions and services are all geared at ensuring we address the needs and priorities of those we serve,” says Carlos Barrera, Chief Operating Officer of Lazada Philippines. “Through our partnership with Kwik.insure, we are happy to be able to provide our customers with access to a service that is most especially valuable and relevant today."
Aside from forming ties with the e-commerce giant, Kwik.insure now also offers deals and insurance product bundles to businesses. This initiative is motivated by the company’s mission to increase insurance penetration in the country and to educate more people about insurance. Any organization that’s interested in a partnership can reach out by visiting their website, <a href="/">https://kwik.insure/</a>.
Choose from major billers that Lazada has to offer such as Meralco, Maynilad, Autosweep, Easytrip, Globe, Smart and many more. Pay your bills safely at home and get insured in Lazada through this link on your mobile phone: <a href="https://lzd.co/LazadaDIgitalGoods" target="_blank">https://lzd.co/LazadaDIgitalGoods</a>.<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="326q486za2xz" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt571a231699d47d38" alt="car insurance online"></a>

Lazada has partnered with the Philippines’ largest online insurance marketplace, Kwik.insure, for an exclusive promo for customers who will pay their

Lazada Bills Payment Transactions Now Come with Free COVID-19 Insurance

Financial freedom means having sufficient savings and cash on hand to let you live the life you desire. It’s not necessarily about being rich, but rather having enough funds to cover your living expenses so that you can spend some of your time doing what you like rather than focusing your energy on earning money.
You can achieve financial freedom by preparing for it. While it may sound tricky, there are simple steps you can take so you can finally have complete control of your finances.

<center><img data-image="airjlx0e73ju" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/bltf50b656c6fdff993/610c01145d80fd1b92ab8201/Kwik_Insure---INFO2.webp" data-sys-asset-uid="bltf50b656c6fdff993" alt="Kwik_Insure---INFO2.webp"></center>

Financial freedom means having sufficient savings and cash on hand to let you live the life you desire. It’s not necessarily about being rich, but rather having enough funds to cover your living expenses so that you can spend some of your time doing what you like rather than focusing your energy on earning money.
You can achieve financial freedom by preparing for it. While it may sound tricky, there are simple steps you can take so you can finally have complete control of your finances.

Achieving Financial Freedom: 11 Steps You Can Take

1. Set goals
The first step to achieving financial freedom is setting your goals. Do you want to get rid of your debt for good so you can start saving for a house? Is there a place you’ve always wanted to travel to? Write down how much your bank account should contain, what you’ll use the funds for, and your target time frame for achieving this. The more specific the goals are, the higher the possibility of achieving them.

2. Budget it
Budgeting is an essential step to taking control of your finances. You can start by gathering all your financial statements and calculating them against your expected income. Then, create a list of your monthly expenses and adjust them to fit the range you set in each category.
Make sure to adhere to your spending plan so that all your bills are paid on time. This reinforces your goals and encourages you to build your wealth further, as it prompts you to avoid unnecessary expenses.

3. Live within your means
Being frugal does not imply extreme hoarding. It means wise spending, splurging only for the necessary things. For instance, instead of frequently dining out, consider cooking at home on weekends. This will boost your savings while upping your cooking skills.
Mastering a frugal lifestyle is not as hard as it seems. In fact, some <a href="https://www.businessinsider.com/frugal-billionaires-millionaires-lifestyle-money-car-house-habits-net-worth-2019-2" target="_blank">wealthy individuals</a> continue to live within their means and even below it. Making small adjustments by being aware of the things you really need and those that you simply want is a financially healthy habit to put into practice.

4. Track your spending
Tracking your expenses allows you to prioritize your spending, which helps eliminate wasteful buying habits. When you keep tabs on how much you’re taking out of your bank account, you become more mindful of your spending, enabling you to manage your funds better.
Various handy apps are available for tracking expenses. They provide an update on how much money you’re spending, which categories you’ve overspent in, how much funds are left in your accounts, and how much remaining debt you have. Of course, you can also take the traditional pen-and-paper route if you’re more comfortable with that.
Maximizing these tools can help you monitor your progress while keeping you on course in your journey towards financial freedom.

5. Pay off debts
Settling your debts will lift a massive weight off your shoulders. After paying off your dues, you’ll see the amount of money you have in the bank rise. It’s an incredible feeling watching the numbers climb, even if you had to watch it fall at the start, and it keeps you inspired to continue growing it.
The general principle is to pay down your larger dues first. Don’t be afraid to use a portion of your savings to settle your high-interest rate debts. Using cash reserves for debt repayment is a smart decision because those large balances will stop accruing interest.
Try talking to your creditors to negotiate a lower interest rate. You’ll be surprised at how they’re willing to meet you halfway. If you have a good account standing, you might be in a better position to qualify for reduced interest, allowing you to save some money as you pay down your debt.

6. Start investing
Saving for a rainy day is imperative. Experts advise setting aside three to six months’ worth of your savings. Start with an amount you can afford, like Php2,000 each month. As you earn more, increase it to Php3,000, then Php4,000, and so on.
You’d also want to save for a contingency fund. This is to be used only for emergencies like an unscheduled visit to the hospital. If you’ve overspent on a particular category, don’t use this resource; instead, consider taking up more opportunities so you can earn the needed income.
You can also talk to your company about retirement plan options or see if there are already deductions being made for it. The charges get taken out before they hit your account, so you won’t feel like you’re losing money. Make it a habit to check it out periodically so you can monitor how your savings grow.

7. Get insured
If you have an insurance plan, you are financially protected in case of unexpected events. For instance, a health insurance plan can cover your medical expenses during hospitalization. Meanwhile, life insurance can provide compensation during life and death emergencies.
With an insurance plan in place, you have a cushion to fall back on in times of crisis. Getting insured then becomes an essential step towards fully achieving financial freedom, as it provides a dependable cash flow that helps you deal with emergencies with certainty.

8. Arrange for an auto savings plan
If you avail of an automatic savings plan, you arrange for a fixed portion of your salary to be automatically deposited into a separate bank account regularly. This allows you to steadily build up your savings without having to deposit funds manually every few weeks.
Talk to your employer about the options in your company for this type of arrangement. It’s a good thing to have some available funds you can tap whenever you need some. Aside from boosting your savings, it can also help you with budgeting and managing your spending, as you can’t use the money that has already been transferred into a separate bank account.

9. Monitor your credit score
A credit score reflects someone’s credibility when it comes to paying their debts. It determines the interest rate they can be offered when, for instance, financing a house, buying a car, or availing of insurance. Those with poor ratings usually find it harder to secure a loan, as they have a history of not settling their bills on time.
On the contrary, a high credit rating indicates a strong possibility of paying back the loan without any issues. This is why it’s crucial to regularly request a report to make sure there are no errors and marks that can ruin your name.

10. Educate yourself
Financial policies and regulations evolve, so it helps to review relevant tax laws at least once a year so that you can maximize all possible deductions. Also, make it a habit to check on the latest developments in the banking industry—especially if you have multiple deposit accounts—and do not hesitate to adjust your investment plan accordingly.
If you have a credit card, make sure you know your credit limit to avoid overspending. Most importantly, keep in mind that knowledge is the best defense against those who use scams to prey on people.

11. Strive to stay healthy
Taking care of your body will not solve your cash problems, but it will help facilitate productivity, which is crucial in building your financial safety net. When you invest in your health, you lower your risk of developing sickness, which means fewer visits to the doctor and, therefore, fewer expenses.
If you have good health, you can radiate positivity and happiness to better deal with people and live longer. These are vital elements you need in achieving financial freedom.

Take Full Control of Your Finances
Taking control of your finances is not as difficult as it sounds. With thoughtful planning and determination, you can start building the savings that will protect you against unexpected expenses. The practical steps mentioned above can guide you as you walk your way towards financial freedom.
<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner-raq"><img data-image="2le3vds9m9bd" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="life insurance quote"></a>
These days, many <a href="https://kwik.insure/" target="_blank">online insurance</a> providers allow you to request a quote in minutes, like Kwik Insure. Kwik Insure is a fast-growing market platform where customers can shop for the insurance policy that best suits their needs. Get a free consultation today by contacting <a href="https://kwik.insure/request-quote" target="_blank">Kwik Insure!</a>

Financial freedom means having sufficient savings and cash on hand to let you live the life you desire. It’s not necessarily about being rich, but

Financial Freedom: What It Is and How to Achieve It

Do you often see insurance-related posts on your social media platforms? It's good to see the growing interest and awareness about insurance these days, but there is a wide variety of <a href="https://kwik.insure/life-insurance" target="_blank">life insurance in the Philippines</a> besides what people usually think of.

There are numerous insurance options for every need that is readily available in the market. When purchasing life insurance policies, finding the right one boils down to your current situation and other factors such as age, lifestyle, employment benefits, and dependents. Being familiar with your situation and needs is key to choosing the right life insurance to provide you thorough coverage.

Life insurance policies protect families from financial hardships in case of disability or unfortunate passing of the insured. So, how do you know what type of life insurance to get? Keep reading to learn about the various types of life insurance. 

<center><img data-image="voulw9rc8lh6" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt8f5531b6d8cf49aa/610bf59eae8b1139431e01ee/Kwik_Insure---INFO1.webp" data-sys-asset-uid="blt8f5531b6d8cf49aa" alt="Kwik_Insure---INFO1.webp"></center>

All types of life insurance fall under two main categories: <a href="https://kwik.insure/kwik-hub/life-insurance/what-is-term-life-insurance-and-why-should-you-get-it/" target="_blank">term life insurance</a> and permanent life insurance. 

1. Term Life Insurance
Term life insurance policies are considered more affordable, as well as the simplest and most accessible type. These can last for a specific number of years: one, five, 10, 15, 20, 25, or 30. If the policyholder passes before the term ends, a cash benefit (also called death benefit) will be paid to the beneficiary. 
The payments you make, also known as premiums, go to the death benefit that will be provided to the beneficiaries. Most policyholders prefer to have the death benefit provided as a lump sum, but you can elect to distribute it in monthly payments or as an annuity. 

2. Permanent Life Insurance
Permanent life insurance policies provide coverage for as long as you're living and often include a cash value component that the policyholder can withdraw or borrow. 
What makes it different from term life insurance apart from the cash value component is that, as the name suggests, it does not have a duration. This life insurance is designed to last for the entirety of the policyholder's life, as long as they pay the premium. 

Types of Life Insurance Policies

With a <a href="https://kwik.insure/kwik-hub/life-insurance/a-step-by-step-beginners-guide-to-life-insurance-in-the-philippines/" target="_blank">life insurance guide</a> like this infographic, you'll be able to know the different types of insurance to get the appropriate protection for you. 
Whole Life Insurance
This type of permanent life insurance coverage has a fixed premium that will remain the same throughout the lifetime of the policy. This simply means that if an individual purchased the whole life insurance at age 21, they would still pay the same amount of premium when they reach 50 or older, regardless of age or health issues. This is ideal for those who need to stick to a budget. 
A portion of the premium goes into a cash-value account, where the sum grows over time on a tax-deferred basis. It will take a few years to see significant growth with this. Once that happens, the policyholder can use it as savings for estate planning purposes, retirement, and even help pay the premiums. 
Variable Life Insurance
A variable life insurance coverage also falls under permanent life insurance. However, this type enables policyholders to participate in various investment options like equities, apart from the default coverage of death benefits and cash components. 
Variable life insurance policies have the opportunity to grow more than the cash compounds in whole life insurance policies. However, there can be more risks since the funds will play a part in the volatile price movements in the equities market. 
Variable Universal Life Insurance
Similarly, with universal life insurance, a variable universal life (VUL) insurance allows policyholders to adjust their payments to account for changes in their income or expenses. It's important to note that there is no definite minimum cash value in a VUL insurance plan. 
A VUL insurance policy lets you invest cash into various investment types, including mutual funds. The flexibility and variability of this type would require regular assessment of the policy to avoid any lapses. 
Endowment Life Insurance
This type of life insurance has two major features. It’s a life insurance policy and a savings account or investment. It helps the policyholder save money regularly over a specific period, and at the end of the term, they will receive a lump sum amount. If the policyholder is unable to survive the end of the policy, the lump sum will be provided to the beneficiaries even before the end of the term. 
Group Life Insurance
Also called group term life insurance, this is an employee benefit that some employers offer. Usually, group life insurance is term, but some employers provide permanent coverage as an employee-paid benefit. 
Employer-sponsored life insurance is at no extra cost to the employee and is an excellent benefit, but it may not provide sufficient coverage. The insured can look for policies to supplement this plan, such as life insurance that offer protection for their family. 
Tips for Choosing the Right Insurance for You
Are you ready to purchase life insurance? Here are some handy tips to help you narrow down your options. 

<ul type="disc">
	<li>Assess what you need.</li>
	One of the primary reasons people get insurance plans is to ensure their family will have something to fall back on when they're gone. 
	To get the appropriate coverage for your needs, you should consider the number of dependents you have, if you're a sole breadwinner or not, your children's education, your current income, lifestyle, and more. This should help you foresee your financial needs and capabilities in the future.
	<li>Make a list of your options.</li>
	People don't eat at the first restaurant they see. Likewise, try to look into the other products within your criteria before you make a decision. Review the different products available and see which one offers the best coverage within your budget.
	Another factor you should consider is whether you should work with an insurance agent, an insurance agency, or directly with an insurance company.
	<li>Look into their reputation and history.</li>
	Research the insurance companies on your shortlist. You can start by visiting their websites. There, you can see how long they've been in the industry, their core values and company mission and vision, community involvement, types of products they offer, financial strengths (how long they pay claims), and achievements and recognitions.
	<li>Review their policy coverage.</li>
	Chances are, each company will provide a different mix of coverage. You'll want to sign up with an insurance company that offers the best plan at the best value—fair rates, competitive coverage, and sincere and reliable service. Go for the insurance company that provides these and the appropriate coverage for your personal needs.
	<li>Check their prices.</li>
	There are reasons why different insurance providers have varying rates for similar insurance products. Lower rates may mean less coverage, but this can also mean more out-of-pocket expenses when unfortunate events occur. Check the coverage and prices with your agent. Ultimately, you'd want a plan that can protect you and your loved ones from the worst.
	<li>Ease and convenience.</li>
	Interacting with an insurance carrier is a lot smoother during the application process. But what does the interaction beyond that look like? Does the insurance provider offer 24/7 customer service? Do they give a heads-up when there are policy changes, or do they allow policy changes? Can policyholders settle payments online?
	Make sure to see how smooth interactions are with your chosen insurance carrier when it comes to these things that make payments and monitoring of policy more convenient.
	<li>Customer satisfaction.</li>
	Knowing that you can do a quick call to ask about guidelines you don't understand or issues you encounter is critical to buying insurance. Check how long it takes to talk to a representative on the phone and if they can provide clear answers to your questions; if they're willing to follow up by email, even better.
</ul>

Protect Yourself and Your Family with the Right Insurance
There are overwhelming insurance options available out there. Choosing the perfect match is the goal. Hopefully, this article enlightened you about the various types of life insurance and helped you decide which type to look for and purchase. 
These days, many <a href="https://kwik.insure/" target="_blank">online insurance</a> providers allow you to request a quote in minutes, like Kwik Insure. Kwik Insure is a fast-growing market platform where customers can shop for the insurance policy that best suits their needs. Get a free consultation today by contacting <a href="https://kwik.insure/request-quote" target="_blank">Kwik Insure!</a>
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Do you often see insurance-related posts on your social media platforms? It's good to see the growing interest and awareness about insurance these

The Ultimate Guide to All Types of Life Insurance Policies

Road accidents can happen anywhere at any time. Data from the World Health Organization (WHO) cited the highest number of fatal cases at <a href="https://www.who.int/news-room/fact-sheets/detail/road-traffic-injuries">93% in low- to middle-income cities and countries</a>. In the Philippines, that’s about <a href="https://philkotse.com/safe-driving/road-accidents-in-the-philippines-causes-facts-latest-statistics-5455">12,000 deaths</a> resulting from road traffic crashes every year. The WHO figures also attribute road-related injuries as the leading cause of death in children and adults aged 5 to 29.
Indeed, the alarming number of injuries and deaths due to car accidents is a major concern for vehicle owners. It highlights the importance of being a responsible motorist who prioritizes road safety and protection, and one way to guarantee this is by having car insurance.
<h2>How Does Car Insurance Work?</h2>
Car insurance works both ways. In case you find yourself in a car mishap that harms another person or damages their car or any public property on the road, you can use your car insurance coverage to reimburse the concerned party for the damage you’ve caused. But, if you’re on the receiving end of a vehicular accident that caused damages to your car, your insurance company will pay for your losses.
Therefore, car insurance acts as your protection when you find yourself in a financial liability that may arise from car accidents. Since car-related hazards come in many forms, different types of car insurance and <a href="https://kwik.insure/kwik-hub/car-insurance/how-much-does-car-insurance-cost-in-the-philippines/">car insurance cost</a> can provide you with varying levels of financial protection. 
By <a href="https://kwik.insure/kwik-hub/car-insurance/8-smart-tips-for-choosing-the-right-car-insurance-plan/">choosing the right car insurance</a>, you can rest assured that you’ll have the means to handle the potential costs of vehicular incidents. 
In this post, you’ll learn the ins and outs of making claims on your <a href="https://kwik.insure/car-insurance">car insurance in the Philippines</a>, starting with the different types of road accidents and applicable insurance coverage. 
<h2>5 Types of Road Accidents </h2><ul><li>Side-impact collisions<ol></ol></li></ul>
What it is: This is when a vehicle crashes into the side of another vehicle running alongside it. The collision may also follow a T-bone crash pattern, where a car running through a stoplight impacts the side of another vehicle that’s crossing an intersection with the green light on.
What insurance coverage is applicable: Collision coverage can cover the cost of repairing or replacing your car when hit by another car. <ul><li>Crashes while merging<ol></ol></li></ul>
What it is: Changing lanes on the road can cause one car to sideswipe another, resulting in a crash or collision. 
What insurance coverage is applicable: Besides collision coverage, another coverage called property damage liability can pay for your car repair or replacement. The coverage of the driver at fault for the accident can also be used. <ul><li>Rear-end accidents<ol></ol></li></ul>
What it is: Also known as tailgating, this collision occurs because one car is following the other too closely.
What insurance coverage is applicable: Whether or not you’re the cause of the accident, you can use your car insurance’s collision coverage. If you were the one who tailgated, you would not be able to use the property damage liability coverage.
In case the collision caused you to hurt or injure someone, the bodily injury liability coverage of your policy will take care of the medical or, in a worst-case scenario, funeral expenses of that person.<ul><li>Head-on crashes<ol></ol></li></ul>
What it is: In this type of accident, two vehicles from opposite directions of the road collide. This type of collision may also mean running into something that’s in the way of the car, like animals, poles, trees, or road signs. Head-on crashes usually create an impact so strong that the cars’ safety features fail to protect drivers and passengers from sustaining severe injuries.
What insurance coverage is applicable: Any collision coverage, property damage liability coverage, or bodily injury liability coverage is appropriate if you’re not at fault. Having personal injury coverage will also help you cover hospitalization expenses for yourself and your passengers.
If your car requires large-scale repairs after the accident, loss of use coverage will let you reimburse your transportation expenses while you’re unable to use your car. Otherwise, compulsory third-party liability (CTPL) or voluntary third-party liability can cover the financial costs of whatever damage the accident caused.<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="qss81c334qkh" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt571a231699d47d38" alt="car insurance online"></a><ul><li>Multi-vehicle collisions<ol></ol></li></ul>
What it is: This involves three or more vehicles hitting one another. The danger in this type of accident is when a car receives multiple impacts from the other cars at different angles or positions.
What insurance coverage is applicable: Again, depending on who’s at fault, the same types of car insurance mentioned above can cover damages resulting from the accident. 
Note that comprehensive car insurance will provide coverage for your financial needs for all types of accidents, regardless of whether you were the cause of the accident or if it’s the other way around. 

