Term Life Insurance

[MissChievous]

To those who are asking if one can avail IMG's group term insurance without availing kaiser, answers is:YES. I had it for my hubby ;-)

Thanks sis for validating. Iba lang yung rates for your hubby, right? Kasi if member, mas mura?

Dami kasi nag iisip na kelangan talaga ng Kaiser before you can enjoy the other benefits. Kaiser would win you commissions lang if you wish to trod the broker's path. Hehe. My bf is planning to avail of Kaiser without joining. So ako lang mag serve na broker niya. Ganun.

[ikaela]

^Question about the IMG-Philam group term insurance: when a policy holder has to claim, who does she approach? IMG or Philam?

[MissChievous]

^ I think you can approach both. You'd have a copy of your policy na din if you availed. Pero I'm not sure since I haven't availed a term yet. No dependents pa kasi ako as of now.

[Chelle017]

bakit nga ba puro VUL ang inooffer? pwera sa insurance na may investment component, ano pa advantages nia when it comes to fees etc?

[ikaela]

^Because VULs give the most commission to insurance agents. Actually, I don't mind agents getting commission -- they're still working at a job after all -- pero sana i-assess talaga nila yung client if a VUL is really the product for him/her or not. Yung iba kasi basta makabenta lang eh.

Some don't even want to talk about term insurance. One agent even arrogantly said that he doesn't sell term. When I was trying to buy term insurance, all agents initially turned me down. One even used statistics on me, showing that only 1% of term insurance policies pay off (that's why it's so cheap), so it's better I get whole life. But I stood my ground and kept in mind why I was getting life insurance in the first place -- to protect my dependents in case I die before I get to build my wealth. The only time I'll think about approaching insurance agents again is if I'm in the estate planning stage already -- maybe then I'll start thinking about VULs.

Anyway, meron ba may alam na life insurance na nasa 100k range lang? I want to get a policy for our kasambahay.

[mxherr5]

I don't think you can get a term insurance with a benefit
as low as 100k.

You can probably get 100k life insurance in a roundabout way.

Kasi may accident insurance that includes a "burial" benefit
dba?

Or what about Pioneer's Sparx.. I know for 500 pesos
you get insurance and savings. I haven't seen ads for
Sparx in a long time though.

[ikaela]

^Yeah, the closest I found was Manulife's Kasambahay insurance. For 660 (the most expensive), death benefit is 40,000 plus a burial benefit of 20,000. I might get this kung wala talaga.

[artificialstar]

^ sis, is that 660 per year?

[ikaela]

^Yes, per year. That's plan C, the most expensive. Here are the other plans: http://www.goldstardailynews.com.ph/business/manulife-gives-life-insurance-to-househelps.html

Nabababaan pa rin ako eh, hindi enough magpa-aral sa anak ng kasambahay namin kung ano man mangyari sa kanya habang employed ko siya. Cooperatives give better life insurance coverage, and for life pa. Yun nga lang, I have to pay for her membership. Tapos paano kapag biglang-alis or hindi ko na siya employed.

Anyone else got health/life insurance (aside from what Philhealth and SSS offer) for their kasambahay? Wait, maling thread na ata ako.

[mxherr5]

^

First off, you are most likely looking for microinsurance products.

Are you sure you didn't mistake accident insurance with
life insurance? I've been eyeing 4 coops where I'm eligible
and ended joining one and all 4 do not offer any life(burial/financial assistance
/damayan are their terms for this) insurance bigger than Manulife's
product.

Now if you're talking about accident insurance, then they like
other microinsurance products offer bigger coverage.

Here check out the IC's microinsurance product sheet:
http://www.insurance.gov.ph/_@dmin/upload/micro/MILife82012.pdf

Outdated nga lang.

Any reason why you can't just get her 2 of the Kasambahay insurance?
Or would that be too expensive?

[ikaela]

^No, I would never mistake life/accident insurance for each other. I'm still in the shopping stage so I haven't asked Manulife if I can get more than one of their kasambahay insurance cards, although doing that doesn't appeal to me because it'll come out more expensive than my other options.

In my coop, their life insurance (damayan-style) is already around 60k when you are a new member. It increases the longer you are a member and the more members the coop acquires.

Have you checked out FICCO (First Community Cooperative)? For life insurance, the basic coverage is 40k (80k if accident), and there are certain lower amounts that cover your spouse and children along with it. I know you also get life/accident/personal liability insurance up to 300k on your savings account with them. Apart from that, they've got great savings and loans programs. I was supposed to join FICCO, but my coop's savings plan now suited my needs better. You can get an overview of what they offer in their seminar's powerpoint presentations here: http://ficco-davao.weebly.com/membership.html

[cheezecake]

before I want to shop for term insurance to maximize the benfit pero ang mahal konti lang difference sa life insurance talalga. 

