Life Insurance or Retirement fund? (Thread 2)

[chefron]

sis baket minimum? baket hindi yung face amount ang makukuha nila?

now im thinking talaga na dagdagan ng term ang coverage ko

[singidsnoel]

Sa VUL, ikaw parin ang mag-decide kung how much face amount but the Insurance Commission set these as the minimum allowable coverage. Increasing your coverage will of course increase the insurance cost charged to your account. VULs are actually capable of transforming into pure investments when the account value exceeds the coverage or withdrawals exceeds 125% of Top-ups plus whatever insurance cover you chose.

Meron din VUL na Account Value plus Insurance cover ang death benefit. This variety never transforms into a pure investment.

[mxherr5]

^

For regular pay VULs there are actually 2 types of death benefits.
Level and Increasing benefit.

Basically one is
Face Amount AND Fund Value
The other one is
Face Amount OR Fund Value, whichever is higher

So, if the face amount is say 1M and the your fund value is 2M
With the first option your total death benefit would be 3M
With the second option your total death benefit would be 2M

The second option btw is by far the cheapest when it comes
to charges

And I'm sorry but I forgot which one is the level and which
one is the increasing death benefit. Its been a year since I shopped around
for a VUL.

And insurance companies offer either only the 1st option like Prulife, Insular and Sunlife
or the 2nd option like, Manulife(If I'm not mistaken) Philam
and both options like Axa, Cocolife and PNBLife

And what noel said about transforming your VUL into pure investment only applies
for the 2nd option, because once your fund value is greater than your face amount,
you won't be paying for any insurance charges anymore unlike with the first option
wherein you would always be paying for your (1M) face amount.

But based on your statements you might have a VUL from Sunlife?
In which case, ignore what noel said. What swig is right for your case

Hope that helped

[littl3princess]

mga sis

have you heard about philplans?

pinacancel ko kasi.

[chefron]

i have policy with prulife. death benefits na nakasulat eh sum assured and fund value nga.
so i dont have to worry na pala kase sure na 1m makukuha nila?

[mameejhy]

mga sis

have you heard about philplans?

pinacancel ko kasi.

Yes, I've heard about them. May nag alok sa akin ng Philplans pero hindi ko feel hehe

[sachism]

^^^ hindi ko alam na may ganyan pala.i dont know if its cheaper or better. I have pru and sunlife lang kasi,

[mameejhy]

Practical ba kumuha ng 2 life insurance plans from 2 different companies? Let's say 1 from Sunlife na payable in 5yrs and 1 in Philamlife na payable in 10yrs?

[sachism]

Persoanally yes, inapply ko pa rin ang rule na " do not put your eggs in one nest". Kahit sa ganto.

I have about 3 plans from 2 companies. each has its own purpose ng fund upon a certain date, nakaplot na din kung kelan ko ito iwiwithdraw,

Si hubby meron din 3 plans from different companies. Nakaplot na din ito kung kelan iwiwithdraw.

Magkakaiba din mga to, may continuous, my 10 yrs, amy 15 yrs.

So it's up to your preference sis, kung saan ka mas comfortable. Kahit papaano mas nakakatulog nako ng maluwag dahil sa mga plans na to. These are all VULs by the way.

[mameejhy]

^ Sis, may I ask why you have 3 plans each? Saka, anong mga companies?

What I'm thinking is let's say kukuha ako ng 5yr plan sa Sunlife this year then a 10yr plan naman sa PhilamLife next year (different month)... ok na siguro yun plus some passive investments rin. I have 3 kids kasi and naisip ko what if may mangyari sa akin o kay hubby? *morbid moment*

[sachism]

^ thats exactly my reason. ano mangyayari sa anak ko pag nawala ako bigla. or since mas malaki ang part ng kita ni hubby sa household income namin, ano an gmangyayari sa amin ng anak ko pag nawala ang asawa ko. So ang SA (Sum Assured) or Death Benefit should be an amount na kung saan, you are comfortable you and your kids can carry on and move on with life after that loss of income from your husband (wag naman po sana). Pero syempre iisipin mo din kung magkano ang kaya mong i allot na monthly payment.

We have plans sa Sunlife, Prulife at Insular. Dyan lang ang mga plans namin, why 3 each, bale nadagdag na lang yung iba. Say, initially I had 2, then I added one from a different company. Si hubby, he used to have 1 but his coverage was very low (Sum Assured), so we decided to get him additional plans from different companies with Sum Assured na significant para makatulong sa amin ng anak ko kung sakaling mawala man sya (again wag naman sana). Ang morbid man but ewan ko ba pag nagkakaanak ka na, maiisip mo na to.

