YOUR LIFE INSURANCE POLICY

1. What do I benefit from investing in a life insurance policy?

  • LIFE INSURANCE is a successful investment vehicle. It protects valued money to provide for future needs of your family.

  • LIFE INSURANCE serves as a family dependency period income. This is meant to provide for the needs of your children until they reach the age of majority.

  • LIFE INSURANCE serves as educational fund. This is an assurance to the parent and child that the child will have a good education.

  • LIFE INSURANCE can be used to cover for your medical and hospitalization expenses.

  • LIFE INSURANCE can be a source of income in the event of an unfortunate disability.

  • LIFE INSURANCE serves as a life income to the widow/er. This fund will allow for continuous income for the widow/er, especially at her old age.

  • LIFE INSURANCE provides a guaranteed retirement fund as you grow old.

  • LIFE INSURANCE serves as a clean-up fund. It covers expenses, such as burial costs, medical expenses, mortgage payments, other debt, current bills, household expenses, unpaid taxes.

  • LIFE INSURANCE serves as a mortgage redemption fund. This fund will cancel an existing mortgage so that your family will not have to leave the house they call home.

  • LIFE INSURANCE covers estate tax liability. It can be used to pay off huge estate taxes thereby conserving the properties left behind by the insured for his loved ones to enjoy.

  • LIFE INSURANCE can be used to expand a business. This can be used for credit enhancement or as loan collateral.

2. What are the types of life insurance policies?

  • Ordinary / Whole Life Policy
    - Provides lifetime insurance protection; with cash value accumulation; matures/pays Face Amount on the maturity date of the policy and has a minimal premium/ short payment period. For participating policy, it earns non-guaranteed annual dividends.

  • Endowment Policy
    - Provides life insurance protection, with cash value accumulation, pays cash/living benefit/s for a specified period of time and pays Face Amount on the maturity date of the policy. For participating policy, it earns non-guaranteed annual dividends.

  • Term Policy
    - Provides temporary life insurance protection for very minimal premium.

3. What is a participating policy?

  • A participating policy is a life insurance policy, which has dividends available for distribution to Policy Owners based on investment earnings of the insurance plan.

4. What is a non-participating policy?

  • A non-participating policy is a life insurance policy, which has no dividends.

5. When do I pay my insurance premiums?

  • Annually (once a year, every policy anniversary)

  • Semi-annually (twice a year, every six months from policy anniversary)

  • Quarterly (four times a year, every three months from policy anniversary)

6. Where can I pay my Premiums?

You can pay your premiums through:

  • Fortune Life- Makati Head Office or at any of the branch

  • Servicing Agent, who will issue a Provisional Receipt (PR) upon receipt of premium payment; Fortune Life will issue an Official Receipt (OR) to your Servicing Agent upon presentation of the Provisional Receipt. OR will be delivered to you by your Servicing Agent (SA) or sent directly to your mailing address.

  • Bancnet Automated Teller Machine (ATM) facility for ATM Cardholders by entering the Fortune Life Account Number (FLAN) indicated in your Premium Due Notice.

  • Bancnet Online via Internet

  • Mobile Phone Banking to eight (8) identified Bancnet Members Banks

    Allied Bank Robinsons Bank
    Asia United BankRCBC Commercial
    China TrustSecurity Bank
    City State Savings BankSterling Bank
  • Over-the-counter Bank Transaction through any of the following banks' branches by presenting your Premium Due Notice and accomplishing the Bills Payment Slip.

    City Sate Savings Bank
    United Coconut Planters Bank
    Bank of Commerce
    Fortune Life will issue an Official Receipt (OR) upon receipt of the Credit Advice from the bank and OR will be sent directly to your mailing address.

  • Credit Card Transaction (Visa, Master Card, American Express, JCB) at our Head Office and Pasig Branch Office.

