We provide financial solutions for both debtors and creditors.
We believe that one should be remembered by his deeds and not by his debts. Our Credit Life products provide protection to you, whether you’re a lender or a borrower, against the possibility of an unpaid loan due to a borrower’s untimely death. With Credit Life, loans are paid, assets and possessions safeguarded and future earning power kept intact.
Contact a Philam Life Financial Advisor
Contact us at (02) 528-2000 or
email us at firstname.lastname@example.org.
Read Philam Life's "Buti na lang" Testimonials
We help ensure the stability and strength of your business.
Big or small, your organization needs to be secure as you help others fulfill their financial needs.
With Philam Life’s Credit Life Prime, we go beyond the typical Mortgage Redemption Insurance (MRI)* and gives flexible and hassle-free protection to lender-borrower groups.
Protection for Lenders and Borrowers
- You can protect your business anytime, anywhere, and against any cause of loss of life.**
- You can give your borrowers peace of mind that their loan will be paid and not shouldered by their family in case of unforeseen events. Any excess coverage will be given to their family.
Flexible and Comprehensive Protection
- You can get flexible benefits that are tailor-fit to the needs of your business.
- You can customize your plan by attaching the following riders:
- Accidental Death & Dismemberment Benefit
- Total and Permanent Disability Benefit
- Joint Life Rider
- Critical Illness Benefit
With Credit Life Prime, you can enjoy a comprehensive and customizable credit life plan to protect your business.
* Insurance for long term loans where the property (e.g. real estate) is used as the collateral.
** Except suicide during the first year of loan.
We provide you valuable benefits to work hard for you with Credit Life Prime.
For the Lender
- Protection and the assurance of loan repayments
- Income opportunities through the receipt of service fees
- You can extend these benefits to your clients:
- Easy and simple enrollment
- Collateral-free loans
- Reasonable premiums for high insurance coverages
- No worry of property repossessions
For the Borrower
- Peace of mind that his debt will be paid and not shouldered by his family
Below are common Frequently-Asked-Questions (FAQs) about Credit Life Prime that we have compiled for your reference.
Q: What types of groups can avail of CL Prime?
A: Credit Life Prime is available to all types of creditor groups, especially those with specific requirements.
Q: Who are eligible to enroll?
A: All Borrowers who are actively-at-work, in good health, able to perform the normal chores of life, and below age 65 may be covered.
Q: What is the minimum amount of borrowers?
A: A group should have at least five eligible borrowers to be a valid group.
Q: How much coverage can insureds avail of?
A: Minimum amount of loan to be insured could be as low as P1,000 per month. Max coverages are open for discussion.
Q: What do I need to submit to receive a proposal?
A: Please submit an accomplished Credit Life Survey Sheet to our Corporate Account Officer so we can prepare a proposal for you.
Q: Once I find the proposal acceptable, what are the requirements before borrowers can be insured?
- Credit Life Survey sheet showing the initial list of individuals to be insured:
- Name of Borrower
- Date of Birth
- Loan Amount
You may ask your Philam Life Corporate Account Officer for a copy of the Survey Sheet.
- Proof of good health may be required from enrollees. Coverage will take effect only upon approval of proof of good health submitted.
- Group Application Form
- Premium payment