Frequently Asked Questions

Traditional Plans

Premium Payments

When do I pay my premium?

Based on when you started your policy, your due date is indicated in your policy contract. Generally, you can choose to pay annually, or break it up into smaller payments every six months or semi-annual mode, three months or quarterly mode, or even monthly mode.

Kindly note that annual renewable term insurance policies can only be paid yearly, and that regular variable life insurance policies can only be paid annually, semi-annually, or quarterly. (Navigate to the Variable Plans section to learn more about
variable life insurance options.)

 

To keep your coverage active, it’s best to pay on or before the due date. But don’t worry if you accidentally miss it — we know that life happens so we give you a little extra time. You have 31 calendar days after the due date to pay without any
added fees.

When do I receive my bill?

You’ll receive your premium notice two weeks before the due date. If you miss it, don’t worry — we’ll send another reminder a week thereafter.

Want to go paperless? Just let us know and we can send reminders straight to your email. Email us at policyservices@firstlife.com.ph with the subject line “Paperless Premium Notice.”

First Life Insurance Online Payment System:

  • For Visa or Mastercard credit cards and UnionBank account online payments. Available for Peso denominated
    insurance policies. 
  • Depending on your policy, follow the step-by-step guide here.
  • Visit https://firstlife-online.com.ph/FirstLifePay to complete the payment process. 

Banco de Oro:

For online payment:

  • Log in at https://online.bdo.com.ph/sso/login.
  • Select Financial Services/Bills Payment/Pay Bills.
  • Tick the option to Show Company Biller Not Requiring Enrollment.
  • Select First Life Financial Co., Inc.
  • For more info, visit https://firstlife.com.ph/payment-options/bdo. 

For over the counter:

  • Bring your premium or reminder notice..
  • On the payment slip, not the bank’s deposit slip, write the company name FIRST LIFE FINANCIAL CO., INC. (Institution code: 0421) and your policy number for proper account identification.
  • For more info, visit https://firstlife.com.ph/payment-options/bdo-otc.

Metrobank:

For online payment:

For over the counter:

  • Bring your premium or reminder notice.
  • On the payment slip, not the bank’s deposit slip, write the company name FIRST LIFE FINANCIAL CO., INC. (144) and your policy number for proper account identification.
  • For more info, visit https://firstlife.com.ph/payment-options/metrobank-otc.

GCash online payment:

EastWest Bank, Bank of Commerce, and SM Bills Payment Centers (SM Department Stores) over the counter payments: 

First Life Insurance Branches

First Life Insurance Payment Pickups

  • For new business applications, contact your financial advisor to arrange a payment pickup.
  • For existing policy premium payments, contact our Policy Services Department through any of the following: Email: policyservices@firstlife.com.ph Mobile: 0917-858-1579 (Globe/Viber) or 0999-221-0429 (Smart) Phone: 8893-3024 local 722 to 730
  • For group policy premium payments, email groupclaims@firstlife.com.ph with your name, policy number and contact details.
  • For more info, visit https://firstlife.com.ph/payment-options/payment-pickup.

For other inquiries, please contact your financial advisor. You may also reach our policyholders’ services team through these options:

  • Phone: (632) 893-3024 local 722 to 728
  • Viber/SMS: (Globe) 0917-858-1579 or (Smart) 0999-221-0429
  • Email: policyservices@firstlife.com.ph
  • Fax: (632) 325-6789
  • Walk-ins also welcome at our offices

What happens if I don’t pay my premium?

Your policy could lapse, which means you won’t be able to avail of your benefits. However, if your policy has built up
enough cash value, we can use that to keep your coverage going by automatically implementing your chosen NonForfeiture
Option (NFO).


To learn more about NFOs, scroll down to the Policy Changes section.

Reinstatement

new two-year contestability period commencing from the date of reinstatement.

What are the requirements to reinstate my policy?

If you want to reinstate your policy within 90 days of missing a payment, you’ll need to:

  • Fill out the Reinstatement Questionnaire.
  • Pay all unpaid premiums and overdue interest.
  • Settle any outstanding loans.
  • Pay a reinstatement fee of PHP 100.00 or USD 5.00.

If it’s been longer than 90 days, you’ll need to do:

 

  • Fill out the Application for Reinstatement Form.
  • Complete the Health Declaration Form.
  • Pay all unpaid premiums and overdue interest.
  • Settle any outstanding loans.
  • Pay a reinstatement fee of PHP 100.00 or USD 5.00.

