BPI PHILAM

[ikaela]

^Answer ko na rin ito ha.

1. Matagal na ako nag-apply, pero parang naalala ko na yung last page e kailangan mo i-print then send or bring to BPI. Then wait for activation, about a week or so ata. So baka hindi natapos pag-enroll mo.

2. Here's the one for Save-Up: https://www.bpiexpressonline.com/others/SaveUp_Prov.htm

And the one for Get Started: https://www.mybpimag.com/index.php?option=com_content&view=article&id=896&Itemid=1052

[honeybunny]

^sis ang sabi dun sa last part ng enrollment, may info card daw na ipapadala sa address ko in a week.. so by then ko lang maiaadd yung BPI insurance sa online banking ko?

[salvage_me]

sis ikaela and honeybunny, can you share more details on BPI Direct SaveUp Automatic Savings Account + Insurance? Di ko mashado maget sa website nila. Thanks!

[ikaela]

^Well, just ask us your questions here, we'll see if we can clarify them for you.

[salvage_me]

^ owkies. is BPI Direct SaveUp Automatic Savings Account + Insurance like putting money in a savings account lang? pano naging ties up with insurance? or is this some kind of UITF?

[honeybunny]

^sis mine is nag open ako BPI regular savings. Eto yung may atm. Nung ok na. I enrolled it sa online banking. From there u will go to the option setting enroll account, then select BPI Direct saveup. Then it will ask u to fillout the form, nakalagay dun na since u will open this account, meron na rin syang insurance. Then andun din yung terms conditions etc

[salvage_me]

^ salamat sa info sis. nabasa ko yung terms and conditions. parang nagiipon ka para sa insurance, with the amount na kaya mo? then multiplied by 5 of the current 'savings' mo ang magiging amount of insurance mo? is my understanding correct?

pede bang i-withdraw yung money sa direct save-up? and pag nag-61 kana, automatic na ibabalik sayo pera tas wala ka na insurance?

then sa termination of insurance:

the date of termination of the Master Policy - anung mga situation makakapagterminate ng master policy? what will happen sa money na na-save mo?
the date the Insured Individual’s Save Up account is terminated - meaning voluntary cancellation? what will happen sa money na na-save mo?

thanks in advance sa answers!

[ikaela]

^Save-Up is just a savings account that happens to have a "free" life insurance feature. In fact, its primary purpose is to help account holders save automatically. When you open a Save-Up account, you set a certain amount to be deducted weekly or monthly from your regular BPI savings account. So you can't open a Save-Up account with a regular BPI savings account because they have to be linked to each other. Last time I asked, the minimum amount deducted and schedule you can set is P250 every month (you can even pick the day).

I don't use my Save-Up account like that, though. When P250 is deducted from my other savings account, I just transfer it back.

So basically, you can treat your Save-Up account like any old regular savings account. Withdraw anytime, transfer anytime, deposit anytime you want to. The free life insurance is a come-on; obviously so that BPI can entice people to keep more money in their accounts. In return, BPI-Philam gives you life insurance coverage, which is, correct, equal to 5x of your average balance over three months. For accidental death, they give 10x the coverage. They also provide accidental disablement/dismemberment coverage.

For Save-Up, the group term insurance covers ages 15 to 60 only, so yes, you're not covered anymore when you're 61. The Get Started product covers up to age 70.

As for termination of insurance, it will stop when (1) you turn 61, (2) when you close your Save-Up account, and (3) when your beneficiaries claim. In 1 and 2, you can just take out the money you saved. In 3, your beneficiaries can get your savings after settlement.

[salvage_me]

^ thanks for enlightening me sis.

When P250 is deducted from my other savings account, I just transfer it back. - curious lang ako, why? does it mean 0 pa din laman ng save-up mo? (or mali intindi ko, haha)

how about the estate tax for this? covered din siya?

[honeybunny]

^ganyan din gawa ko sa dating payroll account ko nag aauto deduct ng 250 to saveup kasi ganun yung setup ko nung inenroll ko sya. Although i transfer my savings manually naman every 15th of the month so i had to transfer the 250 back kasi may certain amount lang ako na gusto itransfer

Meron ka na bang bpi online account sis?

[salvage_me]

^ yes sis ako online account. nakita ko na din yung enroll new account.

[ikaela]

Same din sa akin, sis, meron lang kasi ako certain amount na minemaintain sa Save-Up account ko, kaya hindi ko na kailangan yung transfers.

And yes, dahil bank savings lang naman yung Save-Up, isasama siya sa taxable estate mo upon death. At least may life insurance, may pambayad na sa estate tax.

[salvage_me]

^wow, may better ways nga to get insurance and investment. i remember sis ikaela  you asked me why ko naisip naisip to get VULs. LOL it's really good to read and seek advise din muna.

