Life Insurance, Medical Coverage Issues for an OFW

[mameejhy]

Dear all, I have created a separate thread for my questions because although I ask the same questions (life insurance, vul etc) we have different variables to consider.

Background:
Hubby is 37yrs old. He has a vul (Sunlife) in the Philippines. And, he has a medical card as well as life insurance abroad (AXA; c/o company). we have three kids: 8, 5 and (almost) 3 yr olds.

Questions:

1. Should he still get a medical card (HMO) in the Philippines considering that he only goes home once a year? Or, should he just get one after a few years?
2. Should he get a separate level Term insurance (from another insurance company) or do "top ups" to his vul for added life insurance coverage, instead?
3. Should he get a memorial plan, instead? Btw, I don't have a life insurance but I have a medical insurance and a memorial plan.

Thanks in advance! 

[showermist]

If that medical and life insurance he has covers him when he's in Pinas, I think that's okay. Read the fine print of his insurance. OR he can get a travel medical insurance kung uuwi sya ng pinas. I do that pag umuuwi ako ng Pinas kasi may health insurance doesn't cover medical expenditures when I am there.

Memorial plan, again it depends on what kind of insurance he has. Mine is a term, so when I die (God forbids), my insurance will pay for my memorial, all my outstanding debts, etc. Kung ano matitira will go to my beneficiary.

Read the fine prints of your insurance.

[mameejhy]

^Yup, our (his, mine & kids) HMO has Philippines coverage. Kinda weird nga kasi Asian Medical lang ang accredited Pinas hospital.

His life insurance is vul.

[smm_0411]

^^sis if you don't mind,  may I know your insurance?  Thanks.

[chefron]

1. no. I dont think it is necessary since your family doesnt live here.
2. get a separate term life for added protection..VUL top ups, for me, is for investment purposes only.
3. sorry to say this, your memorial plan can be used by anyone other than you naman, kung sino lang mauna. but having another one ensures that you will be "free" from the expenses

[mameejhy]

^

#2. Oo nga, may point ka dyan. Pero yun Sunlife hindi nagbibigay ng Term Life Insurance for OFW. Hanap ako sa ibang provider.
##. Ay ganun ba yun haha So, hindi na lang ako kukuha ng para kay hubby?

[chefron]

Yes it is transferable as long as its paid up already. .i think you should buy to save you some headache in the future..kase kahit may insurance benefit ka, hindi mo na maasikaso yun while may nakaburol, just my pov as per experience.
Hindi mura mamatay ngayon, mas mahal pa sya kesa manganak hehe

[alainewillgoplaces]

Dear all, I have created a separate thread for my questions because although I ask the same questions (life insurance, vul etc) we have different variables to consider.

Background:
Hubby is 37yrs old. He has a vul (Sunlife) in the Philippines. And, he has a medical card as well as life insurance abroad (AXA; c/o company). we have three kids: 8, 5 and (almost) 3 yr olds.

Questions:

1. Should he still get a medical card (HMO) in the Philippines considering that he only goes home once a year? Or, should he just get one after a few years?
2. Should he get a separate level Term insurance (from another insurance company) or do "top ups" to his vul for added life insurance coverage, instead?
3. Should he get a memorial plan, instead? Btw, I don't have a life insurance but I have a medical insurance and a memorial plan.

Thanks in advance! 

hi sis!

1. i'm also an ofw and stay shortly in pinas. should your hubby's med card cover him even on vacations, then there's no need to do so at the moment. most companies abroad provide comprehensive health care for their employees that covers them even when they're away from base. first thing to do is to know the exact coverage of the health plan.

