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. What will happen to my policy if I pay my premium after the grace period?
A3. 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.
Q4. Where do I pay my premium?
A4. 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.
For any changes in your mailing address and/or contact details, please submit a duly accomplished Policy Detail Amendment Form.
You can submit through your Financial Advisor, any Philam Life branch office, or by fax at 528-2001.
For increase or decrease of coverage, submit the following documents:
- Two copies of a duly accomplished (i.e. must be dated, signed and witnessed) Policy Detail Amendment 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.
- Plan should be eligible for increase or decrease of coverage.
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.
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.
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 Life Insurance 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.
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.
Submit 2 copies of a duly accomplished (i.e. must be dated, signed and witnessed) Policy Detail Amendment 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.
Submit 2 copies of a duly accomplished (i.e. must be dated, signed and witnessed) Policy Detail Amendment 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.
Submit 2 copies of a duly accomplished (i.e. must be dated, signed and witnessed) Policy Detail Amendment 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.
Your life insurance policy can be assigned as collateral for a personal loan to a third party (i.e. bank). During policy assignment, the owner cannot exercise his ownership rights without the consent of the assignee.
Submit a duly accomplished and notarized (i.e. must be dated, signed and witnessed) Policy Assignment Form in duplicate copies together with the Policy Owner’s Identification Cards. Any irrevocable beneficiary or assignee should sign the form submitted with the Original Policy Contract. If the policy contract is missing, submit a duly accomplished Indemnity Agreement Form (Request for Replacement of Lost Policy), dated, signed, witnessed and duly notarized by a notary public and have the irrevocable beneficiary or assignee (if any) sign the form. Payment of rewriting fee will be required.
For cancellation of policy assignment, submit a Certification from assignee relinquishing interest on the policy and the policy contract.
Submit a duly accomplished (i.e. must be dated, signed and witnessed) Policy Loan Form in duplicate copies together with the Policy Owner’s Identification Cards.
The irrevocable beneficiary or assignee should sign the form submitted with the Original Policy Contract.
If the policy has a minor irrevocable beneficiary and the loan amount is up to P500,000, an Affidavit of Guardianship will be required to be filled-up by the father, or in his absence or incapacity, the mother of the minor. In the absence or in case of the incapacity of the father or mother, the grandparent, the eldest brother or sister at least eighteen (18) years of age or any relative who has actual custody on the minor insured or beneficiary, shall act as a guardian without need of a court order or judicial appointment as such guardian, as long as such person is not otherwise disqualified or incapacitated. For loan amount that exceeds P500,000, a Guardian’s Bond approved by the court and Certified True Copy of the Court Order appointing a legal guardian to represent a minor must be submitted.
If the Policy Owner or Assignee is a corporation, an officer of the corporation must sign for the corporation on the disbursement form, and this must be accompanied by a Corporate Secretary’s Certificate and Board Resolution authorizing the loan on the policy and giving the executing officer authority to sign this disbursement request on behalf of the corporation.
If the Policy contract is missing, submit a duly accomplished Indemnity Agreement Form (Request for Replacement of Lost Policy), dated, signed, witnessed and duly notarized by a notary public and have the irrevocable beneficiary or assignee (if any) sign the form. Payment of rewriting fee will be required.
The loan proceeds will be released depending on your disbursement option chosen. 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. If Policy Owner is abroad, please submit a current Special Power of Attorney duly authenticated by the Philippine Consul. If this cannot be obtained, proceeds may be deposited to the Policy Owner’s local bank account subject to authorization letter addressed to the bank, indicating bank details.
Proceeds from Loan, Redemption, Surrender or Dividend Withdrawal requests can be received through Credit to Account (CTA), Claim at any BPI / BPI Family Bank Branch.
For Credit to Account enrollment form, submit to any of our branch offices nearest you.
- 2 copies of a duly accomplished (i.e. must be dated, signed and witnessed) Credit to Account enrolment form
- Original & photocopy of any proof of bank account such as Deposit slip within the last two (2) months complete with bank electronic validation, ATM Card (front & back) showing account holder name, and account number, Current passbook; Photocopy first page showing acct name and number and Bank statement within the last two (2) months where the account name and number are indicated.
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
- Additional requirements (such as a medical examination) as may be deemed necessary to facilitate the reinstatement of your policy.