SEGURO NG BUHAY | life insurance

KOMISYON NG SEGURO
 



SEGURO NG BUHAY
Hello Pexers!

Nahihilo na ba kayo sa sobrang daming post, options saka companies sa Philippines tungkol sa life insurance?

Let's make it simple! sa Beginner's guide na ito, you will learn kung ANO ba ang mga life insurance solutions na meron and paano mo ba maalaman kung ano yung pwede para sayo. Bgyan ko din po kayo ng mg terms na makikita ninyo sa mga proposal na binibigay sa inyo. 


There are basically 3 types of solutions na inooffer ng mga life insurance companies: 

1 - Life Insurance
2 - Health Insurance
3 - Investment


Ang ginagawa po ng mga companies, iba iba man ang name, combination lang po of the three: 

Examples: 
Life insurance and investment 
Life insurance with health insurance with investment
Life Insurance only
Investment only
Health Insurance only 

Ano po pinakamaganda? Syempre comprehensive plans na may 1-2-3, Life insurance with health insurance with investment


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Question, ano nga ba to at para saan ba ito? simplehen natin :) 

1- Life Insurance  - Life insurance is for your family/beneficiaries. YES hndi po ito para sa inyo, para po ito sa beneficiaries and family nyo. 

Life insurance
 is a death benefit. 

Meaning: DEATH muna bago BENEFIT. 
Saan ginagamit:  

 a. Pamana or inheritance  - sa pamilya, sa partner, sa asawa at sa anak

 b. Income Replacement -  sa biglaang pagkamatay, tuloy padin ang panggastos ng family 

 c. Estate Planning -  sa pambayad  ng estate tax sa mga ari arian 

 d. Clean Up Fund -  Pang bayad sa hospital at mga emergency na bayarin just in case aksidente po ang pag kamatay
                                - Accidental Death Benefit ibig sabihin po nito, additional benefit pag accident kinamatay 

e. Final Expenses  - sa memorial plan, wake at burial expenses 

f. Mortgage Redemption Insurance - Pambayad sa bank loans para sa condo, property at house na niloan mo, just in case mauna ka before matapos yung loan term, fully paid na loan mo when you pass away, sa family mappunta yung property. 


Puro naman death?? Okay, Dun naman po tayo sa Living benefits :) 

2. Health Insurance  - Health insurance is for YOU! 

Meaning: Pambayad sa hospital, sa doctor, sa operations, other treatments and recovery. Ito po ay Cash Benefit. Daily allowance for hospitalization an Lumpsum pag may critical illness. 

Saan ginagamit:

a. Savings Protection -  si Insurance company ang mag babayad ng cash if mag kasakit ka, instead na ubusin mo savings account mo at savings account ng family mo. 

b. Extension of Life 
- simple lang, if we have health insurance coverage if malala sakit natin, we have more money to spend for extended hospital care and better chance at extending life. 

Health insurance is a Living Benefit. 


3. Investments  - Part of the money na binabayad nyo, inninvest ng companies para mag interest and you earn through interest. Kumikita po tayo sa interest. 

Meaning: Pwede mo ito magamit para sa life goals mo

Saan ginagamit?


a. Retirement - kailangan natin ng matinong peperahin kapag tayo ay tumanda na na pandagdag pa sa SSS at Philhealth at pension ng Pag Ibig, iba parin if may sarili kang pera para sa retirement mo. 

b.  Long Term Savings - para sa travel, para sa mga dream mong gawin sa life when you are older and have more time to enjoy your savings. 

c. Educational Plan - instead na naka tago sa Bank ang inyong money, invest mo investments so habang nag iipon ka para kay baby, kumikita yung plan, pag dating nyang college may Educational fund na sya.

d. Life Goals    - Money you earn through interest of Time and Money, habang kumikita ka nakakaipon ka ng kahit ano pa man life goals meron ka, travel sa US kasama family,rental business para sa family mo as dagdag kita and everything else na goal mo na monetary. 