Note: The company may require additional information depending on underwriting guidelines.

 

Policy Changes - Value

Life changes, and so can your insurance policy. There are two main types of changes you can make: ones that affect your policy’s value (like the benefits and schedule) and ones that don’t (like your address and contact info).

Remember: If you want to amend your policy, you’ll need the consent of each irrevocable beneficiary or assignee.

How do I add or remove a rider from my policy?

You can add a rider to your policy anytime, as long as the policy is in effect and you meet the age requirements. To remove a rider, you’ll need to wait for your policy anniversary.


Here are the requirements:

  • Fill out the Request for Amendment Form and indicate your desired changes.
  • Provide your Policy Contract.
  • Complete the Rider Questionnaire.
  • Pay the additional premium required for the rider/s.
  • Provide the Health Declaration or other medical requirements (if required by Underwriting).
  • Pay an amendment fee of PHP 100.00 or USD 5.00.

How do I change my insurance coverage?

You can file a request to increase your coverage within the first six months after the policy date, as long as the new coverage amount follows the underwriting guidelines. To do this, you’ll need to:

  • Fill out the Request for Amendment Form and indicate your desired change.
  • Submit your Policy Contract.
  • Provide the Health Declaration or other medical paperwork (as may be required by Underwriting).
  • Pay the additional premium required.
  • Pay an amendment fee of PHP 100.00 or USD 5.00.

To decrease your coverage, you can file a request on the policy anniversary but not later than the end of the grace period for the current premium due date. Take note that there’s a limit to how low you can go, depending on your plan’s minimum coverage amount (check your policy contract for more info). 

Here are the requirements:

  • Fill out the Request for Amendment Form and indicate your desired change.
  • Submit your Policy Contract. 
  • Pay an amendment fee of PHP 100.00 or USD 5.00.

How do I correct my birth date and age?

  • Fill out the Request for Amendment Form and indicate your correct birth date and age.
  • Submit your Policy Contract.
  • Submit your proof of age such as an authenticated photocopy of your birth certificate or passport.
  • Pay the additional premium, if needed. 

How do I change my policy’s mode of payment?

  • Fill out the Request for Amendment Form and indicate the new mode of payment.
  • Settle additional payment as needed. 
  • For monthly payments, you’ll need to submit 12 post-dated checks, which should be remitted not later than 31 days after the current policy anniversary date.

Policy Changes - Non-Value

Life changes, and so can your insurance policy. There are two main types of changes you can make: ones that affect your policy’s value (like the benefits and schedule) and ones that don’t (like your address and contact info).

Remember: If you want to amend your policy, you’ll need the consent of each irrevocable beneficiary or assignee.

  • Phone: (632) 893-3024 local 722 to 728
  • Viber/SMS: (Globe) 0917-858-1579 or (Smart) 0999-221-0429
  • Email: policyservices@firstlife.com

How do I change my civil status?

Fill out the Request for Amendment Form and submit the original or authenticated copy of relevant legal documents, such as your marriage contract and other legal paperwork. 

How do I change my beneficiaries?

  • Fill out the Request for Amendment Form and indicate their name and your relationship to them. 
  • Specify if you want them to receive the benefits first (primary) or if they will be next in line in case the primary
    beneficiary passes away before you do (contingent). 
  • Indicate if they will be revocable or irrevocable. Take note that irrevocable beneficiary’s written consent will be
    required to make any future change in the policy.

How do I change or correct the name of my beneficiaries?

Fill out the Request for Amendment Form and submit a photocopy of relevant legal documents, such as birth certificate,
marriage contract, adoption papers, etc.

What is a Non-Forfeiture Option (NFO)?

Consider this your safety net. If you stop paying your premiums, your policy could lapse. But with an NFO, you have options to continue your coverage based on the value you’ve built up in your policy. 

What are the types of NFO?

  • Automatic Premium Loan: This is a loan from your policy to cover your missed premium beyond the grace period,
    which is automatically applied as long as policy account values are sufficient to fully or partially pay the premium.
  • Reduced Paid-Up: Your policy converts to non-participating paid-up status but with a lower coverage based on the
    net surrender value. With this option, the policy will no longer earn dividends and lose riders. No future premium
    payments will be required.
  • Extended Term Insurance: Your policy converts to a paid-up non-participating term policy with the same coverage
    amount but for a limited time based on the net surrender value. With this option, the policy will no longer earn
    dividends and lose riders. No future premium payments will be required. 