<h2>What to Do After a Road Accident </h2><ul><li>Check yourself and others for injuries. As you check yourself and your passengers, look for visible signs of injuries. If anyone is injured, call for immediate help or have someone do it for you. But avoid moving if you’re seriously injured—instead, wait until emergency personnel arrives at the scene of the accident.</li></ul><ul><li>Call the police. Major accidents require you to notify the police who will inspect the site, interview the concerned drivers or passengers, and create a report of what happened. Request a copy of the report for insurance claims purposes. </li><li>Check for damages on all concerned vehicles. This is when you survey each vehicle for scratches, dents, cracks, distorted parts, or any other form of damage. Take pictures of these, as well as the cars’ positions, to show law enforcement personnel and insurance companies how the accident happened and help them assess who’s responsible for what. </li></ul>Just be careful not to let yourself come into contact with the cars under inspection, as you want to preserve the integrity of the cars’ condition after the accident. <ul><li>Document the accident. You can do your part in documenting the details of the accident to complement the investigation report of police responders. </li></ul>
Make sure you have the names of the driver and accompanying passengers and their contact information, as this will help make future communications easier between you and the other party. Don’t forget to collect these details with the police report and photos you’ve taken. <ul><li>Notify your insurer. When notifying your insurer, it’s best to contact your insurance agent directly from the scene of the accident. Your agent might give you special instructions regarding information or documents you need to secure to facilitate the claims process quickly and smoothly.</li></ul><h2>Common Car Insurance Coverage</h2><ul><li>Liability coverage: This comprises two components, namely, bodily injury liability and property damage liability, which enable you to pay for the costs of injuring someone or damaging another person’s property while you’re out on the road driving. </li><li>Collision insurance coverage: This covers your car’s repair or replacement costs resulting from an accident involving another car or road obstacles like a pothole. The amount of the coverage may be equal to your car’s actual cash value minus deductible fees stated in your policy. </li><li>Comprehensive insurance: Despite being labeled as comprehensive, this type of insurance coverage doesn’t necessarily protect you from all forms of accident-related damages. However, the coverage extends beyond accidents, as events like theft, fire, and natural disasters make your car eligible for car insurance claims. </li><li>Uninsured and underinsured motorist insurance: Not all motorists have car insurance, unfortunately. While some of them do, the coverage may not be enough to pay for the damage you or your car may incur from an accident. In such cases, uninsured and underinsured motorist insurance can cover your car repair costs or hospitalization expenses. </li><li>Medical payments coverage: This helps pay for costs of hospital stays, checkups, X-rays, surgery, and other forms of medical care you or your passengers may need if you find yourself in an accident. </li><li>Personal injury protection insurance: This is similar to medical payments coverage, but it includes coverage for related expenses because of your injuries. These incidentals may consist of your daily living allowance if you’re unable to work and earn after the accident. </li><li>GAP insurance: Also known as guaranteed auto protection covers the balance of your car loan in case your car is stolen or incurs a total loss. This is extremely useful, especially since comprehensive coverage typically pays only the car’s current value and not the entire amount left on your car loan.</li></ul><h2>Is Your Car Insured?</h2>
As a car owner, crashes and collisions are the last things you’d want to encounter when you go out on the road, but sometimes accidents just happen. Even if you practice traffic rules as best as you can, other drivers or road blockages may present challenges that can lead to unforeseen accidents.
Try to remain calm if you find yourself involved in a car accident and have medical and law enforcement personnel assist you in coping with the emergency. Last but not least, let your insurance do the work of providing a safety net for unforeseen accidents. These days, many <a href="https://kwik.insure/">online insurance</a> providers allow you to request a quote in minutes, like Kwik Insure. Kwik Insure is a fast-growing market platform where customers can shop for the insurance policy that best suits their needs. Get a free consultation today by contacting <a href="https://kwik.insure/request-quote">Kwik Insure</a>! <a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="qss81c334qkh" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt571a231699d47d38" alt="car insurance online"></a>

Car accidents highlight the importance of being responsible motorists who prioritize road safety and protection through car insurance.

A Guide to Car Insurance Claims: What to Do After a Road Accident

Malayan Insurance & Kwik.insure has officially launched their partnership this May, 2021. This caps another addition to Malayan’s drive towards presence in the digital landscape of INSURTECH.
 “We have high hopes for this partnership. With the support of Kwik.insure, we see great potential for mutually beneficial business, and the customer journey for our clients is made simpler than ever.” said Paolo Abaya, President & CEO of Malayan Insurance. 
The partnership ensures quick and simple accessibility of Malayan Insurance’s top 5 products through Kwik.insure - the Philippines largest <a href="/" target="_self">online insurance marketplace</a>. Consumers can select, search, and compare <a href="/products">different insurance offerings</a> digitally, just as they would in popular e-commerce platforms. 
Hamilton Angluben, CEO & Founder of Kwik.insure, said during the virtual MOA signing event “Filipinos are now used to shopping online, so we patterned our platform after what they are already accustomed to.” 
Angluben explained “We wanted to create a fully transparent and easy-to-understand platform, Kwik.insure seeks to remove the negative perception around insurance, normally perceived as complicated, unaffordable, and difficult to purchase. Now a user can purchase a <a href="/products/health-insurance/vital-cover">Vital Cover (Covid-19 Cash Assistance Benefit)</a> from Malayan Insurance via Kwik.insure for P130 by simply signing in, clicking on the insurance product and checking out.” 
All the other available Malayan Insurance products in the platform have been carefully selected to ensure relevance and ease. The partnership focused on the simple mindset of “customer centric and relevance”.<ul><li><a href="/vehicle-insurance/assistant-tool">Automaster</a> – to allow customers to digitally quote and purchase their car insurance anywhere, anytime.</li><li><a href="/products/health-insurance/vital-cover">Vital Cover</a> – with the recent pandemic, this simple product provides an affordable protection plan to manage the ill effects of COVID-19. This provides policy holders with both hospital & accident covers.</li><li><a href="/products/health-insurance/dengue-cash">Dengue Cash</a> – with Dengue still being one of the top cases in the country, this product provides full year coverage at an affordable price.</li><li><a href="/products/life-insurance/family-relief">Family Relief</a> – a simple plan to provide comprehensive funeral and burial insurance for unfortunate and untimely deaths in the family.</li><li><a href="/products/life-insurance/stela-shield">Stela Shield</a> – a product exclusive to women, this product provides hospital allowance due to accident, sickness and childbirth. This also extends as a personal accident insurance for death or disability. On top of that, medical reimbursement and funeral assistance.</li></ul>

Kwik.insure is expected to expand partnership with more insurers and companies this year to boost the insurtech industry. “This partnership with Malayan Insurance is another milestone not only between our companies, but also for the whole insurance industry, by truly promoting insurance digitally and getting more Filipinos adequately insured.” said LA Almonte, Partnerships Manager of Kwik.insure.
With this solid partnership, Malayan Insurance and Kwik.insure hopes to further help bridge the insurance gap in the Philippines by providing affordable, simple and accessible insurance products - 100% online.
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Malayan Insurance & Kwik.insure has officially launched their partnership this May, 2021. This caps another addition to Malayan’s drive towards presen

Malayan now offers COVID-19 insurance and more via Kwik.insure

One of the biggest considerations when choosing what kind of car insurance to purchase is its affordability. While the law mandates a Compulsory Third-Party Liability insurance policy as a basic requirement for all car owners, there are other comprehensive car insurance options to choose from when considering what kind of protections best fits your vehicle.
Whether you already own a car and want to upgrade your <a href="/kwik-hub/car-insurance/the-difference-between-ctpl-and-comprehensive-car-insurance/">CTPL insurance</a> to a more comprehensive policy, or you are about to buy a new car and want to see how much extra cash you’ll need to shell out in securing insurance, our guide is here to help you estimate how much your car insurance will cost in the Philippines.<h2>Factors that affect car insurance cost</h2>
Car insurance policies vary in price depending on several risk factors that insurance companies require you to declare in order to compute your annual premium payment. From the get-go, you should know that there are more factors weighing in on that final price than just the comprehensiveness of the policy coverage. 
Here are the factors that need to be considered when computing the price of your car insurance policy:<ol><li>Newness of your car - A car is a depreciating asset, this means that over time its value decreases. This is because older cars are more likely to break down and need repairs.</li><li>Car make and model - The vehicle’s market value will be used to calculate your car’s insured declared value. This means higher-priced cars will have higher annual premiums than lower-end cars.</li><li>Insurance coverage - Your motor car tariff and damage factor, both of which will affect the price of your overall insurance cost, will depend on the insurance coverage you plan on adding to your policy. For example, on top of your basic CTPL, you can add coverage for natural disasters, additional 1st party medical coverage, and so on. </li><li>Insurance policy - Even if you manage to list down all the earlier factors, the actual computation and price will still depend on the comprehensive car insurance policy you choose to purchase. Make sure to review the different products available and get several estimates to break down how much protection you can afford for the age and model of your car.</li></ol> <a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="zg3pvu3exrng" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="Compare Car Insurance"></a><h2>Computing your car insurance cost</h2>
When you finally choose a specific car insurance policy the price will still need to be computed depending on the factors listed above. Your car’s insured declared value will depend on its model, newness, and damage factor. <h3>Model</h3>
Each car model is assigned respective annual premiums for the same coverage. For example, a Ford Fiesta would cost around P8,346 annually while a Honda City would cost around P10,957. Make sure to carefully review what price point your car model falls under in order to make an accurate computation.<h3>Newness</h3>
Aside from the market value of your car, there is also a percentage of depreciation that affects its original value. Once it hits 6 months, the depreciation of its value reaches 15%. Here’s a list of depreciation percentages depending on how old your car is: <ul><li>50% – car is older than 4 years but not exceeding 5 years</li><li>40% – car is older than 3 years but not exceeding 4 years</li><li>30% – car is older than 2 years but not exceeding 3 years</li><li>20% – car is older than 1 year but not exceeding 2 years</li><li>15% – car is older than 6 months but not exceeding 1 year</li><li> 5% – car is not older than 6 months</li></ul> <h3>Additional Coverage</h3>
Each additional coverage you add to your basic CTPL will have a corresponding price top-up for your premium. Here are several common situations that can be covered by your <a href="/car-insurance" target="_self">car insurance</a>:

<ol>

<li>Acts of God - Also called <a href="/kwik-hub/car-insurance/acts-of-nature-coverage-vehicle-insurance-why-you-need-it">Acts of Nature</a>, this includes any natural accidents that may damage or destroy your cars such as floods, earthquakes, naturally occurring fires, and other natural disasters.</li>

<li>Theft - In case your vehicle becomes a target of carjacking or breaking and entering, you can claim the market value of your car.</li><li>Property Damage - When riots ensue or roadside accidents occur, your car can be insured by the physical damage it will incur from these incidents.</li><li>Legal assistance - Should you become involved in a legal case because of a roadside accident, there are also insurance policies that provide financial assistance for legal aid.</li><li>Roadside assistance - If your car breaks down at the side of the road, certain policies also cover towing and repair expenses.</li></ol> To estimate, the range for comprehensive car insurance for cars worth P750,000 to P2M can fall between P15,000 to P50,000 per year. This total annual premium payment can be divided into a monthly payment installment of P1250 to P4,200 per month.<img data-image="ly9hdqfs4mtn" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blta117e3503aeb3e91/60a754f0909370737ae48ee7/ezgif.com-gif-maker(1).webp" data-sys-asset-uid="blta117e3503aeb3e91" alt="Car Insurance Kwik.insure" width="100%" height="auto"><h2>What to consider in choosing the best price for your needs</h2>
Now that you have an idea of the aspects you will need to keep in mind when applying for <a href="/car-insurance" target="_self">car insurance</a>, it is important to first identify the basic coverage you will need to be financially protected. It’s not always as straightforward as just choosing the cheapest one. 
For example, if you live in a flood-prone area it would be wise to have additional Acts of God coverage for your car insurance policy. This way, if your car was to be washed away by a flash flood caused by the regular tropical storms, you would be able to at least get its market value price back in cash. You just need to provide proof of the accident that occurred, and you will be able to claim your insured money.
Understandably, it may seem pricey to pay for something you might not be able to use which is why you need to really consider the likely risks that are worth adding to your list of coverage and paying a yearly fee for. 
Aside from the coverage you want to avail, it will also help to get more than one estimate from multiple car insurance policies. There may be a specific package out there more tailor-fit to your needs so that you don’t end up paying for more than you need to.<h2>Get your quotations online</h2>
Given the number of factors, you will need to consider in pulling up an accurate list of prices, you can also use <a href="/vehicle-insurance/assistant-tool">Kwik.insure’s&nbsp; assistant tool</a> to easily compare the prices available for your type of vehicle. You can access the Kwik.insure car insurance offerings and quotation tool <a href="/vehicle-insurance/assistant-tool">here</a>. Just put in your vehicle’s details and you can view a list of car insurance options and price quotes to choose from!<h2>Conclusion</h2>
While car insurance costs aren’t one and the same, it is still possible to come up with an estimate by taking into account all of the factors listed above. This way, you can compute a more accurate budget to set aside for your monthly costs. 
Beware of going for the cheapest option, because this could end up being costlier down the road if your car was to get damaged, stolen, or destroyed by an unforeseeable accident. Make sure to review your vehicle details, financial risks, and car insurance packages before committing to a decision.
To learn more about car insurance at Kwik.insure click <a href="/kwik-hub/car-insurance">here</a>. To browse our car insurance offerings, click <a href="/vehicle-insurance/assistant-tool">here</a>. 
<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="zg3pvu3exrng" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="Compare Car Insurance"></a>

The cost of car insurance will depend on several factors such as the policy’s coverage and your car model, read our guide to learn more.

How much does car insurance cost in the Philippines?

MANILA, PHILIPPINES -- Kwik.insure, the Philippines’ largest <a href="/" target="_self">online insurance marketplace</a>, launched today an affiliate program that will provide a boost to the insurance industry while empowering Filipinos to earn more even during the pandemic. 
The program encourages ordinary Filipinos to be affiliates, who are invited to promote Kwik.insure and be rewarded with referral fees for every successful transaction on its website. Through the program, Kwik.insure hopes to help the insurance industry grow by increasing the insurance awareness in the country. 
“We hope to strengthen the insurance industry by tapping ordinary Filipinos — anyone who has access to a digital platform — to break the stigma and misconception about insurance. Through the program, we hope to encourage Filipinos to be our advocates, as learning is more effective when it comes from someone we trust or look up to,” Kwik.insure Founder and CEO Hamilton Angluben said.
The Philippines is far behind the global benchmarks for insurance penetration and density. Data from the Insurance Commission showed that the insurance penetration (total premiums sold/GDP) of the country is at 1.69 percent, while global average is at 6.09 percent. Insurance density (insurance premiums per capita) in the Philippines averaged at $55, while the global average is at $682. 
“We really have a long way to go, but we believe that through the affiliate program, we will be able to encourage more Filipinos to get insured, especially during these trying times,” Angluben said. 
The program will also empower ordinary Filipinos to have an additional revenue stream. Through the program, affiliates can earn extra income by simply referring people to buy insurance on the online marketplace. Referral fees start at 3 percent and can go up to 10 percent of net premiums, depending on the product.
“We are creating a win-win-win scenario where the client, affiliate, and our company all benefit from the program. The client gets insured by the top providers in the country, the affiliate earns from the referral fees, and our company gets to market more insurance products. Not only does it get more people insured, but it also provides an extra source of income for Filipinos,” Angluben said.
The Insurance Commission (IC) lauded Kwik.insure in launching the affiliate program, saying that this can help bolster the confidence of Filipinos to insurance. 
“We welcome the initiative of Kwik.insure to help increase the insurance awareness in the country and get more Filipinos insured. Having more people promoting the importance of insurance is a progressive strategy to uplift the industry as a whole. We wish them success on the launch of their affiliate program,” IC Commissioner Atty. Dennis Funa said. 
Anyone can become a Kwik.insure affiliate in as fast as 5 minutes by visiting Kwik.insure. Applicants need only to fill out a personal information form and input their payment details for the referral fees, which will be credited each month. 
Kwik.insure is the Philippines’ largest <a href="/" target="_self">online insurance marketplace</a> with 17 insurance and HMO providers. They offer over 100 products and variants of life, health, accident, and auto insurance. 
Find out more by visiting <a href="/affiliate-program">https://kwik.insure/affiliate-program</a>.<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="vne4dtq6y1ph" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt571a231699d47d38" alt="motor insurance online"></a>

MANILA, PHILIPPINES -- Kwik.insure, the Philippines’ largest online insurance marketplace, launched today an affiliate program that will provide a