I got my first 2 plans when I was still single, so isa pang reason was to also augment my Sum Assured and also my investments. Kasi ito na din ang retirement funds namin. So forced savings ang dating which works for us kasi ako medyo mahina ang disiplina

So right now, our premium/contribution to these plans is about 30++% of our household income. Medyo mabigat pero lagi ko na lang tinitingnan ang "vision board" ko at ang aking "timeline" para ma motivate.

Ang isa pang maganda, feeling ko ngayon, bills ito. So talgang kelangan bayaran

[jessiej199091]

good day everyone, need your advice lang. gusto ko sana kumuha ng life insurance, hindi lang ako familiar sa kung ano'ng type dapat ko kunin and what company. may mutual fund ako from metrobank and monthly ako nag add dito. retirement fund ko sana yun.

meron ba'ng life insurance and at the same time parang pension plan na din sya? since may mutual fund na ko, i'm considering term insurance lang. single ako with no kids. parents ko lang and sister ko magiging beneficiary. 

thanks mga sis! 

[swit_squiggle]

Dont forget that the main purpose of a life insurance is for protection. The one's that you are paying when purchasing a life insurance is the risk of dying. Kudos to Mameejhy and Sachism for internalizing the importance of life insurances. My husband right now is insured for 2.5M and feeling ko, kulang pa talaga. I decided to add another 3M bago sya umalis ng bansa. (May motibo ata ako nitong patayin si Mr ah. hehe) All these because I believe na ako ang mahihirapan at ang anak namin in case of his untimely demise.

Meron sis hybrid products ang life insurance called VUL na combination ng insurance+savings+investment and eventually pang retirement in the long run and life insurance charges comes cheap in the long run about 70-80% cheaper compare to buying soley term. Hindi kasi ako believer ng term. Okey ang finance namin ngayon, pano kinabukasan in case wala na kaming pambayad sa term.. edi wala na kaming insurance kung ganoon?habang tumatanda, nagmamahal ang insurance, kung yumaman kami at sa huli kailangan ng anak namin ang pambayad ng tax it will not be a problem since proceeds will be used to pay taxes sa lahat ng inheritance. we'll kanya kanya naman yan.

You are single now pero baka mag-asawa ka a few years from now, may karagdagan ka namang beneficiary. And eventually your lifestyle and needs will change thats for sure.

ooopss..sorry napahaba ang post.tagal kong nawala dito. hehe

[Zahara]

We have Sun Life Maxilink Prime. Around 150K++ ang total annual premium namin. Kulang pa so we'll get another one na naman next year siguro. Yun na din kasi retirement fund namin.

[singidsnoel]

good day everyone, need your advice lang. gusto ko sana kumuha ng life insurance, hindi lang ako familiar sa kung ano'ng type dapat ko kunin and what company. may mutual fund ako from metrobank and monthly ako nag add dito. retirement fund ko sana yun.

meron ba'ng life insurance and at the same time parang pension plan na din sya? since may mutual fund na ko, i'm considering term insurance lang. single ako with no kids. parents ko lang and sister ko magiging beneficiary. 

thanks mga sis! 

To answer the first question, yes, meron life insurance products that double as pension. Pwede ka mag Endowment (e.g. in 20yrs, or age 65) or Variable Unit Linked. Kung maliit palang ang napundar mo sa mutual funds, getting a VUL could be a good way of supplementing your retirement portfolio. This could also be one channel to diversify. An example is kung equities ang mutual fund mo, ilagay mo sa bonds ang VUL, or vice versa.

Considering your circumstance, meron nga cost advantage in going term especially kun malaki na ang value ng mutual fund. Protect your mutual fund and other assets like real property from estate taxes with term insurance.

[lclanzaderas]

life insurance first because we have a child.
term insurance ang sa amin ni hubby. level-premium to be exact.

[marssie]

^ sis bakit ang mahal ng mga premiums ninyo? 

we have sunlife, mga P20-30k/yr lang, pero the coverage is double indemnity, with disability, with endowment, and if I am not mistaken at least 500k-1M coverage each.

Sis anong klaseng insurance to sa sunlife?

[sachism]

^baka kasi sis VUL yun and the other premiums go to "investment" part. or mas malaki ang coverage? Or  nasa age din ng insured?

[miksha]

kumuha kami nang endowment plan with sunlife and lumalabas sa computation namin is mas malaki pa ang makukuha namin kung nag-TD na lang kami wih interest of 7% sa bank instead of pinasok namin sa endowment. i think you also have to weigh the risk ano. like sa bank if magsara mahirapan kang kunin ang money mo and interest. with insurance naman is kung makulangan ka nang pera madiscontinue ang bayad lahat nang pinasok mo mawawala. i wonder tuloy which is better in terms of less risk but better returns...

[chefron]

deposits are insured up to 500k by PDIC, so if you keep your savings up to that amount only, you would surely get it whatever happens.