Life Insurance or Retirement fund? (Thread 2)

[swit_squiggle]

tama si sis betty. there are life plans that can be customize na pwedeng ang payor ang insured but in the end ang proceeds ay mapupunta sa education ng mga bata. at pwede rin namang insured ang mga bata pero incase something happened to the payor waived na ang payment.

I studied different plans on how we we can maximize the benefits for certain goals case to case basis din. i found out na pwede tong etake advantage kung alam ng payor and financial advisor the loop holes in between. Just like getting a life insurance for the child and putting a rider with waived premium in case of payor's death. instead of adding a rider you can get a term life insurance for yourself.dalawa pa kayo ng anak mo ang insured. Tricks I learned. keep on studying.

[sachism]

sorry sis, can you please explain this further?

[swit_squiggle]

Lets say fully covered na ang parents ng insurance, one of the reason why we also get insurance for our child is to protect the parents (not the child) from financial loss that may incur if in the event something might happen to the child. Kasi as parents after the unforeseeable event happen hindi po agad back to normal ang finance, there will be a time for grieving pa and by that time the parents don't earn. so to supply that, there is the life insurance policy that will pay for the incurred expense and so on and so forth.

sachism this is a case to case basis as I mentioned. There are guaranteed life plans na ang purpose po is for education and retirement and whatever na financial goals po. this are the plans packaged with endowment. kapag nilagay ang bata as insured sa ganitong klaseng plano namamaximize niya ang endowment kasi hanggang 100 po nagrereceive ng endowment.

ngayon, dahil bata ang insured kailangang may cautionary rider sya which is the waiver of premium at may bayad po iyon ha. if ang babayaran naman ay hindi lalayo sa term insurance, edi erase2 na yung rider at kumuha na lang ng term ang payor. . pero? kayo pa rin ang mag weweigh nyan ha?

[sachism]

thanks for explaining sis. im trying to learn and understand my current plans and options for future plan for my daughter. pasensya kana kung madami akong tanong. so ano ang term insurance? Is this the regular life insurance?

[betty]

term insurance is an insurance na covered ka lang for a certain period of time like 5,10,15 years

[swit_squiggle]

term insurance po is very cheap. parang katulad sis sa kotse na kung hindi nagamit ang insurance wala ring makukuhang backpay. TY for that year ang binayad mo. yun nga ang sinasabi nila, walang halaga pag walang nangyari, pero kung meron naman abot langit ang pasasalamat at hindi ka nagkamali sa kinuha mong plano. go go dapat sis sa pagpaplano sa buhay 

[sachism]

ahh.. yun pala ang term insurance. wala ata ako nun. life insurance lang at retirement plans. so pag gusto ko kunan anak ko tas ang purpose ay for education fund ano ang best option?

ano masusuggest nyo?

[betty]

educational plans are pre need plans. you pay for a certain year then after that you will get the amount you paid for plus other incentives on annual or semi annual mode depends on your choice.

retirement plan or the pension plans are also pre need plans that you also pay in certain years and reap the money after 10 or 20 years.

life insurance is purely for the beneficiary of the person insured. there are also life insurance na may kasmang invest or VUL na tinatawag, aside from the sum assured meron pang fund value na makukuha, na either kunin mo or let it grow sa company. problem with this is hindi naman nakafixed ang kita, pwedeng bumaba or tumaas. yung fund value na yan pwede mong ilaan sa education ng anak mo, now yun nga lang di guaranteed ang amount na makukuha mo.

[swit_squiggle]

tama si sis betty.  . since pre need companies have a negative picture in our country, pinoys are clouded by their fear  to buy such money instrument. I congratulate you sachism for seeing the importance to prepare for your child's education. Its hard to suggest basing solely on the need because there are lots to consider so that it will be properly addressed.

if you want to coupled it with life insurance and you're a risk adverse na ok lang kung whooping down ang market at euphoric yehey naman kung taas then you might consider VUL's.

 if you say no. im afraid to gamble. I want to see the return of my money fix, then you can evaluate the returns on traditional products.

[health.gal]

...since pre need companies have a negative picture in our country, pinoys are clouded by their fear  to buy such money instrument....

negative picture pa rin ba sis kahit na they are already under the insurance commission? does anyone here know the specifics on this? medyo magulo sa akin eh. TIA.

[swit_squiggle]

yeap. i mentioned it since maraming nalugi na pre need companies at maraming nabiktimang mga Pilipino. Kung ikaw ba namn bumili noon tapos napunta sa wala ang investment mo if somebody will approach you to buy another pre need product siguro dedma ka na lang. negative sya sa tao pero hindi ang pamamalakad nito since it is handled by the insurance commission just a year ago at marami na rin ang nabago as to how a pre need company will be handled. preneeds before kasi hindi nila na key in ang increase in tuition fees na lolobo ng ganun kataas. kinulang sa pagpaplano, kaya ngayon, pre determined na ang makukuhang value sa mga pre needs. nagiba na din. I hope I answered it right.

[health.gal]

^thanks sis. what i mean, how about the specifics mula ng naging under na sila ng IC. same coverage ba ang binibigay ng IC sa mga life insurances at pre-need? kasi di ba for life insurance, may bond sila sa IC so kahit na malugi company nila, makukuha pa rin ng clients ang coverage. what about sa pre-need ngayon? ganun din ba? ano ang details?

[swit_squiggle]

marami na ang nabago at inistriktohan pa talaga ang mga policy imposed. rigid na rin ang pagcheck sa kanila pati ang minimum funds required. so far ok naman. one year pa lang naman sila sa IC so marami pa ang mababago dyan as time goes by.

[betty]

pero sure ba na may makukuhang benefits kahit they fold up?

[swit_squiggle]

in case of insolvency ng pre need company under the IC,  planholders will receive an equitable distribution of claims.

[betty]

in laymans term?

[swit_squiggle]

babayaran pa rin. .

[sachism]

in case of insolvency ng pre need company under the IC,  planholders will receive an equitable distribution of claims.

but not kung magano talaga ang matatanggap mo based on your plan?

[swit_squiggle]

depende po ang sagot dyan. termination values due to each planholder, the present value of their claims and other equitable considerations. marami kasing proseso. naku!! hindi po ako abogado. hahaha

[health.gal]

^but simply stated, safe na bang sabihin na ang mga rights ng life insurance policy holder eh pareho o patas na sa rights ng isang pre need policy holder?