Kwik.insure Launches Affiliate Program

Buying the right health insurance policy is a fairly big decision. When it comes to ensuring that you and your family are financially secured against huge unexpected medical-related expenses, it can be a daunting task to decide on the right plan.
Especially in the Philippines, choosing a health insurance policy can seem overwhelming because of all the various choices, plenty of paperwork, and all the other nitty-gritty details that have to be carefully weighed and considered. Fortunately, Kwik.insure is here to help you. Below are a few tips we have when you are ready to take the next steps to secure your health and help you for the most part to find the right plan.<h2>Buy early</h2>
<a href="/health-insurance" target="_self">Buying health insurance</a> at an earlier age provides benefits such as lower premiums, and some may even have no-claim bonuses, which is a discount in the premiums offered by insurance providers when the beneficiary does not avail of the claim amount during a policy year. This no-claim bonus can then be availed when renewing the health insurance policy the following year.
Applying for a health insurance policy as early as possible also lessens the chances of getting rejected. Insurance companies reserve the right to reject an application, and this usually happens when there is a higher risk for covering an individual. When the age of a policyholder increases, the risk of coverage becomes higher as well.
Getting health protection as early as possible has never been more important today because conditions such as cardiovascular disease, stroke, hypertension, cancer, and type 2 diabetes among others are age-related diseases that have higher chances of developing as one gets older. To put things into perspective, the leading cause of death in the Philippines, according to the World Health Organization (WHO) in 2018, is coronary heart disease—it reached 120,800 or 19.83%. More common age-related conditions also include hearing loss, worsening eyesight, and back and neck pain. Aside from this, new cases of cancer are expected to increase globally, projected to reach 27 million by 2030. A growing proportion of the global total will be found in the less developed world.
Furthermore, as people age, one is most likely to experience several conditions at the same time. Once an individual is diagnosed with an ailment or chronic medical condition, the cost of health insurance premiums becomes higher while the coverage may also be lower.
Once you get your first health insurance coverage and experience the process of choosing, applying, and buying one, it would be easier for you the next time you will have to renew your plan. Unexpected health issues will also be one less thing to worry about as you go about your daily life.<h2>Know the basics</h2>
Especially when buying health insurance for the first time, it is important to give yourself a good foundation so you do not have to get caught off guard by “insurance speak” when choosing the right health insurance policy.
Here are the important terms you have to know:<ul><li>Premium: the upfront amount you’ll pay each month for the health insurance policy</li><li>Deductible: the amount you have to pay out-of-pocket for covered services before the insurance company pays your coverage.</li><li>Copayment: Also called a copay, it’s a flat amount you’ll pay for specific services or medication, even if you’ve reached your deductible.</li></ul>
Familiarize yourself with these, and you’ll be able to understand those complicated-at-first fine prints in no time.<h2>Consider how much health care you use</h2>
Taking your age, current lifestyle—including food and if you are a smoker or non-smoker—, and pre-existing conditions such as asthma and auto-immune diseases into consideration is helpful, however, you should also be prepared for unexpected circumstances such as car accidents, a surprise diagnosis, or unintentional injuries.
For example, if you know that you do leisure activities that could cause unexpected injuries such as mountain biking, surfing, or scuba diving, you are able to trim down your options to health insurance policies that have adequate coverage. 
Even if there could be a lot of unknowns, make use of what you already know to your advantage. If you regularly visit a certain doctor or if you know you need to take certain medications for current conditions, look for a plan that covers these things. <a href="https://kwik.insure/">Kwik.insure</a> allows you to filter your options by price and provider. Another way would also be to call your current doctors and ask them what plans they accept.<h2>Figure out your budget</h2>
Setting aside a percentage of your annual income dedicated to paying for a health insurance policy is a good starting point. To put this into perspective, the average consumer spends around 5% of their annual income on health insurance premiums. However, this may be higher or lower for you depending on your needs. This would help you narrow down your choices by what you can afford first, then you will be able to refine your options and choose among policies that fit your budget. Also keep in mind that this does not take into account the other out-of-pocket expenses you will have to pay.<a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="eqvq3gm78a13" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt869e745c3b801ded" alt="hmo installment"></a><h2>Compare yearly costs, not just monthly premiums</h2><img data-image="lirf38op0mic" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/bltbd6847f7e3bfbb83/6077a8126a621f72b149e1c7/Kwik_TipsHealthPolicy_Opt12.webp" data-sys-asset-uid="bltbd6847f7e3bfbb83" alt="Kwik_TipsHealthPolicy_Opt12.webp" width="100%" height="auto">
When comparing health insurance plans, the monthly premium payments are just one of the things people look at, however, monthly premiums don’t tell the full story. Each policy also has other costs such as deductibles, or the amount you have to pay out-of-pocket for covered services before the insurance company does.
In turn, estimating the yearly costs should generally provide you a better picture to make a sound decision. Trying to figure out the math could be tricky, but computing and sorting it out in a spreadsheet or on paper would definitely help you when choosing the best health insurance plan properly-suited to your budget.<h2>Review annually</h2>
When you already have an existing policy, it can be tempting to skip all the steps of researching and choosing a health insurance plan for renewal when the coverage period comes to an end. 
Even if you know that your income is the same and other factors in your life such as lifestyle and financial situation remain fairly constant, it is always important to check if there are changes in the costs and other premiums that would be better for your current situation. This may be counterintuitive, but it may just be worth the trouble to give your hard-earned money more mileage.
It is important to note that health insurance policies are constantly evolving to better suit the needs of customers, so it wouldn’t hurt to regularly check for new options, especially if there are <a href="/health-insurance">health insurance plans</a> out there that have better value.<h2>Seek help from the pros</h2>
Reading the fine print and checking the details of the various choices of health insurance policies is a daunting task. There may be words that you do not understand or you find yourself rereading the sentences over and over but they still don’t seem to make sense. This is the time when you reach out and feel free to ask for help. You may ask reliable health insurance providers to offer you more clarity about your concerns. Another option is to approach certified health insurance counselors who are impartial to help you choose which plan may be best for you. <h2>Last but not the least, take care of your body</h2><img data-image="jreypbxbsli7" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt574577fb57b59050/6077a813d0dd26715b4a912f/Kwik_TipsHealthPolicy_Opt07.webp" data-sys-asset-uid="blt574577fb57b59050" alt="Kwik_TipsHealthPolicy_Opt07.webp" width="100%" height="auto">
 As they say, self-care is the best healthcare. This may be a pretty obvious one, but getting at least 7-9 hours of sleep, drinking 8 glasses of water a day, and exercising regularly, goes a long way.
Of course, adopting a better lifestyle is a gradual process and cannot happen in just a couple of weeks, so being aware of your current lifestyle is also important when choosing a health policy. <h2>Summary</h2>
Taking the time to reflect on your health insurance needs and financial situation at the moment can help you choose the right health insurance policy, along with these tips to guide you along the way.
Before you write off your options, make sure to compare health insurance policy packages and payment schemes – soon available on the <a href="/">Kwik.insure</a> website for easy comparison, Kwik browsing, and convenient buying!<a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="eqvq3gm78a13" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt869e745c3b801ded" alt="hmo installment"></a>

Buying the right health insurance policy is a fairly big decision. When it comes to ensuring that you and your family are financially secured against

Starter Tips on Buying the Right Health Insurance Policy

Whether we like it or not, healthcare services can burn a hole in your pocket. With the lack of coverage provided by PhilHealth, most Filipinos have no choice but to shoulder their own medical expenses. According to an out-of-pocket expenditure report, about <a href="https://psa.gov.ph/pnha-press-release/node/163258" target="_blank">47.9 percent of Filipinos</a> used their savings to pay their medical bills in 2019. 
While opting for a private health insurance plan can provide the exact coverage needed, many households simply can’t afford the extra monthly costs. To provide a budget-friendly option, <a href="/hmo" target="_self">prepaid health cards</a> can provide healthcare coverage without the hefty price tag. 
To better understand what prepaid health cards are and if they’re the right option for you, keep on reading. <h2>What exactly is a prepaid health card?</h2>
A prepaid health card or prepaid HMO (Health Maintenance Organizations) is similar to your regular comprehensive HMO but comes with smaller coverages and price tag. It’s a great affordable alternative to regular HMOs with affordable one-time payments.
Compared to a comprehensive HMO, prepaid health cards usually cover specific health services instead of a complete healthcare plan hence the smaller price tag.<h2>Prepaid and comprehensive HMOs: What’s the difference? </h2>
If you’re employed, self-employed, or just doing some research, it’s important to understand the <a href="/kwik-hub/health-insurance/the-difference-between-hmo-and-health-insurance-in-the-philippines">differences between HMOs</a> and what’s worth your investment. Read on to understand how a prepaid health card works. <grammarly-extension data-grammarly-shadow-root="true" style="position: absolute; top: 0px; left: 0px; pointer-events: none;" class="cGcvT"></grammarly-extension><grammarly-extension data-grammarly-shadow-root="true" style="mix-blend-mode: darken; position: absolute; top: 0px; left: 0px; pointer-events: none;" class="cGcvT"></grammarly-extension><grammarly-extension data-grammarly-shadow-root="true" style="position: absolute; top: 0px; left: 0px; pointer-events: none;" class="cGcvT"></grammarly-extension><grammarly-extension data-grammarly-shadow-root="true" style="mix-blend-mode: darken; position: absolute; top: 0px; left: 0px; pointer-events: none;" class="cGcvT"></grammarly-extension><grammarly-extension data-grammarly-shadow-root="true" style="position: absolute; top: 0px; left: 0px; pointer-events: none;" class="cGcvT"></grammarly-extension><grammarly-extension data-grammarly-shadow-root="true" style="mix-blend-mode: darken; position: absolute; top: 0px; left: 0px; pointer-events: none;" class="cGcvT"></grammarly-extension><grammarly-extension data-grammarly-shadow-root="true" style="position: absolute; top: 0px; left: 0px; pointer-events: none;" class="cGcvT"></grammarly-extension><grammarly-extension data-grammarly-shadow-root="true" style="mix-blend-mode: darken; position: absolute; top: 0px; left: 0px; pointer-events: none;" class="cGcvT"></grammarly-extension><grammarly-extension data-grammarly-shadow-root="true" style="position: absolute; top: 0px; left: 0px; pointer-events: none;" class="cGcvT"></grammarly-extension><grammarly-extension data-grammarly-shadow-root="true" style="mix-blend-mode: darken; position: absolute; top: 0px; left: 0px; pointer-events: none;" class="cGcvT"></grammarly-extension><table><tbody><tr><td></td><td>Prepaid health cards</td><td>Comprehensive HMOs</td></tr><tr><td align="center">Policy Coverage</td><td>Limited policy coverage Prepaid health cards usually only cover specified accidents, illnesses, and services.</td><td>Wide policy coverage These healthcare plans cover an all-inclusive selection of healthcare services including hospitalization, emergencies, and preventive care.</td></tr><tr><td align="center">Expenses</td><td>Unlike comprehensive health insurance policies, you only need to pay for the healthcare services you’ve specifically chosen. It’s simple, pay upfront for your prepaid plan and you’ll get covered until the policy ends.</td><td spellcheck="false">Comprehensive health insurance policies cost more due to their wider coverage.</td></tr><tr><td align="center">Validity</td><td>Prepaid health cards usually aren’t valid immediately after purchase. Depending on your healthcare provider, it may take a week or two before you can start using the coverages.</td><td spellcheck="false">Once you receive your policy, you’re able to immediately use the benefits even without a card. All you need is your policy number and valid ID and you are good to go.</td></tr><tr><td align="center">Expiration</td><td spellcheck="false">Prepaid health cards expire usually upon the usage of the cover. However, different options can prolong your HMO prepaid card. Users can choose unlimited benefits for half a year or more. Prepaid health cards are flexible with how much and how long you choose to use them.</td><td spellcheck="false">If you’re employed, it all depends on the status of your company’s subscription. Your policy expires once your company terminates its subscription. For those who have subscribed on their own, your coverage will expire at the end of the validity period.</td></tr><tr><td align="center">Eligibility</td><td spellcheck="false">Due to its short-term and flexible healthcare policies, it is pretty easy to avail of a prepaid health card. Some health care providers also allow individuals over the age of 60 and above to use to subscribe.</td><td>In contrast to prepaid policies, comprehensive plans are strict when it comes to their subscribers. You would need to follow their guidelines like be of suitable age and provide documents to be approved for their policy.</td></tr></tbody></table><a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="9b5frmh5oyim" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt1696b34e426440a1" alt="cheap health insurance philippines"></a><h2> </h2><h2>What happens if you don’t use your HMO?</h2>
Once your policy ends all your health benefits will no longer be valid for use. Is your annual medical check-up coming up? To make the most out of your HMO card, take note of its validity date. 
Most health cards provide outpatient checkups. By using these healthcare services, you’ll be getting the most out of your coverage. If your coverage includes dental care, remember to use it up before it expires.<img data-image="kvjluy3g5s7a" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt9a1ab088a19272fd/6077c21249eb2079fbffdd48/Kwik_Health_Prepaid_Card_Blog_Opt03.webp" data-sys-asset-uid="blt9a1ab088a19272fd" alt="Kwik_Health_Prepaid_Card_Blog_Opt03.webp" width="100%" height="auto"><h2>Who should opt for prepaid health cards? </h2>
After understanding what prepaid health cards are and what they offer, who needs a prepaid health card? To answer these questions, here are some reasons why one would benefit from prepaid health cards. <h3>Self-Employed </h3>
As a self-employed or a freelancer, a regular income isn’t always guaranteed. And with no employer offering HMO benefits, you would be the one covering all of your medical expenses. While possible accidents or illnesses may seem rather distant today. It’s important to be financially prepared. Don’t let your hard-earned money go to waste when you can opt for an affordable HMO policy. 
If you hardly get sick and don’t see the urgency of subscribing to an extensive healthcare plan, you don’t need to. You can opt for health that can cover emergency room treatment and other basic medical services you find necessary for you. <h3>Lack of additional coverage</h3>
If you have existing health insurance but need additional coverage prepaid health cards are a good way to top up your healthcare plan. At times comprehensive health plans provided by a company may not provide the type of healthcare services you need. With a prepaid card, you can curate your policy and be finally at ease. <h3>Dependents with no coverage</h3>
In some companies, dependents aren’t always included in their HMO policy. Unfortunately, some businesses don’t have the means to extend their healthcare benefits to their staff relatives. To ensure that your kids or parents are taken care of, you can get a prepaid health card fit for your dependent’s specific needs. 
There are some health cards dedicated to covering consultation and treatment of illnesses for children. As for the elderly, there are also specific health care plans for geriatric care. <h3>Domestic Helpers </h3>
As the people who provide the utmost care around your family and home, it is important to show appreciation. Prepaid Health Cards are a good option to provide for them if you do not have the budget to give them comprehensive HMOs. Providing a health card that provides specific coverage will ensure that your helpers will be taken care of. <img data-image="idmtt7bokeom" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/bltd6d7af0968f1fce6/6077c212f684ae78caa31e91/Kwik_Health_Prepaid_Card_Blog_Opt02.webp" data-sys-asset-uid="bltd6d7af0968f1fce6" alt="Kwik_Health_Prepaid_Card_Blog_Opt02.webp" width="100%" height="auto"><h1>What are the types of coverages available?</h1>
<a href="/hmo" target="_self">Prepaid health cards</a> can cover all the healthcare services offered by comprehensive healthcare policies. What’s great about prepaid health cards is that you can tailor fit it to your needs based on the type of card you avail. 
If you aren’t sure of what you would specifically need. Here are the types of coverages you can choose from for your prepaid health care plan. <h3>Consultations</h3>
Medical consultation fees can easily add up. Prepaid cards provide consultation service in an accredited network of hospitals and clinics. Now, you can monitor your health cost-effectively. <h3>Hospitalization</h3>
You can never tell when you would need urgent hospitalization. Depending on what you opt for, prepaid cards can also provide one-time hospitalization benefits including access to treatments, medicines, and hospital room. <h3>Emergency care</h3>
Getting emergency care coverage can save you from financial trouble. On unforeseen events that can lead to you in the emergency room, having a Prepaid Health Card ready can cover the emergency room expense. Some cards also cover medical reimbursements, professional fees, and medicines for treatment. <h3>Preventive care</h3>
An annual check-up is highly important even for the young and healthy. It’s important to monitor your health and prevent minor health problems from getting worse. With preventive healthcare, you’ll be able to get a good and general update on your physical well-being. Prepaid health care providers offer good coverage of preventive health care. This includes an Annual Physical Exam (APE) and general checkups including chest X-ray, blood count, urinalysis, etc.<h3>Dental care</h3>
Visits to the dentist are highly important, adding this to your prepaid health card will help you lessen costs. You can avail of dental services that are part of the health care provider’s network. With this coverage, you can benefit from free dental consultations and discounts on dental procedures. <h1>Top reasons why you should get a prepaid health card</h1><ol><li>Prepaid health cards can offer the health services you need at affordable rates. You don’t need to break the bank to get insured. </li><li> Prepaid health cards will give you more financial security should something critical occur. </li><li>Philhealth coverage just isn’t enough. Despite being covered by Philhealth so many Filipinos need to spend their hard-earned money on medical bills like basic check-ups, diagnostic tests, and dental services. </li></ol><h1>Where can you buy Prepaid Health Cards? </h1>
Today, prepaid health cards are easily available online. The process of getting one is very simple as well. You can purchase and register for a prepaid policy online and pay through either Paypal, credit/debit cards, or via bank deposits. 
After you have chosen your coverage plan and purchased your card, your provider will ship them to your address. Once your card arrives you will then have to activate it. There is usually an activation period hence you won’t be able to use your card right away.
Afterward, simply follow the instructions by the provider and wait for confirmation from your provider. Once your card gets validated, you’re free to use your prepaid medical card. Before subscribing to a policy it’s always important to do your research. 
To find the right prepaid HMO card, take a look around insurance marketplaces like <a href="/">Kwik.insure</a>. You’ll be able to compare different prepaid health cards out in the market and buy them online.<h1>Final thoughts</h1>
If you are someone who does not have the budget to get a comprehensive HMO at the moment or are looking to top up your healthcare coverage, prepaid health cards are for you. They are the cost-effective option to ensure that you and your loved ones are medically covered. Emergencies and illnesses can happen at any time. Therefore, it’s important to be prepared for anything. Times can get tough, by putting aside a small amount every month, you’ll be making huge strides in taking care of your future.<a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="f2q1ehqfm9hs" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt1696b34e426440a1" alt="health card philippines"></a>

Whether we like it or not, healthcare services can burn a hole in your pocket. With the lack of coverage provided by PhilHealth, most Filipinos have

What Are Prepaid Health Cards? Are They Worth It?

