Life Insurance or Retirement fund? (Thread 2)

[brandi]

^thanks sa advice sis. pero di ba mas ok ang life kesa sa term life lang?

[yaskulet]

Hi Sisses! Can you help me? I availed a life insurance for my husband in Insular - half  million lang naman 10 years to pay. Siguro in 10 years I will have to pay 250K. Pero may nabasa ako sa BPI yung Get Started nila na product - yung 5x ng balance in case ibigay nila. So if I have 100K sa BPI and if something happens to my husband in the future (knock on wood) eh 500K yun. Mas nakamura ako ng 150k. Your thoughts? Anyone has this Get Started account with BPI?

Kasi if maganda tong Get Started, i reduce paid out (not sure with the term) ko na lang yung kinuha kong insurance sa husband ko, pede kasi yun 2 years and kung ano yung nabayadan ko yun na lang yung katumbas ng coverage.

[zvillarin]

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

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

This is really helpful and informative! Thank you for sharing the link sis..

[Piaps]

Hi Sisses! Can you help me? I availed a life insurance for my husband in Insular - half  million lang naman 10 years to pay. Siguro in 10 years I will have to pay 250K. Pero may nabasa ako sa BPI yung Get Started nila na product - yung 5x ng balance in case ibigay nila. So if I have 100K sa BPI and if something happens to my husband in the future (knock on wood) eh 500K yun. Mas nakamura ako ng 150k. Your thoughts? Anyone has this Get Started account with BPI?

Kasi if maganda tong Get Started, i reduce paid out (not sure with the term) ko na lang yung kinuha kong insurance sa husband ko, pede kasi yun 2 years and kung ano yung nabayadan ko yun na lang yung katumbas ng coverage.

Not quite sure pero I think yung sa BPI is more on accident insurance? (I got this info from a friend who availed this from BPI, I'll ask her to make sure).  Kasi from what I know banks cannot offer life insurance with investments unless i-course thru nila ito sa mga insurance subsidiaries nila, like what PNB did.  So mas okay na yung sa insular nyo - and if may time ka learn more about the Insular product that you availed para mas ma-appreciate mo din, kasi if you like the product mas magaan magbayad di ba .

[mxherr5]

^

The LIFE insurance is thru BPI-Philam.

@yash, something doesn't add up.
Almost 25k per year for 500k basic life insurance cover?
Maybe you have waiver of premium riders,hospital income,
disability riders, and a slew of other benefits and coverages.

Or maybe you have an endowment type where
you recieve x% of 500k every x years?

[yaskulet]

^ Hi Sis, I think the coverage includes these benefits - Maybe you have waiver of premium riders,hospital income, disability riders, and a slew of other benefits and coverages. - But I am not quite sure about the specifics. I availed I-Assure 10 from Insular.

[juicy]

Share ko lang insurance policy for my daughter whose 12yrs old 

although 100,000 lang naman coverage, atleast meron

It's Infinity Plus from Pioneer

nasa 6k ang quarterly payment nya, 5yrs to pay

tapos every 3yrs until 83yrs old ang bata, makakareceive sya ng 15% ng 100k 

ok na rin noh?

tapos si husband ko, may term insurance from Insular Life. ako naman, retirement fund kinuha ko from Insular Life din.

[mayumiyumei27]

^irrevocable - kailangan ng consent niya pag may papalitan ang policy holder sa plan. kaya dinidiscourage ang minors.
revocable - kahit walang pirma nila, pwedeng magpalit ng info ang policy holder. 

to add lang po, irrevocable tax free, revocable taxable...Someone told me. correct me if im wrong thanks

[mayumiyumei27]

Hi mga sis.

I've recently opened my VUL and invested at the stock market. Next target ko Mutual funds or Equity fund..

Any suggestions kung san pwede kumuha? or maginvest na lang ulit ako sa VUL?

[honeylet04]

Pa join po. .  Because of GT I bought Bright Future for my son and Health for myself sa Philam Life since im single mom. i hope i had chosen a right product. 

[mxherr5]

That's around 9.7k in today's money assuming a 5% inflation rate
or 7.8k assuming 6% inflation rate.

You can get a VUL for retirement purposes but the gains aren't guaranteed.

Remember that a guarantee makes a product more expensive.

[mxherr5]

I found a product that does what you want

http://www.philamlife.com/en/individuals/products-and-services/retirement/

But its very expensive.
You can check the illustrated benefits tab.

It shows that for a 30 year old male, he would pay around 21k
to get 5k per month for 10 years at age 65!

Since your only 27 that means the premium is probably cheaper as you
are younger
But since you want it by age 50, I know the premiums would be a lot
bigger compared to the illustration. There's a 15 year difference!