How do I assign my policy as collateral security?

To use your policy as collateral security for a loan, you (the assignor) can assign or transfer provisionally the coverage to another party (assignee). Take note that you will need the written consent of all primary beneficiaries to assign your policy. Here’s how you can do it: 

  • Fill out the Collateral Assignment Form and have it duly notarized.
  • Submit your Policy Contract.

How do I release my policy assignment as collateral security?

Once you’ve repaid the loan secured by your policy assignment, you can cancel the assignment. Here’s what you need to do:

  • Get a Certificate or Letter of Release of Assignment from the lender (the assignee) stating that the loan is fully paid
    and the policy is no longer used as collateral. If the assignee is an institution (like a bank or company), it should be
    signed by its authorized signatory. You’ll also need a corporate Secretary’s Certificate attesting to the authority of the
    signatory.
  • Submit your Policy Contract.

How do I permanently transfer ownership of my policy?

  • Fill out the Absolute Assignment Form and submit it along with the Policy Contract. 
  • Take note that you’ll need the written consent of all primary beneficiaries to assign your policy.  

How do I replace a lost policy contract?

  • Submit a notarized affidavit of the Lost Policy Contract Form. 
  • Pay a processing fee of PHP 100.00 or USD 5.00.

Policy Dividends

What is a policy dividend?

This is a portion, if any, of the divisible surplus of the Company that may be distributed to participating policies. However, dividends are not guaranteed, i.e., there may be no dividends to be declared at all, and that the amount can change each year.

Can I use my policy dividends to pay premiums or loans?

Yes, you can use it to fully or partially settle your premium or existing policy loan. 

What are my policy dividend options?

  • You can receive your dividends as cash. 
  • You can use your dividends to pay your current premium.
  • You can use your dividends to purchase additional insurance.
  • You can let it grow by leaving it with us so that it can earn interest.

Policy Loan

How do I avail of a policy loan?

  • Fill out the Policy Loan Application Form, with the signature of all irrevocable beneficiaries. 
  • Submit your Policy Contract (or Affidavit of Lost Policy if it’s missing).
  • Submit a photocopy of any valid ID such as your driver’s license, passport, etc.

Your loan can be paid in cash or by check at any time. Keep in mind that your loan continues to earn compounded interest until you fully settle it.

If you don’t keep up with your payments, things can get tricky. The interest on your loan will keep growing and become
part of your principal loan at your next policy anniversary. Eventually, it could use up all the earned policy account values.
If this happens, your policy could end, and you’ll lose your coverage.

 

To avoid this, it’s important to make your loan payments on time.

Filing for Death Claim

How do I file for a death claim?

We understand that losing a loved one is a difficult time, and we’re here to provide compassionate support through the claim process. You may contact your financial advisor, who will guide you through the process and answer any questions you may have.

 

Alternatively, you can reach out to our Policyholders’ Services Department for assistance:

  • Phone: (632) 893-3024 local 722 to 728
  • Viber/SMS: (Globe) 0917-858-1579 or (Smart) 0999-221-0429
  • Email: policyservices@firstlife.com.ph

Depending on certain factors, we may ask for additional requirements: 

  • If the beneficiary is a minor who will receive more than PHP 500,000.00, you’ll need to file a Petition for the Approval
    of the Bond in the proper court where the minor resides, as well as a Judicial Guardian’s Bond.
  • Depending on the cause of death, place of death, or other circumstances, we may ask for additional requirements to
    release the proceeds. 

Variable Plans

Variable Life Insurance

What is variable life insurance?

Think of it as investment and life insurance all in one. Unlike traditional life insurance where your coverage and returns are  fixed, variable life insurance lets you choose where your money is invested. This means your policy’s value can go up or down based on how your investments perform. 

How is variable life insurance different from traditional life insurance?

  • Investment control: Unlike traditional life insurance, variable life insurance lets you choose where to invest your
    money.
  • Flexibility: With variable life insurance, your premiums and death benefits are flexible, and your account values can
    change depending on your investment choices. Traditional life insurance offers fixed amounts.
  • Risks vs. returns: Because of the investment component, variable life insurance offers the potential for higher returns
    but also higher risks compared to traditional life insurance.

What are the advantages of variable life insurance?

  • All-in-one coverage: It combines life insurance protection with investment growth, making it a convenient option. 
  • Flexibility: You have control over where your money is invested, allowing you to tailor your policy to your risk tolerance. 
  • Potential for higher returns: While it involves more risk, there’s also potential for better returns compared to traditional life insurance.

