Credit Life
We provide financial solutions for both debtors and creditors.
We believe that one should be remembered by his deeds and not by his debts. Our Credit Life products provide protection to you, whether you’re a lender or a borrower, against the possibility of an unpaid loan due to a borrower’s untimely death. With Credit Life, loans are paid, assets and possessions safeguarded and future earning power kept intact.
Contact a Philam Life Financial Planner
Contact us at (02) 528-2000 or
email us at philamlife@aia.com.
Read Philam Life's "Buti na lang" Testimonials
No stars. No celebrities or media personalities. Just ordinary people with extraordinary stories.
Our Credit Life Plans
We keep you on top against lending risks.
You get so much satisfaction and fulfillment in knowing that your business is a catalyst for other people’s progress. Philam Life’s Safety Net allows you to help other people build their dreams while you grow your own business.
Protection for Lenders and Borrowers
- You can protect your business anytime, anywhere, and against any cause of loss of life.*
- You can give your borrowers peace of mind that their loan will be paid and not shouldered by their family. Any excess coverage will be given to their family.
- You can enhance your borrowers’ protection by attaching the following riders:
- Accidental Death & Dismemberment Benefit
- Total and Permanent Disability Benefit
Simple and Easy Lending
- With our extensive nationwide network, you can get easy access to our branch office services for ease of making payments.
- You can get additional and immediate income from service fees.
- You can provide value-added benefits to your clients:
- Easy and simple enrollment
- Collateral-free loans
- Reasonable premiums for high protection coverages
- No worry of property re-possessions
With Safety Net, you can get convenient protection in a credit insurance plan with ready rates, automatic coverage and easy administration.
* Except suicide during the first year of loan.
We provide you valuable benefits to work hard for you with Safety Net.
For the Lender
- Protection and the assurance of loan repayments
- Income opportunities through the receipt of service fees
- You can extend these benefits to your clients:
- Easy and simple enrollment
- Collateral-free loans
- Reasonable premiums for high insurance coverages
- No worry of property repossessions
For the Borrower
- Peace of mind that his debt will be paid and not shouldered by his family
Below are common Frequently-Asked-Questions (FAQs) about Safety Net that we have compiled for your reference.
Q: What types of groups can avail of Safety Net?
A: Safety Net is available for all types of lending institutions except Rural Banks.
Q: Who are eligible to enroll?
A: All borrowers who are actively-at-work, in good health, able to perform the normal chores of life, and below age 65 may be covered.
Q: What is the minimum amount of borrowers?
A: A group should have at least five eligible borrowers to be a valid group.
Q: How much coverage can insureds avail of?
A: Minimum amount of loan to be insured could be as low as P1,000 up to a maximum of P1 million per month, for personal loans; and P5 million per month for housing loans.
Q: What do I need to submit to receive a proposal?
A: Please submit the lending institution's Representative's name and designation to our Corporate Account Officer at (02) 528-5406 to 16 so we can prepare a proposal for you.
Q: Once I find the proposal acceptable, what are the requirements before borrowers can be insured?
A:
- Final list of individuals to be insured
- Group Application Form
- Premium Payment