THE COMPANY
Manila Bankers Life Insurance Corporation, or simply MB Life, is a life insurance company that was established on May 19, 1967, and founded by late Senator Gil Puyat. The company was the result when the Alpha Mutual Life Insurance Company and Bankers Life Insurance Corporation merged.
The company is based in Makati City, Philippines with SEC Registration Number 15238 and Certificate Authority Number 2016/14-R. It is now more than 50 years in the financial industry.
You can visit their official website here.
Boy Abunda, MB Life Ambassador
What is Term Life Insurance
The term life insurance is the cheapest among the types of life insurance available in the market that insures you within a specific period of time. The “term” means the length of time and refers to how long the policy will be active thus it has an expiration. And when it expires, you have the option of whether to renew or terminate your policy.
Upon renewal, you do not need to undergo medical writing and you can also choose to convert it to other types of life insurance. Remember that term life insurance only provides face amount or death benefit for a fixed period of time depending on your policy. Purchasing term life insurance can be a good tandem of BUY TERM INVEST the DIFFERENCE financial strategy.
What is MB Life MOST18
The MOST18 stands for Multiple Option Super Term 18. It is a term life insurance with Premium Deposit Fund (PDF) which allows maximum coverage at a minimal cost. Why? For the same amount of protection, the MB Life MOST18 has a cheaper premium compared to other life insurance products being offered.
It is “multiple options” since the investment side, the PDF can serve different purposes. You can invest your money that will serve as an education fund, retirement fund, or for buying your dream house. It can be a good instrument in achieving financial goals.
The number 18 means that you will be insured for 18 years with the same amount of premium. After 18 years, you may still renew your policy or convert it to whole life insurance as long as you think you still need life insurance.
M.O.S.T. 18 FEATURES & BENEFITS
AFFORDABILITY
50% Lower than endowment, w/ higher coverage and benefits. Be protected for the contingencies in life.
PREMIUM FLEXIBILITY
Settle your contributions base on a schedule that fits your lifestyle.
COVERAGE ADVANTAGE
Has Level Coverage risk. Your cash value/savings is always added to your protection/coverage.
LOW CHANCE OF LAPSATION
Premium that will fall due may be settled/deducted from the Premium Deposit Fund (PDF) and its investment earnings.
HIGHER FUND VALUE THRU PDF
Premium Deposit Fund (PDF) offers very competitive rate of return resulting to higher growth with guaranteed zero-negative return. Payable to the beneficiaries upon death of the insured. Can put maximum total deposit of 100% of the Face Amount, excluding interest earnings.
WITHDRAWAL ADVANTAGES
You can withdraw your savings anytime without any penalty; even on the 1st year you can still have the protection/coverage. Can work as an Emergency Fund since cash value/savings can be withdrawn in case of emergency.
ALTERNATIVE INVESTMENT FLEXIBILITY
Free to decide where to invest cash value/savings due to withdrawal advantage.
ISSUE AGE & CONVERTIBILITY
Insure yourself and your whole family. Issue age is between 5 to 60 years old. You have an option to convert your insurance to a permanent policy.
ADDRESES VARIOUS FINANCIAL NEEDS
Can serve various future needs such as: Retirement, Education, Travel & Savings
The 4 Corner Stone Of A Strong Financial Future
GROWTH
We do not want to lose our money, right? As much as possible, we want our money is in good hands. That’s why we must see to it that we only put it to where it is secure.
TAX ADVANTAGE
Who doesn’t want to have a tax-free? Being tax-exempt means more money can go into our pocket. The total death benefit of life insurance is not subject to tax.
SAFETY
Are your earnings enough to achieve your financial goals? We want to maximize the earning potentials of our money and as much as possible to avoid negative growth. But we know that the higher the potential gains, the higher the risk.
PROTECTION
Is the product can provide income protection? In case you, as the breadwinner, will be taken from this world, can your family still support themselves financially?
FAQ About MB Life MOST18
How much is the policy fee
The policy fee is only Php 500 and you only need to pay it once.
How much is the minimum amount you can invest in PDF
The initial minimum amount is Php 6,000. This is to ensure that you have enough funds to cover your premium for a year without cancellation of your policy. The minimal amount that you can add thereafter is Php 1,000.
How many times can I withraw money from my PDF
You can withdraw from your PDF for maximum of three (3) times in a year without incurring any fees. Withdrawal made for more than three (3) times per year will be subject to applicable fees.
When is the effectivity date of the policy
The policy becomes effective only upon the payment of its first modal premium. The effective date, shown in the policy page, will be used to determine premium due dates, policy years, and policy anniversaries.
Can I change my mode of payment
The mode may be changed at any time.
How long is the grace period
After the payment of the initial premium, any premium due must be paid not later than thirty-one (31) days after its due date. Any unpaid premium is deductible from the benefits that may arise during the thirty-one (31) days grace period as long as it has sufficient funds.
How long until my policy will lapse
If any premium is not paid by the end of the 31-day grace period, your policy will lapse and all its benefits will end.
Can I reinstate my policy
Subject to the approval of the Company, this Policy may be reinstated at any time within three (3) years from the due date of the premium in default provided: (a) this Policy has not been surrendered for cash; (b) a written application for reinstatement is submitted together with evidence of the insurability of the Insured satisfactory to the Company, and (c) all amounts necessary to put this Policy in force are received by the Company.
Can I convert my policy
The policy, if in force, maybe converted without evidence of insurability to a new policy on the insured prior to age 65 of the Insured.
What will happen if the policy owner commits suicide
The Company will not be liable if the Insured dies by suicide within two (2) years after the effective date or date of the last reinstatement of this Policy; provided, however, that suicide committed in the state of insanity will be compensable regardless of the date of commission. Where suicide is not compensable, the liability of the Company will be limited to the return of premiums.
Can I renew my policy
If at the end of the term of this Policy, the Insured has not reached age 60, this Policy may be renewed for the period shown in the Schedule of Benefits and Premiums. Renewal will be effective upon payment of the premium corresponding to the Insured’s attained age.
If under the terms of a rider providing benefits in the event of a total and permanent disability attached to this Policy a premium due at the end of the term of this Policy would be waived, this Policy will automatically be renewed in accordance with this Renewal provision.
Need assistance? Do you have any questions or clarifications?
Please do not hesitate to get in touch with us. We're more than happy to help you. Let's discuss!
