Life Insurance or Retirement fund? (Thread 2)

[swit_squiggle]

Yes sis..given na yun kung both parents are adequately insured ha. just imagine lang you get the plan for the child at age 0 every other year may natatanggap ka, once both parents died at age 80, child lets say 55 na, sya na ngayon ang tatanggap ng endowment pay-out, when the child died due to old age his/her family get the benefit. yun na, both parent are no longer their but through this plan, your legacy continues, kasi nagbibigay ka pa rin sa kanila, not that much, but enough to remember that you loved them. ^_^

actually sis, paborito yan ng mga lolo ibigay sa kanilang mga apo.

[chefron]

will get an additional insurance this christmas  term insurance naman this time

[sachism]

me too sis, yan ang isa pang christmas gifts namin sa sarili namin ni hubby

[leelou]

^ kami din ni hubby just got life insurance. yun saken with endowment benefit, yun kay hubby with investment component. considered as birthday gift saken hehe.

@swit_squiggle: nice idea sis. thanks sa info

[swit_squiggle]

no problem sis.. another use pala sis ng life insurance para at least alam nyo is you can use it as a creditor insurance pag nag loan kayo sa banks, for a mortgage sa house, they usually require a life insurance (MRI) + fire insurance usually, you can opt to use your policy, yun nga lang ang beneficiary in case of death is the bank and any excess from the loan yun ang matatanggap ng wife or children.

[artemis26]

pasali. I used to have an insurance plan with Philamlife. I paid 2-year's worth of premiums before I stopped, prolly because of the bankruptcy issue with AIG. Ngayon that I am married and have a 2yo kid, I am again considering getting a life insurance. Pa-advise naman mga sis. ang gusto ko sanang "type" of insurance is one that gives payouts after the payment period? like, after paying for 5-10 years, may makukuha na akong money, or may nabasa ako na on certain year within the payment period, may marereceive nang parang "bonus"? Endowment plans ba yung ganito?

Parang this whole insurance idea kasi is better than saving in banks na super liit ng interest. I would also like to have my hubby (who's 8years older than me) to get one. Meron na kasi syang educ plan na tapos nang bayaran for our kid. IF THE BUDGET PERMITS, gusto ko sana kaming 3 (me, hubby and kid) would get individual policies.

[mxherr5]

You'd still need savings as a safety cushion/emergency fund for those moments when sh*t happens.

Yup, you're right, those are indeed called endowment plans,
I think there are two types,
One is where you pay like say 5 years then after 10 years you get a
guaranteed maturity amount plus non guaranteed dividends
Then another one is where you get x% of the face amount every y number of
years for life or until a certain age.

Just keep in mind that a life insurance's primary purpose is as an income replacement,
the savings/investment is only secondary.

And banks savings accounts aren't really investment instruments, they don't grow your
money. Its where you store your money for safe keeping.
If you're looking to grow your money, look for Mutual Funds, UITF and to some extent
VUL(Basically term insurance with a side fund like a Mutual Fund/UITF)

Hope that helped

[mameejhy]

Plans with endowments are great plans, the thing is, they come in expensive packages. Each company repacked the concept of endowment at sa dividends lang sila nag-iiba. The more experienced ang company, the higher dividends ang binibigay. Just a tip sissies, if both parents have adequate life insurance to address the risk, and you wanted a guaranteed plan, endowment plans are better sa mga bata especially if it's a lifetime endowment kasi para syang gift, pati ang mga apo mo ay makakatanggap ng proceeds and mas mura sya kasi sa bata mo inilagay ang saving cum insurance. just a thought.

Can you please give an example using Sunlife's plans?

Thanks.

[singidsnoel]

When you guys buy an insurance policy, are you buying a product or are you taking a step to something that you want to have in the future?  If your insurance agent is only proposing a product with a face amount rather than finding out with you what you need and offering something to cover that need, then you need to think about looking for another agent.

