Life Insurance or Retirement fund? (Thread 2)

[yena^_^]

sis mayumi...watch mo to if may free time ka, you will learn a lot.

http://www.youtube.com/watch?v=_Mq4BWryoZY

[babae_po_ako]

Thanks sa mga inputs mga Sis.
Kasi im planning to get an insurance pero gusto ko kasing malaman din yung experience ninyo and pros and cons ng pagkuha nito.
Syempre its my hard earned cash dapat alam ko kung worth it ang insurance.

[mhy_pie03]

^Getting an insurance is one of the best investments you could get for yourself and your family kasi you don't need that big money unlike other passive incomes like building apartments for rent, real estate for capital appreciation etc. Pero siyempre you should choose only those with established names para nakakasiguro ka.

[saperillo]

Hi Im new here and hopefully someone can help me can someone recommend me a good agent, Im planning to apply for an life insurance. Btw which one do you think is the best; Pru life or Sun life?

Im hoping to get an insurance which also act as a fund/saving or something, would anyone kind enough to help me on this?

Thanks!

[sachism]

Or if you have all those assets, insurance can help cover estate tax.

[jhogenlids]

ano pong companies recommended nio for Term Insurance and for Investments?

Saka ano po 'yung VUL? Sorry...

Hi mayumi,
VUL is an insurance + investment. VUL = term insurance + mutual fund.

[mayumiyumei27]

Hi mayumi,
VUL is an insurance + investment. VUL = term insurance + mutual fund.

Hi confirm ko lang ano ba difference ng Investment VUL from Mutual Fund? or pareho lang?

[manang02]

^ sis, ang VUL, type ng insurance na may investment component na kadalasan ay mutual fund.
So, kapag kumuha ka ng VUL, bukod sa naka-insured ka na, meron ka na rin mutual fund.

HTH! 

[brandi]

^sis im planning to get a term insurance kasi and invest on a mutual find. so you mean i should get a vul na lang para isang bayadan na lang lagi?

Also,i asked my friend kasi anong ok since kaka 25ko lang 2mos ago i was thinking of gettinga whole life insurance as early as now. kaso she said na sa age ko mas ok daw kung term ang kukunin ko and hindi ko magets bakit. iniisip ko naman pag whole life insurance mahaba pa time ko para magbayad. reading here in GT, pag term j need to renew it pa di ba and pwedeng tataas yung babayadan ko. please just correct me if im wrong. so kung ganito nga talaga yon how cone mas naging ok daw yong term kesa sa whole life insurance based on my age.

Tia sa mga sasagot

[swit_squiggle]

Questions to ask before buying an insurance:

1. May mga tao bang magsusuffer ng financial loss incase your gone? (not only limited if you have a child, some parents and brother's solely depend din sa mga breadwinners.)
-if yes, you need just enough term insurance at the moment to cover immediate expense.
-a VUL might also be an alternative way, if you want na meron kang force saving/investment.
2. Do you have plans na magkaroon ng pamilya at magkaanak? Magbuild ng empire of business and mag accumulate ng mga assets?
-if yes, you will need little insurance from a whole life policy, just to take advantage of your insurability status and premiums are low.
3. If you already have a family of your own may anak ka na at asawa, may mga loans and your climbing your way up to become financially stable, a combination of three insurances will benefit you in the long run.

[brandi]

^since single pa ko pwede na ang term for me. pag magbuild na ko ng own family pwede ako kmuha ng whole life insurance. pwede ba yun na i have whole life and term?since plan ko din kasi to invest on mutual funds, vul ang kukunin ko if ill get a term plan?

[mameejhy]

Pwede naman term insurance lang then get a separate mutual fund. Example, term life sa Insular life (meron silang good for 15yrs so no need to renew every year) + FAMI mutual fund. No offense sa mga taga Sunlife dito pero parang turtle sa bagal ang mutual fund nila.

[manang02]

^since single pa ko pwede na ang term for me. pag magbuild na ko ng own family pwede ako kmuha ng whole life insurance. pwede ba yun na i have whole life and term?since plan ko din kasi to invest on mutual funds, vul ang kukunin ko if ill get a term plan?

