Frequently Asked Questions
Q1. When do I pay my premium?
A1. Always pay on the due date or within the 31-day grace period. The frequency of your payment depends on the mode of payment chosen:
- Annual (Once a year)
- Semi-annual (Twice a year)
- Quarterly (Four times a year)
- Monthly (Twelve times a year)
NOTE: The less frequent the mode of payment is, the less you pay!
Q2. What happens if I do not pay your premium?
A2. If your premium is not paid within the grace period, your policy will lapse and thus will no longer be able to provide the protection and benefit it was intended to. If your policy, however, has enough cash value, you can use this to cover your premium due. See Policy Loan, Policy Reinstatement and Non-Forfeiture Option for more details.
Q3. Where do I pay my premium?
A3. We provide you with easier and more convenient payment options to keep you and your family protected.
You can pay your premiums anytime, anywhere. We have over 5,000 trusted and reliable payment centers nationwide. Your validated payment slip serves as your proof of payment and you will receive SMS confirmation of your payment within two days.
Q4. What will happen to my policy if I pay my premium after the grace period?
A4. Payments made beyond the grace period will result to policy lapsation unless the policy has earned sufficient cash values to pay for future premiums and the Premium Loan Option was selected at the time of insurance application. In such case, the premium due on the policy will be treated as a loan as provided for in the Premium Loan provision.
Premiums paid after the grace period may result in the termination of insurance protection or reduce your insurance coverage.
Q5. How do I change my mode of premium payment?
A5. Submit 2 copies of a duly accomplished (i.e. must be dated, signed and witnessed) Request for Policy Change Form and pay the chosen modal premium to any of our branch offices nearest you.
The chosen mode should conform to the cycle of the original mode of premium payment. For example, if the original mode was quarterly, then you may shift to an annual basis only on the policy anniversary, i.e. on the first quarter payment date.
Q1. Who are eligible to be designated as beneficiaries?
A1. The most common beneficiaries are immediate family members, descendants, heirs, employers, established business partners and charities of the insured. Here we apply the concept of “insurable interest” wherein we scrutinize the legitimacy of a life insurance policy and its beneficiary. The intention of life insurance is to provide financial assistance to the beneficiary after the death of the insured therefore the beneficiary must have an insurable interest with the insured. He/ She should not gain with the loss of the insured’s life.
Q2. What are the types of beneficiary designation?
A2. Beneficiaries may be designated as Revocable or Irrevocable.
A revocable beneficiary is the beneficiary whose consent is not needed if the insured wishes to make any changes in his policy.
An irrevocable beneficiary is the beneficiary whose consent (by way of signing) is needed every time the insured wishes to make any changes in his policy such as policy loan, surrender, policy assignment and other changes in beneficiary. In case of death of insured, claim proceeds for irrevocable beneficiary is tax free.
- If your current beneficiary is irrevocable, please have him or her sign the duly accomplished Request for Policy Change Form as well, in order to facilitate any beneficiary changes you would like to make.
- If you are designating your spouse as a new beneficiary, please submit a photocopy of your marriage contract
- If you have a minor beneficiary (below 18 years old), you must name a Trustee* to your beneficiary by indicating the Trustee’s name on the Request for Policy Change Form and submitting it together with a duly accomplished and notarized Trust Deed Form.
- A trustee is only a representative of the minor beneficiary in documenting claims. He or she has no authority over the minor while insured is still living. Immediate relatives can be designated as trustee.
Q3. Can I change my beneficiary anytime?
A3. Yes, you may change your beneficiary anytime as long as the policy is in force. If the current beneficiary is designated as irrevocable and is of legal age, his consent is necessary to effect the change. If the irrevocable beneficiary is a minor, he can only express his consent through a guardian duly appointed by the court.
Q4. How do I change my beneficiary?
A4. Submit 2 copies of a duly accomplished (i.e. must be dated, signed and witnessed) Request for Policy Change Form to any of our branch offices nearest you. This form can also be used to delete your previous beneficiaries. You may designate your beneficiary as revocable or irrevocable.