In case anything happens to me, how much will my beneficiaries receive?

Your beneficiaries will receive your policy’s sum insured (the amount you initially chose) or the current value of your investments, whichever is higher. 

When will my insurance contract take effect?

Your insurance coverage starts as soon as we approve your application and receive your first premium payment. We look forward to welcoming you! 

Can I convert my variable life insurance to a traditional one?

Unfortunately, you can’t convert a variable life insurance policy to a traditional one. However, our financial advisors would be happy to help you apply for a new traditional life insurance plan. 
You may reach our Individual Insurance Sales team through these options:
  • Phone: (632) 893-3024 local 722 to 728 
  • Email: policyservices@firstlife.com.ph
  • Fax: (632) 325-6789
  • Walk-ins also welcome at our offices

Fund Management

Who is First Life Insurance’s fund manager?

The Bank of the Philippine Islands – Asset Management Trust Corporation (BPI AMTC) is the expert team in charge of fund investing strategies and portfolio trading activities.

What are the funds I can choose from?

You have three investment options to help your money grow:
  • Bond Fund: This fund invests in short- to medium-term bonds and other similar fixed-income securities. It’s a good choice if you prefer below average risk in your investments. 
  • Equity Fund: If you’re looking for growth over the medium to long term, this fund invests in high-quality stocks diversified across sectors.
  • Balanced Fund: This fund invests in a mix of stocks and bonds from domestic and foreign issuers, aiming for a balance between growth and stability.
  • What are you saving for? Short-term growth, long-term wealth, or other goals? 
  • How long can you keep your money invested? A few years or decades?
  • How comfortable are you with risk? Do you prefer steady growth or are you open to more ups and downs?
Our financial advisors would be happy to guide you through the process and help you find the solution that best fits your needs. You may reach our Individual Insurance Sales team through these options:
  • Phone: (632) 893-3024 local 722 to 728 
  • Email: iisd@firstlife.com.ph
  • Fax: (632) 325-6789
  • Walk-ins also welcome at our offices

Can I invest in more than one fund?

Yes — in fact, you can invest in all available funds. By diversifying your portfolio, you can better manage potential gains and losses. 

Can I switch from one fund to another?

Switching funds lets you take advantage of strong performers and manage your risk. You get one free switch each policy year, and charges apply for succeeding ones. 


Insurance Values

What do you mean by “unit”?

Think of a unit as a tiny piece of your investment. When you invest in a fund, your money is divided into these units. The more units you have, the bigger your share of the fund’s overall value. The value of each unit goes up or down based on how well the fund’s investments perform.

What is the account value?

Consider your account value as the total worth of your investment. It shows how much your money has grown based onthe performance of your chosen funds.

We calculate it by multiplying the number of units you own by the current price per unit, which can change from day to day.


In other words:

Available Number of Units x Net Asset Value Per Unit = Account Value

What does NAVPU mean?

NAVPU stands for Net Asset Value Per Unit. It is the value of one unit of an investment fund. 

When will I know the unit price or NAVPU?

We release it every Friday, and the cutoff for transactions is every Monday at 12 noon of the same week. 

Premium Payments and Investments

When do you start investing my premium?

Once we receive your premium payment on a policy that is in effect, we’ll invest it into the funds you’ve chosen, minus the premium charges. 

Is the return on my investment guaranteed?

Unfortunately, there’s no guaranteed return on your investment. However, research has shown that stocks — equity funds in particular — increase in value for investors who are prepared to buy and hold for a period of time (e.g. 5 to 7 years).


It’s important to remember that the market can go up and down. By investing in a variety of options, you can help manage risks and increase your chances of long-term growth.

What is a top-up?

A top-up is simply extra money you can add to your variable life insurance policy to invest in more units in your chosen funds. It’s like giving your investments a boost!

Policy Cancellations

Can I cancel my variable life insurance policy?

No worries if you change your mind — you have 15 days from the time you receive your policy to cancel it. If you decide to cancel, you’ll get back the fund value of your policy’s units, plus all initial charges.

What is a cooling-off period?

We want you to be completely satisfied with your decision. That’s why we offer a 15-day period where you can decide to continue or cancel your policy. If you’d like to cancel, you’ll get back the value of units plus all charges.

