critical illness plan

[[-c-h-a-]]

when I got pregnant, I made sure hubby and I have all the necessary insurance under the sun - life, accidental death, funeral, serious illness and income protection

we have a family history of cancer and it was hard to find an insurance company willing to cover me... so when I found one, talagang sinunggaban ko na and made my cover quite high. Peace of mind, at least I know if something happens to me, I know tuition ng 2 anak namin (1 palang right now) from preschool to HS, yearly travels, house fully paid, luxury car if hubby wants to buy.. basta lahat tinotal ko na

niloko ko lang sya wag sya bibili ng Lamborghini Murcielago as soon as I die kasi I will freaking kill him from the grave

[Mrs_Bee]

Better to have both HMO, for check ups and hospitalization, and Health insurance for major and minor critical illness.

To share with you, may healthcard kami both ni hubby, sunlife for retirement and axa for minor and major critical illness. Dahil sa history ng families namin, kailangan namin magsiguro na covered kami.

Tagal ko din pinag isipan lahat yan at tagal ko din nagcompare ng mga plans. Pag aralan nyo mabuti yung mga plans at dapat swak sa requirements nyo.

[PetiksPinayInvestor]

Suppose you get a life insurance plan with critical illness coverage and potentially 1 million when you are 60 yrs old

at 60 y.o., you can either

1) Get the 1M lump sum or
 
2) Get 10,000 every month for 10 yrs

then 3) withdraw the 1M on the 10th yr

so this is what you can get:

    1,200,000 (10K every month for 10 yrs)
+  1,000,000 (on the 10th yr)
----------------------------------------
    2,200,000

now if you get critically ill, say you get 500,000

add that to your list of benefits

    2,200,000
+    500,000
-------------------------
    2,700,000 total benefits

Say you only save for 5 years for this one and every year you save 100,000 (for simplicity's sake)

so 100,000 x 5 = 500,000

deduct that from your benefits

    2,700,000
-      500,000
------------------------
     2,200,000 gains

wouldn't you want to have a plan that pays you when you get critically ill until before your 70th bday? and if you got well still has the potential to give you a million when you stop working?

Don't you think this changes the way you look at life insurance plans?

[smm_0411]

Sis, what kind of insurance yung may ganyang plan? I'm planning to get additional insurance for me and hubby. Currently have maxiprime from sunlife.

[purplegravity]

I have mine at Manulife naman. Its better to be prepared lalo na that life is so stressful at work.

[m_lim]

sa mga nagsasabi na sayang lang ang pera sa VUL,

saan niyo plano kumuha ng pampagamot kung magkasakit kayo now?

kasi ang investment, ilang years pa yan bago lumaki pera mo...

ang term insurance naman, dependents mo makikinabang kapag namatay ka.

what if magkasakit ka muna?

[m_lim]

which is better dito sa dalawang plans for my mother na 54yr old, not working:


Axa HealthMax- 70,990/yr payable until age 65

so 70,990 x 12years = 851 thou
-1M coverage for death and 56 major + 17 minor illness until age 100
-at age 70, pwede ka na withdraw 200t
- twice pwede mag claim sa minor illness at 200thou each, kaso kapag nag claim ka ng minor illness. ibabawas sa whole coverage mo.


SunLife Assure- 25t/ yr payable until gusto mo so forever!

-1M coverage rin for 32illness lang until age 70
-wala kang makukuha at all, para siyang car insurance
-every 5 years tataas siya. example: 30thou na for age 59 to 64

ano kaya mas wise kunin sa dalawa? sa family nila, inabot ng 94yrs ang great grandmother ko, ang grandmother ko naman, nasa 80yrs old now buhay pa.

[perasense]

@m_lim

Sorry couldn't reply to your PM. Walang option to reply.

Anyways, Health Max isn't bad since coverage is until 100 years. There's not a lot of insurance plans kasi ang nag-oofer ng health coverage past the age of 70.

Have you inquired with other insurance companies? Ang Insular merong health insurance with option to extend until age 99. Wealth Assure and name if I recall correctly.

Or consider getting 2 separate products. One term insurance na specifically for critical illness/death. And another an investment like MF and all funds you put there will be solely for your mom's future health needs after the term insurance's coverage period so you have time to build it up. If she ends up not needing it, great, then you have extra funds.