Q1. How do I inquire about my policy?
A1. You can inquire through:
- Your Financial Advisor
- In the nearest Philam Life office
- Through our Customer Service Hotline at (02) 528-2000
Please be ready with your policy number when calling the hotline.
- You may also send your queries by filling up our Inquiry/ Feedback Form.
Q1. How do I update my contact information?
A1. For any changes in your mailing address and/or contact details, please submit a duly accomplished Address and Phone Update Form.
You can submit through your Financial Advisor, any Philam Life branch office, or by fax at 528-2001.
Q1. How do I amend my coverage?
A1. For increase or decrease of coverage, submit the following documents:
- Two copies of a duly accomplished (i.e. must be dated, signed and witnessed) Request for Policy Change Form indicating desired change in coverage as well as the Policy Contract.
- A duly accomplished Health Statement Form and other proof of good health as may be required by the Company.
- Payment of cost for the premium difference of the old coverage to the new coverage
- Policy Contract
- Increase in face amount is allowed within one year from original effective date.
Any policy change which will result in the reduction of coverage or benefit will require the consent of any assignee or irrevocable beneficiary. On the other hand, if the policy change will result in additional benefits, Philam Life reserves the right to add additional requirements whenever necessary.
Q1. How do I file for a cash loan against my policy?
A1. Personal appearance of policyowner shall be required upon filing of request at the branch. No third party requests shall be allowed.
Submit a duly accomplished (i.e. must be dated, signed and witnessed) Policy Loan Agreement Form in duplicate copies.
Any irrevocable beneficiary or assignee should sign the form submitted with the Original Policy Contract.
If the policy contract is missing, complete a Request for Issue of Copy of Lost Policy Indemnity Agreement Form and have the irrevocable beneficiary or assignee (if any) sign the form.
Please present a valid ID such as passport, driver's license, company or professional ID when submitting the request and picking-up the check. If through a representative, he or she must present an authorization letter by the insured and acceptable identification documents of both insured and representative.
Q1. How do I request for a copy of my policy contract if it is lost?
A1. Policyowner will complete a Request for Copy of Lost Policy and have the irrevocable beneficiary or assignee (if any) sign the form. The form will be notarized and submitted to the branch office.
If the request is purely for re-issuance of duplicate policy, the active servicing Financial Advisor on our record may submit all required documents to the branch. No third party request other than the active servicing Financial Advisor is allowed.
Personal appearance will be required when filing duplicate policy requests specifically when a simultaneous request is filed including financial transactions and contractual changes. Payment of policy re-issuance fee will also be required.
Q1. How do I update my name and status?
A1. Submit 2 copies of a duly accomplished (i.e. must be dated, signed and witnessed) Request for Policy Change Form to any of our branch office nearest you together with the following documents:
- Photocopy of your marriage contract if the change of name is due to marriage. (Original copy to be presented.)
- Copy of the Certified True Copy of the Entry of Judgment and Decision issued by the court where the case was filed
if the change is due to legal separation/ annulment.
- Photocopy of any valid ID or document containing your correct name (e.g. Birth Certificate, Baptismal Certificate, Valid Passport, Driver's License, Valid Company ID, SSS) if the nature of the change is due to the correction of your name.
(Original copy to be presented)
NOTE: Request indicated in the policy change form will still be subject to approval of the Company.
Q1. How do I revive my lapsed policy?
A1. You may reinstate your policy within three (3) years from the date of lapsation by submitting the following requirements to any of our branch offices nearest you:
- A duly accomplished (i.e. must be dated, signed and witnessed) Health Statement Form
- Payment of tentative Reinstatement Cost
NOTE: Please contact our Philam Phone customer hotline or email us for the reinstatement cost. After payment,
submit a copy of the Official Receipt together with the duly accomplished Health Statement.
After complying with the above, you will be advised if there will be any additional requirements (such as a medical examination) needed to facilitate the reinstatement of your policy.