Withdrawals

 

Alternatively, you can reach out to our Policyholders’ Services Department for assistance:

  • Phone: (632) 893-3024 local 722 to 728
  • Viber/SMS: (Globe) 0917-858-1579 or (Smart) 0999-221-0429
  • Email: policyservices@firstlife.com.ph

Depending on certain factors, we may ask for additional requirements: 

  • If the beneficiary is a minor who will receive more than PHP 500,000.00, you’ll need to file a Petition for the Approval of the Bond in the proper court where the minor resides, as well as a Judicial Guardian’s Bond. 
  • Depending on the cause of death, place of death, or other circumstances, we may ask for additional requirements to release the proceeds. 

Glossary of Terms

Agent
An authorized representative of an insurance company who sells and services insurance contracts.  First Life Insurance agents are referred to as “Insurance Advisors”.
Absolute Assignment
Complete transfer of all contractual rights to another person or party.
Beneficiary
The person of financial instrument named in the policy as the recipient of the insurance money in the event of the insured’s death.

There are two (2) classifications of beneficiaries:
  • 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.
There are two (2) designations for beneficiaries:

  • 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 the irrevocable beneficiary.
Cash Surrender Value
Any remaining cash value plus any accumulated dividends less any indebtedness.
Claim
A demand by a person or business who is seeking to recover for a loss.  A claim may be made against an Insurance Company when an insured said company to pay for a loss that may be covered by the insurance policy. 
Collateral Assignment
Temporary or partial transfer of some rights usually for the monetary value of the policy.
Death Claim
The amount paid to the beneficiary/ies when the insured dies. This amount is equal to the face amount less any adjustments due to outstanding policy loans, dividends, paid-up additions or outstanding premium dues. 
Due Date
The due dates for annual modes coincide with the policy anniversary. The due dates for the other modes are on the same day of the calendar month as the policy date with equal intervals from the policy date.
Effective Date of Policy
The policy becomes effective only upon payment of its initial premium and approval by the Insurer.
Endorsement
A document attached to an insurance policy and forms part of the policy contract.
Evidence of Insurability
A statement or proof of physical condition and/or other factual information affecting a person’s eligibility for insurance. 
Grace Period
A premium due must be paid not later than thirty-one (31) days after its due date. A policy is considered in-force during the grace period.
Insured
The person whose life the policy is issued.
Insured Age
Pertains to the age of the insured as of last birthday. 
Insurer
Refers to the Insurance Company in particular. We usually use the term “Company” in our contract, attachments, endorsements and correspondences.
Maturity
The maturity benefit is the amount payable to a living insured at the end of an endowment period or to the owner of a whole life policy, if he lives past a certain age.
Maturity Date
The date on which an endowment insurance policy’s sum insured will be paid. 
Mode of Payment
There are four (4) modes of payment available to the policy owner: Annual, SemiAnnual, Quarterly, and Monthly. For monthly payments, we require the submission of twelve (12) post-dated checks (PDCs).
Optional Conversion Privilege
In the case of a term policy, it may be converted without further evidence of insurability to a new policy subject to the conditions of the company.
Participating Policy
A policy on which the policy owner is entitled to share in the surplus earnings of the company through policy dividends
Non-Participating Policy
A policy on which no dividends are paid
Policy Contract
A legally enforceable agreement between the Insurer and the policy owner. It also refers to the printed document issued to the policy owner by the Insurer stating the terms of the insurance contract.
Policy Date
The Policy Date is the date of issue and is used to determine the premium due dates, policy years, and policy anniversaries.
Policy Duration
Pertains to the number of years and months the policy has been in-force.
Policy Owner
The person who owns the life insurance policy. He holds the contractual rights of the policy. Also known as the policyholder.
Premium
The payment, or one of the regular periodic payments that a policy owner makes payable to the Insurer to keep the insurance policy in force.
Premium Deposit Fund (PDF)
A fund wherein a policy owner may place deposits of at least PhP500 on each modal premium payment for the purpose of payment on future premiums. Interest shall be credited to this fund annually on each policy anniversary at a rate not less than the prevailing interest rate, net of tax on savings accounts in banks.
Rating
Pertains to the risk category of the insured.
First Life Financial Co., Inc.
174 Salcedo Street, Legaspi
Village Makati City 1229
Metro Manila, Philippines

Tel(+63 2)8893-3024
Fax(+63 2)5325-6789
NAVPU
as of Feb. 7, 2025
First Peso Bond Fund
1.6133
First Peso Balance Fund
1.5000
First Peso Equity Fund
1.2108
High Dividend Equity Fund
0.9180
Dollar Global Balanced Fund
1.1148
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