Hi sis, VUL and term insurance are quite different.
para sa kin, if you already have whole life, don't get term na, get a VUL na lang.
Evaluate mo sis yung 3 insurance na yan and check mo kung ano yung ok sa yo.
Like me, I don't like whole life, ayoko kasi ng LONG years of paying HIGH premiums.
Ang maganda sa whole life, me GUARANTEED cash benefit ka na makukuha while you're still living.
Unlike sa term, the company will pay you ONLY if you are dead.
Ang term ang pinakamura of all insurance in terms of premium.
VUL is like getting a term + Mutual fund.
Part of the premium will pay the insurance, the rest will be invested for your fund which you can withdraw in the future.
Yung iba imbes na kumuha ng VUL, kukuha na lang ng term tapos yung matitipid nila from getting a VUL, sila ang mag-iinvest sa preferred mutual fund nila.

HTH! 

[brandi]

So mas ok kung hihiwalay ko na lang yung mutual fund ko if ever term ang kukunin ko ganon ba?

How about doon sa question ko na ang sabi sakin mas ok kung term ang kunin ko kesa whole life insurance dahil 25 pa lang ako? Totoo ba? pakijustify naman po. tia!

[pinkingrid]

Hi Im new here and hopefully someone can help me can someone recommend me a good agent, Im planning to apply for an life insurance. Btw which one do you think is the best; Pru life or Sun life?

Im hoping to get an insurance which also act as a fund/saving or something, would anyone kind enough to help me on this?

Thanks!

Most companies offer similar plans, what will make it different lang is how much you can set aside/invest and yung insurability mo. It can happen na you and your friend get the same plan pero different ang babayaran niyo kasi based sa age yan and your insurability nga. If you're healthy, young and you really want to invest your money wisely, go for it! Maganda sa plans ngayon is that hindi mo kailangan mamatay to be able to reap the benefits of your investments. If you want more details, you can PM me. I got my first life insurance policy mga 2 years ago and I've never regretted it. :-)

[brandi]

^sis salamat sa pm! sent you a reply. 

sisses im thinking of getting an insurance from sunlife, philam or insular. sana may makapag share ng feedbacks regarding this companies. tia!

[Piaps]

Hi confirm ko lang ano ba difference ng Investment VUL from Mutual Fund? or pareho lang?

Hi I used to have a mutual fund but I already closed it and transferred it to a VUL.  Sa prulife ako kumuha not only because my sister is an agent there but also they are the pioneer in VUL dito sa Philippines so I assumed they have good VUL packages din. 

Bale I have 1 with sunlife (i don't know what it's called and 3 VULs with prulife (1 for me, 1 for my husband, and 1 for my 2nd child), I'm planning to get 2 more for my eldest and youngest.   Yung 2nd child ko kasi (she's 13) wanted to invest noon pa, and I'm just so glad she got that mindset already. so she is paying that from her allowance.

Eto ang difference:

About Mutual funds - usually (usually ha) walang life insurance, but there are some companies na pinapackage na din yung mutual fund nila with insurance kasi naaagaw na ng mga insurance company na may VULs yung clients nila.  Even banks are now offering investments with insurance na din because nawawala clients nila due to VULs.

About VULs (I will only tell you about the Prulife VULs since it's the only ones I am familiar with):

This is my VUL with prulife - Called Prulife Health Protect My priority here is more on insurance than investment (no medical exam). I availed this last year.
 
Age: 42
My Monthly Premium: P1,250 (paid thru Post-dated checks)
My Life Insurance: P500,000
My Disability Insurance: P400,000
My Health Insurance: P400,000 (in case I get inflicted with critical illnesses)
My Accidental Death Insurance: P500,000
My investment after 20 years: P240,000 (projected at 10% but actual ave. interest is at 22%)
My life insurance after 20 years: P740,000 (tumataas din habang tumataas yung investment)

The monthly payment is continuous or lifetime but it does not matter to me since I have insurance and I can withdraw anytime from my investment funds for emergencies and likewise can make additional investments to make my investments grow faster.  So technically para lang din sya ordinary savings account except force savings talaga at again may insurance nga.

This one naman is my husband's (also with prulife called Pru Secure Retirement):
(also no medical exam). Priority here namen is more on investment than insurance.