But lets say you would need to pay 21,000x6 per year for 10 years
to get 30,000 at age 50.
That's 1,260,000 so you can get 3,600,000 after 23 years

I'd rather go for mutual funds/UITF/VUL and take my chances :p

[justinelove]

I got my insurance/investment from Philippine AXA Life. It's a good thing that my parents are both working in the business, my mom is the Branch Manager in Baguio and so is my dad. This is really different from other insurance because it's not only an insurance, it's also an investment.

[sis.cattleya]

maganda naman talaga na package life insurance, invetsment, protection, and savings. buti maram na ang interasado ngayon na mag-invest although yung ibang kinakausap ko, allergic pa talaga.may friend ako, sabi ko mag-invest na habang bata pa.nakalaan daw sa pambili ng kotse yung savings niya.saka na lang daw siya mag-iinvest. sabi ko iinvest muna nya kasi di naman niya kailangan ng kotse. na-hurt siya nung sinabi ko na mas mapapagastos siya kung bibili siya ng kotse kasi mahal ang gasolina and lalo pa super traffic. hindi ko alam kung in what way ko siya nasaktan.sabi niya sa kin para daw sinabi ko na di nya pinagplanuhan ang decision niya. palagay niyo mga sisses ba't kaya ganun reaction niya?  dahil ba sinabi ko lang yung disadvantages na hindi nya narerealize pa? help me to convince my friend.sabi nya kasi sa akin gusto nyang magprepare for the retirement ng parents niya tapos yun nga ibibili daw niya ng kotse. sorry ha, concern lang ako sa kanya.

[mhy_pie03]

Are you an agent kaya mo siya pinipilit? Honestly, ako hindi ako agent pero I was able to enlighten them on the importance of savings and investment as well as having their own businesses. What I do is I conduct 1 on 1 sessions or gather interested people who wants to have financial freedom discussing the basics. In short you can't just convince them by merely saying those on a casual way. Hindi siya ganun kadali especially kung wala pang general knowledge. After that I recommend them to my bf who is a financial advisor. I do this for free as part of my advocacy to empower everyone that I know when it comes to finances.

[sis.cattleya]

yeah, im an agent. pero before pa lang kahit di pa ako agent, sinasabi ko na sa kanya about investing. gusto rin daw niya yun.kaya isa siya sa mga friends ko na kinausap ko about investing and insurance. may mga friends ako na di ko inalok ng insurance or investment kasi alam kong di nila pa kaya. although nung di pa ako agent,  i was already advising them to start saving for investment and to study more about investing. syempre mas madami silang matutunan sa mga "talagang experts". ayoko kasing ibuild up ang sarili ko na madami akong alam, na expert na ako. madami pa akong gustong matututunan para mas lalo ko pa silang matulungan. ayoko ding magmarunong kasi. anyway, nagmeeting na kami and nagpresent na kami sa friend ko. siya yung nagset ng amount na iinvest niya. kahit hindi ako agent ngayon, as a friend, ididiscourage ko siya to buy a car coz he really doesn't need it.

[mhy_pie03]

^ Tawag diyan sobrang tigas ng ulo. May mga ganyan din akong kakilala at friends. Hindi mo alam kung ano ba talagang pangarap nila sa buhay. Well natanong mo naman siguro yan sa kanya. Actually yan ang mga opening statements ko sa kanila kapag nagdidiscuss ako. Pag may goal kasi madali lang i-convince ang tao. Pagawan mo ng dreamboard tas tanong mo anong age niya balak ma-achieve yun at anong steps na ang nasimulan niya.

[justinelove]

haha! try telling them na "sino na ba ang yumaman gamit ang savings account sa banko?" looool well masyadong harsh eh.

My parents are both insurance managers and dream mapping always does the trick. Isang trick that has always worked for them is instead of asking them how much are they willing to save (syempre they think kung ano yung naiwan yun lang sisave which is maliit lang) ask them how much they are willing to pay themselves. That always worked

[sis.cattleya]

siguro kung di ako agent and advise lang to a friend ginagawa ko, sasabihan ko talaga na "ikaw naman yung mawawalan hindi ako (taray effect)." ganun kasi kaming magbiruan before. pero syempre, trabaho ko na rin ito so mas gagandahan mo syempre atake. siguro na hurt lang yung ego nya, na gustung gusto nga nyang bumili ng car pero nung may nagparealize sa kanya na it's not worth it, parang "ganti na lang or threat na lang" nya na di na sya interesado to invest. anyway, thanks sa mga payo niyo mga sisses. kahit hindi ako advisor, papayuhan ko pa rin yung mga friends ko na mag-invest for their future lalo na yung mga friends ko na hirap to budget their salaries.

[anna]

any feedback on philam life's FAMILY SECURE?  it's a whole life insurance and investment package in one.  i have seen the brochure and it looks okay (from the point of view of someone who has little knowledge on investments).  i have done some minor research on life insurances and most experts advice to just get TERM insurance (a whole lot cheaper than whole life insurance) AND INVEST the difference.  are we better off just getting term insurance and investing somewhere else?