When choosing to purchase your first <a href="/life-insurance" target="_self">life insurance plan</a>, investing in a term life insurance policy may be one of your initial options because of its affordable price and lack of premium, top-off, and administrative charges. However, whether or not this is the best type of insurance you should invest in still largely depends on your specific needs and situation. 
There is a reason why term life insurance is more affordable and generally it is because, as the name suggests, the coverage of this insurance plan can only be claimed within a certain period. 
If nothing happens to the policyholder and they remain safe and healthy within that time frame, the insurance plan will lapse and the policyholder won’t receive anything.
However, that doesn’t immediately mean that whole life insurance or VUL is the only viable quality choice. Let’s discuss the common features of term life insurance in the Philippines and analyze the situations that might require this type of insurance as a more practical investment.<h2>What is term life insurance?</h2>
Term life insurance is an insurance plan that allows you to prepare for any unexpected costs that can arise from your death, but only if it occurs within a certain time period. Term life insurance plans range from 1, 5, 10 and 20 year coverage periods. In the event of your death, your dependents will remain financially secure even with the loss of your income. 
Should nothing happen to you within that time frame, you will no longer be able to claim the policy value. While this might sound like an obvious disadvantage, this specific feature of term life insurance makes it a more affordable option – especially if you think it will be difficult to pay off regular premium payments with other more comprehensive life insurance plans. 
In the next section, we’ll be discussing the other pros of having a term life insurance policy. <center><img data-image="0o0joh1abo5u" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt1692739df5dc4ed1/6077c9701f74bb759da6bbca/Kwik_Blog_TermLifeInsurance_Opt05.webp" data-sys-asset-uid="blt1692739df5dc4ed1" alt="Kwik_Blog_TermLifeInsurance_Opt05.webp" width="100%" height="auto"></center>
<h2>What are the common features of term life insurance?</h2>
As with all insurance products, term life insurance policies tend to differ from company to company. It is important to take note of these common features that define the structure of a term life insurance policy, so that you know what variables to consider when choosing what type of policy works for you.<ul><li>Affordable </li></ul>
Term life insurance is considerably cheaper than other types of life insurance. There are also several payment schemes that can be negotiated for the ease of the policyholder. The frequency of payments to choose from is typically one-time pay, monthly, quarterly, or annually. <ul><li>Convertible</li></ul>
Even though term life insurance policies have a set amount of time that the insurance value can be claimed, there are term policies that can be converted into a different type of policy altogether. Perhaps you paid regularly for a 10-year term life insurance policy that was never claimed, there is an option for you to convert that account value to a one-time pay health insurance policy. <ul><li>Renewable</li></ul>
Aside from converting your account value, you can also have the option to simply extend the period of time covered by your term life policy. You can choose to extend by a year or 5, depending on the insurance provider, and extend your policy as needed. However, there are usually age limits on how long you can extend your policy ranging from 65 to 85 years old. In the event you are about to reach the limit age, there is still the option of converting your term life insurance policy to a traditional life insurance policy, which normally has coverage up until 100 years old. <ul><li>Flexible </li></ul>
In certain cases, medical underwriting may also not be required to apply for a term life insurance policy however the sum assured to be paid to the beneficiaries will be lower compared to term life policies that do require medical exams. 
There are also insurance companies that allow the enhancement of the term life insurance policy to include hospitalization, accident, and disability. It really depends on the insurance provider on how they want to package their term insurance policies. <ul><li>Add-on Benefits </li></ul>
Certain insurance providers have benefits dedicated to specific costs incurred when the policyholder passes away aside from income security. These variants can focus on:<ol><li>Funeral – The expenses of the funeral can be included as an additional benefit.</li><li>Real Estate – For policyholders with assets that require inheritance tax or other fees in order to transfer to their beneficiaries, there are benefits that help ease the passing down of wealth.</li><li>Terminal Illness – For policyholders that were terminally ill, there are also benefits that address hospital bills that have piled up prior to death.</li></ol>
While these may change your mind about purchasing a term life insurance policy and shunning away from the more expensive life insurance policies, make sure to read the conditions of the policy you want to purchase as all of these features come in various packages depending on the provider you want to go with. Choose the package that addresses your most pressing financial worries.<img data-image="33g7nntnqeaf" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt45633b6039193e26/6077c970e0a8fe10ae61cae4/Kwik_Blog_TermLifeInsurance_Opt02.webp" data-sys-asset-uid="blt45633b6039193e26" alt="Kwik_Blog_TermLifeInsurance_Opt02.webp" width="100%" height="auto">
<h2>How do I know if I should get term life insurance or whole life insurance?</h2>
First, consider your current situation. For example, if your main concern is financing your child’s education, then perhaps getting a 10 to 20-year term life insurance policy can be a worthy investment that still falls within your budget. By the time it lapses, you might already be nearing retirement with a steady amount of funds and assets saved away, and your child has grown into a working adult with their own financial savings. 
Since the whole point of getting insurance with death, benefits is to protect your loved ones from being financially unprepared to handle your loss, investing in term life insurance can give you peace of mind that during your family’s most costly years – paying for education or loaned assets – they will remain financially protected. Plus, the more affordable cost of term life insurance will allow you to save more of your current income for everyday living expenses.
While whole life insurance policies tend to have wider coverages and no time limitations – it lasts for a lifetime, even past your premium payments – they are more expensive and have additional fees. But this is also because certain whole life insurance policies have living benefits and a growing cash value over time. Aside from paying for future security, certain whole life insurance policies allow an amount of your premium to be invested in funds. Another term for such whole life insurance policies is VUL or Variable Universal Life Insurance. 
If you have the financial capability to invest in a more comprehensive plan that considers even some of your peripheral concerns such as fund investment, whole life insurance might be for you. There is also less worry over the time limitations or renewals of your plan since whole life insurance policies do not expire if you have made all of your premium payments. <h2>In conclusion</h2>
Going back to your needs and financial capacity at the moment, taking the time to understand your situation – and who you want to benefit from your insurance – can lead you to make a more confident decision in choosing an insurance product that works for you. 
Term life insurance may not be the most comprehensive insurance plan on the market, but it may be the most practical choice for you. 
Before you write off your options, make sure to <a href="/products/life-insurance">compare life insurance policy packages</a> and payment schemes – soon available on the <a href="/">Kwik.insure</a> website for easy comparison and convenient browsing!<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner"><img data-image="2xhvltz06uy7" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="buy term life insurance philippines"></a>

When choosing to purchase your first life insurance plan, investing in a term life insurance policy may be one of your initial options because of its

What is Term Life Insurance and Why Should You Get it?

Two very common insurance policies that get mixed up is Personal Accident Insurance and Life Insurance policies. If you’re looking to choose between one or the other, we go step-by-step in this comprehensive guide on what these insurance policies actually cover and which one is more appropriate for your needs.
When any unexpected accident causing unforeseeable cost happens, most people would suppose that it can be covered by some form of insurance. But what type of insurance? With different types of coverage, names, and premiums, the terminology can get a bit confusing. 
In fact, when it comes to accidents there are multiple insurance options that can offer a form of coverage for any injuries, costs, and death that may occur. Choosing which one to purchase, all boils down to what policy coverage and premium payments work best for you and your situation. Taking the time to get the basic insurance coverage types down will help significantly in your search for the best type of insurance plan that you can purchase in the Philippines.<h2>What does Personal Accident Insurance mean?</h2>
<a href="/accident-insurance" target="_self">Personal Accident insurance</a> is a policy that protects you from costs that arise from accidental injuries or even death. This can range from medical fees to monthly allowance during the time which you are recovering to supplement for lost income.
This means that only accidents in unforeseeable circumstances can be availed for personal accident insurance coverage.<img data-image="rwpqopo1yjjf" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blta0bbeffaf981b988/6077ee471f7b0a72b235d481/Kwik_Blog_PersonalAccident_Opt02.webp" data-sys-asset-uid="blta0bbeffaf981b988" alt="Kwik_Blog_PersonalAccident_Opt02.webp" width="100%" height="auto"><h2>What does Life Insurance mean?</h2>
<a href="/life-insurance" target="_self">Life insurance</a>, on the other hand, is a policy that has several categories that range from costs arising from illnesses, accidental death, and even partial investments. Life insurance policies are typically more expensive than personal accident insurance policies, but only because they also have larger coverage.
The three <a href="/kwik-hub/life-insurance/the-ultimate-guide-to-all-types-of-life-insurance-policies/">types of Life insurance</a> are: <ul><li>Term life insurance refers to policies that last within a certain time frame, like say, 30 years. It is the cheapest type of life insurance available which provides coverage for developing sudden critical illnesses, accidental deaths, and disability. However, if nothing happens to you within those 30 years that require insurance bail out you will not be able to take out the premium you paid during that time.</li></ul><ul><li>Whole life insurance refers to policies that do not have a time frame – they cover you for the entirety of your life. Even after you pass away, your whole life insurance policy guarantees your beneficiaries to receive either a lump sum amount or a monthly payout to supplement your lost income. </li></ul><ul><li>VUL stands for Variable Universal Life insurance, which refers to policies that have a portion of your premium dedicated to investments. This means a greater potential to get a higher insurance payout if the market is doing well during the period of time you claim your insurance benefits.</li></ul><a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner"><img data-image="nx7k1mstmpsu" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="accident insurance"></a><h2>What costs does the Personal Accident Insurance cover?</h2>
As for which costs are specifically considered during personal accidents, the <a href="/accident-insurance" target="_self">Personal Accident Insurance</a> policy typically includes medical fees for accidental injuries, alternative treatments as part of hospitalization benefits, monthly allowances for permanent disability, medical rehabilitation for serious accidental injuries, and a lump sum amount to be claimed by the beneficiary in the case of accidental death.
Aside from this basic list of policy coverage, make sure to check with the insurance company if they are offering the features that you want to include in your Personal Accident Insurance:<ul><li>Accidental death</li><li>Permanent Disability</li><li>Rehabilitation</li><li>Daily allowance during hospitalization</li><li>Medical fees</li></ul><h2>What does Life Insurance cover that Personal Accident Insurance does not?</h2>
<a href="/life-insurance" target="_self">Life Insurance</a>, while more expensive, has the following coverage options that Personal Accident Insurance policies do not:<ul><li>Critical Illness – All life insurance policies, whether term or whole, will include a list of critical illnesses. While the size of the list of illnesses covered differs from policy to policy, accidents that occur from previously known illnesses are not covered by Personal Accident Insurance. Though it is important to take note that aside from the list of illnesses covered are not the same for each life insurance policy, the premium you will have to pay will be bigger if you have any of the illnesses already diagnosed. This is why it is often advised to get a good life insurance policy when you are young and healthy. The more you age, and the moment you are medically diagnosed with an illness that increases the likelihood of you needing your insurance claims, the more expensive your yearly premium will become.</li></ul><ul><li>VUL – Variable Universal Life Insurance investment options are not included with Personal Accident Insurance policies, as they simply cover the essential costs of accidental harm, injury, or death. VUL insurance policies allow you to choose an investment portfolio for your savings to potentially grow bigger than the original amount that can be guaranteed by the insurance company. There are safeguards in place, however, that minimizes the possibility of you not making the most out of your returns. Make sure to take note of aspects such as the minimum guaranteed insurance claim and the percentage you’re comfortable allotting to the investment portion of the policy.</li></ul>
Estate Tax Assistance – In the event of the policyholder passing away, certain life insurance policies also include assistance in paying out estate and inheritance tax for the beneficiaries listed in the policy. Again, this is an extended coverage that does not fall under Personal Accident Insurance.<img data-image="3b0kcd9brfil" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt20923f2be2bd1e30/6077ee4766e3a310e06c71ca/Kwik_Blog_PersonalAccident_Opt03.webp" data-sys-asset-uid="blt20923f2be2bd1e30" alt="Kwik_Blog_PersonalAccident_Opt03.webp" width="100%" height="auto"><h2>Final thoughts</h2>
Life Insurance along with having more expansive coverage and higher premium payments also requires medical underwriting, which is not required with Personal Accident Insurance. This is because the premium for life insurance policies is computed using your risk score which includes your age and preexisting health conditions.
If you are at an age where life insurance has become too expensive, or if you have been diagnosed with a critical illness that increases the premium of typical life insurance policies, you may also opt to purchase or add Personal Accident Insurance to your existing policy instead. That way, you can still protect yourself financially from the costs brought on by any unforeseeable accidents, and even leave a lump sum amount to your beneficiaries in the event that you pass away.
Investing in Personal Accident Insurance might work better for those who are self-employed since they might not have any sick leaves and healthcare allotted by employers. If you are employed by a private company, and you are deciding what type of insurance policy to add to your beneficial life insurance policy from work, then Personal Accidental Insurance might be a more appropriate investment for you.
Kwik.insure is an online insurance marketplace aiming to bridge the insurance gap in the Philippines. For more helpful articles on health insurance in the country, feel free to read through our blog. If you are interested in purchasing your insurance policy online, sign up on <a href="/">Kwik.insure</a>!<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner"><img data-image="nx7k1mstmpsu" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="accident insurance"></a>

Two very common insurance policies that get mixed up is Personal Accident Insurance and Life Insurance policies. If you’re looking to choose between

Personal Accident Insurance vs Life Insurance: Which to get?

Every car owner is required to purchase their car insurance before they can hit the road. Unlike completely voluntary life insurance, basic car insurance is a form of financial protection that is mandated by the Philippine Government. Let’s discuss the difference between CTPL insurance vs. <a href="/car-insurance" target="_self">Comprehensive Vehicle Insurance</a>.
This mandated car insurance is called CTPL Insurance, which stands for Compulsory Third Party Liability. CTPL is required for good reason, as roadside accidents are quite common in the Philippines. The<a href="https://www.topgear.com.ph/news/motoring-news/mmda-mmaras-2019-report-a4354-20200224" target="_blank"> 2019 MMDA report</a> states that there were 121,771 reported road accidents in 2019 alone. Meanwhile, <a href="https://www.worldlifeexpectancy.com/philippines-road-traffic-accidents#:~:text=According%20to%20the%20latest%20WHO,Philippines%20%23118%20in%20the%20world." target="_blank">2018 WHO data</a> shows that 1.74% of total deaths in the country totaling 10,647 deaths all in all are attributed to roadside accidents.
It is possible, however, and even recommended in most cases, to avail of a more comprehensive car insurance plan in order to financially protect the owner from other possible incidents such as natural disasters, public vandalism, bodily injury due to a vehicular accident, and so on.
Torn whether you should get CTPL vs. Comprehensive Vehicle Insurance? here’s everything you’ll need to know about to get started.<h2>What is CTPL insurance?</h2>
CTPL or Compulsory Third Party Liability is a kind of financial protection reserved for a third party’s medical fees should your car get into an accident causing bodily harm to another person.
Apart from third-party beneficiaries, other types of car insurance provide benefits that can be categorized into First Party and Second Party beneficiaries. First Party refers to the insurance policyholder, Second Party refers to the car company, and Third Party, as mentioned earlier, refers to the other person involved in the automobile accident.
CTPL coverage is required by the government before a vehicle can be registered in the LTO (Land Transportation Office). Afterward, you have the option to purchase <a href="/car-insurance" target="_self">comprehensive car insurance</a> to broaden the coverage of your insurance to include First and/or Second Party damages. 
Knowing the main benefits of your insurance will help guide you into making a decision on whether or not to stick with CTPL or consider comprehensive car insurance policies that tend to cover more situations and beneficiaries. 
In case any accidents occur on the road, ranging from automobile damage to bodily injury, there are car insurance policies that can financially prepare you to compensate for these unexpected damages.<img data-image="rwypdnm802gm" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt1bcb1bf8638e42b9/6077f373f684ae78caa321ac/Kwik_CarInsurance_CTPLBlog05_R01.webp" data-sys-asset-uid="blt1bcb1bf8638e42b9" alt="Kwik_CarInsurance_CTPLBlog05_R01.webp" width="100%" height="auto"><h2>What is the coverage of CTPL?</h2><h3>COMPULSORY THIRD PARTY LIABILITY INSURANCE</h3><ul><li>This mandated car insurance policy is required by the law to protect Third Party liabilities in the event of bodily injury over an unexpected car accident. Take note that the CTPL does not include coverage for you or your passengers.</li></ul><h2>What are the additional forms of coverage NOT in CTPL?</h2>
It may seem excessive to purchase more comprehensive car insurance policies on top of the government-mandated CTPL, but vehicular incidents often involve more expenses and casualties than just third party liabilities. 
Aside from third-party bodily injury, there can be personal medical fees and legal fees on top of the vehicular repair fees depending on the situation. With the right car insurance policy, all of these fees can be covered and settled without burdening you with unexpected, heavy costs.
Before going for the default option, take the time to review the additional forms of coverage being provided by other car insurance policies:<h2>FIRST-PARTY INSURANCE</h2><ul><li>Personal Bodily Harm – This covers the medical fees incurred by the policyholder for any personal injuries sustained from vehicular accidents under the following conditions: the accident was not the fault of the policyholder or either of the parties, or the driver at fault did a hit-and-run.</li><li>Loss or damage – Protection in the event that your vehicle is damaged from accidental collision and overturning, fire, lightning, explosions, theft, and malicious damages from third parties. Certain insurance policies can use this coverage in situations where the driver who caused the accident does not have enough money to cover damages to the policyholder.</li><li>Robbery – In the case of carnapping, the policyholder may claim the Fair Market Value of the stolen car with their insurance company. This amount is computed with the original market price of the car minus depreciation.</li></ul><h3>COMPREHENSIVE CAR INSURANCE</h3><ul><li>Excess Bodily Injury – On top of the CTPL coverage, this allows the policyholder to have a higher amount covered by their Third Party Protection Liability policy.</li>

<li><a href="/kwik-hub/car-insurance/acts-of-nature-coverage-vehicle-insurance-why-you-need-it" style="color:#666666">Acts of Nature</a> – This covers any unforeseen natural disasters such as earthquakes, floods, typhoons, volcanic eruptions, and the like. Also called Acts of God.</li>