    1. Point of Sale (POS) or Debit POS Banking Facility (Express Net, Megalink or Bancnet ATM/debit cards) at our Makati Head Office and Pasig Branch Office
    2. Recurring Payment System (RPS) or Mail Order or Telephone Order (MOTO)

7. What happens to my policy if I do not pay my premium on time?

  • Your policy will lapse resulting to loss of insurance protection

  • If your policy has acquired sufficient Cash Value, your policy will continue to be in force through your chosen Non-Forfeiture Option (NFO) resulting to:
    1. Accumulation of Automatic Premium Loan
    2. Extended Term Insurance Coverage
    3. Reduced Paid Up Insurance Coverage

8. What is a Non-Forfeiture Option (NFO)?

  • NFO, available to policy which has cash value, is an option which you elected upon the issuance of your policy, or which you may elect thereafter, and allows you to enjoy the benefits of your policy even if you fail to pay your premium after the grace period.

9. What are the different types of NFO?

  • Automatic Premium Loan (APL)
    - A loan against your policy's cash value that automatically takes effect at the expiration of the 31-day grace period from the due date to pay an overdue premium.

  • Extended Term Insurance (ETI)
    - Uses your policy's net Cash Value to purchase a term insurance for an equivalent Face Amount at a specified period but not beyond the original maturity date. Under this option, riders if any will automatically terminate.

  • Reduced Paid Up Insurance (RPU)
    - Uses your policy's net Cash Value to purchase a paid-up insurance at a reduced Face Amount. Under this option, riders if any will automatically terminate.

10.What are the types of beneficiaries?

A. By Priority
Primary Beneficiary/ies
- the one (s) who will receive the death benefit, if he/they survive the insured

B. By Revocability
Beneficiary/ies can be designated as Revocable or Irrevocable.
- With Revocable Beneficiary/ies, you CAN change beneficiary/ies and exercise all rights and privileges on your policy without the consent of beneficiary/ies.

- With Irrevocable Beneficiary/ies, you CANNOT change beneficiary/ies and exercise any right or privilege on your policy without the consent of beneficiary/ies, hence, all policy changes will have to bear the signature/s of irrevocable beneficiary/ies.

11. Can I assign my policy to a creditor?

  • Your policy may be assigned to any other person, bank or entity in consideration of a loan or for some legitimate purpose.

12. In case of lost Policy Contract, what are the requirements I need to submit to request a duplicate copy?

  • Affidavit of Loss Form duly accomplished by you.
  • Photocopy of any of your valid Identification Cards.
  • Policy Fee



REINSTATING YOUR LAPSED POLICY

1. What are the types of reinstatement?

  • Straight Reinstatement
       a type of reinstatement that requires:
         - payment of all unpaid premiums and overdue interest
         - Reinstatement Fee
         - Health Statement Form

  • Reinstatement by Redating
       a type of reinstatement allowed only once during the lifetime of the applicant/insured and the policy has lapsed within one year and requires:
         - payment of current premium,
         - premium difference in case of change in the insured's age
         - interest on premium difference,

         - Reinstatement Fee

         - Request for Amendment of Policy Form

         - Health Statement Form

2. Until when can I reinstate my lapsed Policy

  • Your policy can be reinstated anytime within three (3) years from the date that it lapsed subject to reinstatementrequirements.



CHANGES / CORRECTIONS ON YOUR POLICY

1. What are the requirements for Change of Beneficiary/ies?

  • Request for Amendment Form duly accomplished by you and your irrevocable beneficiary, if any

  • Photocopy of any of your valid Identification Cards

  • Photocopy of any of your irrevocable beneficiary’s valid Identification Cards, if any.

2. What are the requirements for change of civil status?

  • Request for Amendment Form duly accomplished by you and your irrevocable beneficiary, if any

  • Photocopy of Marriage Certificate;

  • Photocopy of any of your valid Identification Cards

  • Photocopy of any of your irrevocable beneficiary’s valid Identification Cards, if any.

