Dennis Lumintac

"Buti na lang I made a decision to insure my entire family with Philam Life. With the endowment plans that we got, we learned that we can enjoy the benefits of insurance even while we are still living!"

- Dennis S. Lumintac, 51 years old, from Quezon City
OFW, Head of McDonalds Riyadh’s Finance and Accounting
Philam Life Policyholder

I am an OFW working as the Head of the Finance and Accounting Department of McDonalds Saudi Arabia in Riyadh. Long before I had my Philam Life experience, the concept of insurance for me was quite morbid. One can only benefit from his insurance after his death. My Philam Life experience completely changed this.

Philam Life was introduced to us back in 1998 when we had our annual vacation in Surigao. At that time, I was convinced by one persistent Philam Life agent to take one of the company’s products.

I was reluctant and apprehensive at first considering at that time, the rates offered by banks on their instruments and money placements were higher than the policy benefits offered to me. As a family friend, I could not say no to the agent so out of respect, I conceded to take an endowment plan for myself.

When our vacation ended, we went back to Saudi. A year later, we were back to Surigao for another vacation. The persistent agent still remained persistent and met us again for another Philam Life update session.

Again, I got convinced. It must be because of the yummy cake he always brought along to our meetings. So, I ended up getting another endowment plan for my wife, plus some added fats and calories.

We had the same routine for the next summer, and the next two summers. I ended up buying two more plans for my son and another for my daughter. In addition to the three plans, I also bought an additional prosperity plan for myself in Manila.

With all these policies we acquired, the annual premium became a burden on our yearly budget. Nevertheless, we looked at them more of an investment than an expense. This perspective pushed us to persevere more to keep the plans instead of dropping them off. Last year, I was counting on the refund of my son’s high school plan (which was not used) to cover some of our maturing obligations.

The time came though that we were in a difficult bind to meet our obligations. I tried to borrow from our relatives and friends but their assistance was not enough to meet our obligations.

Despite the fact that I could borrow against my Philam Life policies, I did not give it much consideration since I thought that the amount that we could loan against the policy was just a meager sum. I also thought that the processing would take forever. I didn’t consider Philam Life as a possible solution. However, when my wife updated our plans, to her surprise, she was informed that the amount we could loan was more than enough to cover our obligations and that the processing time was just a matter of days. It was an answered prayer.

We took a loan against my wife’s policy and met all our obligations on time. It was not just a momentary relief for us but the whole experience also gave us a sense of security and assurance, knowing that in times of need, Philam Life can be counted on.

This year, I will complete all the required premium contributions for all our Philam life plans. I will finally complete paying my policy loans and will start to reap the scheduled yearly benefits for the next five years from my endowment plan. Soon, it will be my wife’s turn to receive her benefits. Thereafter, my son and daughter will enjoy their own benefits.

Looking back from where we were, with near-zero interest returns offered today by banks, it was certainly not just a wise decision but a wise investment to acquire these plans from Philam Life. Now we know, insurance is definitely not only for the dead but also for the living.