Life Insurance or Retirement fund? (Thread 2)

[beautywhite]

 What is better? whole life or term insurance? I am studying in getting insurance. I am still studying. Before ,I don't trust this kind of putting your money. But I have learned a lot here in GT.

[freelancer_babe]

 What is better? whole life or term insurance? I am studying in getting insurance. I am still studying. Before ,I don't trust this kind of putting your money. But I have learned a lot here in GT.

For most people who aren't too rich -> term!!!

Generally, whole life insurance is expensive.

VUL is sort of a cross between the two products - well in terms of the price... but if I had to turn back time, I'd choose having a term insurance + mutual fund/UITF.

Yes, you're on the right track. Do study your options before putting any money on any investment.

[freelancer_babe]

Actually I'm on hunt for a good long term health care insurance Mxherr which most HMO dont have kasi hanggang 65 lang ang coverage nila. I've been eying for Manulife's Adam and Eve. One for my husband and I. Comparing this among whole life Plans, its just somehow the same with a little bit of tweaks. I'm hearing a lot about Kaiser Plan. Any idea? Maybe you can recommend something?

You're after HMO/health care insurance sis. Very much different from that of a life insurance which is the focus of this thread. You might not want to get a life insurance in place of an HMO - from what I understand, claiming benefits from a life insurance takes time while in HMO, for most it is already deducted in the hospital bill (for most).

Check out these threads sis... dedicated on HMO/health insurance discussions:

http://www.femalenetwork.com/girltalk/index.php/topic,223357.0.html

http://www.femalenetwork.com/girltalk/index.php/topic,256642.0.html

Getting a life insurance should be separate from that of the health insurance. Be sure to have an active Philhealth account too as it is also helpful in getting those hospital bills down.

[mxherr5]

@swit, saying those products are HMO alternatives
is really stretching it.

Basically, they are a life insurance with critical
illness rider type of product and you can probably
get one from Sunlife.

Adam:

Nothing special here, I don't even know what
makes this a product designed for males.

So, its a life insurance product with ACCELARATED
critical illness benefit(35 kinds, the same illnesses
covered by their regular critical illness rider.
I was expecting to see something male related like
prostate cancer or something)

That's the basic.

One variant has a monthly benefit to the family
if the insured dies

And another variant has a term rider for double
the face amount.

So, I guess that's what makes this a male product.
Since the male is assumed to be the bread winner,
Adam is choke full of life insurance benefits hehe

Eve:

The same as the base Adam product but with
a female cancer benefit

Then another variant has maternity benefits

I know Sunlife has riders like these called
female critical illness and female maternity
right?(It was crazy expensive though lol)

About kaiser, all I know about it is its being
required by IMG for all of its members to sell
Kaiser(or so I heard)
Haven't heard a positive or negative comment about
them yet(Unlike caritas)

[sweetcheeks]

Girls can I ask for your feedback? Which is better and more stable for life insurance? Sun life or Manulife? Is it true Manulife is bigger than Sunlife in Canada?

Thanks in advance ladies!

[swit_squiggle]

Actually few HMO cover 65 up and I doubt if there's an existing HMO that will cover until age 88 or maybe 100? Most I know are Life Insurance companies like Mxherr mentioned. So I am interested to get policy that covers both life insurance and health during the old age at the same time.

Hehe. I'm asking other insurance companies since Sunlife doesn't have this kinds of plan. And if it's worth it? Why not? And yeah! Female Critical Illness is way too above my budget and besides I don't have a lineage of the Illnesses mentioned there.

@sweetcheeks Both are stable companies. :-)

[artificialstar]

^^ i am not sure if manulife is larger than sunlife sis. but i heard it is #1 in Canada. my life insurance is eve from manulife

[sweetcheeks]

Question.. :-) does it actually have bearing if a certain company is bigger in other countries or philippine branch is independent of its mother branch?

Just wondering hehe

[little_princess]

^ my thinking lang ha, if the local company gets into money trouble, at least may parent company pa to back them up. if it is just a local company like CAP then bye bye money.

[chefron]

always remember that you are buying a life insurance from insurance companies NOT pre need companies.
it means if the company folds up it will be assumed by other insurance company, as mandated by IC.

[sweetcheeks]

^Can you please elaborate further on that? =)

Does that also mean if I buy educational plans from insurance companies I am assured even if they fold?

[chefron]

although some insurance companies have pre need plans, you can check naman na its hiwalay sa insurance products nila. philam has philplans for their pre need products.

sabi sa news under the insurance commission na din daw ang mga pre need companies but this is still a blur.

ayala life is absorbed/bought by philam na.

[mxherr5]

@sweetcheeks,

I wouldn't say insured sis but IC kasi is more
active on monitoring its charges.. to date,
no policy holder left hanging.

That's not to say there isn't any insurance company
who has gone under or in danger of going under.
A recent example is National Life Ins of the Phils.

Its being "managed" by IC for the past few years
now ever since it had financial issues.

@chefron, philplan is not philam's preneed arm any longer.
philam sold philam plans which was bought by philplans
which is in turn owned by the same guys who owns STI.

Yup, pre-need companies has been under IC regulation
for a while now. In fact the failed prudential's rehabilitation
is being overseen by the IC.

[chefron]

Thanks for the clarification.

Yikes even pala under IC ang pre need, not guaranteed pa din na na you will get your money.

[mxherr5]

Ahh hindi rin naman siguro sis.. Ang prudential kasi, may problems
na even before si IC ang humawak.

[artificialstar]

ngayon ko lang naintindihan talaga ang term insurance. bihira lang pala ang term policies dito, and mostly walang critical illness coverage. is it worth it kaya to get term and another product for critical illness? i think it's better to be safe than sorry. i have not seen a critical illness policy na "lock in" yung payment though so the price increases as you age.

if may alam kayong product na term na may critical illness na benefit/rider, please share.

[mxherr5]

That's because most agents don't offer term
and that's because most people think of term
as throwing a money down a black hole.

I don't understand though why you've been
having trouble with finding a term with critical
illness product?

Any rider like accident, critical illness, etc
that can be attached to traditional and VUL
can also be attached to a term.

With that said, I personally have asked for
and studied 4 term proposals with accident,
disability and critical illness riders from Insular,
Axa, Pru and Manulife.

So you can start with those 4 but again I'm
sure as long as an insurance company offers
a certain rider, you can tack them on to a term
policy.

I chose Manulife btw, it had the best price
for the best coverage. 

[artificialstar]

^ oooh, thanks for the info. may nakita akong term from philam until age 65. yung basic nila is only 500/month.

eto yung term from manulife: YRT and ReACT5, kaso gusto ko sana until 65 and up. if you don't mind me asking, ilang years ang coverage, how much po premium nyo and how many years to pay?

[mxherr5]

I think Guardian yung tinutukoy mo sa Philam right?
Si Insular may similar term product. I-Insure level premium
to age 65.

Hindi ko alam kung may ganun sa Manulife, yearly renewable
kasi gusto ko eh. So parang car insurance. Purely insurance lang
sya on an ANNUAL basis.

[artificialstar]

^ yup, Guardian nga yung sa philam.

hindi ba nakakalugi ang yearly renewable as you age?

gusto ko sana may term insurance until 85 and lock in yung payment haha. expensive nga pag traditional life insurance, and personally, mas tutubo pa pera ko if i invest it myself kesa guaranteed cash benefits.