3. What are the requirements for correction of name?

  • Request for Amendment Form duly accomplished by you and your irrevocable beneficiary, if any

  • Photocopy of the NSO issued Certificate of Live Birth

  • Photocopy of any of your valid Identification Cards

  • Photocopy of any of your irrevocable beneficiary’s valid Identification Cards, if any.

4. What are the requirements for change/ correction of date of birth?

  • Request For Amendment Form duly accomplished by you and your irrevocable beneficiary, if any

  • Photocopy of the NSO issued Certificate of Live Birth

  • Photocopy of any of your valid Identification Cards

  • Photocopy of any of your irrevocable beneficiary’s valid Identification Cards, if any.

5. What are the requirements for Change of Home Address?

  • Request for Amendment Form duly accomplished by you.

  • Photocopy of any of your valid Identification Cards.

  • *No requirement is necessary if you click this link "Policyholder's Portal" by which you can immediately change your Home Address.

6. What are the requirements for Change of Business Address?

  • Request for Amendment Form duly accomplished by you.

  • Photocopy of any of your valid Identification Cards.

  • *No requirement is necessary if you click this link "Policyholder's Portal" by which you can immediately change your Home Address.

7. What are the requirements for Change of Contact Details?

  • Request for Amendment Form duly accomplished by you.

  • Photocopy of any of your valid Identification Cards.

  • *No requirement is necessary if you click this link "Policyholder's Portal" by which you can immediately change your Home Address.

8. What are the requirements for Change of Billing Instruction?

  • Request for Amendment Form duly accomplished by you.

  • Photocopy of any of your valid Identification Cards.

  • *No requirement is necessary if you click this link "Policyholder's Portal" by which you can immediately change your Home Address.

9. What are the requirements for the release of policy assignment?

  • Request For Amendment Form duly signed by you and your irrevocable beneficiary, if any, with name of Assignee, relationship (creditor) and complete address

  • Release of Assignment from previous Assignee

  • Photocopy of any of your valid Identification Cards

  • Photocopy of any of your irrevocable beneficiary’s valid Identification Cards, if any.



CASH LOAN ON YOUR POLICY

1. What are the requirements in filing a policy loan?

  • Policy Loan Agreement Form duly accomplished by you and your irrevocable beneficiary, if any.

  • Original Policy Contract

  • Photocopy of any of your valid Identification Cards

  • Photocopy of any of your irrevocable beneficiary’s valid Identification Cards, if any.

2. In case I am residing abroad, what will be the additional requirement to avail of a policy loan?

  • Special Power of Attorney (SPA) authenticated by the Philippine Consulate in a country where you are residing. You may specify in the SPA the arrangement you like to have regarding the authorities of your representative as to signing of required documents, receipt, encashment or deposit of the loan check.

3. What are the requirements if my representative will claim my policy loan check?

  • Duly notarized Special Power of Attorney (SPA), if the loan proceed is over P50,000.00 or Authorization Letter, if the loan proceed is P50,000.00 and below.

  • Photocopy of any of your valid Identification Cards

  • Photocopy of any of your representative’s valid Identification Cards

4. How are interest rates determined and computed?

  • All cash loan and Automatic Premium Loan are charged with Interest rates approved by the Insurance Commission.

5. What are the effects of loan on a Policy?

  • When the outstanding policy loan (inclusive of interest) equals its cash value, the policy will automatically terminate due to Cash Value Exhaustion.

  • When a claim arises, outstanding policy loan (inclusive of interest) will be deducted from the Face Amount of the policy.

6. What is my maximum loanable amount?

  • Your maximum loanable amount is equivalent to 80% of your policy's earned Cash Value.



YOUR POLICY'S DIVIDEND AND PREMIUM DEPOSIT FUND (PDF)

1. What is a dividend?

  • Dividend is your share in the company's divisible surplus of a participating policy subject to the prevailing interest rates.