[textspeak!] pala difference ng save up and get started aside from coverage pagdating sa age? (though parang wala din naman sa enroll new account options ko ang get started).

another thing, pano if joint account yung savings namin ni hubby. can we separately get save-up with insurance? kasi yung uitf namin, joint din since ang source SA niya ay joint.

[ikaela]

^Nagkaiba rin sila sa maintaining balance. 1k sa Save-Up and parang 25k sa Get Started.

Not sure about your second question, but I don't see why not.

If you really need insurance, it's still advisable to get a policy of your own, sis, ha. Sa Save-Up kasi, yung 5k mo = 25k basic life coverage lang. In yearly renewable term insurance, that could already get you around 1M-2M.

[m_lim]

kumuha ako ng 50thou minimum yearly then 5x insured ka. magbabayad ka ng 10 years then pwede ka na mag withdraw after that.

ano tawag dito?

ano pros and cons ng plan na ito? thanks.

[mxherr5]

^
You commited to paying 500k over 10 years and you don't
know what your insurance policy is called or what kind of
insurance it is?

Well, based on your description, it sounds like this is
what you got:
http://bpi-philam.com/build_plus_peso.html

Although that product has a maturity date of age 100.
But most VULs allow premium holidays. Basically, you
can pay or not pay anytime you want as long as the fund
value is big enough to absorb the monthly charges.

What are you looking to compare this VUL with?
Term Insurance + MF or UITF?
Traditional Whole Life?

Pros and cons will change depending on your answer.

[m_lim]

^yup sis yan nga.

hindi ko naklaro yung name ng plan kasi nagmamadali ako kanina. nag open kasi ako ng another accout with BPI and inalok nga ako neto.

may VUL and MF na ako with sunlife.

kaya ko naman ito kinuha (BPI), kasi first, gusto ko rin ng additional savings for me or my daughter. tsaka maluwag naman saken ang 50t/year so kesa magastos ko lang, mas gusto ko pa may binabayaran.

may nabasa akong blog na pangit daw ang VUL kasi mas mataas ang fees compared sa traditional life insurance or pure MF. totoo ba ito??

tsaka, recomended ba na kumuha ng pure life insurance lang? since may MF and VUL na nga ako.

btw, may Family Secure and Abundance Plus plan ang hubby ko.

sa baby ko naman, may Abundance Plus and Money Works siya separate sa kanya lang. from Philam yan lahat.

thanks in advance.

[honeybunny]

Hi. I have bpi philam. And i know mababa nga ang insurance ko kasi kung 5k lang laman ng account ko, 25k lang insurance ko. Ang gusto ko naman dito is i can save paunti unti until i reach 400k then in case may emergency i can withdraw the money anytime unlike sa insurance talaga is pag nag pay ako, i cannot withdraw anymore or a portion of what i paid lang ang makukuha ko

May nagsabi kasi sakin na people who has family needs insurance (like parents with kids) para sakaling may accidental death e makakapag paaral pa rin yung anak nila. So at my age (late 20's) and no kids, i dont need it pa talaga.

So once i have ipon na 400k or so in more or less 20 years, saka na ako mag buy ng insurance talaga using that money na naipon ko.

Please correct me if i am wrong sa napost ko. And if someone can enlighten me with this please...

Thank you.

[mxherr5]

@m_lim,
I'd like to separate the insurance and investment component.
The insurance component isn't a whole lot more expensive
than an equivalent term insurance based on what I've been
able to see so far.

However I've only been able to test that with Sunlife's VUL.
The other insurance companies unfortunately only disclose
the first year's insurance charge or not at all.

The investment component is definitely more expensive.
Most VUL funds have fees starting at 2% and up.
The most expensive fee I know of is 2%
(or at least before that new mutual fund came out.
I think it has a fee of more than 2%)

[m_lim]

is the Build Plus Peso considered VUL?

sa pagkaintindi ko, makukuha mo lang yung full coverage after 2 years.payable siya in 10years  then 1.25% management fee for first 5years only.


ang isip ko naman kasi, pag traditional life insurance, pag patay na ako, tsaka lang mapapakinabangan ng dependents ko yung pera. eh what if....?

-matagal ang buhay ko, siyempre matanda na anak ko non, possible na kayang kaya na niya mabuhay mag isa.
-tumanda ako pero bumagsak negosyo, nawalan ng work, whatever. ayoko naman maging dependent sa mga anak ko for medicines, utilities, etc. kung yung pera ko nasa insurance, pano ko mapapakinabangan. (eto kasi nangyari sa in laws ko. ang dami nilang pera talaga noon until their 50's. nung bumagsak sila, napakinabangan nila ang mga insurance/ investments nila)

i guess ang hanap ko yung flexibility na pwedeng ako ang gumamit ng pera sa future kung kailangan ko or ang dependents ko just in case bigla akong mawala at hindi pa sila capable mabuhay mag isa.