Insurance is a service that provides financial security in form of compensation or reimbursement into the client due to accident, illness, property losses, damages.
How it works?
The insurance company will secure the clients payment for damages such as accidents and hospitalization.
For example, health insurance will pay your hospital bills (depends upon the plans’ coverage).
The insurance company invests their collection in their own business, into stocks and other form of investments to earn profit.
You Need Insurance if;
1. You’re running a risky business like Transportations.
2. You need financial assistance in College
3. You want to secure your properties (House, Vehicles) against the accidents
4. You are prone to sickness
Types of Insurance
1. Life Insurance – Life insurance will ensure your financial assistance in monthly basis during your retirement days.
2. Death Insurance – Talking about this type of insurance is insane because someone who pays this service is literally getting ready for his own death. This type of service will pay your burial services, ensuring that no-one in your family member left will pay when you passed away and your burial will cost no more.
3. Health insurance – Insurance company will the client’s hospital bills whenever they get hospitalized.
4. Vehicle Insurance – Whenever your car involves in an accident, the insurance company will pay for the cost of damages.
5. Property Insurance – Insurance company will pay for cost of any damage such as earthquake, and fire; or even thief in your house, buildings and other infrastructure.
So here is the list of Best Insurance Company in The Philippines
PHILAM LIFE is a life and general insurance company based in the Philippines and considers as a largest insurance company in the Philippines.  It is currently in a strategic partnership with one of the Philippines commercial bank BPI (Bank of the Philippine Islands) to give better and cooperative services.
PRU LIFE UK
Philippine Prudential Life Insurance Incorporated is established in 1996, and is subsidiary company of British financial services giant Prudential PLC.
This company offers education and social security plans.
The Manufacturers Life Insurance Corporation Philippines is a subsidiary of Canadians Life Insurance Giant Manulife Financial.
The Insular Life Assurance Company, Ltd., claims to be the largest mutual insurance company in the Philippines. They offer general insurance such as individual life, retirement, health, accident, property, and even investment plans. According to bloomberg, the company invest their funds in number of financial institutions, and involved in selling real estate.