In starting the road to financial freedom, you need to choose which investment/insurance company you want to handle and manage your money for you.
Speaking of insurance companies, the Insurance Commission has recently released their latest life insurance company rankings in the Philippines.
In the latest ranking of life insurance companies in the Philippines, Sun Life of Canada (Philippines), Inc. retains the top spot and leads the insurance industry in terms of total premium income. In simple terms, “premium income” refers to revenues earned by the insurance company from their customers who get insurance policies from them. Basically speaking, the insurance company that leads this category means that it’s the life insurance company which received the highest premium income-earner.
It can be said that the reason for Sun Life’s dominance remains to be their strong agency force and also their aggressive marketing companies – both online (Brighter Life) and offline (Fun Run, #PYOLO, among others).
2014 saw a realignment of the rankings in total premium income. Philam Life was the second spot-holder last 2013, but this 2014, they’re at number 3; whereas AXA Philippines was the third-placer last 2013 and on the latest results, they’ve claimed the second spot.
What’s to be noted in the latest ranking is the wide margin from Sun Life’s 30 billion in premium income to AXA Philippines’ 18 billion. It’s exciting to see if this record will be consecutive in the next few years to come.
The strongest point to be noted in the ranking is also Sun Life’s premium income in dominating the VUL (Variable Life Insurance) target market, don’t you think?
– The premium varies. (Premium is the amount you deposit regularly for this plan). It depends on the coverage you need and on the yearly budget that you can set aside for this financial product.
– The paying period varies. It depends on you, too. For example, you can choose to contribute for 5, 10, 15 or 20 years.
– In VULs, you get a guaranteed protection benefit and a variable investment amount.
* Variable investment amount: since VULs have investment components, the investment scheme is similar to how mutual funds/UITFs work. Their returns aren’t guaranteed – this is a universal rule in investment because sometimes you may incur losses, sometimes you may have huge gains.
Historically speaking, though, for example if you invested in a balanced fund and held it for the long-term, an annual interest of *8% to 10% was observed.
For your reference, Sun Life’s well-known VUL solutions include:
– Sun Maxilink Bright; and,
Any thoughts on the recent rankings? 🙂