Taking out a loan from a bank entails more than just paper work. There are a lot of things to consider including what happens to the loan when something happens to the borrower? Because of this, insurance companies work closely together with banks to improve the way loans are handled in unfortunate situations.
One of the country’s largest life insurance companies, Philam Life, was recently entrusted by one of the largest rural banks in South Luzon, Bangko Kabayan, Inc., to insure its borrowers with Credit Life Insurance. Designed to protect lenders against the possibility of unpaid loans due to a borrower’s untimely death, Philam Life’s Credit Life Insurance ensures that loans are paid, assets and possessions safeguarded, and businesses are kept intact. Bangko Kabayan currently has 20 offices located in Batangas, Laguna and Quezon that service more than 50,000 clients1.
Through the years, Philam Life has earned the trust of customers for its financial strength, strong brand name and ability to deliver on its promises to close to 600,000 individual policyholders and over 1,700,000 insured group members. Philam Life understands the real-life needs of its customers and provides the right plans and the right solutions.
For more information on Philam Life’s Credit Life Insurance, please visit http://www.philamlife.com/en/business/products-and-services/credit-life/.
[1] Bangko Kabayan data as of April 2014
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About Philam Life
The Philippine American Life and General Insurance Company (Philam Life) is the country’s premier life insurance company. Established on 21 June 1947, Philam Life has earned the trust of customers for its financial strength, strong brand name, and ability to deliver on its promises.
Philam Life has PHP226.8 billion in total assets as of 31 December 2014 and has delivered timely payouts of over PHP9 billion in education benefits (2004-2014) and over PHP118 billion in insurance benefits (1950-2014), while serving close to 600,000 individual policyholders and over 1,700,000 insured group members.
Philam Life understands the real life needs of its customers and provides the right plans and the right solutions including life protection, health insurance, savings, education, retirement, investment, group and credit life insurance. It also offers bancassurance and fund management products and services through its subsidiaries – BPI Philam Life Assurance Company (BPI-Philam) and Philam Asset Management Inc. (PAMI).
Philam Life is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.
About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 26 per cent joint venture in India and representative offices in Myanmar and Cambodia.
The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$172 billion as of 31 May 2015.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and
pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 29 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
