Credit Life Plus Metrobank Review

If you are a Metrobank credit card holder, you have no doubt been offered to purchase “inexpensive” life insurance. To ensure your credit card bills are covered and settled in case of life’s unexpected occurrences, Metrobank in partnership with Axa Philippines offer Credit Life Plus - a type of insurance that assures that the customer’s credit card balances are settled in the event of permanent disability, death, or whatever life circumstance that makes the account holder incapable of paying the credit card bills.

Here is our review on Credit Life Plus. Hopefully, we will be able to help you determine if Credit Life Plus is good for you.

ENTICING BENEFITS

The benefits are enticing. If you get Credit Life Plus, not only you need not to worry about outstanding credit card bills but also you (and your dependent) get to receive as much as Php 500,000.00 if something happens to you - that is if you die or become permanently disabled.

EFFICIENT APPLICATION

The application is easy. It is like you are already approved as long as you own a credit card with Metrobank. There is no need for documents and no need for your signature. Your voice is enough to validate the entire process of application.

If you say yes to the insurance agent over the phone at the moment they called, you are already covered. Of course, these insurance companies will make it easy to attract customers. The policy will be delivered to the address where you receive your credit card bill within a month.

FAST CHARGING TO YOUR CREDIT CARD

As soon as you said yes to the insurance agent and right after the call (when they offered you Credit Life Plus) is validated, the premium will reflect in the next cut off. The minimum premium for Credit Life Plus that Metrobank credit card holders can pay is Php 572.00.

DELIVERY OF INSURANCE POLICY

There is a delay in delivering the policy. It will take 30 days or more to arrive at your residence address.

CANCELLATION OF INSURANCE

Did the insurance agent prompt you to make an impulsive purchase? Did you say yes over the phone even if you don’t really have plans of getting an insurance? As long as the recorded call has not been validated yet, you don’t really need to worry. It is advisable to call Metrobank at their toll-free hotline 1-800-888-5775 to determine the status of the policy.

If the insurance has already been validated and processed, you need to send a signed letter. Yes. Even if it was not needed during the application, you have to write a formal letter and indicate your request to cancel the insurance. Take note that the cancellation takes 30 days to be processed too so that means that there is a great chance that you will be billed for a premium because it will reach another billing cycle. You will have to fax a signed copy of your formal letter and make sure to do a follow up by calling Metrobank Customer Hotline at 1-800-1-888-5775. Better ask a verbal confirmation of the receipt of your document. Always ask for a case number from a representative every time you call them so you need not to explain your problem every time you need to phone them.

SHOULD YOU GET CREDIT LIFE PLUS?

The health benefits and disability claim are definitely enticing. However, it is important that insurance companies like AXA should show transparency and fairness in their business practices rather than misleading customers to close more deals faster.

Insurance companies in the Philippines are not really very popular yet, unlike in the United States. Filipinos doesn’t really prioritize insurance for the reason that we prioritize basic needs first.

Depending on your needs, you should consider getting an insurance. However, you have to make sure that you understood everything that the insurance offers.