BPI PHILAM

[anjcam]

^ hi m_lim, makukuha mo anytime yung investment money mo if kukuha ka ng VUL. Not sure with BPI kung anong meron sila, but you can check other insurance company like Sunlife.

[m_lim]

^yun nga pagka intindi ko sa VUL. kaya mas preferred ko ito. pwede kasing ako mag enjoy sa pera, pwede rin dependents ko kung ma deadz ako bigla.

 unlike pag insurance lang, edi mamatay muna ako. pag investment lang, pano naman yung dependents ko kung di pa nila kaya?

[honeybunny]

^what's VUL po?

[smua2014]

Has anyone tried BPI-Philam's Life Protect? Any comments po?

[anjcam]

^yun nga pagka intindi ko sa VUL. kaya mas preferred ko ito. pwede kasing ako mag enjoy sa pera, pwede rin dependents ko kung ma deadz ako bigla.

 unlike pag insurance lang, edi mamatay muna ako. pag investment lang, pano naman yung dependents ko kung di pa nila kaya?

Correct sis Just let me know if you have other questions regarding VUL You can PM me

[anjcam]

^what's VUL po?

VUL = Variable Life Insurance = Investment + Insurance in one product

[honeybunny]

^this may sound a stupid question, bago pa lang kasi ako sa mga ganito, how do i get VUL? thanks

[ikaela]

unlike pag insurance lang, edi mamatay muna ako. pag investment lang, pano naman yung dependents ko kung di pa nila kaya?

Paano sis? Ang inaadvise naman talaga sa may mga dependents is to get insurance and have investments, not either/or.

If you die first before you get to build your wealth, then insurance should step up and take care of your dependents' expenses. If you live too long and are unable to work (and have no dependents anymore), the gains from your investments should be able to take care of you. Win-win situation!

honeybunny: you can get a VUL from any insurance company. As for your plan on utilizing the free life insurance from BPI Save-Up, here are a few more points to ponder:

1) The interest rate in BPI Save-Up is a dismal 0.75% per year. A bank time deposit can give you 3-6% per year. Pooled funds and the stock market can give you 20% per year or more. See how much more the money you'll be saving over 20 years can grow in other investments vs. BPI Save-Up? Grab the opportunity -- time and compounding interest is your greatest ally in building wealth.

2) After the more or less 20 years you say you need to save up that 400k, the insurance premiums for your age would've risen considerably. If you see yourself having children/dependents in the near future (or if not, you don't want to burden your family with funeral expenses, debt, and taxes when you die), it's a good idea to take advantage of the cheaper premiums at a younger age.

3) In term insurance, yes, the premium you pay will not go back to you if you don't use it (read: die). But the other scenario is you are tying up 400k of your money in that low-bearing BPI savings account. 400k that could otherwise be invested and making more money for you. So it's pay and (possibly say goodbye) 5k now for 1-2M life insurance then invest and grow the rest of your savings vs. letting 400k sleep.

[m_lim]

^diba ang VUL- investments + life insurance?

kasi pag pure insurance lang--- tulad sa father ko. nakapagtapos na kaming anak, so in short, hindi na namin "kailangan" yung pera na makukuha from insurance.

so sana na enjoy or napa laki pa niya thru investment yung binayad niya sa pure insurance na yon.

kung wala naman siyang insurance na kinuha noon at pure investments lang, paano kung na deadz siya nung maliliit pa kami?

kaya mas preferred ko ang VUL kasi pwedeng ako , sa future pag tapos na mga anak ko at stable na sila, OR mga anak ko, just in case may mangyari saken now na maliit pa sila.

please correct me if im wrong :-)

[ikaela]

^Yes, sure, but like other sisses here, I also don't like combining my insurance with my investments. I'm not anti-VUL, but there are many reasons why it's low on my choices of investments. Some are:

1) It has more charges and higher fees.
2) It's not flexible. If I suddenly need my savings anywhere between the first to tenth year, the penalties are a huge 10% up to 90% of my withdrawal. If a great money-making opportunity comes up, I can't easily transfer my money out of a VUL because of these penalties. Same if the insurance company's investment fund becomes a laggard or an underperformer.
3) There is a possibility of losing your insurance altogether. If the investment part of a VUL doesn't do well, the insurance company will need to ask more money from you to pay for the insurance part. What if you don't have that money? The policy lapses and you lose your insurance. And wasn't getting insured the whole point of getting a VUL in the first place?

