Term Life Insurance

[ikaela]

Hey, I was just typing a reply to this thread.

^Yes, sis, yan din ang nagpa-turnoff sa akin sa critical illness insurance. Kaya todo assess ako sa needs namin noon. Yung mga illnesses naman sa family history namin are preventable, and all happened in old age when critical illness insurance already ends. Not to mention that I could just save and invest and give myself the same coverage in just 7 years. No need to pay premums and no need for an insurance company's approval before I get money for treatment.

On the other hand, kung prone ka talaga dun sa critical illnesses within the definitions of insurance companies, baka sulit naman. At least may pagkukuhanan pa if you really become critically ill.

[conp_]

^Actually I got a similar advice from a financial blogger. That if I'm healthy and because I don't have any dependents, I don't need a life insurance. I should focus daw muna on building my health fund.

Kayang litong lito din ako kasi ano ba talaga, kailangan ko ba o hindi? Haha.

[mameejhy]

^Sis, sa Prulife UK (Exact Protector) kahit ma diagnose pa lang na may critical illness eh ibibigay na nila yun lump sum Kumuha kami pareho ni hubby ng policy na ganun.

[honeybunny]

I dont know if i need life insurance. I dont want to talk to any life insurance because i know they will convince me to get one kahit na i dont really need it.

I need your advise mga sis if i really need this.

Here's my situation: i am in my late 20's. single. No child. I send my little brother to school but not my total responsibility. I dont have vices, i dont smoke, i drink very occasionally, so i would say i am healthy. I have maxicare (hmo for me and parents) and life insurance na rin under the company i am working with pero syempre if i resign, wala na rin tong benefits na to.

I currently have bpi direct saveup + insurance and balak ko hulugan every month ng 2k and in 16+ years meron na akong 400k and my coverage by then will be up to 2M na

I know that hanggat maliit pa lang yung laman ng savings ko, maliit pa rin yung insurance ko but then at least this money i am saving is my money talaga na i can withdaw anytime. Ang pagkakaalam ko po kasi pag kumuha ka mismo ng insurance e yung mga naihulog mo is hindi namakukuha or a portion of the total payment lang ang makukuha mo.. Please correct me if i am wrong.

And since wala pa naman ako dependent, balak ko lang ituloy yang 2k a month sa savings ko and by the time i get old, saka na ako magkuha ng insurance talaga using that money i have saved up.

Please advice po. Thank you.

[ninjandrea]

Hi Honeybunny!

In all honesty, if okay naman ang agent na makuha mo, your discussion should be more of financial planning rather than just convincing you to buy a policy.

You are right na may ganung klase ng insurance called term insurance, which offers protection only. Kaya walang babalik na pera kasi you are paying for the protection that you and your familyget during the time na covered ka. If you want something na may malaking investment component, go for variable universal life policy. Babalik sa'yo or sa beneficiaries ang pera mo, depende na lang sa lagay ng market 'yung gains mo. Like any investment, this will work only if you want something long-term.

I am not familiar with bpi direct save up yet but I am reading up on it too.

[m_lim]

IMO, kung wala kang anak na maliliit, di mo kailangan ng insurance.

kasi, sino gagawin mong dependent? kapatid mo? asawa mo? hindi kailangan yan sa tingin ko.

life is short, as long as wala kang anak na pinapabayaan, enjoy mo ang pera mo.

maghanda ka rin sa pagtanda mo at wag na wag mo iisipin na sasandal ka sa mga kapatid mo, asawa mo, dahil kawawa ka pag tumanda ka ng wala kang pera.

ito lagi kong tinatandaan: wala kang aasahan sa buhay kundi sarili mo. may anak ka man, magkakabuhay sila ng sarili nila pag dating ng panahon.

tsaka isipin mo, kung lola ka na at wala kang pera. excited kaya sila makasama ka? (eh ang daming maintenance ng matanda ha!)

[anjcam]

hi honeybunny, IMO, and according to my personal financial planner (na RFP), everyone needs insurance, may anak ka or wala. not unless you want to burden your parents, kapatid or kung sino mang maiiwan mo sa lahat ng mga gagastusin if ever may mangyari sayo.

Getting insurance is much better when you are younger, yung habit sa pagsasave ng pera andun na,  tapos if may balak ka pang magasawa at magkaanak, you only just need to add. compared sa mga nagiging client ng financial planner ko, naghahabol sila kung kelan andyan na yung mga dependent.

Still, its your choice. Kanya kaya naman tayo ng paniniwala And normal satin sa pinas na papabayaan nalang. that's the cycle of our life here. If you want na ganun ang gawin mo, it will always be your choice at least ngayon, natututo na tayo at nalalaman natin na may mga ganitong bagay, may choice na tayo

[honeybunny]

Thank you sa reply mga sis.. I guess ang gusto ko lang naman is makasave up ako, and at the same time may insurance ako na same policy sa ibang insurance like 1M or higher, then yung money i am saving up is sa akin pa rin,  kasi at my age and status i know i do not need insurance, kaso pang emergency lang like sudden death. But at the same time yung money ko is mine pa rin kasi sayang naman if ipambabayad ko sa insurance na magagamit ko pa pala 20 years from now.

Is that variable universal life ok? I cannot seem to find a thread about it... Thanks ulit.

