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What is the primary value of life insurance?

Life insurance guarantees the creation of cash, in case of the policyholder’s natural or accidental death, that serves as Income-Continuity Fund for one’s dependents.

And, while the policyholder continues paying his premiums, guaranteed cash values will accumulate (except on term insurance). Together with dividend-accumulations, sufficient funds will be made available for education, healthcare, emergency expenses.

What is the most popular life insurance plan of Beneficial Life?

Among plans paid annually, semi annually or quarterly, our Money Value Plus or MVP plan series is the most popular. This is because MVP provides for numerous major financial needs, such as income continuity, savings, and retirement funding.

What makes Benlife products distinct from those of other life insurance companies?

The primary distinction of Benlife’s products is its value for money: for most age bands and at standard rates, the amount of benefits provided by our product packages represent superlative value over premiums required. This is made possible by lowering costs thru efficient operations, and by achieving investment returns above industry averages.

Is Benlife stable enough to last a long time?

Yes our company is stable and you can check this with the insurance commission.

What is meant by beneficiary?

The term beneficiary refers to the person whom you will name to be the recipient of the amount of life insurance proceeds in case of death of the insured.

Who can be named beneficiary?

Any person who depends on the insured person for financial support, or who, because of their family relations are defined by law to be qualified to become beneficiaries: such as immediate members of the insured’s family—spouse, children, siblings or parents.

How can I pay my premium?

Premiums can be paid through:

1. your servicing agent – Please make sure that the servicing agent issues to you an Agent’s Provisional Receipt (APR). The agent must indicate all the details of your payment on the APR.
2. any of our Regional Offices – Our cashiers will issue an Official Receipt (OR) for your payment.
3. our accredited banks – We have the Bills Payment arrangement with the following institutions:

  • Philippine National Bank
  • Unionbank of the Philippines
  • United Coconut Planters Bank

Just fill out the complete details of the Bills Payment deposit slip and present it to the bank’s teller, together with your payment and Premium Notice. Please keep the validated deposit slip for future reference.

I did not receive any Premium Notice. Can I still pay through an accredited bank?

Yes, just indicate the policy number and insured’s name on the bills payment slip. The payment will be applied on the earliest due date.

I paid to my servicing agent and he/she issued me an Agent's Provisional Receipt (APR). Shouldn't I receive an Official Receipt (OR) instead?

The Official Receipt (OR) will be mailed to the address indicated in your policy application. You should be receiving the OR within thirty (30) days from the time the APR was issued to you by your agent or from collection date. In case you haven’t received your OR within 30 days, please contact us.

I paid through an accredited bank. Will I still receive an OR?

Yes, the OR will be mailed to the address indicated in your policy application. In case you haven’t received your OR within 30 days, please contact us.

How can I pay my policy loan?

Payments for policy loan can be made through the same channels for premium payments.

I lost my validated Official Receipt. Can I request for a new one?

Please submit a written request to us and we will issue a certified true copy of the OR

I have a claim from Benlife but I will not be able to receive the check and present it for payment in a bank. Can I request Benlife to issue the check to my authorized representative?

Yes, provided that you submit a notarized Special Power of Attorney that clearly indicates the details of your claim and who your authorized representative is. Please also present valid IDs of yourself and the authorized representative.

I received a letter from Benlife that a bank account with Philippine National Bank (PNB) will be opened under my name. What is this and what do I do?

The savings account with PNB is a feature of the specific insurance policy you contracted with Benlife. In the course of your application, you would be asked by the agent or by our Policy Services department representative of the PNB Branch of your preference. This letter is the letter of authority that you will be presenting to your preferred PNB Branch New Accounts Section, together with the bank’s requirements, for the account to be opened under your name. You will not be required to pay for anything.

Please keep the account status as “active” at all times so you will not charged with any dormancy or below maintaining balance fees. The bank’s charges and rates will apply. Benlife will not be held liable for any charges/fees on your account. Please contact the PNB branch for any question you may have in maintaining your account.

All sums of money accruing to you under the insurance policy with the PNB savings account feature will be automatically credited to your account.

