- In a traditional life insurance plan, the premiums, cash values and Death Benefit are fixed and it is the Company that decides on where to invest the premiums.
- In a variable life insurance plan, premiums and Death Benefit are flexible, and account values depend on the investment performance of the fund/s you have chosen.
Unsure about insurance? Need clarification on the myriad of details? We’ve got you covered with our list of Frequently-Asked-Questions about First Life, its portfolio of plans, investments and insurance.
A non-traditional life insurance plan with benefits directly linked to the performance of the units of investment fund/s you choose.
Your beneficiaries will receive the amount equivalent to your Sum insured or the Account Value, whichever is higher.
Upon approval of your application for insurance and upon receipt by us of your premium payment in cleared funds.
It is the Bank of the Philippine Islands – Asset Management Trust Corporation (BPI AMTC). It is in charge of implementing fund investing strategies and managing portfolio trading activities.
First you must know your investment objectives, the length of time you plan to remain invested and your risk tolerance to market volatility.
Yes, you can invest in more than one fund. In fact, you can invest in all funds available to diversify your plan.
Yes, you can switch from one fund to another to take advantage of the growth of a particular fund. You are allowed one (1) free switch within a policy year. Appropriate charges shall apply for every succeeding fund switch.
A “unit” is a notional allocation of premiums in an Investment Fund used for the purpose of determining the Account Value.
“Net Asset Value per Unit.” It is the value of one (1) unit of an investment fund.
The unit price or NAVPU will be released by the Company every Friday. The cutoff for the “basket of transactions” is set every Monday at 12:00 noon of the same week.
While your policy is in effect, any premium received by us, after deducting the premium charges, will be used to create units of the relevant Investment Funds according to your fund allocation instruction. The units of the relevant Investment Funds will be created based on the unit price of the Investment Fund on the valuation date immediately following receipt by us of the premiums in cleared funds.
An additional premium that a variable life policy owner can add to his policy to buy additional fund units.
This is a period of 15 days from the receipt of the policy given to clients to review the policy. Within the duration of this period, the client has the option to either continue or cancel the policy.
If the client chooses to withdraw the policy within the cooling off period, the amount to be refunded shall be the value of units plus all charges.