TIME is GOLD. in this case totoo, every month every year kumikita yung money so syempre the earlier you invest, the bigger you earn. 

to summarize: 

1 - Life Insurance -for your family
2 - Health Insurance - for you
3 - Investment - for you

Mga TERMS NA HNDI NYO MAINTINDIHAN? hopefully you find it below

IN FORCE -  Your insurance protection is in force = meaning effective na sya applicable na sya and tuloy padin ang coverage
FACE AMOUNT / INSURED AMOUNT / BENEFIT AMOUNT
PREMIUM - ito po ang payment ninyo sa policies


EXCESS PREMIUM / TOP UP - dag dag payment na derecho sa Fund Value
FUND VALUE / CASH VALUE - ito po yung current amount ng money nyo sa investment (EXISTING BALANCE)


LIFE INSURED - ito po ang tao na insured
POLICY - ito po yung insurance plan nyo
POLICY OWNER -ito po ang ng apply for the policy - minsan po iba sa insured example: Mommy and policy ower, baby and life insured. POLICY OWNER  is the one who pays the policy. 

ACCIDENTAL DEATH BENEFIT- additional na benefit if accident kinamatay
TOTAL DISABILITY BENEFIT - Waiver of premiums - fully paid na ang ninyong policy dahil hndi na kayo maka trabaho

TERM / TRADITIONAL INSURANCE - this is (#1 only- Life Insurance, death benefit only, death muna bago benefit) 
Very affordable initially, pero nag mamahal every 5 years. No Return of bayad. Insurance coverage only habang nag babayad ka. 

VUL - VARIABLE UNIVESAL LIFE - (this is #1 an #3 - Life insurance with Investment component)
Highly Advisable, affordable, you have access to the funds and BEST change na mareturn syo lahat ng bayad mo through earning the payments through the investments) 

WHOLE LIFE INSURANCE - this is an insurance product na FOREVER mo sya babayaran habang buhay ka
Advisable only for those na nag bbuild talaga ng long term ipon and if MERON KA DISCIPLINE to save. and WEALTH BUILDER ka talaga. MAY TERM and VUL na option is WHOLE LIFE INSURANCE. 


REGULAR PAY - same as Whole Life Insurance
LIMITED PAY - These are insurance products na 5 years only, 10 years only, 15 years only, 20 years only. Limited Paying period
ONE TIME PAY - usually an Insurance and Investment Product that allows you to pay one time then your money grows over a period of time and protection is in force

Investments: 

ENDOWMENT - Lumpsum na bayad  or benefit sa inyong plans, usually schedule po ito 

MUTUAL FUNDS  - isang group ng tao, nag sshare share ng funds, at inninvest ng 3rd party or company (SEC REGULATED - or INSURANCE COMPANY)  sa stocks and bonds para kumita sila. This is the simplest explanation.  
Share holder ka ng company. Naka Invest ka sa shares. 

UITF - UNIT INVESTMENT TRUST FUND - Same set up kay Mutual Fund pero usually the company na nag iinvest ay si BANK. 

Anong mas maganda? - Pareho lang silang maayos at magandang financial instrument para kumita ka. 

Health Insurance

Critical Illness Benefit  - cash benefit pambayad sa major and minor na sakit
Hospitalization - daily cash benefit na pambayad kapag nahospital kayo, TIMES TWO if ICU. 
Maternity Benefit - cash benefit if you give birth / nanganak (similar to SSS maternity benefit) usually 2% ng face amount
Female Critical Illness Benefit- specific to female critical illness
Male Critical Illness Benefit - specific to male related critical illness
CANCER BOOSTER - Addtitional benefit when you have cancer

Health insurance has TWO KINDS:

1- RIDER- additional benefit sa policy
2- STAND ALONE (#2 Stand Alone Policy) individual policy

hndi usually inooffer ito ng mga agents kasi mas matagal ang payment ng critical illness sa Life Insurance ang investment. 
Pero I HIGHLY SUGGEST you get kasi this ito talaga ang pinaka important while you are alive, HEALTH INSURANCE. 

Kahit gaano kayo kalaki kumita sa work, business or investment. UBOS lahat yan pag wala kayo HEALTH insurance. Ang yayaman lang HOSPITAL. 

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SO PAANO KO MALALAMAN KUNG ANO ANG PARA SAKIN?

Simple, LIST DOWN TOP 3 GOALS nyo
example

1- Retirement
2 - Educational Plan for my child
3 - Health Insurance para sa family ko

Then contact a financial advisor to help you create and choose a plan that matches your needs. :) 

REMEMBER THIS ALWAYS: Create a plan that you need, want and deserve. You create the plan, using yung TOP 3 goals or TOP 5 goals mo then the advisor will provide you with the solution that matches those. You are in control. 