[smua2014]

Has anyone tried Sun Safer Life? Here's the proposal I got from them:

P2Million Insurance Coverage - Payment starts at P10,590 / year (increasing every 5 years)
 
Sun Safer Life is the most affordable, cost effective Term insurance of Sun Life Financials (see actual proposal attached)
- In case of death, your beneficiaries will receive P2Million (200% of the Face Amount)
- In case of accidental death, beneficiaries will receive P3 Million (additional 1Million)
- In case of Total Disablement while paying, payment is waived during that period.
- Can be converted later on to a permanent or a vul plan.

I am planning to get a term life insurance for my parents just in case something bad happens to me. I want to ensure they wouldn't have any problems in the future if ever something bad happens to me.

[PetiksPinayInvestor]

Make a total of:
- how much is your savings
- how much is your investments
- how much is the current value of all the properties under your name
- others of value under your name na tingin mo pwede ipangalan sa maiiwanan mo

Get 20% of that total

Yan ang halaga ng life coverage mo, at least

I first heard that from pesos and sense: http://youtu.be/QMl7r1fJCcM?t=1m28s

Thank you sa reply mga sis.. I guess ang gusto ko lang naman is makasave up ako, and at the same time may insurance ako na same policy sa ibang insurance like 1M or higher, then yung money i am saving up is sa akin pa rin,  kasi at my age and status i know i do not need insurance, kaso pang emergency lang like sudden death. But at the same time yung money ko is mine pa rin kasi sayang naman if ipambabayad ko sa insurance na magagamit ko pa pala 20 years from now.

Is that variable universal life ok? I cannot seem to find a thread about it... Thanks ulit.

[Maxim04]

IMO, kung wala kang anak na maliliit, di mo kailangan ng insurance.

kasi, sino gagawin mong dependent? kapatid mo? asawa mo? hindi kailangan yan sa tingin ko.

life is short, as long as wala kang anak na pinapabayaan, enjoy mo ang pera mo.

maghanda ka rin sa pagtanda mo at wag na wag mo iisipin na sasandal ka sa mga kapatid mo, asawa mo, dahil kawawa ka pag tumanda ka ng wala kang pera.

ito lagi kong tinatandaan: wala kang aasahan sa buhay kundi sarili mo. may anak ka man, magkakabuhay sila ng sarili nila pag dating ng panahon.

tsaka isipin mo, kung lola ka na at wala kang pera. excited kaya sila makasama ka? (eh ang daming maintenance ng matanda ha!)

Hi sis m_lim! Perfect! Everything you said is makatotohanan talaga! Ang ating magulang ay hindi takbuhan kapag nagigipit, at ang magiging anak naman natin ay hindi dapat asahan sa kanilang kikitain, dapat tayong mag ipon ng pangsarili!

Its nice to have a responsible partner na mag iipon din sa inyong pagtanda, pero mas maigi talaga na may sariling ipon! 

[marssie]

Anyone? -- BPI-Philam Life Protect looks affordable with 1M coverage.

[msals2007]

Mukhang okay yang BPI Philam Life Protect. Will wait for some feedbacks from our sisses here.Looks affordable too.

[honeybunny]

yung sister ko may sinabi syang BPI philam life insurance, 2.5k a month daw for 10 years.. 32 year old sister ko, walang anak, walang asawa. single. walang dependents.

i dont have all the details pero parang ang mahal naman nun, 30k a year.

after back-reading threads about insurance, ang nababasa ko lang dito is mga less than 10k a year.. bakit ang mahal naman neto.

can someone please enlighten me?

[mxherr5]

Hindi siguro term insurance. Ang 30k ay normal lang para
sa whole life or VUL na insurance.

[honeybunny]

^may sinabi nga sya na VUL and if hindi ka na-deds at umabot ka na 60 or retirement, may pension ka daw makukuha monthly? I dont know if may insurance ka pa rin nun...

[anjcam]

hi honeybunny, no no dapat na sabihin sayo ng agent mo na pension siya monthly. if its a VUL, may investment siya and you can get it anytime. if you want to use it as a retirement fund, make sure your agent knows kung pano magcompute ng retirement fund and how you will use and get it. Kasi ang investment mo sa VUL, hindi yan ibibigay sayo monthly. pwede ka kumuha monthly pero that doesn't mean na sure na ang pension mo. pano kung maliit lang pala yung kinuha mo and hindi kaya ng investment mo yung buong retirement period mo? Please clarify this with your agent and make sure na tama yung sinasabi niya. we don't say that sa mga clients namin para makabenta.

[PetiksPinayInvestor]

VUL returns are not guaranteed.

If guaranteed ang returns, then hindi po VUL yan. Ang alam ko na guaranteed returns ay yung mga insurance products na may endowment

[Lianne@TheWiseLiving]

yung sister ko may sinabi syang BPI philam life insurance, 2.5k a month daw for 10 years.. 32 year old sister ko, walang anak, walang asawa. single. walang dependents.

Hi sis, this thread is about term life insurance, so this means purely for protection purposes, kaya mga less than 10k lang nakikita mong quotes.

Yung sa sister mo na 30k/year from BPI philam life, it sounds like a VUL. What's the product name? Better to clarify what kind of product it is first. 

[honeybunny]

thanks mga sis.. i will get more details from her.. thanks for your insights.. parang newbie pa rin kasi yung agent nya kaya hindi din maexplain ng maayos..