Term Life Insurance

[msals2007]

Any feedback on insular life term insurance? I'm thinking of getting one. Inaaral ko pa lang. I have a proposal now from a manulife for a term insurance (react 5) and a whole life insurance. For my age, 38, for a face amount of 3M, annual is P16,405. Malaki din pala, no? I was thinking around P10k lang. Minimum daw na face amount is 3M. Kaya lang she keeps on pushing the life insurance eh. Kesyo pag term daw forever daw akong magbabayad. 82 years old na ko nagbabayad pa ko. Whereas for life, 10 years lang akong magbabayad then cover na ko til 100 years old. Ang premium sa life insurance is almost 48k para sa 1M face value naman, 10 years to pay. Your thoughts on this please?

Also, di ba ang term insurance meron naman siyang convertibility before you reach the age of 65. So di naman totally masasayang yung premium na binayad mo talaga dahil, first, meron kang security that whatever happens to you, your beneficiary will receive something, and 2nd, pwede mo nga siyang iconvert later on pag earning na beneficiary mo.

[msals2007]

Sent you a message sis anjcam. Interested with sunlife safer. Thanks

[mxherr5]

@msals, my wife's premium at age 38 is 5.8k and
that's with 1M life insurance AND 1M critical illness.

Although not a perfect comparison, if you multiply
it by 3 you get around 17.4k. And granted yours is
a 5 year term which would make it a little bit more expensive
but common it won't be that expensive.

Are you sure there isn't any riders on that 16.4k premium?

No you don't build anything with term insurance.
The convertability feature just allows you to convert your
term to a permanent plan without evidence of insurability
so meaning kung may sakit ka, pwede mo ipa permanent plan.

You'll still get the same premium as if you never converted
from term.



This is what it says:

This Policy if in force can be converted without evidence of the
Insured’s insurability provided the Insured’s attained age does not
exceed 65, to a new policy, subject to the following conditions:

(2) The new policy can be on any level premium Life, Endowment
or Life Income (but not Term) plan regularly issued on the new
policy’s effective date by the Company at the Insured’s age on
such effective date, except a plan which provides insurance
coverage on more than one person. The new policy will be
issued on the form in use by the Company on such effective
date. The face amount under the new policy must not be more
than the Face Amount under this Policy on the conversion date
and must not be less than the minimum required by the
Company for the plan selected. The premium will be calculated
from the table of premium rates in use on the new policy’s
effective date. The premium must not be less than the minimum
required by the Company for the mode of premium payment
chosen

[msals2007]

Thanks mxherr5. Okay na sa akin ang 1M life insurance then may 1M pa na critical illness ha. Very affordable ang 5800 per year. I'm planning to maintain it siguro mga max na ang 15 years. React5 kasi yung prinopose sa akin and sabi niya 3M daw yung minimum face amount. May accidental death benefit na kasama yun. Bale 13k plus yung sa react5 then 2900++ yung accidental death benefit.

Medyo malinaw na sa akin yung convertibility. I thought yung mga premiums na binayad ko for the term insurance parang a part of that pwede pang iappy pag nagconvert ako to a permanent insurance. So hindi pala. Ang maganda lang, guaranteed na pwede ko siyang iconvert later on without the need of any proof of insurability. I see. Gusto ko yung mga around 5k to 6k lang na annual premium then P1M na coverage. sabi nung agent ang tawag daw nila sa Term insurance "tapon pera" so parang dinidiscourage din niya ko to get one kasi magsasayang lang ako ng pera.

[anjcam]

^ emailed you already sis msals2007

[j.adore]

I noticed ganon nga sabi ng agents sa term. Sayang daw pero it seems they want you to get the more expensive products.

Sayang lang kung wala ka talaga separate investments.

[lovely_carrot]

@msals, my wife's premium at age 38 is 5.8k and
that's with 1M life insurance AND 1M critical illness.

Hi,

Bro, anong insurance yun?

Also, if I get term insurance here and then I decided to work abroad and something happens to me while I'm overseas (knock on wood), pwede ba yun?

I'm a breadwinner kasi, my mom and daughter lives with me so its very important that they will be secured if and when I pass away.

Thanks!

[ikaela]

^Yes, life insurance coverage is worldwide, except for high-risk countries like Iraq, Afghanistan, etc. But some insurance companies have lifted the exclusions for those countries as well.

msals2007, how disappointing to hear that term insurance is still sold that way. These agents will really outright deceive you and lie to your face just so you buy the more expensive product that gives them higher commissions! Either that, or they don't really know their own products they're selling!

In Manulife, I am sure that the minimum face amount is NOT 3M. And while it's true that you are covered for life in whole life insurance, your agent should have discussed with you whether you really need insurance for life or not.

Will you still be working when you're over 70 years old and still have people dependent on your income? What will you need that life insurance coverage for when you're ugod-ugod na? Don't you think that by that time, retirement and health expenses -- rather than your grown-up, not-dependent-anymore dependents' needs -- would be your primary concern?