HOW MUCH USUALLY INAABOT?

Madaming factors ang mag dedetermine ng price ng policy noy

AGE
SMOKER
MALE/FEMALE
WORK RISK
HEALTH RISK

Pero safest amount na as an idea for a START UP PLAN - 1800-2,000 Php Per month for ages 45 and below.  

REMEMBER: START WITH AN AMOUNT YOU CAN SUSTAIN LONG TERM AND ADD ONLY IF KAYA MO NA. You can always add in time. kaysa biglain mo na malaki agad tapos lapse na policy after a year - Sayang. Start small and build

If may mga questions kayo na gusto nyo masagot, or kailangan ninyo ng financial advise please do not hesitate to contact me directly, using any of the information below :)  or comment below so I can help you. 


Kindly visit my page on facebook!


Just type PESO MAVEN on your facebook search box

Facebook Page: 

https://www.facebook.com/PesoMaven

LinkedIN Profile: Izzie Enrile
Facebook Profile: Krizzie Enrile
Email: [email protected]
Mobile: 09771660900 

Glad to be of help!

BONUS!

FREE one on one Financial Planning - just message me
FREE financial planning workshop for your company
FREE Holistic Wellness Workshop for your family / company
FREE Life Coaching Session for you and your partner / spouse (if you have) 


Godbless!






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Comments

  • CaRaMBaCaRaMBa Administrator PEx Moderator
    I'm thinking about getting one. Please give me feedback on the different insurance companies. Also, what are the packages that are ideal for me? I'm not just talking about Life insurance. I've read about Pension Plans, Home and other weird insurance packages which are interesting.

    Hope you can give me pros and cons.

    Related thread:

    Give Me Good Reasons Why I Should Get Insurance

    I know Pioneer Allianz, Manulife, John Hancock, Sunlife, Ayala Life, Sony (?), Philam. Any feedback on these companies?


  • seventeenseventeen s3v3nt33n PExer
    hi! umm.. just want to say that my mom's into insurance, she's an agent, the company is Pioneer, i don't know much about that, maybe you could just email her, [email protected] ,all i know is that she's into non-life insurance, thnx!
  • p.i.joep.i.joe Member PExer
    Life Insurance = not a necessity unless you are married and not rich. it offers the protection your loved ones needs in the event of your unexpected departure.

    Pension Plan = this is something you should get into as early as you can. a small contribution can turn to something big in your retirement years. thanks to that great concept of interest compounding.

    Homeowners Insurance = a must for all homeowners. buying a house is one of the major investments we'll ever make in our lifetime. and most of us cannot afford to unless we borrow. so if you have the misfortune of losing your house, your debt does not necessarily go with it.

    Disability Insurance = not on top of my list but worth looking into if you can afford. essential if you have lots of financial commitment because life insurance won't pay unless you are dead.

  • RambusRambus Panggulo PExer
    Jennifer Lopez has insured her butt; Mary Hart did the same for her legs; and Bruce Springsteen took out a policy for his vocal chords. And now Domitilia Hunnicutt, the lucky winner of Jergens' Naturally Smooth Search for the Most Valuable Legs contest, won a $2 million policy for her shapely legs, along with $10,000 in prize money and a possible modeling contract.

    The event, which was advertised in magazines, promoted Jergens' new shave minimizing moisturizer "Naturally Smooth." The product promises not only to keep skin supple, but also to stimulate the growth of softer hair so that women can shave less frequently.
  • se7en_of_ninese7en_of_nine Barbie Borg PExer
    Manulife seem to be a reputable company. I'm one the persons who benefitted from their demutualization approx. 2 yrs ago. Nothing like getting unxpected money. :D

    Think of it as gambling. Only get life insurance since I haven't seen any pension plan that is better than traditional investment schemes (i.e. TD/stocks)

    :borg:
  • AgimatAgimat OFW-BayaningPilipino PExer
    Here's the current ranking of the Top 5 Insurance Companies in the Phils as Dec 2000. This ranking is for Life Insurance companies only.

    1. PhilAm Life
    2. SunLife of Canada
    3. Insular Life
    4. Manulife
    5. Ayala Life

    The following are the basic type of life insurance products:

    1. Term Life Insurance - you pay premiums every year and you are covered for that particular year. you don't receive anything if you terminate a few years after. (this is most common to group live insurance given toemployees of companies). the cheapest form of insurance.

