Traditional life insurance vs VUL

[pinkaboo]

Guys question naman. I'm sure baka nasagot na to but I had no time to go through the whole thread.

Ano bang benefits ng Traditional plan or yung endowment? Kasi may ganito akong plan na matagal ko na binabayaran. May cash guarantee siya every two years pero asidefrom that, ano pa bang benefits nito? If wala, what can I do to maximize yung plan kong ito?

And also, on top of this, may VUL na rin naman ako which is on its 5th year na so...5 years to go!

[Cecile1658]

Traditional can be participating or not participating. You check. If participating, you also can receive dividends.  With VUL, no dividends but may opportunity for higher earnings

[JillB.]

Hello mga sis, buhayin ko lang ang topic na 'to, kasi I went on searching for interesting topics, this one is quite interesting.

I know for one that banks are also offering investment products, like BPI and BDO, and you will just choose which type of investment to place your money in.

Magandang savings 'to especially for the coming 13th month pay!

Enjoy!

[PetiksPinayInvestor]

Hello Sis,

My reply is limited to my knowledge

I too have a traditional insurance with endowment.

Ito lang po ang hahanapin mo sa iyong policy:

1) death benefit: this is guaranteed. ito ang makukuha ng iyong beneficiaries kapag may mangyari sa iyo

2) riders: check if may ADB (accident), or any other riders.

3) how much endowment benefit: if you chose cash, then makukuha mo ito usually every other year. Kapag accumulated naman, based on the term itself, papa accumulate mo ito until the maturity date na ibigay sa iyo lahat.

How do you maximize this plan?

recall why you took it. maganda ang plan na ito kung

a) pang tuition or educ funding ng anakis
b) gusto mo na guaranteed may nakukuha kang cash in certain years, lalo na kung for life kang may makukuha hangga't buhay. para siyang pension ang dating
c) pagkakuha mo ng money, you invest also a part of it hindi yung gastusin lahat

ang kagandahan sa endowment is may dadating na cash regardless of market conditions. guaranteed kasi ito

kaya dapat hindi mag default sa payment para makuha ang ganitong benefits.

In the end, it is still a life insurance. I see the endowment cash as incentives for you kasi you paid the terms of the contract

Also, it is a good balance to your portfolio lalo na kung ang goal mo is investment diversification. Masaya din na may natatanggap kang pera na hindi galing sa bank. Guaranteed pa.

Guys question naman. I'm sure baka nasagot na to but I had no time to go through the whole thread.

Ano bang benefits ng Traditional plan or yung endowment? Kasi may ganito akong plan na matagal ko na binabayaran. May cash guarantee siya every two years pero asidefrom that, ano pa bang benefits nito? If wala, what can I do to maximize yung plan kong ito?

And also, on top of this, may VUL na rin naman ako which is on its 5th year na so...5 years to go!

[eischied_21]

^sis, based on what you've shared above anong insurance kinuha mo with endowment?

[PetiksPinayInvestor]

200k face amount
5 yrs to pay
may 200k ADB

20k endowment starting on correction: 8th yr.

pinakamahal na premium na nabayaran ko so far haha!

kapatid kasi ng officemate ko yung agent, ni hindi ko nakita in person. ang nagbenta ay yung officemate ko haha!

Natuwa siguro ako kasi nun lang ako nakarinig ng ganung type of insurance.

Manulife

(nag explain daw? ahahaha)

[IronLady]

^sis anong tawag dyan sa insurance mo just in case magtanong din ako sa manulife.. May kilala din akong agent dun eh.. Mas okay ba manulife kesa sunlife?

Lastly what does VUL stands for?

[PetiksPinayInvestor]

^ It's called "Freedom at 65 plus 5-pay"

On closer look, may termination date pala itong policy na ito at age 65. Pagdating ng ganung age, ibabalik sakin ay 200k and wala na ako insurance.

Cash benefit payouts (endowment) of 20k beginning on 2019 (8th yr anniversary of policy) and every 2 yrs until 2045 (age 65 ko) provided buhay pa ako and the policy is in force at the time of payouts.

Annual premium ko ay P66,413.64 5 yrs to pay

Other benefits (or riders) include accidental death benefit of 200k and Total Disability Waiver of Premium.

