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Choosing the Best Insurance Company in the Philippines

This is not an easy task to do considering all the insurance and pre need companies out in the market today. Trusting an insurance company with your hard earned money and the future of your love ones is sure hard at times. However, this should not worry us because there are sure many companies here in the Philippines that are suited to cater our financial security need. Hearsay should not also worry us when it comes to trusting these financial institution. Take note that these companies are created out of a large group of people who wants to minimize their risk from life uncertainties while saving, keeping the value of their money against inflation, and a chance to more compared to other financial institution. 

The reason why its said that insurance and pre need companies are said to minimize risk its because the number of investors and insured individuals is so large where these companies can use statistical analysis to project what their actual losses on claims or what not. They know that these people will not suffer losses all at the same time, therefore these companies take their chance to invest the pool of money that came from investors and insured individuals to make the business grow.

As an investor we should be doing our own research before we invest. It's also best that we consult a financial advisor - each of these companies have many financial advisor who wont just offer free estimate for your financial security  need but would also show you and guide you on how to attain your financial goal. 

Things that should be considered before getting an insurance plan;

1. History

Its better to choose the company who has been in the business for the longest time, its because they already created a formula that made the business last. An establish track record is something that you must go looking for when choosing an insurance company.

2. Size Matters

The internet can be a great source of information when we are wanting to rank all these insurance companies in the market. Well of course we want to invest our hard earn money with the best company there is. Here in the Philippines the insurance commission can be a great help in our decision to get an insurance plan. The said government agency have all the information that you need from list of insurance companies that are certified it also have statistical rankings like base from the company's premium income, assets, net worth, paid up capital, net income of all the insurance and pre need companies out there. 

3. Product Line

Insurance policies are not off-the-shelf products. In order to meet the varied needs of a policyholder and clients, insurance providers offer innovative products. Your insurance needs are different at different stages of life. Base from one's research, shortlist the companies that offer products that meet your needs. The company you choose should offer all types of life insurance policies to ensure you get to choose.

4. Excellent Customer Service

Insurance terms can be at times intimidating however this should not stop us from asking a lot of questions before we get a policy from an insurance company. at times like this, a trusted financial advisor can be handy. They are the ones who can help you get the right plan specific to your need. They are also the ones who help you in terms of processing your policy all the way to getting your claims.