Age: 42
Monthly Premium: P2,200 (paid thru credit card)
Life Insurance: P240,000
Disability Insurance: P120,000
Health Insurance: P120,000
Accidental Death Insurance: None
Life insurance after 20 years: P1.4 Million
Investment after 20 years: P1.1 million


Lastly, this one naman is my daughter's (also with prulife called Prulink Assurance Account):
(also no medical exam). Priority here is also investment than insurance.  It's a juvenile account kasi minor pa sya so bale parang ako yung trustee nya:  This is good and it shows how great it is to start investing when you're still young.

Age: 13
Monthly Premium: P1,500 or just P50/day (paid thru my BPI savings account)
Life Insurance: P360,000
Disability Insurance: P60,000
Health Insurance: None
Accidental Death Insurance: None
Investment after 20 years: P881,000 (Age 33)
Life insurance after 20 years: P1.2 Million
Investment at age 60: 14 Million  

Ang galing ano by the time she's my age, millionaire na sya, unlike me who's just starting out.  Ang maganda kasi dito regardless na mag-business ka and failed or wala ka makuhang high-paying job - millionaire ka pa din pag nagretire ka. 

So advice ko lang don't wait til you're my age to get VULs. at talagang nakakahinayang, masuwerte kayo at may VUL na ngayon unlike before my time when I was earning a lot. I think VUL was introduced in the Philippines by Prulife only in 2002 (if i'm not mistaken).

It really doesn't matter which company you choose as long as you get one na for yourself, kasi the more you delay, the more tumataas premium nyo and also the more na bumababa yung investment potential nyo.  And with VUL with insurance mas kampante ka at may maiiwan ka sa love ones mo in case of untimely death if humaba naman buhay mo may pera kang nakalaan for whatever (retirement/business/travel/etc.).

Do not rely on SSS alone to give you comfort in your golden years.  Keep in mind that there will come a time that your income will stop, it's a definite thing kaya dapat paghandaan nyo ito so you will not be a burden to your love ones in the future.

Find an honest agent to talk to and wag kayong mahiya to ask all that you need to know. Madalas kasi it does not matter which company eh, it's always the agent that matters in the end.  Kaya nga yung mga first insurances ko was availed thru a friend and thru my sister.

Okay mahaba na po ito, hope it helps.
Have a Happy weekend!

PS. For your reference, here's a list of top ten financial companies in the Phils. (meaning stable sila) as reported by the Insurance Commission of the Phils.: Pili na kayo which one to get insurance from .

1. SunLife - Since 1865 (since 1895 in the Phils.) from Canada   
2. Philam Life - Since 1930s (since1947 in the Phils.) from USA   
3. Axa Life  (since 1817- merged companies -since 2003 in the Phils.) from France.    
4. Pru Life UK - Since 1848 (since 1996 in the Phils.) from U.K.   
5. Insular Life - Since 1910 (Largest Filipino Insurance company)   
6. BPI Philam   
7. Manulife - Since 1887 (since 1902 in the Phils.) from Canada   
8. SunLife Grepa   
9. United Coco Life   
10.Generali Pilipinas   
 

[brandi]

^ and now im torn again.

First i want a term insurance and a separate mutual fund
then i want a whole life insurance even if my friend said that term is better for me who is only 25 at hindi ko talaga maintindihan bakit
now parang gusto ko na lang ng vul haha! 

[pinkingrid]

Hi I used to have a mutual fund but I already closed it and transferred it to a VUL.  Sa prulife ako kumuha not only because my sister is an agent there but also they are the pioneer in VUL dito sa Philippines so I assumed they have good VUL packages din. 

Piaps! Thank you for sharing this para ma-enlighten din ang ibang sisses natin dito. Very wise decision for your whole family ha and wow your daughter... amazing that she has that mindset at 13.   :-) hehe I bet nakuha niya sayo ang ganyan na thinking so that's great!

Mukhang si sis Piaps wala na talagang poproblemahin sa retirement! :-)

[mameejhy]

^ and now im torn again.

First i want a term insurance and a separate mutual fund
then i want a whole life insurance even if my friend said that term is better for me who is only 25 at hindi ko talaga maintindihan bakit
now parang gusto ko na lang ng vul haha! 

Kung gusto mo magpa gawa ka ng quote sa isang company ng 1 term and 1 vul and then compare. Mas mura kapag term life + mutual fund kesa life with vul.