[mxherr5]

@ikaela, thanks for the link. Their official site is so bare bones.
walang information.

Yeah, that was one of the coops I was looking at.
Most coops offer that product kasi iisa lang kunuhunan nila
ng insurance
Its either CLIMBS or CISP.

I haven't seen a stanalone life insurance though that goes
for more than 100k. Yung savings insurance lang like you
mentioned.

Well, I wish you luck in your search.

@ cheezecake, anong insurance company yan sis?
Normally, double the premium ang traditional whole life
insurance compared to level term insurance.

i.e. 6k vs 13k nung huli akong nag shop for insurance.

[cheezecake]

sa Philam tapos for 20years lang wala na.  San ka nagshop ng term insurance sis?

[mxherr5]

Term: Sunlife,Insular,Manulife,Philam
Whole Life: Sunlife,Insular,Manulife,Pioneerlife

Pioneer had some conditions which made
term cost prohibitive while I wasn't interested
in Philam's traditional whole life insurance.

Is that a 20 yr level term? Most insurance
companies offer a level to age 65 term so
you are insured during your "productive" years.
Afterwhich, its assumed no one depends on you
anymore in which case you do not have any
need for insurance.

[ikaela]

^^cheezecake, when I was shopping for term insurance just earlier this month, I found out Philam Life actually has reasonable rates. These were my computations for a 1M face amount for a 32-year-old:

If it's level term for 10 years, it's P4,590 per year.

If it's the yearly renewable type, it'll come out to P3,850/year on average over 10 years.

If you choose to pay for a 10-year coverage in just 5 years, each year's cost will come out to just P3,520.

Insular has even cheaper premiums. 1M coverage is P4,140 level for 10 years, and if you choose to pay for those 10 years in just one go, it'll come out to just P2,438/year.

These are all without riders. Just the basic death benefit. I don't know how you can get any cheaper than this.

Were insurance agents showing you how term insurance premiums rise over the years vs. how VUL premiums stay the same and even stop after X number of years?

[cheezecake]

really? I want to get 10M kasi of coverage pero gusto ko medyo matagal mga 30years lol

[quennna]

i want to learn more about term insurance..
my friend sent me quotation.. need your input pls..

Option 1 : PRUWellness (renewable every year)
Package A+
Daily Hospital Income       P   2,000/day
Dreaded Disease              P 40,000
Surgical Expense              P 30,000
Long term Hospitalization P  2,000/day  starts on 31st day                                   confinement plus daily hospital income
ICU                                     P  4,000/day
Term Insurance                  P 40,000
PREMIUM:                          P 6,677.00

Option 2: Prulife Health Secure (Participating whole life plan-trad, earning with dividends)
Coverages : (computed as Plan1000)
Basic Life                               : P 326,533.00
Crisis Cover benefit               : P 163,266.50
PREMIUM @36yo                      P 10,256.40

Option 3 : Prulink Health Protect (variable plan)
Sum Assured                                 : P500k
Total & Permanent Disability         : P500k
Accidental Death & Disablement  : P500k
Crisis Cover Benefit                       : P500k
(15 critical illness)                   
Loyalty Bonus (10% of premium)  : yes   (11th to 20th year)
Investment under Equity Fund earning 10% per annum

PREMIUM   P 15,000

[ikaela]

^^Tuloy-tuloy naman yung coverage ng term insurance up to age 65, 75, or even 85, basta you renew your policy. Pwedeng renewable yearly, or every 5, 10, 15, or 20 years like in Philam Life. Hindi naman ibig sabihin nun quotation sayo eh after 20 years e "wala na". It just means that after 20 years, it's time to renew the policy. And if you want to keep your policy exactly the same as before, then the premiums calculated when you first applied will also stay exactly the same.

^Are those annual premiums? Yan kasi yung mga pinaka-ayaw ko na products ng life insurance companies, yung may halong medical/health. Why not get life insurance from life insurance companies, and get medical/health insurance from medical/health companies? And whatever is the difference from that, you use to build your own health fund (I'm staunch supporter of BTID too, like our other sisses here). And whole-life and variable unit-linked plans are not term insurance.

This I have to say though: PRU has one of the best critical illness coverage based on what I've researched. If I were to get from PRU, I would get a basic life coverage + critical illness, that's it. Another great option for critical illness coverage is Sun Life's Life Assure.

[quennna]

yes sis annual na yan...
thanks for your input..

right now kasi ang priority ko is medical/health with insurance..
what can you suggest kaya?