[m_lim]

^thanks sis!

yan nga ang hanap ko, Term Insurance na pang critical illness.

pero usually rider lang sila. kaya mas mababa coverage ng illness kesa death. eh sa illness ko mas gusto malaking coverage. kasi hindi ko na need ng pera after death since may memorial plan na...

so far HealthMax palang ng Axa nakikita ko na mas pang illness. sa Sunlife and Manulife, puro rider lang kasi...

[perasense]

@m_lim

Philam has Lifeline. It's similar to Sun Life Life Assure. Term insurance specifically for critical ilness. The death benefit equals the critical benefit din. It's not a rider but a built in feature of both plans. Pero the caveat is hanggang 70 years old lang ang coverage nilang dalawa.

But that at least gives you time. Time to invest additional funds to build up after the coverage years, and have more than the 800k you mentioned you will be  "saving" with Axa.

Besides, if someone contracts let's say, cancer, at the age of 80, will you still want them to undergo chemo and all the treatment? Most of the time hindi kakayanin ng katawan nila yun dahil sa age nila. Most people that age will tell you to just see to their comfort na lang since they've lived their life naman na.

[m_lim]

^sabagay sis may point ka.. tingnan ko how much quote ng Philam Lifeline for a 54yr old.

with age 70, meron pang 16 years to let the money grow in a MF/UITF.

thanks so much, sis!!

[xee]

For OFW ano mga advisable na critical illness plan?

[gwyne21]

^is it a VUL also? how many critical illnesses na covered?

[D4thAngel]

Healthmax covers 74 critical illness. Yes it is available to OFW's since it is a stand alone Health Insurance.  Not expensive since you are covered lifetime and payable only in 20yrs or until age 65, depending on how you would want to stretch your budget.

[switblububbles]

3 yrs more and im done with my critical illness plan payment. 500k lang. Ngayon ngsisisi ako bakit hindi ko man lang ginawang 1M...whew!

Pag hindi nagkaron ng criticall illness til age 65 makukuha ng buo. Ano na kaya value ng 500k pagdating ko ng 65...35 years from now hahaha!

[D4thAngel]

@switblububbles, how long have you been paying for the plan sis?

[swtgrl_bee]

Meron na ba ditong kumuha nung inooffer ng BPI Philam?

[martiella]

Ok ba ang iheal ng insular life? May nakapag avail na ba dito?

[yanmae]

question lang po, yung mga plans po ba na yan halimbawa 10 yrs to pay tapos upto age 70 ang coverage paano kung nagkasakit ka ilalump sum ba nila yung let's say 1m yung face amount? what if 5 yrs ka palang nagbabayad tapos biglang nagkaron ka ng critical illness, ibibigay na din ba nila agad sayo yung face amount? paano naman po kung at age 70 eh swerte ka at di ka nagkaron ng critical illness, yung face amount lang din ba ang ibabalik nila o wala na silang isosoli? meron din bang hospital income yung mga ganitong plans? dami kong tanong hehe.. gusto ko rin kasing kumuha kapag nakapag start na ako mag work abroad ito ang isa sa mga goals ko, kaso liit lang ng salary ko 30k lang monthly paano kaya magkakasya huhu

anyways, sa totoo lang kulang ang 2m para sa critical illness, kasi yung both inlaws ko lalo yung isa may lung cancer every 2 weeks ang chemo at worth 150k ang gamot nya tapos yung diagnostic procedure if pet scan aabot ng 85k sa st. lukes pag ct scan naman 35k, yang procedure na yan ginagawa every 3-6 mos para makita kung nag iimprove ba o walang pagbabago at ang dami pang meds and vitamins na iniinum daily plus yung mga hospitalizations pa pag nanghihina at d kaya sa bahay lang. hayys grabe ang gastos.. sensha na mejo off topic.

[D4thAngel]

@yanmae, may mga critical illness plan that could cover beyond 70. Once ma-diagnose ng critical illness, ibibigay ang face amount. Kung di  magkasakit, may money-back guarantee which is a portion of the sum insured.  Yung hospital income, naka- attach as an insurance supplement, meaning may additional premium for the hospital income alone. Cheaper ang critical illness plan kung naka-attach as a rider. Pero kung plan mo mag-abroad, baka hindi na allowed na rider. Yes, critical illness is really expensive. Yung mom ng friend ko, na mild-stroke then diagnosed with aneurism. They have to produce 800k for the surgery alone, wala pa dun yung monthly maintenance meds na P20k/month. Since senior citizen na, wala naman hmo.