COCOLIFE Future Savings Plan

[rikki21]

Hi everyone. I just want to ask if anyone has heard of Cocolife Future Savings Plan?
Premium is 24,000.oo yearly, 10 years to pay.
Face amount is 150,000.00. Cash out of 15,000.00 on the 11th, 12th, 13th, 14th year, 15th year, and every 5 years there after until you die (20th year, 25th year and so on)
Accidental Death Insurance of 600,000.00
Terminal Illness of 150,000
Natural Death Insurance of 300,000.00
Disability insurance up to 300,000.00 (depends on nature of disability and severity of injury.
* if you die, the cash out every 5 years will stop.

I just want to ask if you think this is a good investment and insurance? or maybe its a scam? They have this process at the mall, offering you a free 20k accidental  insurance, then will lead you to their office then will discuss their products. They will only give you several hours to think about it, and will give you within the day deadline to book / purchase the product.
 

[ikaela]

In a word, no.

You pay for 24,000 for 10 years or 240,000 total.

After 15 years, you get 75,000 (the 5x cash-out in the 11-15th year) + 150,000 lump sum = 225,000. 15 years na, hindi pa rin kumikita yung binayad mo.

After 20 years, dun ka pa makaka-breakeven. Dun mo pa makukuha yung 15,000 to make the 240,000 na binayad mo. Eh magkano na lang din yun by that time?

Let's say you get the policy at age 30, and let's say you live until age 80. Actually, gawin na natin 100 para best-case scenario talaga. Up to age 100, you would get 11 more 15,000 cash-outs, for a total of 165,000. Add that to the 240,000 you got in the first 20 years, then the total you would have received would be 405,000.

Your 240,000 grows to 405,000. Sounds good? Not if you remember that it took 70 YEARS to save and grow your money, from age 30 to 100. In that time, your money would have grown a measly 0.75% per year. Wala pang 1 percent! Not just poor product but very, very, very poor product.

As for the insurance part, your 24,000 can buy you a much better coverage.

[rikki21]

Thank you sis Ikaela! I almost gave in to the Cocolife agent, but when she said deadline is today, we have a promo etc, I kept thinking to myself this is an investment so I need time to think about it. I was almost blinded by the insurance part, and yes they are good with sales talk.

 

[anjcam]

^ it depends on the product talaga. this is not a good one. for a 24k, you can have insurance worth 1M and investment rolled into one product (age 30).