What's the ideal percentage of your income you should allocate to insurance?

[snowyice]

maraming computation sis sobrang dami may nabasa ako dati sa magazine na if you are the head of the family , yung expense ng family mo x12 tapos kung how much yung current na interest ng bank (3.5%) mo then yun ang dapat na coverage mo

example:
expense 70000
yearly 840k
interest 3.5% per annum

you need more than 20M coverage para magkaroon ng 70k per month na interest para mabuhay yung family mo incase you as the head of the family die. kakaloka no! 

^ sis if the premium would be 250k per annum the coverage would be mga 15M na siguro.

[blooming]

^ depende nga sa age siguro.  the P250k premium can also go as high as P40M, depending on when you got your insurance. pag mas bata, mas mura ang premium kasi. or shall I say with the same amount of premium, mas malaki ang puedeng amount insured.

^^ sis swit_squiggle, you are also right. I am referring to the whole life. I do not believe kasi on the insurance na magbabayad ka lang for a year, then kung walang nangyari, TY nalang. Feeling ko sayang money kahit papano. So I'd rather pay for insurance na makikinabangan. This is for life insurance ha.  Pero pag property, syempre ibang usapan na yun, kasi typical insurance for property yung babayad ka annually, just in case may fire, etc.

[swit_squiggle]

this is really helpful thread. bawat isa iba iba talaga ang pananaw sa life insurances. iba nagsasabi na term lang ang kunin until age 65 or until you saved enough or until your dependents are old enough to earn a living. its not that i'm not a believer of term pero?yun nga pag walang nangyari TY na lang talaga ang money. pero each one naman kasi have different preference with regards to this issue.kasi daming kailangang econsider pag nagpaplano.hehe

[snowyice]

^most of the insurance naman talaga is until age 99 ang coverage parang ngayon na lang naglabasan yung until age 65 na coverage.

[ikaela]

^^That is why the BPI Direct Save-Up savings with insurance product works so well for me. I don't like paying for term insurance because I think it's also wasted money if you don't use it, but I also know that I can make more from my money rather than just paying it for whole life insurance.

I decided to keep my 6 months worth emergency fund in my BPI Direct Save-Up account and I'm covered 5 up to 10 times that amount up to age 60 (70 if you get the Get Started account). I get to have insurance without any premiums and I'm less tempted to take money from my emergency fund at the same time. I have 100% control over my money that goes into investments with no unnecessary or hidden charges.

The downside is that you can't customize your insurance policy but it's extensive enough for me anyway. It covers natural death, accidental death and dismemberment. I only wish I could add critical illness. The insurance policy also has these weird rules like they won't cover you if you die in "danger zone" places like Tawi-Tawi, Maguindanao, Iraq and etc. But I guess that's understandable. My American relatives aren't covered by their US insurance whenever they have to travel anywhere in Mindanao.

[sardonyx]

^ Sis, galing ng BPI Direct Save-Up savings with insurance product! Covered pa ng PDIC noh?

[mameejhy]

Ok lang ba sa BPI let's say, nag open ng account sa Pinas pero sa abroad nakatira?

[leelou]

^ yes you can sis. check out http://www.bpidirect.com/. i think target market talaga nila mga OFWs. i myself was able to open a BPI Direct Save-up account while abroad.

[mameejhy]

^ I checked online. It said something like - Form is not yet available for this option.

-maybe because we're both abroad?

Nasaan kayo nun nag open kayo ng bpi account nyo (not save up)?

[leelou]

^ sis alam ko may list ng countries na pwede mag-open. i remember lang not included ang Saudi pero i saw UAE. nung nag-open kasi ako ni-tyempo ko na papauwi ako ng pinas so location na was Philippines. then when we received an email na ready na for pick-up yung ATM kaya we proceeded na lang to the branch to collect it.

[mameejhy]

^ Hindi pa kasi sikat ang Qatar as compared to UAE O sya kukuha na lang ako pag uwi ko sa Pinas hehe

Thanks

[rhumbafrapp]

Hi!
can you please help sissies nacoconfused talaga ako, i really do not have any idea about insurance\
Background lang, a close friend of mine is an agent for Manulife, and he keeps on pestering/convincing me to get insurance (or as he said, investment)
he said something along the lines of
you pay 24k per year for 10 years, so thats 240. then on your 11/12th year you get 15k, every other year, (when he computed i got more than the 240k i will shell out for 10 years, but then again magkano nalang ba ang 300k sa 2012)?
or something like, your 240 will yield 60k, so its 300k.
ang sagot ko naman, 60k is so little after 10 years (2022?)

I dont know, if he is just saying that, kasi he wants to earn din (pera pera? i hope not) pero just this week we had a heated discussion to the point he indirectly insulted me na i am close minded. Syempre i got mad, who are you to insult me? pero naresolve na namin

Please help sisters. I can't get unbiased info from him, syemre, in the end he WOULD want na mag insurance/invest ako

[mameejhy]

Fyi, you need life insurance if you have dependents ie kid, senior citizen parents etc

Check mo itong thread re Life Insurance vs Retirement fund -

http://www.femalenetwork.com/girltalk/index.php/topic,247981.0.html

Ito naman Traditional Life Insurance vs VUL -

http://www.femalenetwork.com/girltalk/index.php/topic,248198.0.html

[pinkberries]

Okay nga naman ang walang bayad na insurance like yung sa BPI, but di ba walang critical illness benefit na kasama dun?  i am not sure, though.  may rider bang with critical illness sa insurance dun? 

Kasi if none, eto na nga ang big difference sa BPI Direct at sa ibang insurance with premiums.   Syempre, magkakasakit ka muna ng malubha, bago ka mawala sa mundo.      So other benefits of the insurance, pamilya mo ang makikinabang.  Ang critical illness benefit, ikaw ang makikinabang. 

I got myself an insurance because of that benefit.  Ang mahal ng treatment for Cancer eh. 

[PetiksPinayInvestor]

Ideal?

Per personal practice, 10 - 20% lang of my monthly income ang ina allot ko.

[foxylady_89]

yung pru life uk ba my critical illness??? nakauha kasi ako premium ko 47k/annually pero yung sum assured ko 500k lang?? ano po kaya??? ambaba kasi parang di ako compartable sa 500k pwede ko kaya dagdadagn yung sum assured ko...

[Ma.Jewel_1987]

^parang masyado atang mahal sis yung 47k para sa 500k na value?

[powerpacfan]

ako sis 2% lang ng annual income ko ang coverage ko

[ikaela]

Baka may extras pa yung sa PRU. Yung nakita kong VUL proposal for a 33-year-old male, non-smoker, a 50k premium per year offers insurance for basic life (1M), accidental death (1M), accidental dismemberment/disability (500k ata), critical illness (400k), and medical reimbursement (100k). Iba pa yung projected returns nung investment. Okay ang coverage ng PRU.

[PetiksPinayInvestor]

Sa 50k a year mo (or 4,166.67 a month) for premium payment, to naman yung nakita kong inclusives:

Critical Illness coverage: 500k
Hospital Income Benefit: 2k / day
with total disability benefit to waive premium payments
Accidental benefit: 1M
Projected Mutual Fund Value at age 51 (8% return): 1.011M

This is for a 33 y.o. male na non smoker (ginamit ko lang yung input ni Sis Ikaela for comparison)

Ito naman yung sa isang Sun Life product na may critical illness benefit