Sa Sun Life, the similar product is called Sun Smarter Life Elite Peso 5

for the same face amt of 200k, same riders and endowment every other year, the annual premium is 82,524.00

The differences are:
* Insurance coverage is double the FA (400k)
* Cash benefit payouts (endowment) is 16,000 starting end of 6th yr and every other yr onwards, for life (yung sa manulife 8th yr pa)
* life insurance coverage until age 100 (sa Manulife sa itaas it terminates at age 65)

Kung nalaman ko itong sa Sun Life ng mas maaga baka ito ang kinuha ko kasi double ang coverage tapos on 6th yr may matatanggap na agad. Tapos insured until age 100 (mas matagal ang duration ng insurance).

The numbers above are for 31-year-old female non-smoker.

Kung alin ang mas maganda is subjective. It depends on the preference of the life to be insured

VUL stands for Variable Universal Life or Variable Unit Linked. Which basically means Insurance + Mutual Funds. Pesos and Sense explains it well: https://www.youtube.com/watch?v=i6HN3Z_DBoo

[IronLady]

^yiiie kinilig naman ako nainspire maginsurance. Haha! Ang laki pala ng premium mo sis, nasa 5k a month din sya.. 😊

[PetiksPinayInvestor]

^ sabi ko nga sa iyo e, yun ang pinakamahal na kinuha ko so far, hehe

Ang caveat dyan, the older we get the riskier to our health. Kaya the more expensive insurance premiums get too.

It turns out, we buy insurance when we think we do not need it yet as long as we understand why. Kasi the moment we need insurance, we might not be able to purchase one mainly kasi may sakit na (hindi na insurable)

So habang healthy pa and kaya pa, we load up on (or buy more) insurance coverage.

[FayeP]

^ sis may kakilala ka ba agent ng sunlife? baka pede naman parefer para makausap ko, kasi engots ako sa mga terms at binasa ko un website nila pero gusto ko ng mas maiging paliwanag....thanks

[PetiksPinayInvestor]

^ Ako po

Kaya rin ako naliwanagan sa technicalities ng mga policies dahil kasama sa exams nung kumuha ako ng license and nung nag training na.

We can set a Skype meeting para madali for you

[gypske]

^sis bale 400k ang insurance na makukuha ng beneficiaries with sun smarter life elite peso 5?

[PetiksPinayInvestor]

^ Yes, if face amount is equal to 200k

may addition pa. Aside from 400k, ibibigay rin yung dividends as part ng Total Death    
Benefit. HIndi nga lang guaranteed ang dividends. Pero isasama siya kung meron.

[j.adore]

So I finished reading this thread pero di ko pa din sure ano kunin ko..

San ba makita yung top insurance companies in the Philippines? For traditional and then for VUL?
Sa kanila ako hingi ng proposal😄

[mxherr5]

Top in terms of what?

Anyway, you can check the reports here: http://www.insurance.gov.ph/htm/_statistics.asp

Knock yourself out. 

[PetiksPinayInvestor]

^^ Tama po, sa Insurance Commission makikita

Dito po pala sa report na ito distinguished yung Traditional and VUL premium incomes ng life insurance companies.

Life Insurance Ranking based on Premium Income (latest is 2013): http://www.insurance.gov.ph/_@dmin/upload/statistics/Final_Ranking_Life_NetPremium2013.pdf

[j.adore]

performance, sales volume, etc.

So 2013 nga lang available data.. It's what I was able to find on the net as well. Thanks both!

[ayi21]

Sum assured: 5M
Monthly: 15k

Okay ba to or mahal?

[PetiksPinayInvestor]

^ Depending on age, gender or if smoker

If 5M ang insurance, may medical exams po yan. Malaki ang coverage e

Anyway, ito ang breakdown ng (annual) premium kung

Male, Smoker
30 yo
VUL with critical illness benefit

5M coverage - 113,700.00
+ Total disability - 13,800.00
+ Accidental Death - 5,100.00
+ 2.5M critical illness benefit - 12,150.00
Total: 144,750.00 or 12,062.50 per month

15,000 - 12,062.50 = 2,937.50

The extra 2,937.50 per month is probably the excess premium that is placed in the investment component of the VUL

You can use this as guide for the premium of each additional rider