<li>Unnamed Driver and Passenger Personal Accident – In case the insured vehicle is being driven by someone other than the policyholder or if there is an additional passenger onboard the vehicle in the event of an accident, this covers their medical fees. </li><li>Strikes, Riots, Civil Commotion – Any vehicular damage caused by public strikes or riots leading to the destruction of property or vandalism can be covered for repair costs.</li></ul><h3>ADD-ONS</h3><ul><li>Legal Assistance – In the event that a roadside accident will be taken to court, certain insurance packages have this added benefit of providing assistance in handling legal concerns.</li><li>Road Assist – For vehicles that break down and require roadside assistance, mechanical support can be provided. In certain cases, this can also cover the fees for towing, battery jumpstart, tire replacement, and fuel delivery.</li><li>Loss of Use – In case the vehicle needs to be left at a repair shop for a few days, there are insurance policies that offer transportation allowances for the policyholder to use in taking alternate modes of transportation.</li><li>Repair – There are also add ons that cover basic car repairs and tuneups. In certain cases, there are also specific policies that cover repairs for car accessories.</li></ul>
The car insurance policy you choose to purchase will affect the amount you will need to pay for a yearly premium. Always consider that the amount covered for each benefit and the premium to be paid for each type of package will vary per insurance policy. So make sure to go over your options, as every insurance company will have their own variations and packages for their car insurance policies.<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="gfro8bbybtgg" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="affordable car insurance online"></a><h2>How to choose between CTPL vs. Comprehensive Vehicle Insurance</h2>
When choosing an ideal car insurance policy, make sure to consider which of the above benefits are included in the policy and how much you will be charged for the yearly premium. While insurance premiums might feel like an unnecessary financial burden, in the beginning, it helps to remember that a single, unexpected accident may wipe out your entire savings if you don’t have the proper financial protection. 
But of course, it’s not as simple as just getting the most expensive and all-inclusive insurance plan. Regular payments of yearly premiums can become difficult to maintain if you are not yet financially capable to set aside a larger sum just for a single comprehensive car insurance plan. 
Therefore, in order to make a practical decision that falls within a reasonable budget, always consider your personal situation and daily use of your insured vehicle. 
Here are a few steps you can take in order to make that choice:<img data-image="ust73cpc38lm" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt6a571a1375e5210b/6077f1316a621f72b149e4c5/Kwik_CarInsurance_CTPLBlog03_R01.webp" data-sys-asset-uid="blt6a571a1375e5210b" alt="Kwik_CarInsurance_CTPLBlog03_R01.webp" width="100%" height="auto"><h3>Ask yourself the following questions:</h3><ul><li>Is the current market value of my car worth getting separate coverage for certain vehicle accessories or features?</li><li>Do I pass by crowded roads on a daily basis? Do I use my car to travel on highways? What is the likelihood that I will get into an accident?</li><li>Do I live or work in an area prone to flood or winds during typhoon season?</li><li>Do I live or work in an area near natural disaster-prone locations such as above a fault line or beside a bay area?</li><li>Can I dedicate time and effort to coordinating roadside assistance in case my car breaks down unexpectedly?</li><li>Can I dedicate time and effort to fixing legal matters in case my car is involved in an accidental collision or overturn?</li><li>Is the make of my car the type to require constant fixups in an auto shop?</li></ul>
If you answer yes to all or most of these questions, then it could be in your best interest to invest in <a href="/car-insurance" target="_self">comprehensive car insurance</a>.<ol><li>Identify the policies you need vs the budget you have</li></ol>
identify which policy features are must-haves as absolute necessities, and which ones are simply good-to-haves for additional protection. Having this hierarchy of importance assigned to different benefits can be used in choosing which features to keep or cut out when looking for a plan within your budget. 
2. Check your options 
Insurance companies often offer multiple car insurance products you can choose from. You can even have a financial advisor recommend their best fitting product given your situation. This can help save you time and effort in reviewing their benefits packages one by one.
While speaking to a financial advisor can be helpful, you can now opt to review the insurance products being offered on the company websites or online portals. These insurance company websites will contain all the information you need to consider in comparing car insurance products. However, you will need to search for them individually and read multiple product web pages in order to take note of the list of features you want to compare. Check our <a href="/kwik-hub/car-insurance/8-smart-tips-for-choosing-the-right-car-insurance-plan/">comprehensive guide in buying car insurance</a>.
Whichever option works best for you, this process should help you narrow down your list of car insurance policies and lock in the ideal plan. When you drive down the street, make sure you and your car stay safe and protected even from unexpected situations.
In case you want to save time and effort, <a href="/">Kwik.insure</a> can provide you a convenient and user-friendly means to review and purchase these car insurance products without needing to keep switching between websites. <a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="rq6vjkb02e64" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="vehicle insurance philippines"></a>

Every car owner is required to purchase their car insurance before they can hit the road. Unlike completely voluntary life insurance, basic car

The Difference between CTPL and Comprehensive Car Insurance

Vehicle Insurance policies in the Philippines involve several types of optional add-on coverages. One add-on coverage is Acts of Nature, also known as Acts of God or AOG coverage. When choosing a <a href="/car-insurance" target="_self">comprehensive vehicle insurance plan</a>, this type of add-on could be something worth investing in, especially in a disaster-prone country such as the Philippines.
To put this into perspective, the Philippines is one of the most disaster-prone countries in the world because of its geographical location. The country is located next to the Pacific Ocean, which makes it vulnerable to strong tropical storms during the regular typhoon season. It is also located along the Pacific Ring of Fire where many earthquakes and volcanic eruptions occur. Like other Asian countries with volcanoes and multiple coastline cities, the Philippines is a vulnerable country for these natural disasters along with the likes of Bangladesh, Cambodia, India, Pakistan, and Vietnam. 
Natural disasters in the Philippines have caused over 23,000 deaths within the years 2000 to 2016. Within that period were super typhoons Ondoy, Milenyo, and Ulysses which collectively caused major socioeconomic damage in the affected cities. It was because of Typhoon Ondoy that AON (Acts of Nature) coverage became a more popular choice of coverage in the succeeding years after the calamity.
That being said, natural disasters are something to watch out for. But what exactly falls under the Acts of Nature coverage, and how will it benefit car owners who are insured for it? Here, we list down the answers to these common questions about the Acts of Nature coverage.<img data-image="zssnk0mvha90" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt2c46d56300247a23/6077f929d0dd26715b4a9482/Kwik_CarInsurance_AOGBlog03_R01.webp" data-sys-asset-uid="blt2c46d56300247a23" alt="Kwik_CarInsurance_AOGBlog03_R01.webp" width="100%" height="auto"><h2>What is included in the Act of Nature coverage?</h2>
Insurance companies define an Act of Nature as an incident that occurs due to natural causes that could not have been foreseen or prevented by foresight. This includes natural disasters and, occasionally, malicious third party damages.<ul><li>Typhoon and flood – Certain insurance policies lump these two together, which means claiming flood-related damages might require a storm signal warning from PAGASA to prove that it was indeed a natural disaster. </li><li>Hurricane – If a hurricane totals your car, this is included.</li><li>Fire – If a fire breaks out near your vehicle and it is not caused by your negligence, this is included.</li><li>Explosion – If an explosion destroys your car and it is not caused by your negligence, this is included.</li><li>Windstorm – If a windstorm totals your car and it is not caused by your negligence, this is included.</li><li>Vandalism – Not all insurance policies have this bundled together with AON coverage, but malicious damage caused by a third party can be included.</li><li>Civil unrest/Riot – Not all insurance policies have this bundled together with AON, but damage caused by riots, strikes, and civil unrest can be included.</li><li>Volcanic eruption – If a volcanic eruption destroys your car and it is not caused by your negligence, this is included.</li><li>Earthquake – If an earthquake destroys your car and it is not caused by your negligence, this is included.</li><li>Landslide – If a landslide destroys your car and it is not caused by your negligence, this is included.</li><li>Animals – Hitting an animal with your car is included, but only if it is a wild animal. Pets with identifiable owners are not covered by AON.</li></ul>
Not all comprehensive car plans have AON coverage included in their list, and the coverage of each AON benefit differs depending on the insurance company. It is best to check with your insurance company on the nitty-gritty of the AON policy, with a comprehensive list of included incidents and the conditions that must be met to claim each one.<h2>How can you get AON coverage?</h2>
To get the Acts of Nature coverage, you must first purchase a <a href="/car-insurance" target="_self">comprehensive vehicle insurance plan</a> and add an AON policy. In the Philippines, it cannot be purchased by itself. To find vehicle insurance with the AON coverage add-on, you can easily select the AON filter on the <a href="/vehicle-insurance/assistant-tool">Kwik Assistant Tool</a> at Kwik.insure.
Comprehensive vehicle insurance premiums cost around 1.8% to 2% of your car’s value. If you want to add AON coverage it will cost an additional 30% to 40% on top of your comprehensive vehicle insurance premium.
There are other things you must disclose to your insurance company to determine your risk in experiencing a natural disaster. They will be measuring the likelihood that you will need to claim your insurance, which increases when, for example, you live near a faultline or active volcano. As with other insurance policies, this higher risk assessment might affect the value of your insurance, making it more expensive.<h2>What are the limitations in the Acts of Nature coverage? </h2>
As mentioned earlier, damages that are caused by the policyholder’s negligence are not included in AON coverage even if one of the above incidents occurs. Okay, so what exactly counts as negligence? 
You must make sure that there were no flood warnings and that the incident that happened was not foreseeable in any way. Otherwise, it will only be counted as negligence on the part of the owner and not a claimable incident. 
Take note that there are conditions that need to be proven at the time of the incident, so be prepared to present documents requested by your insurance company. To avoid any misunderstandings, make sure to ask before purchasing your insurance as to what kind of conditions must be met. It is not always the case that having a flood wash away your car will automatically be covered by Acts of Nature coverage. 
For example, there is a storm signal in a certain area and PAGASA had already given a flood warning for this city. If you, knowing this warning, still went ahead and driven your car into a flooded city, then that will not be claimable as AON. If there was no flood warning and you were honestly caught off-guard with the sudden influx of water destroying your car, then that will be claimable under AON.<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="hjahtaj3w5s1" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt571a231699d47d38" alt="Buy car insurance online"></a><h2>How do you make a claim for Acts of Nature?</h2>
If you believe that the calamity that acted upon your vehicle was unforeseeable and within the coverage of AON, here are the documents you will need to make the claim:<ul><li>Incident report </li><li>ORCR (Official Receipt and Certificate of Registration) of the car </li><li>Driver’s license </li><li>Photo of the damaged car </li><li>Estimated car value </li><li>Estimated damage value</li></ul><img data-image="udlvx6xvcxcp" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blte57ee3b713061408/6077f929e0a8fe10ae61ce07/Kwik_CarInsurance_AOGBlog04_R01.webp" data-sys-asset-uid="blte57ee3b713061408" alt="Kwik_CarInsurance_AOGBlog04_R01.webp" width="100%" height="auto"><h2>Is it really necessary to get Acts of Nature as an Add-on?</h2>
What are the chances that a flood washes away your car or that lava will melt it into a metal heap? In the Philippines, it’s not exactly the most common way to damage your car but it is also not as unlikely as you would think. 
According to the Asian Development Bank’s case study on the Philippines’ natural disasters and the effect of its collateral damage on assets, the country is especially prone to disasters like typhoons and floods. There are high concentrations of people in areas that are heavily affected by these natural disasters which increase the risk of damages. Typhoons, on average, occur about 20 times per year and are a common natural hazard for Filipinos.
Also, the World Risk Report 2018 has ranked the Philippines as third in terms of disaster risk index. This is due to the higher risk of earthquakes and tropical cyclones, as well as volcanic eruptions. 
But even if this is the case, there are other policies that cover incidents that are more likely to happen than an unforeseeable natural disaster. So if you’re planning around a budget, it is best to prioritize the policies you need the most. 
You might want to think if paying the extra premium is worth it. After all, if your insured car is damaged in an incident covered by AON, you might only get reimbursed for the current market value of your car. That means if the value of your car has already depreciated, you might not get value for the money you invested in a higher comprehensive vehicle insurance premium.<img data-image="6m348b9mgh50" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt42ecf72c70f5468f/61a0a02d37c855238d66dffb/Kwik_CarInsurance_AOGBlog02_R01_(1).webp" data-sys-asset-uid="blt42ecf72c70f5468f" alt="Kwik_CarInsurance_AOGBlog02_R01_(1).webp" width="100%" height="auto"><h2>Final thoughts</h2>
While there is a general definition for what constitutes an Act of Nature and a list of common benefits that are included in the policy, there are many varying coverage plans and conditions depending on the insurance company you decide to go with. When making a claim you will have to discuss with your insurance company representative whether the damage to your car can be considered an unforeseeable natural incident. 
To make sure, have an open conversation with your insurance advisor and understand the allowances and limitations of the AON policy you plan on purchasing for your vehicle.
 Kwik.insure is an online insurance marketplace aiming to bridge the insurance gap in the Philippines. For more helpful articles on vehicle insurance in the country, feel free to read through our blog. If you are interested in purchasing your insurance policy online, sign up on <a href="/">Kwik.insure</a>!<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner-raq"><img data-image="3lmcd0w4161v" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="get car insurance quote"></a>

Vehicle Insurance policies in the Philippines involve several types of optional add-on coverages. One add-on coverage is Acts of Nature, also known as

Acts of Nature Coverage in Vehicle Insurance: Why You Need It

Months ago, the whole world was looking forward to the start of a new decade. Nobody expected a crisis to shake the whole world up and turn everything upside down. 
Fast forward to the present, the COVID-19 pandemic has glaringly changed the way we live. It closed businesses down, prompted nationwide lockdowns, discouraged social gatherings, and banned travels. Furthermore, it increased the anxiety levels among the public who, more than anything else, wish for the health and safety of their loved ones. <img data-image="82tktq6aynlk" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt6c44ed5f09c8c58c/6077fc2adbce59715a7d44f0/KwikBlogImage_Car_MaintainingInsurance2_R01.webp" data-sys-asset-uid="blt6c44ed5f09c8c58c" alt="KwikBlogImage_Car_MaintainingInsurance2_R01.webp" width="100%" height="auto">
It’s also worth mentioning that the pandemic has brought about an economic challenge that the country—and the rest of the world—hasn’t encountered before. It set off a series of disruptions in the economy that lead to further complications in a seemingly never-ending cycle. 
First, manpower has been significantly reduced to follow the social distancing measures implemented by the government. This is also done to ensure the health and well-being of the workers. However, this has gravely impacted the productivity levels of businesses along with the supply of goods. 
On the other hand, the series of layoffs, furloughs, and other forms of income losses are making it difficult for consumers to cope with these trying times. Some are finding other sources of income to be able to afford their daily needs, while others are finding ways to cut down on their expenses. 
This is the reality that many of us have to live with today: aside from the health risks presented by the novel coronavirus, many also have to deal with career instability and even the loss of income. If the situation drags on, the Filipinos’ buying power may suffer long-term effects. <h2>Finding Ways to Cope With the Financial Challenges of COVID-19</h2>
One of the biggest consequences of this pandemic is the evident deterioration of car sales. With the factors mentioned above, some end up selling their cars to make ends meet, or simply default on bank payments. A ray of hope amidst this situation is that banks have been making an effort to extend auto and other loan payments to protect customers. 
Aside from selling their cars, some are finding other ways to cut down on their expenses. Particularly, they are looking at other costs related to car ownership, such as auto insurance. 
If you have been considering similar options lately, allow us to inform you of the advantages of keeping your policy. In the following sections, you will learn of some crucial points and the consequences of canceling your car insurance amid COVID-19. <h2>Canceling Your Car Insurance</h2>
With community lockdowns still in place in different parts of the country, you may be driving your car less than before. Because of this, you may think that cancelling your auto insurance policy is a practical decision—after all, you won’t need it like you used to, right? 
While it is true that you may not be able to use your car as much as you did before, dropping your policy is not the smartest thing to do.You will still need your car for your grocery runs or emergency trips. If you get caught driving without any insurance, you could face fines as well as license and registration suspension. On top of that, you may even be jailed for reckless imprudence if you get into an accident and have no means to pay for the damage. 
It also pays to remember that, even if there’s a lockdown and you’re not driving, your auto insurance keeps your vehicle protected. Damages can happen to your car even while it is parked, such as car theft or damage from fire, floods, and vandalism. Pushing through with your insurance will protect you from all of these potential issues and even save you from more costly expenses.<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="prv22pblbg1y" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt571a231699d47d38" alt="car insurance"></a><h2>Dropping Optional Coverages </h2>
Aside from calling off your car insurance, you may also think of dropping optional coverage types such as Roadside Assistance or Acts of Nature. 
However, you should know that doing so will leave you vulnerable in the areas they serve. For example, in the event of a typhoon, flooding, or earthquake, you lose the financial protection for any damages sustained by your vehicle during these natural events. On the other hand, if you face a breakdown in the middle of the road, getting roadside assistance may not be as easy as it used to be. <img data-image="kznw8f44pd71" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/bltef25997783853d8c/6077fc291898af75a401d42e/KwikBlogImage_Car_MaintainingInsurance5_R01.webp" data-sys-asset-uid="bltef25997783853d8c" alt="KwikBlogImage_Car_MaintainingInsurance5_R01.webp" width="100%" height="auto">
The best way to save money on your car insurance is to get in touch with your agent and ask for a review in line with your budget limit. Your agent may be able to help you by informing you of any available car insurance discounts or newly announced schemes. <h2>Failure to Pay Car Insurance Premiums </h2>
People’s sources of income have been seriously affected by the COVID-19 pandemic. This is a widely known fact across the globe 
If this has rendered you unable to pay your car insurance premium, contact your insurer as soon as possible and let them know about your situation to discuss possible solutions. For the past months, insurance companies have been offering extended grace periods and other payment options. <h2>Making Insurance More Accessible Through Digitalization</h2>
For the past months, insurance companies have been adapting and finding ways to digitize their process. These efforts are done to help make insurance services more accessible and convenient for consumers with very limited mobility due to quarantine restrictions. 
Some are building partnerships with e-commerce firms to bring their offerings online. On the other hand, some are modernizing their digital platforms to grant customers better access to their policies. On top of that, insurance tech company Kwik.insure is on the way to launch an <a href="/" target="_self">online insurance marketplace</a> to allow Filipinos to view and compare insurance products from different companies. 
As social distancing measures are highly likely to be practiced even in the post-COVID world, such developments can bridge the insurance gap in the Philippines. Kwik.insure can make it easier for consumers like you to view and access your policies anytime using your mobile device and make the necessary adjustments according to your lifestyle and budget. Ultimately, it empowers you to understand your auto insurance on a deeper level and make it work for you. <h2>The Need for Cars Post-COVID</h2>
Realistically speaking, things are not likely to return to the way they used to be any time soon. With this, people may still have apprehensions about being in public places or using public transportation. 
Consequently, consumers may use private vehicles more when moving around. While they may not have the capability to purchase vehicles at the moment, experts predict that <a href="https://www.globaldata.com/post-covid-used-car-market-expected-to-witness-high-growth-in-southeast-asia-says-globaldata/" target="_blank">the sales of both new and used vehicles would pick up once the outbreak is over</a>. 
With more cars anticipated to be on the road in the near future, the need for well-thought-of insurance policies along with safe driving practices will be more urgent than ever. <img data-image="b220rcj9boo1" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/bltc8afc3c8ff5eaa37/6077fc29dbc23374786d0b12/KwikBlogImage_Car_MaintainingInsurance3_R01.webp" data-sys-asset-uid="bltc8afc3c8ff5eaa37" alt="KwikBlogImage_Car_MaintainingInsurance3_R01.webp" width="100%" height="auto"><h2>Safety Reminders </h2>
Lockdowns across the country are being lifted one after another. With this, more people are driving around, whether it be to come to work or to attend to important errands. 
As mobility is picking up once again, you must strive to follow safety measures while on the road to prevent accidents. On top of that, you have to remember that there are still quarantine protocols in different cities. Keeping these in mind will help you avoid inconveniences, such as being refused entry. 
For a truly safe trip amid this pandemic, keep these five tips in mind: <h3>1. Test your car first </h3>
You must not drive a car sitting in your garage for the past months right away. It pays to remember that, during those times, the vehicle may have collected dust in its parts. Its tires may have also degraded. Furthermore, you may have to look under the hood for other problems. 
You can keep your car in good condition by turning the engine on occasionally, especially during those weeks where you rarely use them. 
If you need to go somewhere, make sure to test your car first before driving around. This helps you identify problems and act on them promptly without causing damage to others. This is far better than finding yourself stuck on the road with a malfunctioning car, or worse, an accident. <h3>2. Sanitize your car </h3>
The novel coronavirus is known to be mainly transmitted when an infected individual talks, sneezes, or coughs, producing droplets. However, some experts say that it can also linger on surfaces, causing people who touch these contaminated surfaces and then their eyes, nose, or mouth to be infected as well. 
While this is still a subject for debate among experts, it’s still better to be safe than sorry. 
Take time to disinfect both the inside and outside of your car. On top of that, every time you head out, make sure to disinfect high-touch surfaces such as the steering wheel, dashboard, and door handles. Doing all of this can go a long way in reducing the number of germs that you may be bringing home. <h3>3. Check passenger regulations </h3>
Physical distancing measures are implemented in public places such as malls and restaurants. However, you should keep in mind that these are also enforced inside vehicles. 
In fact, some cities are keen on the number of passengers in a car. If you are riding with someone else, make sure that you are at least a seat apart. Follow passenger regulations for a safe and hassle-free ride. <h3>4. Drive safely </h3>
Even though we live in times that are beyond normal, you must make sure to follow traffic rules like you used to. Observe the speed limit and exercise safe driving techniques while on the road. 
In case you have car trouble or an emergency needing assistance, make sure that you have access to an emergency line at all times.<h3>5. Make sure your car is insured </h3>
While you may strive to drive safely, a lot of unexpected things can happen on the road. Your safety not only depends on how you drive but also on those who travel with you along the road. For this reason, keeping your existing policy or getting a new one is a must. 
Get in touch with your trusted insurer to talk about your coverage. Furthermore, remember that cutting off your policy is not a practical thing to do at the moment. What you can do instead is to work with your insurer to modify your policy to address your situation more appropriately. <h2>Final Thoughts</h2>
With all that’s said, it helps to remember that with or without a pandemic, your auto insurance will serve you the same purpose. It will keep one of your biggest investments financially covered in the event of an accident, whether it be on the road or even while it is quietly parked. It saves from unexpected situations where you’ll need to shell out a large sum of money in case of damages to property or people’s lives. 
Considering this, keeping your policy even amid COVID-19 is well worth your efforts. The health crisis has already brought about enough inconveniences; don’t add to them by leaving yourself exposed to damage risks. 
Ultimately, make sure to practice smart driving techniques whenever you are on the road. Keeping yourself protected with a policy, striving to stay away from accidents, and observing good hygiene when you’re on the go will help you safely navigate these challenging times. 
Kwik.insure is an online insurance marketplace aiming to bridge the insurance gap in the Philippines. For more helpful articles on <a href="/car-insurance" target="_self">car insurance</a> in the country, feel free to read through our blog. If you are interested in purchasing your insurance policy online, sign up on <a href="/">Kwik.insure</a>!
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Months ago, the whole world was looking forward to the start of a new decade. Nobody expected a crisis to shake the whole world up and turn everything

