Life Insurance or Retirement fund? (Thread 2)

[chefron]

mga sis i need your help, im torn between 2 products ng manulife.
the first is 1st protect plus, its a 10yr coverage insurance with money back (part of what you paid) with dividends din sya and a coverage of 2m for a monthly premium of less than 3k

the second is their whole life with 1m FA plus dividends too plus may extra gift of 50% of your FA upon age 75, premium is less than 2500.

gusto ko din sana ng whole life para pang pamana na din, gusto ko din ng 1st protect kase malaki ang FA. waaah help naman i need your opinion.

i have 4 kids, all are schooling na.

aside from the two i hvae an insular money back reloaded din.

[swit_squiggle]

Though I'm not a fan of whole life plans, I still consider it as an important portfolio for risk management especially for those who are having serious estate tax issues in their old age. I also believe na kung nalagay naman natin sa ayos ang buhay ng ating anak it's just fine to die broke, it's already a plus na meron silang inheritance from us since the bible teaches that good parents leave something for their children. Read that text sa bible, forget na kung saan siya mahahanap. hehe

Dying broke means, you enjoyed all the treasures that you've accumulated here on earth since you can't bring this things in the afterlife.

First of all sis chefron, stick to your goal. if you want a liquid asset instantly after death past 70 years old, a whole life plan might be a better choice. Disregard the returns because if you focus on this one, though returns are not guaranteed sa mutual fund malalampasan pa nito ang return if you've chose to invest dito over insurances in the long run.

This may sound jargon, yes it is, especially for newbies whose starting to organize their finance.

Just my 2 cents.

[chefron]

ang reason ko lang naman why i want to get an "additional" insurance is for my childrens security..ayokong kung kanikanino sila lalapit pang aral nila or pangstart ng buhay nila.

bonus na lang akse for me yung moneyback, dividende (which is not guaranteed) and cash gifts.

[swit_squiggle]

I'm on the same stand. I have 2 children 2 y.o. and 4 months. My fears are pano kung bigla kaming mawala ni hubby, ayokong dumating ang time na iyon na para silang asong galang walang matutuluyan. After all, they are our responsibility even after life up to the moment they become full grown man, independent and wise enough to stand on their own.

Ours is a mix of VUL and one whole life for hubby since siya naman ang bread winner.

[chefron]

i have VUL na din.....isip ko lang if tama bang whole life idagdag ko or yang 10 year term insurance

[vslima]

mga sis okay ba kumuha ng insurance sa phil axa?

kaso parang namamahaan ako

ang ex. nya is in 5 yrs pag nahulog ako ng 343 330 meron akong 240,990 na pera + 1,900,000 na insurance

parang lugi ata ako nun

Phil Axa Life Basix plan sya

Sis how was it? did you get it?  certain percentage kasi ng binabayad mo saa investments mapupunta and a portion sa insurance. mas malaki parin yung sa investments which accumulates over time:)
lalo na if ininvest sa stocks:)

[bella_cor]

It's really great to know that more and more people are now thinking about their future and planning their retirement. 

Having a baby made me realize that i badly need a life insurance policy. I know most mommys here understand how i feel thinking what will happen to our children if unfortunate things happen. Im so greatful being a life financial consultant of prulife uk, i was well educated of personal financial management and let me help my family and friends save and invest.

As what i told my close friends,-- ayokong pag tumanda tayo, mayaman ako at mahirap ka. Mas mura pa sa kape at yosi ang insurance premium.

[cinder05]

Kaka avail ko lang ng Prulink Exact Protector 10, nagustuhan ko sya kasi insured ka when you get sick/ na accident ka/ death. Plus kumikita ang pera mo kasi iniinvest din nila.

I choose Prulife UK since ang nag ooffer nito ay mga banks na HSBC, standard chartered, citibank, don palang assured na ako. Sana philam kukunin ko pero I guess mas ok ang prulife dahil na cucustomized based sa kaya mo lang ihulog per month. And based sa figure na prinisent nila ang major competitor nila ngayon ay Manulife (2nd place) while Prulife UK (1st). Nagulat din ako kasi other insurance company like sunlife, axa claimed na ok sila.

[smartstarter]

Wow! Really, Pru life claims that? Ni isa nung 2011 hindi sila nag number one since hindi pa out ang statistics ng 2012. As far as I know kasi sa site ng  insurance commission, Phil-am, Insular and Sunlife are the big players vying for the number 1 spot.

