Several circumstances result in changes on the status of your life insurance policy. Such changes may be classified into Value changes or Non-value changes. Value changes are those that will affect the policy benefits and policy schedule. Non-value changes denote changes in name, address, contact information, etc.

Remember that for any change or amendment on the policy, the consent of each irrevocable beneficiary or assignee is needed.

Value Changes

The addition of rider/s may be done anytime while the policy is in force, provided that the insured has not reached the exclusion age corresponding to the rider to be applied for. On the other hand, deletion of rider/s is allowed during policy anniversaries only. 
These are the requirements: 

  • Accomplish a Request for Amendment Form indicating the desired policy changes
  • Policy Contract
  • Rider questionnaire
  • Pay the additional premium required for addition of rider/s
  • Health Declaration or other Medical requirements (if required by Underwriting)
  • Amendment Fee (PhP100.00 or USD5.00)

The increase of sum insured is only allowed if request is made within the first six (6) months from the policy date. The new sum insured should also be within underwriting guidelines. These are the requirements: 

  • Accomplish a Request for Amendment Form indicating the desired policy changes
  • Submit Policy Contract
  • Pay the additional premium required
  • Health Declaration or other Medical requirements (if required by Underwriting)
  • Amendment Fee (PhP100.00 or USD5.00)

A request for decrease in sum insured is allowed during policy anniversaries but not later than the end of the grace period subject to the floor sum insured per plan. These are the requirements:

  • Accomplish a Request for Amendment Form indicating the desired policy changes
  • Submit Policy Contract
  • Amendment Fee (PhP100.00 or USD5.00) 
  • Accomplish a Request for Amendment Form indicating the correct birth date and age
  • Submit Policy Contract
  • Submit proof of age – photocopy of birth certificate, passport
  • Pay the additional premium required, as the case may be.
  • Accomplish a Request for Amendment Form indicating the new mode of payment
  • Additional payment (if needed)
  • For monthly mode of payment, twelve (12) postdated checks (PDCs) are required, which should be remitted to First Life not later than 31 days after the current policy anniversary date.

Non-value Changes

To ensure that your policy record has an updated contact information, please advise any of our offices or our Policyholders’ Services Department for any change in your mailing/email address, landline, mobile phone & fax numbers.   

Accomplish a Request for Amendment form, along with original or authenticated copy of legal documents to support the change or correction (e.g., marriage contract, legal papers, etc.)

Accomplish a Request for Amendment Form indicating the name of the new beneficiary, your relationship with him/her, the classification and designation of the new beneficiary/ies as to Primary or Contingent, and Revocable or Irrevocable.

  • Classifications of Beneficiary
    • Primary – first beneficiary or party designated to receive the policy proceeds following the death of the insured.
    • Contingent – if the primary beneficiary should die before the insured, the contingent or secondary beneficiary shall receive the policy proceeds.
  • Designations of Beneficiary
    • Revocable – a beneficiary who has no rights to the policy while the insured is living. Can be changed anytime by the policy owner.
    • Irrevocable – a beneficiary who possesses a vested interest on the policy proceeds even during the lifetime of the insured. Any changes on the policy require the consent of all irrevocable beneficiary/ies.

Accomplish a Request for Amendment Form together with the photocopy of legal documents to support the change or correction (e.g. birth certificate, marriage contract, adoption papers, etc.)

A benefit given to a policy as an option if a premium is unpaid when the grace period expires. Using the non-forfeiture option continues the life insurance coverage of an individual.

  • Automatic Premium Loan (APL) – A loan is automatically charged to your policy when your premium due remains unpaid beyond the grace period, as long as there is sufficient cash value to fully or partially pay the premium.
  • Reduced Paid-Up (RPU) – The policy’s net surrender value is used as a single premium to purchase a non-participating paid-up insurance of the same plan as the original policy with a reduced sum insured.  

Some limitations under RPU:

  • The face amount is reduced
  • Policy will not earn dividends
  • All supplemental (rider) benefits are cancelled
  • Extended Term Insurance (ETI) – The policy’s net cash value is used to purchase term insurance for the full coverage amount provided under the original policy for as long as it can be supported.

Some limitations under ETI:

  • Policy will not earn cash values and dividends
  • All supplemental (rider) benefits are cancelled

An assignment is an agreement under which one party transfers some or all of his ownership rights in a life insurance policy to another party. The Policy Owner who makes an assignment is known as the assignor; the party to whom the policy rights are transferred is known as the assignee.

  • Accomplish and have the Collateral Assignment Form duly notarized
  • Submit Policy Contract.
     
  • The assignee should submit a Certificate or Letter of Release of Assignment (indicating the full payment owed to the collateral assignee or that the insured is already free from any indebtedness).
  • If the assignee is an institution (e.g. bank, company) the signatory should be the authorized bank/company signatory. A corporate Secretary’s Certificate attesting to the authority of the signatory to release the assignment of the policy should be submitted together with the certificate/ letter. The policy contract should also be submitted together with the aforementioned requirements.

By submitting to First Life the Absolute Assignment form along with the policy contract and due consent of all irrevocable beneficiaries.

Accomplish a notarized Affidavit of Lost Policy Contract form together with a processing fee (PhP 100.00 or USD5.00).