Term Life Insurance

[lavinia13]

[textspeak!] ano ba ang kailangan itanong sa mga agent bago kumuha ng yearly renewable term lalo na at may mga kasamang riders such as critical illness, etc? thanks sa makakatulong

[MeganDa]

Required ba magpamedical pag may kasamang critical illness protection?

[agape]

can I still buy term life insurance for senior age family members and assign myself as the irrevocable beneficiary? Is it better than the non-term life insurance?

[mxherr5]

@MeganDa I didn't undergo one when I got myself
a critical illness rider.

[quennna]

can I still buy term life insurance for senior age family members and assign myself as the irrevocable beneficiary? Is it better than the non-term life insurance?

same concern too..

[PetiksPinayInvestor]

@MeganDa, if person is age 50 and older required po ang Medical exams.

This is with Sun Life. Not sure with other insurance companies.

May exception: merong sure ang insurability regardless of age. Wala ring medical. Ito yung single pay insurance. Minimum is 250,000 one time big time.

[PetiksPinayInvestor]

Yes, you can still buy.

But just to manage your expectations...

1) Kapag po senior na (starting age 60) ang ini-insure, asahan niyo po mahal na ang premium.

Bakit? Kasi po may risk na sa health due to age.

Mahina ang 30k annually.

2) But more importantly, baka hindi rin ma-approve lalo na kung sa medical exams ay may makitang findings na the insurer will consider as risk on health.

Merong insurance na di kailangan ng medical and insured siya agad regardless of age. But the person to be insured will need to shell out 250k at the least. Which is like going back to # 1 -- mahal.

May kumukuha naman neto-- yung mga tao na gusto lang magka tax shield ang kanilang cash, or pambayad siya ng estate taxes.

More often than not, every person who wants to build a comfortable life will need insurance. The sooner one realizes that, the better for that person.  Kasi cost of insurance goes higher as the person ages.

can I still buy term life insurance for senior age family members and assign myself as the irrevocable beneficiary? Is it better than the non-term life insurance?

[cheezecake]

I just checked with Manulife 40 year old male 10m 39394  5m 19897. for Axalife P 5M w/ wpd s P23,500 + 2700 P10M s P39,900+ 5400. Prem. Increase on every 5 yr until age 74.

[powerpacfan]

Hi mga sis. Sorry medyo bobs ako sa mga ganto pero i have a basic question lang.

Pag ba nagavail ako ng term insurance, eg. 10 years for 10 years ko babayaran ang premium diba, pano kung within 10 years na covered ako hindi ako namatay or wala akong naging sakit na pwede iclaim, yung money ba na ibinayad ko as premium for 10 yeaRS wala na? wala ba akong makukuha kung baga?

[PetiksPinayInvestor]

^ Basically yes if the insurance is pure term insurance.

Think of it this way: it is a blessing na wala pong nangyari sa inyo within 10 yrs. Kasi ang insurance talaga in its basic purpose, it handles the unexpected yet inevitable events in a persons life: death, illness, or disability.

Kaya po gumawa rin ang mga insurance companies ng products na hindi lang insurance but merong kasamang investments or say may guaranteed cash back para naman po sa iba na gusto ay may "buhay" ang insurance, hindi lang its basic purpose

[quennna]

Hi mga sis. Sorry medyo bobs ako sa mga ganto pero i have a basic question lang.

Pag ba nagavail ako ng term insurance, eg. 10 years for 10 years ko babayaran ang premium diba, pano kung within 10 years na covered ako hindi ako namatay or wala akong naging sakit na pwede iclaim, yung money ba na ibinayad ko as premium for 10 yeaRS wala na? wala ba akong makukuha kung baga?

yes, sis... wala kang makukuha.. yan naman disadvantage ng term.. (

[powerpacfan]

pero sis @PetiksPinayInvestor is the premium for the 10 year fixed? like same amount of php ang ibabayad ko every year?

ano ang difference non sa whole life insurance kung same silang walang guaranteed cash back?

[mameejhy]

^Ang alam ko guaranteed ang makukuha na money kapag whole life; hindi guaranteed kapag vul.

[cheezecake]

I'm interested with term insurance of sunlife. I hope someone can give me more details

[PetiksPinayInvestor]

Sis,

It can be fixed, or it can be increasing every 5 years. Sa nakikita ko, yung rider na "Safer Life Rider - 5 Year Renewable and Convertible Term w/ TDB" ang nag ca-cause na mag increase siya every 5 years.

Go back to your policy and check the details. Or, go back to the proposal and check the details. Look if you have this rider.

Ang kagandahan naman ng rider na ito is you can convert your insurance to any eligible life or endowment insurance without evidence of insurability (no medical).

Difference with whole life:

Yung obvious is if whole life e di you pay while alive. Mas magaan ang pagbabayad kasi naka spread ang payment. Lalo pa kung monthly autodebit na tipong kahit kinakaltasan ka buwan buwan ay di mo mashado nararamdaman kasi nga mura.

Kung 5/10 yrs, you only pay for that period of time. Then wala na thereafter. Mas mahal ang dating kasi compressed ang payment for the same benefits.

pero sis @PetiksPinayInvestor is the premium for the 10 year fixed? like same amount of php ang ibabayad ko every year?

ano ang difference non sa whole life insurance kung same silang walang guaranteed cash back?

[PetiksPinayInvestor]

Sis cheezecake,

Come to think of it, this is your future life being talked about. Para mas simple and mas makabuluhan ang pag e-explain, you will need to find an insurance advisor that you trust. You set to meet, then you discuss.

What will be discussed is 1st determine muna ano yung priority need/s mo. The price you attach to it. Then you are presented with the proposed solutions to meet your need/s. Shempre kasama na rin yung education part bakit ba mahalaga ang insurance.

I'm interested with term insurance of sunlife. I hope someone can give me more details

[PetiksPinayInvestor]

Nga po pala, pag sinabing guaranteed ibig sabihin yung insurance mo ay participating. Ang ibig sabihin lang niyan ay may value (cash value) or kumikita (may dividends).

Yung cash value po ay guaranteed.

Yung dividends, hindi po guaranteed.

Meron ding non-participating. Yan po ang pure term insurance. Walang cash value, wala ring dividends.

Ito pong mga terms na ito ay pang traditional products ng Sun Life, hindi niyo po ito makikita sa VUL

^Ang alam ko guaranteed ang makukuha na money kapag whole life; hindi guaranteed kapag vul.

[agape]

Is it possible to just always renew your term life insurance every 10-years until age 85? But which is cheaper long-term? Example you buy at age 35, then renew, 45, 55, 65, 75, 85? What is the longest term life insurance?

[ikaela]

^Yes, there are 10-year renewable term insurance policies. It'll come out cheaper if you pay isang bagsakan for the coverage for those 10 years, but the downside to that is you have to shell out a large amount of money in one go.

Philamlife offers term insurance up to age 85.

[agape]

^Kahit walang return (dividends, etc) it will still come out as cheaper in the long run?