What to Know About Maintaining Car Insurance Amid COVID-19

Truth be told, not a lot of Filipinos are into investing. In fact, the Philippines is way behind other countries when it comes to investments made by its citizens. Here are some numbers proving so: <ul><li>While the middle class and upper class respectively make up 25.2% and 0.1% of the country’s population, <a href="https://business.inquirer.net/230072/filipinos-not-invest" target="_blank">only 8% actually invest their money</a>. </li><li><a href="https://www.bsp.gov.ph/Inclusive%20Finance/Financial%20Inclusion%20Reports%20and%20Publications/2017/2017FISToplineReport.pdf" target="_blank">No more than a fourth of adults (22.5%) have some form of investment</a>, such as SSS and Pag-IBIG contributions. Furthermore, only 3% invest in stocks, bonds, UITFs, mutual funds, and other managed investment schemes. </li></ul>
There are various factors at work behind this trend. Financial advocates and investment experts argue that Filipinos tend to live in the now; hence, delayed gratification becomes very challenging. Some also hold that the people are not adequately educated in the various investment tools available to them. This lack of financial literacy often results in fear, struggles, and even inertia. 
It’s also worth noting that many Filipinos believe that the only way to make money is to work for it. Whether they’re an employee or a business owner, most of their earnings are active income—wages, tips, salaries, commissions, and income from businesses. 
If you have the same perspective towards earning money, you have one tough enemy: time. No matter how hard you work, you are only given 24 hours each day. This can significantly limit what you can earn. 
The good news is that there’s another way for you to make money—passively—by saving and investing it. Doing so allows you to earn money regularly with little to no effort. Ultimately, it gives you the opportunity to get the most out of your current income streams.<img data-image="4rhn9kuhx8rp" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt7694067c16444755/6077ff9bf684ae78caa321fe/AdobeStock_386243113.webp" data-sys-asset-uid="blt7694067c16444755" alt="AdobeStock_386243113.webp" width="100%" height="auto">

<figcaption>Smiling young Vietnamese woman look at laptop screen paying bills taxes online use easy banking system. Happy asian female manage budget at home, consider household finances expenditures on computer.</figcaption>
If you are interested in pursuing this route, turning your life around, and working towards your financial freedom, you should know that there are plenty of opportunities available for you to do so. All you have to do is educate yourself, invest in the right vehicles, and manage your investments moving forward. 
To help you get started on the right track, here are just some of the various investment vehicles worth exploring: <h2>1. Savings Account </h2>
If you are looking for the safest and easiest way to invest, banks are a great place to start. As they are established and secured institutions, opening a savings account entails no risks at all. All you need to do is find the best bank for your needs, stash your funds, and allow it to grow over time. 
With that said, it pays to remember that savings accounts do not have high-interest rates compared to other investment options you will find in this list. Your money will grow—although not as fast as with the others. <h2>2. Time Deposit</h2>
This is the option worth exploring if you want the same level of security that a savings account offers but higher returns. Time deposits yield better than a savings account as the interest can range from 0.25% to 2%. This depends on the maturity period of the cash you deposited. 
The catch is that you won’t be able to use the money you put in for a certain time frame. If you withdraw earlier than the maturity period, you will not enjoy the benefit of the interest. Furthermore, you may even lose some money rather than gain it. Finally, remember that the returns or gains from time deposits are subject to withholding tax. <h2>3. Stocks </h2>
Investing in stocks comes with a significantly high risk, but it can also be very profitable. Moreover, owning a share of stocks in a company makes you a part-owner of that organization.
If you are interested in going down this route, remember that the key to getting the most out of stock trading is investing intelligently. You should stay updated with stock trends and determine the best time to buy stocks. <h2>4. Mutual Funds </h2>
If you do not have the confidence to research and choose individual investments on your own yet, mutual fund investments are worth exploring. In this investment vehicle, you entrust your money to a financial institution. A professional fund manager then invests it in various assets, such as stocks and bonds, depending on your investment characteristic. 
To give you a clearer picture, here are the different types of mutual funds: <ul><li>Equity funds – This type is high risk as it is mainly invested in the Philippine stock market; however, it has potential for significantly higher returns as well. </li><li>Bond funds – This type invests in treasury notes and government securities as well as commercial papers. </li><li>Balanced funds – A hybrid of the first two types, this investment marries the high-risk/high-growth potential of equity funds and the low-risk/modest earnings feature of bond funds. </li><li>Money market funds – This is also a mix of equity and bond funds but has a shorter term.</li></ul><a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner"><img data-image="10sv16cs8n65" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="buy life insurance online"></a><h2>5. Unit Investment Trust Funds (UITFs) </h2>
UITFs work quite like mutual funds. However, you should know that, unlike mutual funds which are handled by insurance and brokerage companies, UITFs are managed by banks. Furthermore, banks that offer UITFs are then regulated by the Bangko Sentral ng Pilipinas (BSP). 
Unit investment trust funds are known for returns that are significantly higher compared to savings accounts and time deposits. <h2>6. Insurance Investment </h2>
Many Filipinos see insurance policies as simply backup funds for emergencies and other major losses. However, you should know that policies have significantly evolved over the years. 
You can get an insurance policy that doubles as investment, or what is called variable universal life insurance (VUL). In this type of insurance, part of your premiums become investments after a certain period. It’s also worth noting that the value of your investment increases along with the growth of your premiums. Ultimately, you can access your investment funds now and then without touching your insurance premium.<h2>7. Real Estate </h2>
Acquiring real estate is another smart way to invest your hard-earned money. It can provide you with a lucrative source of passive income and may even help you start building wealth. You can either rent out the property or engage in buying and selling. 
That said, purchasing a real estate property requires a huge capital as well as years of paying mortgage, should you decide to buy it on a loan. It will be a big transaction, so you need to make sure that you are financially ready for it.<img data-image="0chkt4ro3bkb" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt557a6a11a7bdd746/6077ff9b1f74bb759da6bf28/macro-shot-financial-concept.webp" data-sys-asset-uid="blt557a6a11a7bdd746" alt="macro-shot-financial-concept.webp" width="100%" height="auto">

<figcaption>Investing in stocks comes with a high risk, but it can be very profitable.</figcaption>

<h2>Other Money-saving Tips and Tricks </h2>
Aside from choosing the best investment vehicle for your needs, goals, and lifestyles, there are small lifestyle tweaks you can make to save more and improve your financial health. Here are some of them: <h4>Identify your investment goals </h4>
If you’re serious about growing your money, one of the first things that you should do is set investment goals. Whether it’s to buy a house in the future, prepare for your children’s education, or build your retirement fund, knowing exactly what you want to achieve will help you make sound decisions. <h4>Create a budget </h4>
Budgeting your funds and putting your income against your expenses will allow you to have a clearer picture of your current financial standing. It lets you see where you can make changes to gain more savings, even with the same influx of money. It also helps you become more mindful of your spending habits!<h4>Set up an emergency fund </h4>
When you create your budget, don’t forget to set aside money for your emergency fund. This will allow you to be financially flexible in case an unforeseen expense comes up. It gives you that backup fund you can tap for that unexpected circumstance and keeps you from touching your investment funds. <h4>Spend wisely </h4>
If you want to see more savings and grab more investment opportunities, you will need to be practical with how you spend your money. Before making a purchase, it helps to determine whether that certain item is a must-have or simply a nice-to-have. You will be able to keep up with your investments better and easier if you stay lean.<img data-image="qrdnnteiajgp" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt99c71f845018b2a0/61a09548a7343913adb6b7c6/coin-wooden-table_copy-930x620_(1).webp" data-sys-asset-uid="blt99c71f845018b2a0" alt="coin-wooden-table_copy-930x620_(1).webp" width="100%" height="auto">

<figcaption>Coin on wooden table in front of green bokeh background. coins a concept of investment and saving moneys.</figcaption>

<h4>Don’t fall into the lifestyle inflation trap</h4>
If you have recently received a raise, bonus, promotion, or a side hustle that increased your income, beware of the lifestyle inflation trap. Just because your income grew does not mean you need to increase your spending as well! 
Stay focused on the investment goals you have previously set and strive to live below your means. There’s nothing wrong with treating yourself now and then, but you must do it in moderation. Ultimately, you must constantly find opportunities to increase your savings. This can be a tough endeavor at first, but remember that your efforts are not in vain.<h2>Continuously educate yourself </h2>
If you are a new investor, all of these things may seem intimidating at first. However, it helps to remember that the things you’re doing for the first time will naturally seem overwhelming. The best way to approach investments is to continuously educate yourself about it. Doing so will empower you to make better decisions and come up with the best strategies to grow your hard-earned money. <h2>Choose the right savings and investment vehicles </h2>
Aside from how much money you save, where you put these savings significantly influences your financial health and growth. Considering this, you need to to think thoroughly on where to place your funds. 
If you are working towards short-term goals, putting your savings in savings accounts, time deposits, and money market funds may be the smarter choice. On the other hand, if you are preparing for your children’s college tuition or your retirement, investing in stocks, mutual funds, and UITFs will help you grow your money faster over time. <h2>Final Thoughts</h2>
While there’s nothing wrong with living on active income alone, you are missing out on opportunities to grow your finances if you are not investing your money in the right vehicles. Unfortunately, you may also be denying yourself of the chance to truly enjoy the fruits of your labor. 
The good news is that it’s not too late for you to get started in saving and investing your money in the Philippines. There is a wide range of investment options you can pursue according to your budget and needs. All you need to do to get started is to educate yourself and choose the right vehicle. In the end, you will be more than glad you took the leap. 
If you are looking for more helpful articles on investments and insurance in the Philippines, feel free to check out our blog! You can also sign up on <a href="/">Kwik.insure</a> to purchase your investment insurance policy online!<a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="5odo3jaef31l" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt1696b34e426440a1" alt="health insurance"></a>

Truth be told, not a lot of Filipinos are into investing. In fact, the Philippines is way behind other countries when it comes to investments made by

A Quick Guide to Savings and Investments in the Philippines

<img data-image="rebmg6a8wn6h" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/bltcc0fd5166f18dc05/6078160bdbc23374786d0c34/blog03_primary_024.webp" data-sys-asset-uid="bltcc0fd5166f18dc05" alt="blog03_primary_024.webp" width="100%" height="auto">
 There is no shortage of options when it comes to choosing the best life insurance policy in the Philippines. It’s really a matter of finding one that works best for you. 
While there are many reputable life insurance companies that are offering quality products, you might be feeling worried or intimidated by the prospect of going through all of these companies and policies. 
If it’s your first time purchasing insurance and you’re not sure what your <a href="/life-insurance" target="_self">life insurance</a> policy should cover, then it’s best to first consider these basic steps of getting life insurance in the Philippines.<h2>1. Know your who and what </h2>
First things first, WHO is this policy for? And WHAT kind of risks are you looking to protect them from? Does cancer run in your family making you want to arrange for your children to receive a sum of money for their education in case you inherit the terminal sickness? Do you want to make sure that your family is protected financially from bills for a period of time in case you get into an unexpected accident? Are you looking to get your children's insurance as early as now so that they don’t have to pay as much later on? 
Knowing who and what your policy is for might sound basic, but remembering these, later on, will save you a lot of back and forth and confusion when going over multiple life insurance options. These two considerations will guide you in making that final choice. <h2>2. Look at options, options…and more options! </h2>
Do your research (though if you’re already reading this blog, you’re in the right place)! Signing away your hard-earned money can be a difficult task involving a lot of indecision and anxiety. It only makes sense to look for the best insurance options before investing your money. 
There are different ways to bundle life insurance. It does not always mean a single death benefit that your beneficiaries will receive in case anything happens to you. There are policies that include living benefits like investment returns which are called VUL (Variable Universal Life). There are policies that include <a href="/health-insurance" target="_self">health insurance</a>. Know which policy works for your WHO and WHAT. 
Go through the insurance company websites, schedule non-committal calls with financial advisors, and read through what each policy has to offer. You could even do your search on Kwik.insure directly, where a number of these policies are listed for your choosing or research. 
While reviewing these product offerings, you will bump into various terms like One Time Pay, Principal, Premium, and so on. It is best to know and understand these terminologies so that you can comfortably sift through different options without pulling out Google or your phone dictionary every 5 seconds.<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner"><img data-image="k3053y8wxb97" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="buy life insurance"></a>
Here are the definitions of the common terms you can find in a life insurance policy: <grammarly-extension data-grammarly-shadow-root="true" class="cGcvT"></grammarly-extension><grammarly-extension data-grammarly-shadow-root="true" class="cGcvT"></grammarly-extension><table><tbody><tr><td>Beneficiary</td><td>The individual that will benefit from your life insurance policy. Certain policies allow more than one beneficiary, particularly those that consider the policy holder’s children.</td></tr><tr><td>Premium</td><td spellcheck="false">This is the amount of money you will pay for the insurance policy. Premiums for the same policy differ per person because it depends on your age, existing illnesses, and risk of death.</td></tr><tr><td>Coverage</td><td>This can refer to the time period being covered by your insurance (normally based on your age or a set amount of years) and it also refers to the covered peso amount that the insurance company will provide your beneficiary.</td></tr><tr><td>Principal</td><td>This is the original amount of money that you paid to the insurance company. The basic premise of life insurance is to be covered at a higher rate than your principal.</td></tr><tr><td>One Time Pay</td><td>Life Insurance policies can have different payment schemes. Depending on the policy, you can have the option of paying monthly, quarterly, annually, semi-annually, or, in certain cases, just one time. The One Time Pay is a lump sum amount that adds up all of the principal payments you would have spread out over the course of the insurance policy’s set terms.</td></tr><tr><td>ROI</td><td>This stands for Return on Investment. It pertains to the money you will earn from your initial investment.</td></tr></tbody></table>
Some common terms you need to learn when talking about <a href="/life-insurance" target="_self">life insurance in the Philippines</a>
Make sure to take note of each of these terms and the numerical values attached to them! These will determine the feasibility and frequency of your payment to these policies. This brings us to the next tip. <h2>3. Determine your price range </h2>
What exactly can you afford right now, or even in the long run? Policies that are left unpaid past their payment due may lapse. In some cases, there is usually a grace period of 31 days for unpaid policies. However, if you review the terms carefully, your policy should be within a comfortable range for you to pay given your expected income and current savings – without relying on that grace period. 
Policies normally have payment schemes that will be presented for your choosing. Monthly payments take the premium in increments, which will make the price lower but payment more frequent. If you choose to pay quarterly or annually, you will pay a higher amount but at least you will only deal with it a few times or even once every year before finally getting to leave it alone. 
A quick rule of thumb when it comes to saving and investing: Have a set amount for every month. Normally, we just spend openly and whatever is left will be put away in our bank accounts. However, if you want a more disciplined approach (one that takes into account insurance and long-term savings) it is safest to always commit a set percentage of your income for the future. 
If it is your first time and you are not sure how much you should be setting aside, you can practice by committing to 10% of your monthly income for now. Normally, the Pareto Principle – more commonly known as the 80-20 rule – is the typical guide in determining how much you should set aside. This means 80% goes to your essential spending (bills, set costs, allowance) while the other 20% goes to your investments (bank savings, bonds, insurance, assets). 
When <a href="/kwik-hub/financial-literacy/a-quick-guide-to-savings-and-investments-in-the-philippines">plotting out your financial plans</a>, make sure your insurance payments fall comfortably into your set percentage for investment. Of course, you could always strive to get higher earnings by adding other sources of income over time. But when purchasing insurance or when making any other investment, it is always better to base your spending on what you currently have, not what you plan to have. <h2>4. Keep asking questions </h2>
Always ask your financial advisor every little question and clarification you have. You’ve probably heard this before in elementary school, but it’s still actually relevant today: There are no dumb questions. 
Set aside your embarrassment and hesitations. There’s no shame in wanting to understand the product a bit more. In fact, it is something expected. Your financial advisor is probably used to the types of questions, so even if you deem them basic in your head make sure to ask your questions anyway! 
If there is even the smallest concern at the back of your mind, you should always bring it up with your advisor. Clarify unclear terms, have them explain the product features thoroughly, and make sure to ask for a client needs assessment. That last part may sound formal, but a client needs assessment simply means that you want your advisor to explain WHY this product is the best fit for your needs or, as we call them, your WHO and WHAT. 
Rushing into a contract with unfamiliar terms is never good – and this is from both ends. Later on, down the road, you might discover that you set your payment schedule more frequently than you can handle or maybe you find out that there is another product available in the market that is more appropriate for your needs. And a licensed financial advisor will have to deal with the burden of proving that they explained everything to your satisfaction. 
All of this can be avoided with honest questions. <h2>5. Practice thinking long-term </h2>
When purchasing insurance, you will be presented with a table of your expected returns and benefits in the years to come. Aside from looking at your principal and ROI, also consider the possibility of inflation and your family’s needs down the line. Remember: Everything may be completely fine now, but insurance shouldn’t be viewed as an added cost to a healthy family. It’s that family’s protection against the unexpected circumstances of life. 
It can be difficult to part with the money you have made this month, but it is better to be prepared than to be caught off-guard without any protections in place. Like saving or investing, insurance is an important hallmark of any financially protected person. This is because it is part of the practice of thinking of what’s best for your future. 
If you want to read more articles about insurance made simple, feel free to read through our blog. Sign-up on <a href="/">Kwik.insure</a> to purchase your insurance policy online!<a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner"><img data-image="k3053y8wxb97" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="buy VUL insurance"></a>