    2. Whole Life - insures your life; you pay until age 60 or 65 depending on the plan. Other insurance companies like Ayala (5 and 8 year plan), Philam (20 year and i think a 5 a 7 year plan), Manulife and Sunlife ( 5 and 10 year plan) and Insular with 5, 10, 20 year plan) have shorter paying periods. It means you pay for a specific number of years and you are covered for the rest of your life. There are features in this plan (like cash values and dividends) that reduces the number of years you are to pay. If your terminate after a few years, you could either received an amount (cash value, which is really less than what you pay for) or just have it extended for a number of years at a reduce coverage.

    Price range depending on the no. of years to pay and the amount of coverage. the longer the premium paying period, the lower the rates

    3. Endowment - this is a insurance that after 10, 0r 20 years, you would receive the coverage you bought in cash. (eg 100K) you are covered for that at the end of the covered period.

    Three manny other forms of insurance (mortgage insurance, car loan insurance etc...) but those above are the most common.

    If you have the financial capability to buy insurance, you should buy a plan with a short paying period (eg 5 years). If you just want to have insurance coverage, buy a whole life plan. premiums are lower and are not much of a burden to your finances.

    If you are buying the insurance, you should check if there are 'riders' available - e.g accident, disability, waiver of premiums, dismemberment ...etc....

    When buying an insurance, remember that price is not the main factor. try to look into the benefits of each plan. Also, try to look at the stability of the company that you are planning to buy buy a plan to.

    hope this helps. if you have further questions, i would be glad to help.

    btw, i'm not an insurance agent :)
  • diwata28diwata28 travelbug PExer
    what about pension plans? which are the better insurance companies for this type?

    tnx
  • DivineFistDivineFist Member PExer
    I was also planning to get a Life Insurace, but after reading the book "Eight Steps to Seven Figures" by Charles Carlson, I changed my mind and just decided to put the same amount of money to either stocks or mutual funds. The returns would be higher in the long run.

    :glee: :glee: :glee:
  • nancenance Member PExer
    Originally posted by DivineFist
    I was also planning to get a Life Insurace, but after reading the book "Eight Steps to Seven Figures" by Charles Carlson, I changed my mind and just decided to put the same amount of money to either stocks or mutual funds. The returns would be higher in the long run.

    Um, this assumes that you won't die while working your way to seven-figure savings.

    Yes, it would be nice if you get some return on your insurance premiums (while you're still alive). But the real point of buying insurance is to get some peace of mind.

    Please refer to the thread mentioned by Caramba. The people there gave very good arguments why you should buy insurance.
  • LeighLeigh Member PExer
    Zurich Philippines has partnered with PinoyExchange.com to help people know more about insurance. There are actually different types of insurance, Life, Accident, Golfer's Travel, Public Liability, Office, Safe, Internet Insurance, etc.) Maybe we can talk about the different types.

    Do you have questions and information to share?
  • lupuSlupuS Mabuhay ang mga... PExer
    One fairly recent offering is Kidnap and Ransom insurance. If any Zurich representative is logged in and able to respond, I would like to know his thoughts on the wisdom of taking out such coverage.

    Does not the act of buying such insurance actually increase the risk from which one is trying to protect himself?
  • ma_clara2002ma_clara2002 feminist PExer
    Lupus,

    Maybe, but how would the kidnapper know? Unless, of course, he is in cahoots with the insurance agent...

    Sorry, am being cynical.

    Happy and safe Hoildays to all!
  • ZurichZurich Member PExer
    Hi Lupus,

    On Kidnap and "Ransom" Insurance, you asked -- Does not the act of buying such insurance actually increase the risk from which one is trying to protect himself?

    -- I don't think getting a Kidnap and "Ransom" Insurance will increase the likelihood of the policyholder being kidnapped.

    Having a Kidnap and "Ransom" Insurance is almost the same as having a Car Insurance. The insured protects himself against possible risks or financial losses. Somehow, burglars or Carnappers will not spot the car owner who has an Insurance coverage, likewise for kidnappers, I don't think those who have Kidnap and "Ransom" Insurance will be a more likely target (I just hope so!).

    Currently, Zurich is not offering "Ransom" Insurance. Although our Standard Personal Accident Insurance covers Kidnapping, Unprovoked Murder and Assault and double pay for demise caused by an accident while boarding, riding or alighting from a public transport carrier.