I lost the letter of authority to open an account that Benlife issued to me. Can I request for a replacement?

Yes. Please submit a written request and a notarized affidavit of loss to us.

I am expecting a letter of authority from Benlife to open an account but I have not received it yet. What do I do?

Please contact us so we can check the status of your insurance policy and/or the letter of authority

I have an insurance application and paid Benlife. However, it was declined. Can I be refunded for the payment I made?

Yes. The policy has not yet been issued and your payment was treated as a life insurance deposit. You will be refunded for the amount you paid, less any applicable fees.

What will happen if I fail to pay my premiums?

If premiums are not paid within 30 days from the premium due date, and if your policy has no cash value remaining, your Life insurance policy will lapse. Your family will no longer have any financial protection in case of your natural or accidental death.

How can I be assured that my policy will not lapse?

a. You should mark your calendar with the premium due dates/s of your life insurance policy/ies; it is advisable to save or set aside early enough to fund future premiums.

b. Be sure to pay your premiums on the due date, or within the Grace Period of 30 days from the premium due date.

b.1. You may pay premiums to your servicing agent or to our regional/head office cashier. You will receive a Temporary Receipt from our agent who in turn will remit this to our Head Office or Regional Office Cashier. The Cashier issues an Official Receipt in your name. The agent will then replace your Temporary Receipt with said official receipt.
b.2. Or, you may deposit your premiums to any branch of Philippine National Bank, Union Bank or United Coconut Planters Bank. Be sure to use the “Bills Payment” deposit slip forms, and indicate your full name and life insurance policy number in every deposit slip.

How can I continue to be insured even without having to pay any premiums?

After 2 or 3 years of premium payment, cash value credits of your policy can be used as one-time premium, to pay for the same amount of insurance-but shorter period, or smaller amount of insurance for the same period of coverage. Actual values are printed in the policy.

I have a MAP and I want to surrender the policy after 3 full years of payment. Will I get all the money I paid?

All you can get is the equivalent cash surrender value at 3rd yr and the accumulated dividends. It is stated on the policy provisions that you can only get the cash value equivalent to the number of years that you have paid your plan plus the dividends.

The plan I got has a WPD rider. I was hospitalized and was advice to rest for 1 month. Can the company waive the premium due when I was hospitalized? Or is there any benefit that I can get from the company?

As per WPD clause, only those that are validated / evaluated as total and permanent disability, we can apply the waiver of premiums until the policy is fully paid or until the maturity of the plan. If your plan has an HIB rider, then the company will give you the appropriate amount depending on the HIB/day and only on an aggregate of 30 days per year. The policyholder needs to present the original billing statement and Medical certificate. However, the premium must be up to date at the time of the confinement.

My child has an Academic Plan and is now 16 yrs old. When and how can we get the college benefit?

Do you mean the trustor? Yes we can change this as long as the payor has a written request regarding the change of name. You can also change the payor as long as the person who will become the payor is in good health and that our acceptable age of the payor is only up to age 55

If the scholar does not continue his college education, can we still get the college benefit?

Yes, as long as you present to us the birth certificate of the insured.

When can I apply for a policy loan? And how much?

At the end of the 3rd policy year then you can apply for a policy loan. The loan value will depend on the number of completed years paid. The loan can be released on the same day.

Can I apply for a loan against my dollar account? Can I get it immediately?

Yes you can apply for a policy loan on your dollar policy after 3 full yrs of premium of payments. We can release to you loan amount on the same day if we will convert it to Philippine peso, or if you have a dollar account with PNB then we can transfer this to your account. However if you want it in U.S. dollar, then we will release it on the following day.

This will also be the process when you surrender your policy. You have to surrender the original policy contract and photocopy of your identification with signature.

Can I change my beneficiaries?

Yes You can change your beneficiaries anytime. However, if your beneficiary designation is IRREVOCABLE then they have to sign. the amendment form. If the beneficiary designation is REVOCABLE, then the signature of the insured is enough.

I am the insured. Can I change the name of the insured to one of my beneficiaries?

No. Because the premium payment is not transferable. And that the evaluation made by our Underwriting Dept. is based on the n application and information made by the insured.

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