Life Insurance is a very, very, very important risk management tool to protect you form any unforeseen circumstances that may occur in life. We’ve talked about it several times but it is something worth hammering down as very few still are protected.
This will be the start of a series of blogs relating to life insurance by our Wednesday columnist Ge Cantor. Our aim is for Filipinos to better appreciate the value of life insurance and hopefully take action in protecting themselves.
It’s time to be financially free!
Entrepreneur.com defines a mission statement as “a sentence describing a company’s function, markets and competitive advantages; a short written statement of your business goals and philosophies.” A mission statement defines what an organization is, why it exists, and its reason for being.
To better appreciate the value offered by the different life insurance companies here in the Philippines, Iet’s take a look at their mission statements starting with the governing body, i.e. the Insurance Commission (IC).
Insurance Commission www.insurance.gov.ph
We are committed to protect the interest and welfare of the insuring public and to develop and strengthen the insurance industry.
Sun Life of Canada (Philippines), Inc. www.sunlife.com.ph
To help customers achieve lifetime financial security.
Philippine American Life & General Insurance (Philam Life) www.philamlife.com
We empower Filipinos to achieve financial security and prosperity.
Philippine AXA Life Insurance Corp. www.axa.com.ph
AXA’s mission is to help customers live their lives with more peace of mind by protecting them, their relatives and their property against risks, and by managing their savings and assets.
Pru Life Insurance Corp. of U.K. www.prulifeuk.com.ph
We take the risk out of people’s lives. We are the trusted leaders who listen and respond to the financial needs of the Filipino people.
Manufacturers Life Ins. Co. (Phils.), Inc. www.manulife.com.ph
Manulife Financial’s vision is to be the most professional financial services organization in the world, providing strong, reliable, trustworthy and forward-thinking solutions for our clients’ most significant financial decisions.
Insular Life Assurance Co., Ltd., www.insularlife.com.ph
Our mission is to provide a full-range of high-value insurance products and other financial services that empower families to fulfill their dreams, thus helping build a stronger Philippines.
PNB Life Insurance, Inc. www.pnblife.com
We provide innovative, excellent and affordable products and services to help Filipino families become financially independent throughout their lifetime.
United Coconut Planters Life Assurance Corp.www.cocolife.com
We are a recognized leader in the insurance industry, with the fundamental purpose of providing the benefits of life insurance and other related financial products and services to our fellowmen.
Generali Pilipinas Life Assurance Co., Inc. www.generali.com.ph
Our mission is to be the first choice by delivering relevant and accessible insurance solutions.
According to Insurance Commissioner Emmanuel Dooc, the penetration rate of insurance measured in terms of the population that has life insurance coverage hit at least 25 percent in 2013. This means that given the estimate that our population is now about 100 million, there are now about 25 million people in the country that has life insurance coverage.
In the meantime, the penetration rate of insurance measured in terms of the proportion of total premium collection of the life insurance industry to the country’s gross domestic product has steadily increased in the past five years from only 1.02 percent in 2009 to 1.9 percent in the first nine months of 2013.
I’d like to quote a biblical phrase that says “the harvest is plentiful, but the workers are few.” This is quite true to the life insurance industry in our country. I sincerely wish my fellow financial advisors and life insurance professionals to carry on with their respective company’s mission and please do not quit. After all, we should always aim on achieving our MISSION and not the COMMISSION!
Hope this helps.
Gerald “Ge” Cantor’s mission is to help Filipinos save and invest for their future while protecting themselves and their families for the present. Ge is a Financial Adviser of Pru Life UK, a Financial Planning Advocate of Personal Finance Advisers Philippines Corporation, a Registered Financial Planner graduate, a Certified Public Accountant (CPA), a Certified Internal Auditor (CIA).
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