Can I Buy Life Insurance Online? Yes—Here’s How 

Interested in buying life insurance, but feeling overwhelmed by the idea of visiting a provider’s physical branch, meeting an agent, and poring over multiple policies?

Fortunately, these days you can go online, get a quotation, fill out a form, and purchase a policy—all without having to leave your home. This simplifies the whole purchasing process while keeping your information safe and confidential. Plus, you save time and reduce the paperwork!

If you want to know how to buy life insurance online, this guide can help. To make things easier for you, you’ll also learn where you can buy life insurance online.

Is it Safe to Buy Life Insurance Online?

Don’t worry—as long as you choose a licensed and Insurance Commission-accredited company, you’re safe. Before you input any personal information, make sure you’re looking at your chosen company’s official website or app as well. 

Pros of Getting a Life Insurance Policy Online

If you want speed, ease, and privacy, your best bet is to apply online for life insurance. Here are more reasons to get your insurance policy online: 

👍 Less Intimidating 

When buying life insurance online, you can take your time checking the life insurance benefits, coverage, riders or add-ons, premiums, payment schedules, and terms and conditions. You can also view the company information online. 

Moreover, you can easily make digital life insurance quote comparisons to find the right product and truly understand your purchase. 

Plus, when you buy life insurance online, you eliminate the need to speak to a life insurance agent or financial advisor. Skip the awkward hard-sell spiels about expensive policies that are not tailored to your needs.

👍 More Affordable Premiums

Since you won’t have to consult a financial advisor, you enjoy more affordable premiums. This is because the commission for the middleman or intermediary is taken out from the premium cost. 

👍 Free Online Tools to Help You 

Most online insurance companies in the Philippines have a short questionnaire on their websites which you can use to determine what you’re looking for in a policy. They also have online calculators that will generate life insurance quotes online—showing the insurance coverage, the sum assured, and a sample premium computation. 

You can also download brochures to read and study if you’re not yet ready to finalize the purchase. If you have more questions about the product, you can still speak with a life insurance advisor via chat, email, or phone. 

👍 More Convenient 

You don’t need to go out and meet with an insurance agent or visit the insurance company’s branch or office. Simply download an app, create an account, complete eKYC (electronic Know Your Client^[1]) and verification, and you’re set to buy insurance and investment products online.  

👍 Quicker Issuance of the Policy 

You can get a life insurance proposal as soon as you finish answering questions in just a few taps. If everything checks out, you can pay for and get your digital policy instantly.

Read more: Secure Your Future with the Best Life Insurance in the Philippines

Cons of Getting Life Insurance Online 

While there are undoubtedly many reasons to purchase life insurance online, there are also a couple of downsides to it. Here are the most notable ones:

👎 Possibly Limited Coverage 

Should you decide to apply online for life insurance, note that some insurers usually offer a one-package option that does not allow for coverage customization. 

Fortunately, there are exceptions. For instance, you have full control over customizing the coverage of your chosen life insurance products—including those for health and income loss protection—on the Singlife Plan & Protect App.

👎 No Financial Advisors

Some clients enjoy one-on-one discussions with their insurance agent, which is a usual practice in the industry. After all, you get to learn more about your policy and insurance in general. Plus, building a connection with your agent helps promote trust and, in some cases, even friendship. 

Some, however, prefer to do things on their own—after all, the policy details are already laid out clearly. It’s all a matter of preference. 

Weigh the pros and cons before deciding whether buying life insurance online is for you. 

How to Buy Life Insurance Online in the Philippines 

To give you an idea of how to apply for insurance online, here are the steps to expect when buying a policy online. 

1. Consider why you’re getting life insurance: Is it for income replacement, your children’s college education, or financial protection for you and your family? 
2. After determining how much coverage and which benefits you want to enjoy, compare insurance quotes or proposals with the same terms. Once you’ve picked an insurance provider, you can buy your life insurance policy online. 
3. Provide your personal and work information. More importantly, you must answer important questions about your medical history. Sometimes, you’ll be asked to take a medical examination before your application gets approved. 
4. Once it gets approved, you can now accept or confirm the policy and set up your payment method. Depending on your preference, you can pay via auto-debit arrangement, mobile banking, e-wallet, or cash payment.
5. Once you receive your policy's physical and electronic copies, keep them in a secure location. 
6. If your insurance provider has a mobile app or website where policyholders can check, track, or make amendments to their policies, download the app and register for an account.