There is no shortage of options when it comes to choosing the best life insurance policy in the Philippines. It’s really a matter of finding one that

A Step by Step Beginner’s Guide to Life Insurance in the Philippines

When you are at that stage in your life where you have more liberty to invest in your own home or fund your hobbies, it can be easy to bypass matters that don’t sound as exciting, like getting <a href="/car-insurance">car insurance</a>. 
There are various reasons why vehicle owners fail to get insurance. For some, it could be that they find the instant gratification from buying the latest iPhone more satisfying than having collision coverage. For others, it could be that hearing the word “insurance” alone overwhelms them to the point that they just give up. Lastly, some believe that they don’t need to get their auto insured as they have excellent driving skills. However, Filipinos need to be aware that having a car insurance is required by the law if you own a vehicle.
Regardless of these factors, one thing is true: Accidents can happen anytime, anywhere. And it can happen to anyone. 
As much as having and driving a vehicle you can finally call your own can be exciting, it has its own fair share of risks. Whether your car suffered damages from a collision, a fire, or a flood, vandalism, having adequate car insurance coverage will give you the financial assistance you need to recover in the case of an accident.
Road accidents are becoming increasingly common in our country today. According to figures released by the Metropolitan Manila Development Authority (MMDA) in their <a rel="noreferrer noopener" href="http://www.mmda.gov.ph/images/Home/FOI/MMARAS/MMARAS_Annual_Report_2019.pdf" target="_blank">2019 Metro Manila Accident Reporting and Analysis System (MMARAS)</a>, the total number of reported incidents rose to 121,771 from 116,906 reported in 2018. Figures from the past three years show a year-on-year increase of 4.16%. On top of that, cars were identified to have the highest involvement in the reported road incidents, accounting for 118,552 involved vehicles. <img data-image="4yubatb94f7f" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt5bfb70dd4144e415/607812e7e0a8fe10ae61cf44/blog02_AdobeStock_317865476.webp" data-sys-asset-uid="blt5bfb70dd4144e415" alt="blog02_AdobeStock_317865476.webp" width="100%" height="auto">
<figcaption>Car insurance will help you when you get on car accidents</figcaption>
While no one wishes for accidents to happen, you need to anticipate possibilities that can cost you your life, car, savings, and others’ as well. This is where the importance of selecting the right <a href="/car-insurance">vehicle insurance</a> comes into play. 
On that note, before we share with you some helpful advice on how to find the right plan for your needs, it helps for you to understand the following first: <h2>Key Benefits of a Car Insurance Policy </h2>
<h3>1. Collision Coverage </h3>
As the name suggests, a car insurance policy will protect you from financial responsibilities regarding vehicle repairs if you get into a car collision. For the most part, you will be covered regardless of who was responsible for the accident. 
This can be particularly helpful especially if you have a brand new (or relatively new) car as car parts and repair are quite expensive. <h3>2. Property Damage Liability Coverage </h3>
If you are at fault for an accident, this coverage will protect you from financial responsibilities involving repairs for car, property, and other non-human damages. 
For example, if you have slammed your car against a neighbor’s fence, this coverage helps pay for the fence repairs or replacement. This also covers legal fees if a case related to the incident is filed against you. 
However, keep in mind that this coverage does not include the damages to your own vehicle. <h3>3. Bodily Injury Liability Coverage </h3>
This coverage protects you from financial responsibilities in case you hit or injure a person in an accident. 
This includes the medical treatment and rehabilitation costs of the injured party. In some cases, it also includes lost wages, pain-and-suffering costs, emotional distress damages, legal fees, and funeral expenses. 
In the simplest sense, bodily injury liability coverage covers the damages other parties suffered from an accident that you are responsible for. This includes your passengers as well as the other drivers, passengers, and pedestrians involved. <h3>4. Comprehensive Coverage </h3>
The first thing you have to remember when you come across this term is that it does not contain all the coverage you’ll need—despite it being called “comprehensive.” Car insurance terms can be misleading, so you’ll have to pay extra attention. 
Comprehensive coverage covers damages resulting from events other than a collision. These events can be theft, vandalism, fire, riots, falling objects, and natural disasters. 
This coverage also protects you in case your car and/or its contents get stolen. <h3>5. Compulsory Third Party Liability (CTPL) </h3>
This is mandated by the Land Transportation Office (LTO) whenever you purchase a new car or have your vehicle’s registration renewed. 
CTPL protects you from financial responsibilities related to bodily injuries, permanent disabilities, and even death to third parties involved in an accident. 
With that said, this does not cover you as the vehicle owner as well as your passengers. Buying only CTPL will leave your family and passengers exposed to great financial risks in case of an accident.<a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="hd0c3qb48t42" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt571a231699d47d38" alt="auto insurance online philippines"></a><h2>Add-ons to Insurance Policies </h2>
Aside from the features mentioned above, you can purchase add-ons to increase your financial protection or gain more benefits. Here are some of them: <h3>1. Voluntary Third Party Liability </h3>
This provides you with additional coverage on top of your basic CTPL. <h3>2. Personal Injury Coverage </h3>
This covers the medical and hospitalization fees for your own injuries as well as your passengers. <h3>3. Loss of Use </h3>
If your vehicle becomes unavailable for use after an accident, this allows you to reimburse any transportation expenses incurred during the time your car was being repaired. <h3>4. <a href="/kwik-hub/car-insurance/acts-of-nature-coverage-vehicle-insurance-why-you-need-it" style="color:#666666">Acts of God Coverage</a> </h3>
Also referred to as “Acts of Nature,” this helps you pay for repairs for damages due to natural events such as flooding, typhoons, and earthquakes. <img data-image="m1k67w7s3qbn" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt52455cc97ee3693b/607812e766e3a310e06c737d/blog02_AdobeStock_2149235.webp" data-sys-asset-uid="blt52455cc97ee3693b" alt="blog02_AdobeStock_2149235.webp" width="100%" height="auto"> 
<figcaption>Acts of Nature coverage covers repair costs on damages caused by flooding and other natural events.</figcaption><h3>5. Roadside Assistance </h3>
In case your vehicle breaks down in the middle of the road, this will help you easily and conveniently get a towing service. This is usually an optional added service. <h2>8 Smart Tips for Choosing the Right Car Insurance Plan </h2>
Getting auto insurance is a practical decision to make, considering all the potential risks involved in driving. However, it helps to remember that it is also mandatory in the Philippines for you to have your vehicle insured. 
The law requires you to acquire at least the CTPL. Since you are going to have your vehicle insured anyway, why not grab the opportunity to do it well? 
The common mistake drivers make is that they purchase a policy right after they buy their first car for the sake of compliance. While this helps you comply with the legalities of owning and driving a car, this is not practical in terms of your finances. 
To help you choose the right <a href="/car-insurance">car insurance</a> for your needs, here are eight smart tips worth following: <h3>1. Familiarize yourself with car insurance jargon </h3>
If this is your first time purchasing auto insurance, seeing all the technical words can truly be overwhelming. That said, you must learn the insurance jargon at least one word at a time. This will make it easier for you to browse through your options later on and find the right plan for your needs. This will also help you communicate with your advisor better and make them understand what you truly want your car insurance policy to include. 
Reading these terminologies can be confusing at first, but you will become familiar with them the more you read and use them. <h3>2. Examine your driving habits </h3>
The best car insurance plan is the one that adequately covers your needs. You will not be able to find the right policy if you don’t know your driving habits, needs, and typical risks. 
Before you start looking around for quotes, it’s best to assess your situation first. Do you usually drive in flood-prone areas? Or do you drive mainly in the city and often pass by accident-prone areas? Do you love going on out-of-town trips? <img data-image="3fqa6b8hr20a" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt5757e9ec4135e14f/607812e71898af75a401d546/blog02_primary_016.webp" data-sys-asset-uid="blt5757e9ec4135e14f" alt="blog02_primary_016.webp" width="100%" height="auto">
<figcaption>Looking at your driving habits and the routes you usually take help you find the best car insurance for your lifestyle.&nbsp;</figcaption>
Your driving habits will speak volumes when it comes to what type of coverage you need to prioritize when building your plan.<h3>3. Look for reputable and reliable insurance companies </h3>
One of the most straightforward ways to ensure that you will get good protection is to partner with reputable insurance companies. 
Especially if you are a first-time buyer, it pays for you to do your research on the different insurance providers in the company before proceeding with anything. You may look up the car insurance company you are eyeing on the Internet to learn about their reputation, especially when it comes to claim settlement. 
Learn how long they take to process a claim and how well they are faring in terms of their finances. Doing your research diligently will help you steer clear of inconveniences once you’ve signed a contract. <h3>4. Compare quotes </h3>
Some people tend to settle with the first quote they get. While this can be convenient for some, this will not be helpful for you, especially if you want to get the best value out of your insurance policy. 
The best practice would be to look around for other providers and gather at least three quotes that you can choose from. Closely examine the coverage and features offered in these quotes along with their rates. You may also speak to an agent if you want to clarify some items specified under the coverage. 
This may seem like a tiring process, but it will certainly help you find a better deal. If you are looking for a time-efficient way to do this, you can conduct your comparison shopping online through online platforms such as <a href="/">Kwik.insure</a>. <h3>5. Consider your budget </h3>
Aside from your vehicle and your driving habits, you must also consider your budget when you compare quotes. It helps to remember that if you want more coverage and more security, you will need to increase your expenses most of the time. 
If you feel that something is lacking after examining the coverage and rates of your choices, you can opt to include add-ons to them. Find the coverage you think you need to add and create a forecast of your expenses with these additional items. While top-ups will require you to pay extra premiums, it will give you more benefits. 
At the end of the day, you have to allocate your funds wisely. Do not overextend your budget and get only the coverage you need. This will help you be able to pay for your policy’s premiums without fail, even if your financial situation drastically changes in the future. <img data-image="61e5uosuo5c6" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt9ce86519bf8b4ded/607812e71f7b0a72b235d601/blog02_secondary_004.webp" data-sys-asset-uid="blt9ce86519bf8b4ded" alt="blog02_secondary_004.webp" width="100%" height="auto">
<figcaption>Considering your budget as you build your car insurance plan will help you maintain a healthy financial standing. </figcaption><h3>6. Maintain a good credit </h3>
When applying for <a href="/car-insurance">vehicle insurance</a>, your driving history and type of vehicle will be taken into consideration to determine how much you will pay for the policy. Aside from these, your credit score will also be examined. 
To get a favorable result, you must regularly check your credit score even before you start working your car insurance out. Insurance providers check this to help them predict insurance losses, so a low score may negatively impact your premium. 
Here are some key factors that you must pay attention to: <ul><li>Payment history (e.g. late payments, delinquencies, etc.) </li></ul><ul><li>Length of credit history </li><li>Types of credit (e.g. credit cards, loans, etc.)</li></ul><h3>7. Make the most out of discounts </h3>
Certain factors make you a “low risk,” such as your age, marital status, driving record, and even the driver training programs you have attended. If you are considered low risk, certain discounts will be made available to you. 
Getting anti-theft and safety equipment installed in your vehicle may also reduce your premium. You must make the most of these factors to bring down your costs and achieve a better car insurance deal. <h3>8. Read before you sign anything </h3>
If you have already built an insurance plan covering your needs, it’s best to give it one last look before signing the papers. Take your time to go through the items specified in the coverage for you to know and understand the details of the policy. 
Once you’re satisfied with the clauses and terms, it’s time to affix your signature and enjoy some peace of mind knowing that your vehicle—and you and your loved ones—are well-protected. <img data-image="fsbylyn62yal" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/bltbfbb2b1f41e04906/607812e76a621f72b149e693/blog02_secondary_003.webp" data-sys-asset-uid="bltbfbb2b1f41e04906" alt="blog02_secondary_003.webp" width="100%" height="auto">
<figcaption>Getting the right vehicle insurance boils down to identifying your needs and making sure that your policy adequately covers them. </figcaption><h2>Final thoughts </h2>
Car insurance is mandatory in the Philippines, especially the <a href="/kwik-hub/car-insurance/the-difference-between-ctpl-and-comprehensive-car-insurance">Compulsory Third Party Liability Coverage or CTPL</a>. Driving without one and getting caught in an accident will entail large penalties and serious consequences. 
Since you are getting your vehicle insured to comply with the law, it makes sense for you to do it well while you’re at it. 
The process does not need to be a stressful and complicated one. You can get started by familiarizing yourself with the terms and concepts involved in insurance plans, like the components and add-ons mentioned above. If you aren’t quite sure how to get started in finding the right car insurance plan for your needs, you may also consult the tips mentioned above. 
Your car is one of your valuable possessions; it’s a fruit of your hard work. To protect it and keep your loved ones safe as well, devote the time and effort to study your options—with adequate policy, you will be glad you went the extra mile. 
Kwik.Insure works with trusted insurance companies and bridges the insurance gap in the Philippines. For more helpful blogs on car insurance coverage in the country, subscribe to our blog today! Buy your car insurance online at <a href="/">Kwik.insure</a>!
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When you are at that stage in your life where you have more liberty to invest in your own home or fund your hobbies, it can be easy to bypass matters

8 Smart Tips for Choosing the Right Car Insurance Plan

<img data-image="31fgjt2rc8rf" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt2eb603ab25f0ddde/607818451898af75a401d582/blog01_pexels-photo-4473785.webp" data-sys-asset-uid="blt2eb603ab25f0ddde" alt="blog01_pexels-photo-4473785.webp" width="100%" height="auto">
The unpredictable nature of our health emphasizes the need for a safety net. But with the vast amount of medical insurance plans available today, it’s challenging to find the right one that fits your needs. To get a better grasp on how medical insurance plans work, it’s important to understand your options. Here’s a quick guide on health insurance in the Philippines and the difference between HMO, private health insurance, and PhilHealth.<h2>Why get health insurance?</h2>

<img data-image="ri9xt0gb03oa" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blted0f7d352c01ac35/607818451f7b0a72b235d627/secondary_002.webp" data-sys-asset-uid="blted0f7d352c01ac35" alt="secondary_002.webp" width="100%" height="auto"><figcaption spellcheck="false"><center>Doctors visit lovers who need advice on pregnancy and how to prevent it during the new virus epidemic. </center></figcaption>
No one plans to get hurt or sick. However, never ignore the possibilities of seeking medical care in the future. Your health can be affected by multiple factors that surround your everyday life. Therefore, it’s important to be as prepared as you possibly can. 
When it comes to finances, many individuals are hesitant about getting insured as they fear that it will hurt their pockets. But what if health insurance actually saves you from more unexpected expenses? 
According to the Philippines’ insurance commissioner, Dennis B. Funa, most <a href="https://businessmirror.com.ph/2019/06/19/the-health-insurance-gap-in-the-philippines/" target="_blank">Filipino households rely on OOP (out-of-pocket) expenditures</a>. Meaning, the patient pays off large medical expenses, straight out of their own pockets. And as a result, 1.5 million families are pushed to the poverty line. Compared to facing unexpected hefty medical bills, the monthly expenses that come with health insurance is a lot more cost-effective. It’s easy to say that getting insured is a much smarter and safer option. <h2>What can health insurance do for you? </h2>
Having a <a href="/health-insurance">health insurance plan</a> gets your medical expenses covered. It acts as a financial safety net that you can rely on during sudden emergencies. 
The amount of medical bills covered varies depending on the plan you have chosen. These plans cover a wide range of medical services that you can utilize when the time comes. To get a better idea of what health insurances cover, here are some key benefits most health insurance in the Philippines offers. 
<ul class="is-style-checkbox"><li>Hospitalization (Inpatient/Outpatient Care)</li><li>Emergency & Ambulance Services</li><li>Laboratory Services</li><li>Pregnancy & Newborn Care</li><li>Annual Physical Examinations (APE)</li><li>Prescription Drugs</li><li>Pediatric Services</li><li>Travel Coverage</li></ul>
By taking a look at the medical services mentioned above, there’s a great amount of medical care that you can benefit from health insurance already. Depending on what you’re looking for, you can even opt for multiple medical plans to cover all your needs. 
To figure out the right plan for you, it’s important to understand the healthcare system in the Philippines. Read on, to learn more. <h2>What does the Healthcare System in the Philippines look like? </h2>

<img data-image="af0tndpk4nb8" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt322f6bd11a315f37/60781845f684ae78caa322ea/blog01_pixta_63484311_M2.webp" data-sys-asset-uid="blt322f6bd11a315f37" alt="blog01_pixta_63484311_M2.webp" width="100%" height="auto"><figcaption spellcheck="false"><center>Hand arranging wood block stacking with icon healthcare medical, Insurance for your health concept</center></figcaption>