A better plan than paying 48k for 10 years for whole life insurance would be to just pay the 16k for term insurance and then invest the remaining 32k for your own health/retirement needs. If you invest that difference in an equity fund or the Philippine stock market with a historical average return of 20%, you would already have the equivalent of the 1M face value within the same 10 years. Not only that, that 1M is 100% yours to do with whatever you please, and you don't have to DIE first before it's given to you!

Whole life insurance is where insurance agents get their biggest commissions. Term insurance is where they get almost nothing. No need to guess why whole life insurance is their "most recommended" while they call term insurance "tapon pera".

[msals2007]

Hi sis ikaela. I already received proposals from Sunlife and  Manulife for the term insurance. One is from our sis here and its good na hindi naman sila naghahard sell ng iba pang insurance products. I am thinking of getting a term for my hubby and  VUL for me. I cant decide pa kasi budget is also a big consideration. Ako parehas ang magbabayad nun kasi the income of my husband is for all our expenses. Nagkusa na ko to be in charge of the savings and investment side eh my income is not that big plus I have other obligations and payables din. Yung VUL parang forced savings na rin on my part. Though medyo mabigat kasi P45,000 nga ang premium. Gagawin ko na lang monthly ang payment. I like the idea kasi na kahit every month lang ang hulog ko guaranteed na whatever happens to me may makukuha na malaki yung mga beneficiaries ko. But if I stay healthy and be blessed with a long life,  and the kids are all grown up and earning, magbebenefit din ako sa insurance later on. Term for my husband because I want him to be insured also pero I cant pay the premium of the VUL for 2 persons. On the side, kahit small amount lang, nagtatop up ako sa MF and UITF na dito ko rin natutunan sa girltalk.  Hopefully sabay sabay ko silang mamaintain kahit medyo mabigat.

[marssie]

May Metlife ba sa Pinas? Nagsearch kasi ako lagi akong napupunta sa Manulife. May friend kasi akong kukuha ng Term sa Metlife.. for 700$/annual for 10 years, covered for 200K$, around 8M.. may 60% return pa pag di naman nadeads within 10years.

[mxherr5]

Nope wala at wag ka nang mag compare kasi mas mataas talaga ang insurance
premiums dito sa atin.

[smile22]

hello! any feedback for Philam's guardian 65? planning to get one. 10x payment for 10 yrs of around 10k php annual... covered na until age 65, 1M face value.

[Itsmai.Shop]

Bakit ang qoute sakin ng guardian 65, 1M , premium is 6590(basic) pero 36 yrs to pay? this for 29yrs old male

[smile22]

hello itsmai.shop check this link for reference: http://www.philamlife.com/en/individuals/products-and-services/protection-plans/term-life-protection-plans/guardian.html

Guardian 10
for a 30 yo male, 500k face value: 3,256php annual for 10 years, 10 years ka covered

Guardian 65
for a 30 yo male, 500k face value: 6,990php annual payment for 10 years, covered ka hanggang age 65.

[Sugaru18]

ano ba mas maganda Manulife or Sunlife? may nag-iinvite sakin from Manulife. 1400 daw monthly for 10 years, pero d pa nadiscuss kung anong benefit nun? Recommend naman kayo ng affordable policy for term life insurance. I'm single pero marami akong dependents, parents, siblings, nieces and nephews kaya dapat yung kaya lang ng budget ko yung monthly premium niya? TIA

[mxherr5]

They're both ok so with that said, go with whatever suits your needs.
i.e.

You want term insurance.
Do you expect these people to be dependent on you for
the next 5 years? 10 years? etc

If so, does Manulife have a 5 year or 10 year term product?
What about Sunlife?

etc

[rhumbafrapp]

I have backread and so far interested ako sa term life insurance talaga

Looking at insular, sun life, and manulife.
So far OK sa akin yun 1m, wala naman ako dependents, I just want na Di imaging pabigat in the event madeads or ma disable ako (pasok ba ang disability in claiming for term life PR dapat death?)
28yo professional with no insurance except for my vul sa manulife and bpi direct save up. I don't even have healthcare except for philhealth . kalungkot

[Maycon]

hi to all! im interested with this term life insurance. currently, i have a sunlife vul and a whole life insurance also from sunlife. any one can refer me to their advisor? preferably from manulife, insular and philam. thanks in advance.

[bluish_mommy]

I decided to end my Term Life Insurance... sayang eh... I changed it to VUL instead... halos same ang premium at may investment pa 

[mxherr5]

^
Seriously? I find that hard to believe.
My core life term insurance is just 3k a year.

How expensive was your term insurance?
Or is your VUL super cheap?

You need to understand that nothing is free.
Your VUL has monthly insurance charges which
is similar to term insurance.

Note I have both yearly term insurance(2 years now)
and 4 VUL policies with the oldest one being "9 years old"

Trust me VUL is practically the same as getting yearly term
and investing the rest in a mutual fund or UITF.

But I realize that we have bias and it VULs feels like you're
not throwing money away. I know that for a fact but I still
can't but feel like I'm throwing my money away on the term insurance.