Related: What to Consider Before Getting Life Insurance in the Philippines

Where to Buy Life Insurance Online

Want to know where to buy life insurance online—one that’s easily accessible and affordable? If you want a better way to save, plan, and protect yourself and your loved ones from life’s uncertainties, check out Singlife, the first purely digital insurer in the Philippines. 

The Singlife Plan & Protect App is the first and only mobile app in the country that lets you plan your financial goals, save up for them, and protect them from unexpected events through savings and life insurance. Moreover, you can personalize your savings and insurance solutions according to your needs and budget.

Read more: Take Full Control of Your Financial Future with Moneymax and Singlife Philippines 

🛡️ Protect Your Goals 

Whether it’s your first-ever life insurance policy or an addition to your current insurance coverage, Protect Your Goals is designed with your financial protection and success in mind. Protect Your Goals maximizes your money’s earning potential to achieve your goals while ensuring your loved ones are cared for if something happens to you. 

You can purchase this 100% digital variable unit-linked product by downloading the Singlife Plan & Protect App and registering for an account. There’s no need to speak with a financial advisor, but don’t worry—all the important information about your policy will be laid out in simple, easy-to-understand terms. 

Starting at ₱500 a month, you can invest and increase it as you go along. Save at least ₱500 monthly in Protect Your Goals to grow your money to ₱149,666 in five years and ₱385,123 in 10 years. 

Here’s how Protect Your Goals compares to similar VULs in the market:

Your funds are managed by the Philippines’ top investment managers, ATRAM Trust and Metropolitan Bank & Trust Company, to help it grow. Since you don’t need to deal with a go-between or intermediary, there’s no need to pay any commission or entry fees—meaning 100% of your money goes into your investment, helping it grow faster.

More importantly, Protect Your Goals has insurance coverage. Your family will receive 125% of your total payments if anything happens to you. 

The Singlife Plan & Protect App is available 24/7, so you can monitor or adjust your investment anytime. You don’t need to call or visit the Singlife office to request a transaction. 

Eligibility Requirements 

To avail of Protect Your Goals, you must meet the following requirements: 

• 18 to 55 years old 
• Filipino citizen or foreigner resident of the Philippines 
• In good health 
• With an active Singlife Emergency Fund 
• In the Philippines at the time of the policy purchase 

How to Purchase Protect Your Goals

Ready to purchase your Singlife insurance and invest in your goals? Follow these easy steps: 

1. Log in to your Singlife Plan & Protect App and tap the Protect tab. 
2. Choose Protect Your Goals and set the monthly investment amount and the number of years to save. You also have the option to boost your initial investment.
3. Choose your Investment Portfolio based on your Risk Profile. 
4. Confirm the details, review the sales illustration, and agree with the declarations. 
5. Pay the initial investment or the single premium. 
6. A representative from Singlife will give you a call to make sure that you understand the investment product and to confirm the policy activation. After which, you will be issued your policy contract. 

Read more: Personal Accident Insurance: What is It and Where to Get One?

Final Thoughts 

There’s no need to stress over how to buy life insurance online when the Singlife Plan & Protect App can do it all for you. Its one-stop solutions and comprehensive platform make saving, planning, and financially protecting your future easy and hassle-free. 

Stay in complete control of your policy, easily pay premiums suited to your budget, and more importantly, enjoy peace of mind—it’s the best gift you can give yourself and your loved ones. Get started and download the Singlife Plan & Protect App today:

DISCLAIMER: This article was created in partnership with Singlife Philippines. While we are financially compensated for this collaboration, we ensure to maintain our editorial integrity to provide you with the best recommendations that can help you make smarter financial decisions.

Source: ^[1] Know Your Client (KYC): What It Means, Compliance Requirements (Investopedia, 2023)