2. What are the different types of dividend options?

  • Pay in Cash is a dividend option wherein the dividend earned is paid to you upon receipt of a written request.

  • Self-Liquidating Dividend Option is a dividend option wherein your earned dividend covers future premium to shorten your original premium paying period. Self-liquidating period is not guaranteed as it is dependent on actual dividend earning.

  • Non-Par Paid Up Addition Option is a dividend option wherein your earned dividend is used to buy an additional non-participating paid-up insurance.

  • Left to Accumulate Interest Option is a dividend option wherein your earned dividend is left to accumulate and earn interest.

3. What are the requirements in filing a dividend withdrawal?

  • Your written request with your irrevocable beneficiary's consent, if any.

  • Photocopy of any of your valid Identification Cards

  • Photocopy of any of your irrevocable beneficiary’s valid Identification Cards, if any.

4. What is a Premium Deposit Fund (PDF)?

  • PDF is an interest bearing deposit which maybe
    1. used to pay unpaid premium or
    2. withdrawn anytime

5. What are the requirements in filing a PDF withdrawal?

  • Your written request with your irrevocable beneficiary's consent, if any.

  • Photocopy of any of your valid Identification Cards

  • Photocopy of any of your irrevocable beneficiary’s valid Identification Cards, if any.



YOUR POLICY'S CASH SURRENDER VALUE

1. What will happen if I surrender my policy for its cash value?

    • As soon as you sign a Cash Surrender Agreement form, your insurance protection will cease to be in effect.

    • It is more expensive to replace your existing policy with a new policy due to increase in age. Your new policy may even be issued at a substandard rate or declined altogether due to some physical factors.

    • The contestable period and suicide exclusion clause for two (2) full years will start all over again.

    • It will take some time before the cash value accumulates in your new policy.

2. What are the requirements in filing a Cash Surrender Value of my policy?

    • Cash Surrender Agreement Form duly accomplished by you and your irrevocable Beneficiary, if any.

    • Letter request for Cash Surrender Value

    • Original Policy Contract

    • Photocopy of any of your valid Identification Card

    • Photocopy of any of your irrevocable beneficiary’s valid Identification Cards, if any.

    • Survey Form



YOUR ENDOWMENT AND MATURITY BENEFITS

1. What is a Living/Endowment Benefit?

  • Living/ endowment benefit is a cash benefit payable to you during your lifetime as provided in the Schedule of Benefits attached to your Policy Contract. The company will notify you when and where to get your living/endowment benefit.

2. What are the requirements in claiming a Living/Endowment benefit?

  • Photocopy of any of your valid Identification Cards

  • Written consent and photocopy of valid Identification Cards of your irrevocable beneficiary, if any.

3.What is a Maturity Benefit?

  • The Maturity Benefit is the Face Amount less any indebtedness payable to you on the maturity date of the policy. The company will notify you when and where to get your Maturity Benefit.

4.What is a Maturity Benefit?

  • Photocopy of any of your valid Identification Cards

  • Written consent and photocopy of valid Identification Cards of your irrevocable beneficiary, if any.



LIFE INSURANCE CLAIMS

1. Where do I file a claim?

  • You may file your claim at the Head Office at Fortune Life Bldg., 162 Legazpi St., Legazpi Village, Makati City, or to the Fortune Life Branch most convenient to you.

2. What are the requirements for filing a claim?

For a death claim, the basic requirements are:

  1. Original or certified true copy of the Death Certificate

  2. Policy Contract or an Affidavit of Loss, or Proof of Cover if insured is under a group insurance

  3. Original or certified true copy of insured's Birth Certificate

  4. Original or certified true copy of Police Report, if accidental death

  5. Marriage Contract, if applicable

  6. Completion and notarization of the following Fortune Life claim forms:
          - Claimant's Statement
          - Attending Physician's Statement
          - Certificate of Authorization

  7. Birth Certificate of each beneficiary named in the official records of the company

  8. Affidavit of Guardianship for any minor beneficiary/ies

  9. For death claims under CGLI, certified true copies of loan vouchers

  10. Copy of Insured and beneficiary/ies valid ID

  11. A death claim that is contestable (where insured’s death is within one or two years from the effective date of the policy, depending on the appropriate policy provision), may require additional processing time.