Check this:

http://www.insurance.gov.ph/htm/..%5C_@dmin%5Cupload%5Cstatistics%5CL_Prem_Income_2011a.pdf

http://www.insurance.gov.ph/htm/..%5C_@dmin%5Cupload%5Cstatistics%5CLN2011.pdf

http://www.insurance.gov.ph/htm/..%5C_@dmin%5Cupload%5Cstatistics%5CLIC2011.pdf

http://www.insurance.gov.ph/htm/..%5C_@dmin%5Cupload%5Cstatistics%5CLA2011.pdf

http://www.insurance.gov.ph/htm/..%5C_@dmin%5Cupload%5Cstatistics%5CLNI2011.pdf

Oh my. Sales pitchy insurance agent. hehe

[mxherr5]

@ cinder,

First off, congratulations. You're on your way to wealth and
security :p

Prulife has one of the most flexible VUL offerings ever
and that's probably because they are a VUL focused company.

smart's right though, as far as I can remember, its always been
Philam who has been #1 across all IC's(Insurance Commission)
metrics like Paid-up Capital,Networth,Premiums, etc.

With that said, I would guess that the agent was talking about
their Equity fund's performance.. right?

I track AXA,Sunlife,Manulife and Insular's performance and
surprisingly Manulife has the best performance among the 4
for year 2012. So I can only assume Prulife is #1 if I was
tracking their performance..

That's cool but did the agent show you how Prulife fared during
the past years?

[chefron]

[textspeak!] naman ang mairerekumenda nyo na insurance if anak ang iinsure tas si parent ang payor?

[newstyle]

Since adequately insured na kami ni hubby we opt to get an endowment plan for our child. I want a guaranteed plan this time to diversify my funds and taper our risk. Before, gusto ko sana ito kunin for myself, but when I find out that I'll save a lot if I put this for my child aba mas ok. One more thing, it also serves as our lifetime gift for him kasi may matatanggap siyang 80,000 after the sixth year and every other year. :-)

In case of our child's death at kapag wala na kami, naipaabot pa namin ang aming gift check sa mga kaapo apohan namin.

[mxherr5]

^
Really, I never heard of an endowment plan that continues
to pay after the death of the insured and the owner.

So when does the 80k payment cease?

[newstyle]

That's not what I mean. hahaha! baka malugi na ang insurance company pag ganoon.

Si hubby ang owner ng policy. Child namin ang insured. Sa kanya ebabase ang endowment pay-out. Like our child is 2 years old now. Sabi by 8 years old makakatanggap na kami ng endowment na 80,000 and every other year na yun. hanggang sa ma deads na siya. So I could only imagine if our child is alive until 100 patuloy ang endowment pay-out.  Of course by that time deads na kami so turn over na sa anak namin ang ownership. Change of beneficiary din either depende sa amin before kami madeads or kung ibibigay namin sa kanya ang pasya siya na ang pipili ng beneficiary niya.

Oh di ba. Love transcends to the next next next generation.

[mxherr5]

oh.. that makes a lot of sense  haha

So, the potential return can be up to 3.6M
assuming your baby reaches the age of 100.

How much is your annual premium and how
long do you have to pay it for?

[swit_squiggle]

@Cinder05 congrats for securing the future of your family. Pru is indeed one of the biggest company in the insurance industry which will last like Phil-am AXA insular Manulife and Sunlife.

The biggest weight to consider as who is the #1 depends on who have the biggest premium income in a given year since this is the influx of costumers who are buying their products. More costumers, more products sold, more money inside the company.

Endowment works best for children as long as both parents are adequately insured and for diversifying funds. It works like a bond fund with an insurance feature.

[missreese]

Question lang pwede bang i-convert ang traditional life insurance policy into VUL?

[swit_squiggle]

If it's a whole life plan it can't be but if it's a term insurance then you can convert this to VUL  The good thing is, your policy will be approved without question even your health condition has change.

[artificialstar]

pag retirement fund po, kelangan ba naka life insurance? or pwede ring ilagay sa mutual fund?

[swit_squiggle]

@ artificialstar - Not necessarily sis. you can have a separate account for your retirement fund. Others opt to have a package plan na merong insurance and retirement lang parang 2 in one product. kasi kung merong life insurance na kasama ang retirement plan mo, in case something will happen to you in between, may kasamang additional benefits na makukuha ang maiiwan.