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October 27, 2021

The Importance of Bancassurance


How Bancassurance Makes Investing in Insurance a Breeze


Insurance is an important investment you should make to protect yourself from unforeseen circumstances like medical emergencies or accidents. It also gives you peace of mind knowing that your loved ones will be cared for even after you’re gone. 


Investing in insurance is not a decision to be made lightly. You’ll want comprehensive protection that won’t drain your savings. So, choosing an insurance provider and an insurance plan can be quite overwhelming. There are also additional benefits such as riders to think of.


For many, the logical decision would be to go for a company you trust and have long partnered with, such as your bank. After all, your bank has kept your money safe and secure for years and has probably even helped grow your savings. Enter bancassurance. In this bancassurance tie-up, life insurance is made accessible through the bank’s network of locations nationwide, providing complete and convenient financial solutions to help you secure your future and live a lifetime for good.


How bancassurance works

Bancassurance is a partnership between an insurance company, such as InLife, and a bank, UnionBank. Two of the most trusted and time-tested Filipino-owned companies in the financial services industry that have shared commitment to uplift the lives of fellow Filipinos team up to provide you with innovative insurance solutions and access to financial products to suit your needs. Now insurance is more accessible than ever thanks to UnionBank’s network of locations nationwide and their award-winning smartphone app. 


Bancassurance benefits

With bancassurance, you can secure your future and pave the way for a better life for you and your family. Here are some of the benefits.


1. Accessibility

The average Juan and Juana can now easily get insurance with bancassurance. With bancassurance, all you have to do is call your Regional Manager or head to the UnionBank Marketplace online app and select your chosen InLife e-commerce product.


N contact with anyone in UnionBank yet?  Applicants can also invest through bancassurance by filling out the inquiry form in the bancassurance page online either on the InLife website, or the UnionBank website. A bancassurance representative will get in touch soonest.


2. Convenience

Bancassurance allows the bank to be a one-stop shop for financial products geared towards your lifestyle. With life insurance being part of the offering, you don’t have to go to any other company for your risk protection needs.  


InLife is also making the policy application process smoother with our Automated Underwriting (AU) System. With the AUS and the power of digitalization, clients can safely and conveniently avail of the different InLife products without conducting a face-to-face meeting with their Financial Advisor or Regional Manager using their preferred digital platform.


With your insurance in the same place as your bank, your expenses are more streamlined. You can easily pay your premiums from your UnionBank account straight to your InLife insurance policy. You can also set-up an auto debit function for your premiums, so you never have to worry about missing a due date again.


3. Security

Just because bancassurance is convenient doesn’t make it any less secure! Both InLife and UnionBank adhere to strict regulatory standards and practices to ensure your hard-earned money stays safe and where it should be at all times. With InLife under the supervision of the Insurance Commission, and UnionBank regulated by the Bangko Sentral ng Pilipinas, you know you can rely on bancassurance to grow your money and take care of your loved ones in case anything happens to you.


4. Variety

Bancassurance marries the best of two distinguished companies. With the companies’ combined financial strength, nationwide network of locations, game-changing practices, and highly-capable Regional Managers and Financial Advisors, the InLife and UnionBank partnership aims to provide best-in-class bancassurance that works for Filipinos – a partnership that promises its clients a union for life., 


Find Build, Protect, and Transfer products to increase your funds, grow your dollar savings, protect you and your loved ones, or cover for your future health expenses, all under one roof. 


Secure your loved ones from the financial burden that can be brought about by life’s uncertainties before they happen by planning ahead. Learn more about Insular Life’s Bancassurance at https://www.unionbankph.com/bancassurance or any UnionBank branch today.


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