So true. But wag mo naman palitan ang agent mo especially kung close friend mo pa. Suggest mo lang na patulong siya sa manager niya lalo na kung di niya masagot ang tanong mo.

pasali. I used to have an insurance plan with Philamlife. I paid 2-year's worth of premiums before I stopped, prolly because of the bankruptcy issue with AIG. Ngayon that I am married and have a 2yo kid, I am again considering getting a life insurance. Pa-advise naman mga sis. ang gusto ko sanang "type" of insurance is one that gives payouts after the payment period? like, after paying for 5-10 years, may makukuha na akong money, or may nabasa ako na on certain year within the payment period, may marereceive nang parang "bonus"? Endowment plans ba yung ganito?

Parang this whole insurance idea kasi is better than saving in banks na super liit ng interest. I would also like to have my hubby (who's 8years older than me) to get one. Meron na kasi syang educ plan na tapos nang bayaran for our kid. IF THE BUDGET PERMITS, gusto ko sana kaming 3 (me, hubby and kid) would get individual policies.

Kung wala pang three (3) years since nag-lapse yung previous insurance mo, try reinstating it if the charges are less than the benefits or it can be redated . Kung madami yung unneeded features, you may be better off getting a new policy.

[ycka29]

For me, i got the variable life insurance. It's a savings and life insurance na. Yung binabayad kong premium every year, nAgaaccumulate kasi it also serves as an investment.  After magmature, pwede din i-withdraw so parang retirement fund na din.

Good thing medyo natuto na ko mag save while still young.

[juicy]

This is what I got for myself before the year end, Insurance na parang Retirement Fund din.

I-Aspire 60 from Insular Life

It's 10 years to pay, annual ko is 44k. Face Value is 500k

at the age of 53 up to 56, I'll get a yearly cash out of 10% of the face value.
at the age of 57 up to 59, yearly cash out of 20% of the face value.
then at the age of 60, cash out of 500k in full.

so 1million in total cash out up to age 60.. which is parang retirement fund ko.
of course there is an insurance coverage din

[yaskulet]

Mommy ko kinuha ako ng insurance plan sa Insular life when I was still young and fully paid na ito - though 100k lang yung amount (kasi year 1990s pa nya to kinuha saken). Kakakasal ko lang and kinuha ko naman hubby ko ng insurance from Insular life din 500k naman amount 10 years to pay start ko to this year for him.

As for the retirement, kumuha na din ako pension plan for myself and si hubby's pension plan is fully paid na so no worries na mag add na lang ako additional pension plan for us.

[chefron]

tama ba intindi ko, a variable insurance depends on the number of shares your money/payment acquired/bought?
so if binawasan mo yung fund value mababawasan din coverage mo?

[swit_squiggle]

you got it right sis on your first question. fix ang coverage sis, if you opt to choose the regular VUL's but for one time its a different story. as long as meron pang fund ang policy mo, enforce pa rin ang insurance.

[chefron]

ah ok so fixed ang coverage, alin ang nag iiba?

[swit_squiggle]

one time pay VUL's sis may certain coverage,  in case of death whichever is higher ( either ang fund value or insurance) yun ang ibibigay na proceeds. pero? with regular VUL's kung ano ang kinuha mong coverage, yun ang death claim + fund value. 

[chefron]

ah ok, so im pretty sure that my beneficiaries will get 1m when i die, but why do people worry about how many shares does their vul';s purchased?

[singidsnoel]

tama ba intindi ko, a variable insurance depends on the number of shares your money/payment acquired/bought?
so if binawasan mo yung fund value mababawasan din coverage mo?

The minimum death benefit for single premium policy is 125% of Premium + 125% of Top-ups - 125% of Withdrawals.

You can actually end up transforming your VUL into a pure investment as its value grows.

[chefron]

@singidsnoel, meaning to say if i die on my 3rd year of paying my VUL I would only get 125% of the premiums I paid? meaning e.g 18k per annum eh 67,500 pesos lang ang makukuha ng beneficiaries ko?

[singidsnoel]

That was for single premium...sorry about the incomplete info.

For regular premium policies, the minimum death benefit  is 5x of Annual Premium + 125% of Top-ups - 125% of Withdrawals.