Free Life Insurance with the All Access Account (2025): Top Benefits, Coverage Details & How to Qualify

In 2025, combining banking with insurance perks isn’t just convenient—it’s smart. Security Bank’s All Access Account in the Philippines offers free group life insurance, making it a standout option for anyone looking to maximize benefits without extra cost. Here’s your full guide to understanding the coverage, perks, and eligibility.

What Exactly Is the All Access Account?

The All Access Account is a hybrid savings and checking account offered by Security Bank. It comes with a passbook, checkbook, and an EMV Mastercard debit card—and best of all, it includes free life insurance, courtesy of a partnership with FWD Life Insurance. Security Bank Philippines+1

Free Life Insurance Benefits at a Glance

1. Life Coverage Based on Your Average Daily Balance (ADB)

·         Your life insurance amount is calculated based on your account’s average daily balance over the past three months.

·         The coverage amount is:

o    3× your ADB for ages 18–50

o    1× your ADB for ages 51–60

·         There’s a maximum cap of PHP 3 million regardless of how many All Access accounts you hold. Security Bank Philippines+1

2. Accidental Death Benefit

·         On top of your life coverage, you also qualify for an accidental death benefit equal to 1× your ADB, across all eligible ages. Security Bank Philippines+1

3. Immediate Coverage

·         You’re insured from day one, provided your account is approved and you meet the criteria. No waiting period here. Security Bank Philippines

4. Terminal Illness Benefit

·         If diagnosed with a terminal illness, you may receive a payout equal to your life coverage—up to PHP 2 million. Security Bank Philippines

5. Zero Monthly Fees

·         There's no additional cost. The insurance is part of the account package. Security Bank Philippines+1

Eligibility Requirements

To qualify for the free insurance:

·         You must be between 18 and 60 years old.

·         Maintain a minimum balance of PHP 25,000 in the account.

·         You must not have any adverse health declarations on the group life insurance form.

·         Both new-to-bank and existing clients (who meet eligibility) can avail. Security Bank Philippines+1

Step-by-Step: How to Qualify & Enroll

1.      Open an All Access Account

o    Head to a branch or apply online with just 1 valid primary ID. Security Bank Philippines+1

2.      Deposit at Least PHP 25,000 to meet the maintaining balance requirement.

3.      Complete the Adverse Health Declaration

o    Confirm you have no adverse health issues as part of the enrollment form.

4.      Submit Enrollment

o    Sign the group life insurance agreement and you're instantly insured. Security Bank Philippines+1

Real-World Feedback from Users

One All Access user shared on Reddit:

“Bonus na din yung free life insurance. Madali lang din mag-open ng account. … just keeping it at minimum balance …” Reddit

Another user highlighted:

“That is up to 3M benchmarked to your average daily balance … While you are young, that is only as good as ₱3M insurance if you have ₱1M in the bank consistently.” Reddit

These firsthand notes confirm the practical value—even if full utilization depends on account balance.

Pros & Limitations: What to Keep in Mind

Pros	Limitations
Free life and accidental coverage	Coverage tied directly to bank balance—limited if low
No medical exams or waiting periods	Caps at PHP 3 million; excess isn't covered
Immediate protection upon enrollment	No riders (e.g., critical illness, disability)
Terminal illness benefit included	Only for ages 18–60; not renewable after 60

 

Why This Matters in 2025

With the increasing cost and complexity of standalone insurance products, an account that offers free life coverage with no extra premiums is notable. It’s particularly attractive if you want simple financial protection without added paperwork or costs.

·         Quick, hassle-free coverage—no underwriting required.

·         Great for short-term supplemental coverage, especially if you prefer saving smartly.

·         Best utilized when maintaining a high balance, so the insurance amount is meaningful.

Final Thoughts

Security Bank’s All Access Account is more than just banking—it’s a smart financial tool in 2025. With the benefits of free life and accidental death insurance, no fees, and one-step qualification, it offers peace of mind alongside your daily transactions.

To make the most of it:

·         Aim to keep a substantial average balance—this maximizes your life benefit.

·         Use it as complementary coverage, not your sole protection.

·         Always check eligibility, especially age and health declaration criteria.