<a href="/health-insurance">Health insurance in the Philippines</a> is composed of public and private insurance providers. When looking for options, you’ll be mainly looking at the three main providers in the country PhilHealth, HMOs, and private insurance companies. 
To help you decide on the type of health insurance you want to get, here’s a quick rundown of the three health insurance providers available for you. <h3>PhilHealth</h3>
The most basic and affordable health insurance in the Philippines is the country’s only public healthcare provider, PhilHealth. This insurance program is compulsory for all Filipino citizens —employed or unemployed. PhilHealth’s monthly contribution is covered by the employer and 2.75 percent from the employee’s monthly basic salary. 
PhilHealth coverage includes:
<ul class="is-style-checkbox"><li>Inpatient/Outpatient Care</li><li>Surgery</li><li>Maternity Benefits</li><li>Laboratory Services</li><li>Prescription Drugs</li><li>Catastrophic Coverage </li></ul><h3>HMOs</h3>
HMOs (health maintenance organizations) is a network of healthcare providers such as doctors, nurses, clinics, and hospitals that have agreed to lower their rates for plan members. <a href="/hmo">HMO plans</a> are prepaid and typically cover you for a year so you have to renew them annually. Different payment options are available such as monthly, quarterly, or yearly. .
What’s great about HMOs is that you’ll get access to a wide network of healthcare providers. You can visit hospitals or clinics in different locations as long as they belong to the network. However, if you opt to see a healthcare professional outside of the network, your expenses might not be covered. At an additional cost, you can have your dependents be part of your HMO plan as well.
HMO coverage often includes:
<ul class="is-style-checkbox"><li>Hospitalization (Inpatient/Outpatient Care)</li><li>Emergency Services</li><li>Laboratory Services</li><li>Prescription Drugs </li></ul>
HMO plans are usually offered as part of an employer’s benefits package in private companies. These health plans are comprehensive and customizable but also covers a limited amount of your overall medical bill. The coverage amount depends on the amount that an employer or individual is paying. <h3>Health Insurance </h3>
The premium <a href="/health-insurance">health insurance in the Philippines</a> is provided by private insurance companies. Compared to HMOs, private health insurance offers more flexibility and more access to private healthcare professionals and services. 
While private health insurance can come at a steeper price, it offers a more comprehensive insurance plan. You will have access to more benefits and features that are up to par with international standards. Like HMO plans, health insurance plans can also include your immediate family members on the policy at an additional cost. 
Private Insurance coverage includes:
<ul class="is-style-checkbox"><li>Hospitalization (Inpatient/Outpatient Care)</li><li>Emergency & Ambulance Services</li><li>Laboratory Services</li><li>Pregnancy & Newborn Care</li><li>Annual Physical Examinations (APE)</li><li>Prescription Drugs</li><li>Pediatric Services</li><li>Travel Coverage</li><li>Hospital and doctor selection</li><li>Private hospital rooms</li><li>Lesser waiting time</li><li>Optional healthcare services (dental, optical, maternity)</li><li>Cash assistance depending on the illness/accident</li></ul>
Private health insurance plans are a great option for individuals who want to receive premium medical services. After all, your health and wellbeing are worth investing in.<figure><a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="jwnq4auq4xet" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt1696b34e426440a1" alt="HMO Philippines"></a></figure><h2>A Closer Look at PhilHealth, Health Insurance and HMO Plans in the Philippines</h2>
To get a clearer picture of the different health insurance plans available in the Philippines, here’s a quick comparison between the three key health insurance providers. <h3>Basic Information</h3>
Below is the general information about each type of health insurance being offered by providers in the Philippines. 

<table><tbody><tr><td></td><td>HMO </td><td>Health Insurance </td><td>PhilHealth </td></tr><tr><td>Provider</td><td>HMO Companies </td><td>Private Insurance Companies</td><td>Philippine Government </td></tr><tr><td>Coverage Age</td><td>Usually limited up to 65 years-old</td><td>Most policies cover until age 75, and some can even offer coverage until age 100. </td><td>No age limit (senior citizens are covered at no cost)</td></tr><tr><td>Policy Term </td><td>Annually</td><td>Fixed (depending on plan)</td><td>Non-senior citizens: covered as long as they pay their dues. 
Senior citizens: covered for life. </td></tr><tr><td>Annual Cost </td><td>PHP 10,000 to PHP 60,000 </td><td>PHP 40,000 and up</td><td>2.75 percent off basic salary </td></tr><tr><td>Premiums </td><td>Premium benefits increase as you age. </td><td>Premium benefits increase as you age. </td><td>Premium benefits remain the same unless there are policy changes. </td></tr></tbody></table><h3>Benefits </h3>
Each healthcare provider offers options at different costs and offers benefits. 
<table><tbody>
<tr>
<td></td>
<td><a href="/hmo">HMO</a></td>
<td><a href="/health-insurance">Health Insurance</a></td>

<td>PhilHealth </td></tr><tr><td>Premiums </td><td>Premium benefits increase as you age. </td><td>Premium benefits increase as you age. </td><td>Premium benefits remain the same unless there are policy changes. </td></tr><tr><td>Top Benefits </td><td><ul><li>Hospitalization Care</li><li>Emergency care</li><li>Outpatient consultation</li><li>Dental plan (if included)</li></ul></td><td><ul><li>Insurance Savings </li><li>Guaranteed Hospitalization</li><li>Outpatient benefits</li><li>Critical Illness benefits</li></ul></td><td>Fixed financial assistance (depending on illness). 
</td></tr><tr><td>Hospitalization Benefits</td><td>Hospital room care and benefits vary depending on HMO coverage.</td><td>Hospital room care and benefits vary depending on Health Insurance coverage.</td><td>Hospital room and care will vary depending on availability.</td></tr><tr><td>Critical Illness Benefits </td><td>Expenses are covered but limited to the set amount by the HMO plan. </td><td>The insured will be fully covered if diagnosed with critical to terminal illness. </td><td>The insured gets subsidized a specific amount for treatment or hospitalization (depends on illness). </td></tr></tbody></table>
<h2>Which health insurance is right for you? HMO or Health Insurance? </h2>
If you’re choosing between HMO or Health insurance, it doesn’t have to be complicated. It all boils down to how extensive you want your medical care to be. The main difference between HMO and health insurance in the Philippines is the network size of healthcare providers being offered, the flexibility of coverage, and monthly fee amount and terms . 
To have a better idea of what medical care you need and don’t need, consider these questions. 
Do you need a lower monthly fee? 
Private healthcare is usually more expensive than HMO or Public healthcare Insurance. Compare the monthly costs of HMO and private health insurance plans and consider which will fit your budget best.
Do you travel frequently? 
One of the benefits of opting for a health insurance plan is due to its wider network of healthcare providers. You can get your medical care covered in multiple locations. If you’re a frequent traveler, gaining access to more medical care is a big advantage. 
Do you have any dependents? 
Another factor to consider is if you’re planning to have your immediate family members insured. To get your dependents covered as part of your insurance policy, you need to think about the additional costs. Most importantly, look for a health policy that can cater to all your family’s specific needs. <h2>How to Narrow Down The Right Health Insurance Plan</h2>
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The health insurance sector offers a wide range of healthcare plans that can cater to an individual’s age, employment, marital and financial status. When deciding on the type of health insurance to commit to, it’s important to factor in your lifestyle and your medical needs. 
Remember, your health insurance plan is a financial investment. It is a complex process that requires a lot of time and research. To ensure that you are making the right medical investment, take a look at these few steps. <h3>Step 1: Establish Your Medical Needs </h3>
When comparing different plans, place yours and your family’s (if any) medical needs under a microscope. Look into your medical history, what procedures or treatments have you received? These are important deciding factors. By knowing your specific medical needs, it will be easier for you to narrow down your chosen health insurance provider. <h3>Step 2: Look into Your Out-of-pocket (OOP) Costs</h3>
Another important factor to consider is your out-of-pocket medical costs. When deciding on the amount of premium you’ll opt for, it’s important to calculate your current medical costs. Meaning the usual medical cost you pay for right now.
Narrow down your choices based on your OOP expenses. Here are some monthly premiums that you could consider:<ul><li>Regular access to a primary physician/specialist</li><li>Frequent need for emergency care. </li><li>Expecting a baby or plan to have multiple children. </li><li>An upcoming surgery.</li><li>Diagnosed with a chronic condition like diabetes or cancer. </li></ul>
Check which plans cover these needs and look for the right premium that helps you save more money effectively.<h3>Step 3: Compare Different Health Insurance Plans</h3>
Check out different offers from different providers. Sticking to one provider might limit your benefits. It’s important to look into what each medical plan offers. Just because they’re all the same type of insurance plan, doesn’t mean they offer the same benefits or fees. Each company or network operates differently. 
Take a look at each company’s summary of benefits and utilize the online marketplace for more information. You’ll be able to find a list of doctors and clinics that are a part of each plan’s network. By taking a look at what each healthcare plan offers, it will be easier to narrow down your choices. <h3>Step 4: Compare Health Plan Networks </h3>
One of the most important factors when choosing the right health insurance in the Philippines is who your medical caretakers will be. The costs of in-network compared to out-network doctors is big. Therefore, it’s important to compare the network of medical care professionals in each health plan. If you have a preferred doctor, make sure that they are part of the network you’re going to join. <h3>Step 5: Resolve All Your Questions and Concerns</h3>
After narrowing down your medical insurance options, the final step is to resolve all the questions and doubts that you might have. There’s only so much information you can get from a summary. A great way to get your questions answered is by talking to an expert. 
Getting in touch with someone directly will help give you a clearer picture of the type of healthcare plan they’re offering and whether it’s the right one for you. <h2>Your Health is Worth The Investment</h2>
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 Your health is one of the most valuable things in life that should be your first investment. Give yourself the best chance of leading a healthy life.Provide yourself, and your family, the right medical plan, and improve your quality of life. 
Kwik.Insure works with trusted insurance companies and bridges the insurance gap in the Philippines. For more helpful blogs on car insurance coverage in the country, subscribe to our blog today! Buy your health insurance online at <a href="/">Kwik.insure</a>!<a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="jwnq4auq4xet" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt1696b34e426440a1" alt="HMO Philippines"></a>

The unpredictable nature of our health emphasizes the need for a safety net. But with the vast amount of medical insurance plans available today, it’s

The Difference between HMO and Health Insurance in the Philippines

By <a href="http://newsbytes.ph/author/newsbytes-ph/" target="_blank">Newsbytes.PH</a> on 2020-06-04
Hamilton Angluben, the former general manager of Gokongwei-backed loan app Cashalo, will be launching his own insuretech (insurance technology) startup in the fourth quarter of this year.<img data-image="f3qtj32q0rrr" src="https://images.contentstack.io/v3/assets/blt6529a38ed60e1ea5/blt71daaf47e12c0a15/6078199449eb2079fbffe1fd/blog_HamilAngluben_1200x630.webp" data-sys-asset-uid="blt71daaf47e12c0a15" alt="blog_HamilAngluben_1200x630.webp" width="100%" height="auto">
<figcaption id="centered-image">Kwik.insure founder and chief executive Hamilton Angluben</figcaption>
Angluben was the head honcho of Cashalo when it was launched in October 2018. He has left the company to form Kwik.insure, which aims to help digitalize insurance by providing democratized access to insurance products through an online marketplace.
“The Philippines has such a long way to go. To be at par with the rest of the world, we need to grow by 1,100 percent and 300 percent in terms of density and penetration, respectively. Insurance has the stigma of being expensive, complicated, and hassle to purchase. It is a huge challenge but therein lies the opportunity also for innovation. With the rise of financial technology platforms due to the ’new normal,’ now would be the best time for insurtech companies to help bridge the gap,” Angluben said.
The local insurance industry is ripe for a digital revolution and the opportunity to provide democratized access to insurance products is immense, he noted.
Based on data from Swiss Re Institute, the world average for insurance density (insurance premiums per capita) is at $682, while insurance penetration (premiums as a percentage of gross domestic product) is at 6.09 percent.
The Philippines, according to latest data from the Insurance Commission, only has an average insurance density of $55, while insurance penetration is at a measly 1.67 percent.
“Our strategy to help uplift the insurance industry involves technology, education, and collaboration. Kwik.insure will help digitalize insurance, just as Cashalo had done for financing. Our marketing efforts will be focused on educating Filipinos about the benefits and need for insurance. We will be partnering with all insurance companies that want to innovate and digitize their products as well as working closely with the Insurance Commission to ensure proper regulation and compliance,” Angluben said.
Kwik.insure said it has been in advanced stages of negotiations with various insurers. It is open to onboarding more providers to offer Filipinos with a <a href="/products">variety of insurance products</a> that best suit their needs.
“Our plan is to make an insurance platform that is easy and reliable for both consumers and insurance companies. We are already receiving positive feedback from insurance companies such as Sun Life, who is excited to partner with us,” Angluben said.
Kwik.insure said it has set its sights on Southeast Asia with the Philippines as its first market. Through the digital platform, Filipinos could browse through different types of insurance products from multiple insurance companies. Initially, the insurance lines will be health, life, travel, mobile, and automotive.
Consumers will be able to search and compare different insurance offerings through a simple and intuitive user interface. All transactions will be done online and users will receive their e-policies directly from the insurance companies, it said.
“Through our platform, we are providing Filipinos with democratized access to insurance products, something that was previously either unavailable to them, or they are just too afraid of checking. With our platform, they can be educated about the different types of insurance products and purchase the ones that fit their needs,” Angluben said.
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<a href="http://newsbytes.ph/2020/06/04/ex-cashalo-gm-to-launch-own-insuretech-startup-in-q4/" target="_blank">http://newsbytes.ph/2020/06/04/ex-cashalo-gm-to-launch-own-insuretech-startup-in-q4/</a> <a href="https://kwik.insure/request-quote?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=life-banner"><img data-image="9210tub78xky" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltb54d35afade5fbe8/BlogBannerAd_Life.webp" data-sys-asset-uid="blt33ba86fc1961e7cb" alt="kwik.insure"></a>

Hamilton Angluben, the former general manager of Gokongwei-backed loan app Cashalo, will be launching his own insuretech (insurance technology)

Ex-Cashalo GM to launch own ‘insuretech’ startup in Q4

By <a href="https://businessmirror.com.ph/author/lorenzmarasigan/" target="_blank">Lorenz S. Marasigan</a> June 5, 2020
<img data-image="ejbmvpao045i" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67fc8ea548d54f38/61a08eb8c854b013a2d054ef/businessmirrorlogo-300x300.webp" data-sys-asset-uid="blt67fc8ea548d54f38" alt="businessmirrorlogo-300x300.webp" width="auto" height="auto">
 An insurance technology (insurtech) startup plans to launch an online marketplace for insurance products to provide Filipinos with “democratized access” to insurance and help the Philippines keep up with global average data.
Hamilton Angluben, founder of <a href="/">online insurance marketplace</a> Kwik.insure, said his group plans to soon offer <a href="/products">various insurance products</a> such as health, life, travel, mobile, and automotive through partnerships with various insurers in the country.
“Our plan is to make an insurance platform that is easy and reliable for both consumers and insurance companies. We are already receiving positive feedback from insurance companies such as Sun Life, who is excited to partner with us,” he said.
Angluben, the former general manager of digital financing app Cashalo, added that his group’s strategy is to help uplift the insurance industry through technology, education, and collaboration.
“Kwik.insure will help digitalize insurance, just as Cashalo had done for financing. Our marketing efforts will be focused on educating Filipinos about the benefits and need for insurance. We will be partnering with all insurance companies that want to innovate and digitize their products as well as working closely with the Insurance Commission to ensure proper regulation and compliance,” Angluben said. The platform will be launched “in the fourth quarter” of 2020 and is open to onboarding more insurance providers to provide an expanded offering to Filipinos. The platform allows consumers to search, compare, and purchase different insurance offerings through a “simple and intuitive user interface.”
Angluben said insurtech could help bridge the gap between those who are insured and those who are not.
He cited data from Swiss Re Institute, which showed that the world average for insurance density (insurance premiums per capita) is at $682, while insurance penetration (premiums as a percentage of gross domestic product) is at 6.09 percent.
Meanwhile, the Philippines, according to latest data from the Philippine Insurance Commission, only has an average insurance density of $55, while insurance penetration is at a measly 1.67 percent.
“The Philippines has such a long way to go. To be at par with the rest of the world, we need to grow by 1,100 percent and 300 percent in terms of density and penetration, respectively. Insurance has the stigma of being expensive, complicated, and hassle to purchase. It is a huge challenge but therein lies the opportunity also for innovation. With the rise of financial technology platforms due to the ’new normal,’ now would be the best time for insurtech companies to help bridge the gap,” Angluben said.
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<a href="https://businessmirror.com.ph/2020/06/05/insurtech-vows-to-democratize-access-to-insurance-products-and-services-with-online-marketplace/" target="_blank">Insurtech vows to ‘democratize access’ to insurance products and services with online marketplace</a><a href="https://kwik.insure/products/health-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=health-banner"><img data-image="15z093fzptkb" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/bltf96222885893c99e/BlogBannerAd_Health.webp" data-sys-asset-uid="blt869e745c3b801ded" alt="buy hmo online ph"></a>

An insurance technology (insurtech) startup plans to launch an online marketplace for insurance products to provide Filipinos with “democratized acces

Insurtech vows to ‘democratize access’ to insurance products and services with online marketplace

By TED CORDERO, GMA News
Insurance technology startup Kwik.insure on Wednesday announced plans to launch an <a href="/">online insurance marketplace</a> in the Philippines to provide “democratized” access to insurance products.
In a statement, Kwik.insure founder and CEO Hamilton Angluben said the company will have its maiden launch in the fourth quarter of the year and has been so far in advanced stages of negotiations with various insurers.
“Insurance has the stigma of being expensive, complicated, and hassle to purchase. It is a huge challenge but therein lies the opportunity also for innovation. With the rise of financial technology platforms due to the ’new normal,’ now would be the best time for insurtech companies to help bridge the gap,” Angluben said.
Through the digital platform, he said Filipinos could browse through different types of insurance products from multiple insurance companies.
Kwik.insure is open to onboarding more providers to offer Filipinos with a variety of insurance products that best suit their needs, according to Angluben.
With this, consumers will be able to search and compare <a href="/products">different insurance offerings</a> through a simple and intuitive user interface.
“Our plan is to make an insurance platform that is easy and reliable for both consumers and insurance companies. We are already receiving positive feedback from insurance companies such as Sun Life, who is excited to partner with us,” Angluben said. —LDF, GMA News
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<a href="https://www.gmanetwork.com/news/money/companies/741058/startup-eyes-launching-of-online-insurance-marketplace-in-philippines/story/" target="_blank">https://www.gmanetwork.com/news/money/companies/741058/startup-eyes-launching-of-online-insurance-marketplace-in-philippines/story/</a><a href="https://kwik.insure/vehicle-insurance/assistant-tool?utm_source=Blog&utm_medium=article-banners&utm_campaign=blog-push&utm_content=car-banner"><img data-image="1t0h26lknje1" src="https://images.contentstack.io/v3/assets/blt7ffbbed5b3adb89c/blt67f38d14da049ae9/BlogBannerAd_Car.webp" data-sys-asset-uid="blt68e4ab6ffb0ec183" alt="auto insurance philippines"></a>

Insurance technology startup Kwik.insure on Wednesday announced plans to launch an online insurance marketplace in the Philippines to provide