[honeybunny]

^thanks for that info sis, yan nga yung ayaw ko yung may mga fees fees..

^^^
1. sis can u tell me more about pooled funds.

2. re cheaper premiums, i guess yan ang need ko and i need to do more research to it.

3. sis yung 5k na insurance for 1-2M life insurance, ano pong insurance company yun?

i read your post re Red cross accidental insurance and it is very helpful, ieenrol ko na rin father ko sa insurance na yun 1k a year lang naman and instant membership/coverage pa.. your insights are very helpful.

[salvage_me]

^ sorry, OT sa BPI-Philam. [textspeak!] yung red cross accident insurance?

[Dacian]

me too.  i want to know more about pooled funds.

[anjcam]

hi  ikaela and m_lim,

it will always depend on saan ka comfortable and whats your goal in every investment some might be ok with VUL, some hindi talaga. and its completely ok as long as you know where and why you are investing.

[ikaela]

Pooled funds: it's basically people pooling their money together and giving it to professional fund managers for them to invest and grow. Most common are mutual funds (click for the GT thread) and Unit Investment Trust Funds (UITFs). In mutual funds, the Philequity Fund has the best historical performance with a history of beating the index over 20 years. UITFs are newer, but Security Bank with their Peso Equity Fund has risen to be the top performer in the last 5 years. Caveat though: historical performance is neither indicative of future results nor a guarantee of future returns.

Para hindi masyado off-topic, I know that Philam Life is the insurer behind the personal accident insurance that Red Cross offers. It's just cheap accident insurance; I came across some internet reviews that it takes a while for Red Cross to pay out and there are those who think accident insurance is unnecessary. But like I mentioned before, I like Red Cross. Red Cross was the one who taught us basic first aid in CAT, conducted water rescue courses for my surfing community, is always very visible during floods and typhoons, and fully insures us motorcyclists. So I want to support them. The insurance is just a fundraiser for them, but hey, might as well get something with my donation.

honeybunny: Re: cheaper premiums: it can't get any cheaper than term insurance. Lowest price you'll pay for high coverage. Prices are about the same among insurance companies, but last time I did my research, Insular Life and Manulife have the lowest rates. For a 30-year-old non-smoker female, the premium for 1M face amount is around 2k+++.

[salvage_me]

^ i see. thanks so much sis ikaela.

[honeybunny]

This is kind of a stup*d question since newbie ako sa insurance but i'll ask anyway.. Ano ibig sabihin pag sinabing face amount? I have been seeing that terminology in most posts re insurance and hindi ko pa rin talaga sya gets.

[mxherr5]

^
Amount of your insurance coverage.
Face amount, sum assured same banana

[msals2007]

I got an insurance from Philam more than ten years ago pa when I was just starting to work. Its called quantum na i think wala na ngayon. I got the lowest coverage, liit pa kasi ng sweldo ko nun and di ko pa naiintindihan talaga yang mga insurance thing, naencourage lang ako ng officemate ko. Tinago ko lang copy ko ng policy then ngayon na nadadalas ako to visit the savings and investment thread, saka ko binasa uli. Face amount is P125,000. Ang naintindihan ko lang the coverage increases up to P250,000 (I think from 5 years and up). Termination is death or until I reach 100 yrs old ata or 99. So that means kahit ang nakalagay na face amount dun is P125,000, ang coverage ko na ngayon is P250k, tama ba?  Now I'm looking into term life insurance para mas mapataas pa coverage ko aside pa sa BPI Direct save up na may free insurance coverage din.

[drowningpanda]

Help mga sis, pwede pa ba ipa-cancel yung policy ko? Last week lang ako nag-sign kasi na-on the spot ako nung ahente at hindi na ako nakatanggi pero ngayon gusto ko na talaga mag-backout habang maaga pa. Ngayon nagtext na si bpi-philam na nadebit na nila account ko. Pero hindi ko pa narereceive yung contract. Ano pong mapapayo nyo mga sis?