3. What are the requirements for filing a living benefit claim?

The following are living benefit claims and their corresponding requirements:

  • For medical reimbursement claims:
    1. Original Official Receipts
    2. Fortune Life Insured's Statement Form
    3. Fortune Life Physician's Statement Form
    4. Incident Report or Police Report, in case of vehicular or medico-legal cases
    5. Copy of Driver's License, if the insured is the driver
    6. Medical Records or Statement of Account (for confinements)
    7. Photocopy of Policy contract


  • For Disability or Accidental Dismemberment claims:
    1. Fortune Life Insured's Statement Form
    2. Fortune Life Physician's Statement Form
    3. Incident Report or Police Report, in case of vehicular or medico-legal cases
    4. Original or certified true copy of medical records pertaining to the disability or dismemberment
    5. Copy of Insured's valid ID
    6. Original Policy Contract


  • For Hospital Income claims:
    1. Fortune Life Attending Physician's Statement
    2. Certificate of Authorization
    3. Original or certified true copy of the Statement of Account
    4. Original or certified true copy/ies of Admitting History, Patient's Information Sheet and/ or Discharge Summary
    5. Incident Report or Police Report in case of accidents
    6. Copy of Insured's valid ID


4. Where can we get additional information on a claim filed?

  • You may call the Claims Department directly at the following numbers, 892-9841 – 49 local 114 or at 734-8696,668-0086, or fax documents at 812-2703, or visit our website at URL:http://www.fortunelife.com.

  • Note: Processing of any claim can only be completed once all requirements have been complied with and are found to be in order. Under any circumstances, Fortune Life will advise you for any other document information required.



CANCER CARE PLAN

1. Where do I file a claim?

  • After the waiting period of 90 days from the policy effective date has been satisfied, AND

  • Upon survival of the insured for not less than 30 days from diagnosis of a cancer confirmed by the required tests after the 90 days waiting period, AND

  • Provided the policy is in force at the time of diagnosis of the disease

The basic requirements are:
I. For claims under the basic Cancer Care Policy:

  1. Policy Contract

  2. Duly notarized Fortune Life's Insured's Statement

  3. Duly notarized Fortune Life's Sickness Questionnaire

  4. Duly Notarized Fortune Life's Certificate of Authorization

  5. Original or certified true copy of the biopsy result, cytology or radiographic result confirming diagnosis of the cancer.

  6. Photocopy of insured's two (2) valid Identification cards

  7. Certified true copy of insured's birth certificate



II. In addition to the above, for a claim you make under any rider, the requirements are:

      a. Radiotherapy and Chemotherapy Rider
            - Original Official Receipt/s for the reimbursement of your treatment

      b. Hospital Cash Rider
            - Original or certified true copy of your Statement of Account from hospital of confinement

      c. Cancer Surgery Rider
            - Certified true copy of the Operative Report
            - Biopsy or Histopath Results after the surgery, if any
            - Original or certified true copy of your Statement of Account or original Official Receipt

      d. Diagnostic Consultation Rider
            - Original Official Receipt for each consultation you make



2.Where can I file a claim?

You may file the claim at our Head Office or at any branch nearest to you. You may request for the necessary Fortune Life claim forms and checklist from your agent or from your branch of filing.

3. How long will it take for the claim to be approved?

A claim may be approved within a maximum of 15 working days subject to your compliance of all requirements satisfactory for evaluation, in accordance with the policy provisions.

The release of the above requirements does not confirm liability of the company. Fortune Life reserves the right to ask for other information or documents to evaluate your claim based on its own merits.