    It's a good thing that there are companies who are willing to accept this risk but at a very high premium of as much as PhP 50,000.00 for a 1 Million coverage compared to an Ordinary Accident Insurance coverage premium of only around PhP 2,000.00 for a 1 Million coverage. Those who are kidnap-prone must take a very close look at the Policy Terms & Conditions of the coverage before getting one as this is a new insurance product in the Philippines.

    -- E-Commerce Head, Zurich Philippines
  • lupuSlupuS Mabuhay ang mga... PExer
    Yes, but consider this:

    Carnappers do not need to know who has car insurance coverage. All they need to know is where the car is, and that car is there for everyone to see.

    While people who buy car insurance wish to be protected from financial losses arising from owning and operating a car, people who buy K&R insurance might do so because they have reason to believe there is a possibility (maybe greater than average) they will incur financial losses from being kidnapped. Why would he be afraid of kidnapping? Because he is rich? By buying the insurance, and paying the expensive premium, is he not sending out a signal that he is rich? And buy acquiring the coverage, is he not showing that he has the capability to satisfy a ransom demand, making him a more attractive target?

    Don't insurance companies reinsure large coverages? If so, then data this kind of policy will not remain in the files of one insurance company, but in many?
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    lupuS's concerns might be addressed by purchasing the K&R coverage from an insurer operating outside the country. I'm assuming that K&R cover applies all over the world, except maybe in war zones.

    Which brings up a related question: would it be cheaper to buy life insurance from a company which operates worldwide, instead of only in the Philippines?
  • ZurichZurich Member PExer
    I'm just not sure what was the market's response to the K&R Insurance when our competitor offered this coverage last year. If I'm not mistaken, after sometime, they also refrained from promoting it extensively in the market.

    Not to endorse Zurich's Personal Accident Cover, but I guess if an individual wants to get an insurance coverage, the primary consideration must be the thought of protecting one's finances from unexpected expenses such as medical expenses incurred due to accidents (dog bite, accidental slip, bad fall etc.) and in case of loss of life -- to provide financial assistance for the family members left behind.

    And Kuya Danny buying life insurance abroad because is cheaper is really relative. The premium may be cheaper but if the family who will file the claim is based in the Philippines, then a representative would have to go to the country where the policy was purchased in order to file a claim (in most cases). This would then incur added cost on the bereaved family.

    Just a tip, if an OFW is working abroad but family is in the Philippines -- better to buy a life insurance here so that family member/s will not have a very difficult time claiming when the need arises.

    The Philippine Insurance Commission is the government agency which regulates all Domestic and Foreign insurance companies. They closely monitor and implement a standard rating system which ALL Insurance companies must follow that's why Life Insurance Premiums will only vary minimally.


    -- E-Commerce Head, Zurich Philippines
  • LeighLeigh Member PExer
    If ever I do get an Accident Insurance for myself, you mentioned dogbite, bad fall and the like and the basis for me getting my insurance, but how much do I have to pay and how much will i get?
  • ZurichZurich Member PExer
    test
  • ZurichZurich Member PExer
    The cost of an insurance coverage vary depending on the amount of coverage. Although for some people, the amount of coverage may be the same but the premium are not. The reason for this is that some Occupations are considered more risky therefore insurance companies charge higher premiums.

    For example, the insurance premium for an Accountant who stays in the office the whole day will be lower compared to a person who is in Sales. Some people may also be declined by the Insurance company, examples of these Occupations are: Security Guard, Military, Police, Fireman etc.

    Currently, Zurich has a special offer wherein for only PhP 250.58/year, anyone who is 16-55 may already get an insurance coverage online. The coverage for this is as follows:

    Accidental Death & Disablement - PhP 100,000.00
    Medical Reimbursement - PhP 10,000.00 (per accident)
    Interment Assistance - PhP 10,000.00

    To apply for a coverage, go directly to http://www.zurich.com.ph/pinoyexchange_promo. For inquiries, e-mail [email protected]


    -- E-Commerce Head, Zurich Philippines
  • archerguyarcherguy Be there. ✭✭✭
    I purchased the Yuppie Plan I through the Bancnet Pay Plus+ link. Can I request Zurich to send me a hardcopy of my policy/cover?

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