2. once you pay for your premium, any additional amount on top of that, aka top ups, go directly into the investment part of the VUL. let's say your annual premium is P15,000.00 and you paid P15,100.00, your hundred bucks is automatically invested. same for the bonuses that you saved and want to put into your policy. when your premium is already paid, any amount in excess of that goes directly to the investment side.

so, if you're looking for temporary added protection, then term is the way to go. a good example of this would be that you have a child going to college. say, your current insurance is around 1M but your protection needs in case of sudden death exceeds that then it would be ideal to go for term because you'll need that extra money to fund your child's education while your child is in college. it is temporary because hindi naman forever magaaral yung anak. you'll be needing the extra protection only to ensure that your child's education is not interrupted in case of hubby's sudden demise.

however, permanent plans are best for permanent needs. examples of such are VUL or whole life, VUL being cheaper. needs like tax payment for a growing estate and additional retirement fund may be addressed by these.

identify and compute your financial needs to be able to make the best decision.

3. if his VUL policy can cover funeral expenses, any unpaid bills caused by hospitalization, and other unfinished loans, while leaving a substantial amount for the family to recover with, then no need na. just make sure that his insurance policy is always in line with your family's current insurance needs.

[Ron.Magsalin]

Critical illnesses is the top reason why people in the US file for bankruptcy. Although in the Philippines, personal bankruptcy is not popular, having major medical emergency is the cause of financial loss.

Why you should still consider having critical illness benefit even if your HMO or company healthcare will handle all hospital expenses?

When computing for critical illness coverage there are 2 things that you have to consider. The estimated amount of medical expenses and the income replacement should you stop working during recovery.
Critical illness benefit provides cash benefits in case a person is diagnosed to be suffering from life threatening illnesses.

This can be used to pay hospital bills or even replace the income lost due to absences incurred while recovery.

You might want to know if the company will still provide you salary should you stop working due to critical illness. You may also need to check the amount of your emergency fund or is your passive income enough to cover monthly expenses.

If your company will not provide income or if your emergency is not enough as a source of income during recovery, then you may consider computing income replacement as your critical illness benefit.

[momlory]

Nice topic mga sis. Since magaabroad kami ni hubby ko. Planning to have medical and life insurance sana for ofw. Meron bang hmo na pang abroad?

[eischied_21]

does anyone know if you can get critical illness rider when you get life insurance if you are working abroad? for sure may mga restrictions ang critical illness rider. Hope insurance agents can answer din question.

[D4thAngel]

does anyone know if you can get critical illness rider when you get life insurance if you are working abroad? for sure may mga restrictions ang critical illness rider. Hope insurance agents can answer din question.

Yes, Axa has Lifebasix Plus and Axelerator Plus, its a variable plan with a Healthmax rider.

[D4thAngel]

As long as ofw's occupation and country where she works are not part of Axa's restrictions, and as long as application is signed in the Phils, there is no reason to be disqualified, assuming age and health condition is not an issue.

[ANJFinally]

Hi mga sis! Both OFW kami ni husband, and we're planning to get Term Insurance lang. Is it possible kahit andito kami overseas to apply? Thank you sa mga makakasagot!

[D4thAngel]

Hi mga sis! Both OFW kami ni husband, and we're planning to get Term Insurance lang. Is it possible kahit andito kami overseas to apply? Thank you sa mga makakasagot!

Yes sis, possible. May insurance online that is offering term, educational, critical illness coverage, at savings, may restrictions lang sa country of residency.

[wowry]

Basic computation of insurance coverage is usually annual income x 10. 10 years according to some studies are enough time for the family to recover in case of sudden demise of the breadwinner.

[PwedePadala]

Here's my list of term insurance in the Philippines for those who wants to get started of having  a protection for their loved ones.

[maydenmb05]

Hi mga sis! Both OFW kami ni husband, and we're planning to get Term Insurance lang. Is it possible kahit andito kami overseas to apply? Thank you sa mga makakasagot!

Good afternoon! Dapat po you?re here sa Philippines para makaavail of Life Insurance Policy.

[D4thAngel]

Axa ION can be purchased online, it caters OFW?s, only subject to residency restrictions. This is authorized by Insurance Commission. It has been in the market for years now.