Customer Service

Discover answers to your insurance inquiries right here, and let us give your clarity and guidance for your insurance journey.

Traditional Plans​

Important things to know about premiums.

Your premium due dates are indicated on your policy contract and coincides with your policy anniversary date. The frequency of payment depends on your choice: annually, semi-annually, quarterly, or monthly.

It is best that you pay your policy’s premium on or before the due date to ensure that your insurance protection remains in force. A 31-day grace period after the due date, without interest charge, shall be allowed for the payment of your policy’s renewal premium. 

A notice is sent two (2) weeks before your premium due date while the reminder notice letter is sent seven (7) days after your premium due date, if your premium remains unpaid. Upon your request, we can send the soft copies of your premium and reminder notices to your email address.

Banco de Oro:

  • For online payment:
    • Log-in to https://online.bdo.com.ph/sso/login 
    • Select Financial Services/Bills Payment/Pay Bills 
    • Tick Show Company Biller not requiring enrollment
    • Select First Life Financial Co., Inc. 
  • For over the counter (always use a Payment Slip and bring your Premium or Reminder Notice):
    • Company Name: FIRST LIFE FINANCIAL CO., INC. (Institution code: 0421)

Metrobank:

EastWest Bank, Bank of Commerce, and SM Bills Payment Centers (SM Department Stores) 

  • For over the counter (always use a Payment Slip and bring your Premium or Reminder Notice):
    • Company Name: FIRST LIFE FINANCIAL CO., INC.

All First Life offices accept payments for both Peso and Dollar policies.  
For inquiries, please contact your Financial Planner or our Policyholders’ Services team through (632) 893-3024 local 722 to 728 through e-mail at policyservices@firstlife.com.ph, fax no. (632) 325-6789 or at any of our offices nearest you.

Your policy will lapse and all benefits will be forfeited. However, if your policy has already earned sufficient cash value, the Company will automatically effect your chosen Non-Forfeiture Option (NFO).

Policies may be reinstated within three (3) years from the date of premium due date in default. Note that upon reinstatement, the policy will be subject to a new two (2) year contestability period.

If reinstatement is made within the 90th day from premium due date in default, the following are the requirements:

  • Reinstatement Questionnaire (duly accomplished)
  • Payment for Unpaid Premiums + Overdue Interest
  • Payment for Outstanding Loan (if any)
  • Reinstatement Fee (PhP100.00 or USD5.00)

If reinstatement is made beyond 90 days from premium due date in default, the following are the requirements:

  • Application for Reinstatement Form (duly accomplished)
  • Health Declaration Form (duly accomplished)
  • Payment for Unpaid Premiums + Overdue Interest
  • Payment for Outstanding Loan (if any)
  • Reinstatement Fee (PhP100.00 or USD5.00)

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).

The Company will determine yearly as a dividend that part, if any, of the divisible surplus of the Company that may be distributed to this Policy. Dividends are not guaranteed and may vary from year to year, or that there may be no dividends to be declared at all.

Yes, annual dividend or dividend accumulation may be used to pay in part or in full the premium due or an existing policy loan.

  • Receive Dividend in Cash (CAS) – the policy’s earned dividends are paid out in cash.
  • Apply Dividends to Pay Premium (REP) – the policy’s earned dividends are used to pay the current premium due.
  • Paid-Up Additional Insurance (PUA) – the policy’s earned dividends are used as a net single premium to purchase additional paid-up whole life insurance.
  • Leave with the Company to Accumulate with Interest (DVA) – the policy’s earned dividends are left on deposit with the Company to earn interest.

If your policy has an available cash value, you may obtain a policy loan provided that the amount does not exceed the available cash value. A policy loan has annually compounded interest, at the rate set by the Company.

The requirements in availing a cash loan are:

  • Policy Loan Application Form. The form must be signed and completely accomplished by the Policy Owner and all irrevocable beneficiaries.
  • Policy Contract, (or Affidavit of Lost Policy, if policy is lost)
  • Photocopy of any Valid Identification Card (e.g. driver’s license, passport)

Your loan can be paid in cash or by check at any time. Note that an unpaid policy loan bears a compounded interest.

An unpaid policy loan, whether incurred from an unpaid premium or an actual cash loan, will bear an interest computed at a fixed rate per annum. If the interest is not paid, it is compounded so that it becomes part of the principal loan at the next policy anniversary.

Non-payment of policy loans leads to the exhaustion of the cash value reserves, which could in turn cause the policy to terminate by itself.

  • To file a claim, talk to your Financial Adviser or contact our

Policyholders’ Services Department (PSD) 

  • Basic requirements are:
    • If a beneficiary is a minor, and whose share of the proceeds is greater than PhP500,000, a Petition for the approval of the bond shall be filed in the proper court where the minor resides. Furthermore, a Judicial Guardian’s Bond is required for minor beneficiaries if proceeds are more than PhP500,000 each.
    • Additional Claim Requirements – may be required depending on the cause of death, place of death, etc.