Home PEx Business and Careers Banking and Finance

Memorial Plan | Investment

mark_markmark_mark PEx Influencer ⭐⭐⭐
edited March 2019 in Banking and Finance
Guys help naman. My brother wants us to by our mom a memorial plan. Eh ganoon naman talaga hindi ba. I'm in the health insurance business pero wala ako idea sa memorial plans talaga.

Ano deciding factors?
What makes one better over the other?
Saan maganda and why?

Thanks.

confused
«13

Comments

  • one of my officemate's mother died and they were all caught off guard :(
    they end up just getting what is offered to them at very high prices.

    given the inevitable, to avoid the same situation, i plan on getting a memorial
    plan.

    can you recommend a reputable company? are there alternatives for this ?
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    The Insurance Commission is the official regulator of all pre-need companies in the Philippines. Memorial plans, also called life plans, are one tyoe of plan sold by pre-need companies. The other types are education and pension plans.

    Before you buy a plan, check that the company offering it has a valid license to sell from the Insurance Commission. There were 20 companies licensed to sell pre-need plans in 2012, and only 10 of these 20 were licensed to sell life plans.

    I know it might be a morbid thought, but when choosing a life plan provider, choose a mortuary (funeraria) which you prefer to handle your remains and make sure they will honor the benefits promised by the life plan company. Some are competitors, so Funeraria Paz might not accept a plan issued by Loyola, or maybe will substitute for lower grade services. You don't want your loved ones to deal with those headaches when you are gone.
  • ^ tama si KuyaDanny, as usual. Nag iisip nren ako kumuha nyan, meron ako 2 officemates **** 30+ years pa lang eh meron na plan with St Peter, worth 900+ per month for 5 years. :bop:
  • We got my father a plan from Paz Memorial Services, Inc. The plan has credit term life insurance and covers pick-up from morgue/hospital, preservation of body for viewing, coffin, viewing chapel at partner funeral homes, and up to delivery to crematorium/cemetery.

    Cremation/Cemetery needs are excluded so we got another from La Loma for the cremation service and vault space.

    We primarily got the Paz Plan for the life insurance advantage. We envision it to be like an additional fund for the cornik, green peas, butong pakwan, and kape. haha.

    payment option is spotcash, 5-yr pay, and 10-yr pay. monthly of five-year pay range from 700 - 4,500 depending on the package you will get. (I am not sure if these figures are updated. But at least, these will give you an etimate.)

    BTW, my father is very much alive.
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    There are plans which are transferable/assignable. What some families do, if affordability is a concern, is to buy one first, and use keep it on reserve for the family member who will die first. Then as their income/savings improve they buy more plans.
  • ^ yup. ganun yung amin. pero dahil hinabol namin yung little extra cash sa insurance claim, kinumbinsi namin si papa na sa kanya ipangalan yung plan. medyo matagal-tagal lang na pakiusapan at hinay hinay para hindi siya maoffend. hindi naman sumama ang loob niya. hehe.
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    pisomatters, that kind of conversation is bound to come up when other PExers consider buying life plans for their family members. I hope you are prepared to give guidance at the appropriate time.
  • Thanks for the inputs :)
    @kuya Danny, I checked the Insurance commission website and I can't seem to find the names of Paz Memorial Services and La Loma from the list:

    http://www.insurance.gov.ph/[email protected]/upload/reports/directory2012.pdf


    not sure if I understood you or pisomatters properly :(
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    http://www.insurance.gov.ph/[email protected]/upload/statistics/Pre_Need_License_2012b.pdf

    This is the list I retrieved. Paz is on it. La Loma is not, but I don't think the sale of vault spaces is part of the Insurance Commission's scope.
  • Bumili kayo ng mga lupa sa Memorial Park, tapos after 3-5 years malaki na cash value nyan.

    Then sell it.:naughty:
  • KuyaDanny wrote: »
    pisomatters, that kind of conversation is bound to come up when other PExers consider buying life plans for their family members. I hope you are prepared to give guidance at the appropriate time.

    Nagtagal iyon ng ilang buwan na usapan. Sinimulan yung bisyo niya... then baka maospital siya. Tapos sabi namin, gusto namin maganda naman burol niya. Mga every Sunday lunch, may pakonti-konting sundot para medyo marinig ni papa yung side namin.

    Nagkataon na nabisita rin siya sa Sanctuarium (may namatay) at sabi namin, "ganda diba? parang hotel. gusto mo doon iburol?" eh medyo may kayabangan tatay ko, doon daw niya gusto. Kaso sabi namin mahal. Lalo na kapag sa future. So pwede namang ngayon na pag-ipunan at bayaran. Ayun, swak. Shoot sa Paz Memorial. Nanay ng HS friend ko yung agent. So matagal ko nang kilala at matagal na akong inalok kaya madali na lang yung naging usapan.

    Eh gusto daw ni papa ay cremation. Edi sa La Loma (malapit sa amin). Dinaanan pa namin nung Undas yung columbary (kahit hindi pa kami nakakabili). At siya pa nagsabi kung saan niya gusto. Ayun, three weeks after, close deal na kami ng ahente.
  • KuyaDanny wrote: »
    http://www.insurance.gov.ph/[email protected]/upload/statistics/Pre_Need_License_2012b.pdf

    This is the list I retrieved. Paz is on it. La Loma is not, but I don't think the sale of vault spaces is part of the Insurance Commission's scope.

    Thanks Kuya Danny :)
  • bentwoodbentwood PEx Rookie ⭐
    Inaalok ako ng office mate ko to get one for only P650/month.

    A P34,200 It's the most basic package (coffin, wake, funeral car) which is also transferable provided fully paid ang package price.

    Honestly, I'm quite hesitant to sign-up. I know it's important to get one pero I feel that I'm too young and baka by the time I die eh sarado na sila. Though naisip ko rin na transferable and wala sa family namin ang may memorial plan.

    Any thoughts? Meron na ba sa inyong may deathcare plan?
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    I have a plan, pero hindi galing sa St Peter. I would advise you get at least one if you can afford it. Kahit hindi para sa iyo. Hindi biro ang mamatayan ng kamag-anak. Malaking ginhawa ang may life plan dahil hindi lang yung gastos ang matitipid mo, pati yung istorbo.
  • mxherr5mxherr5 PEx Rookie ⭐
    St. Peter's Life Plans offer a discount for spot cash..
    What are the advantages of getting a plan over just
    getting insured and pay for the plan lumpsum and at need
    (as opposed to pre-need)?

    Just curious about your thoughts :)
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    The difference is, first, convenience. When will you buy your at need plan? On the date of death? Even if you paid in full on the spot, the plan would not be immediately usable. There would need to be a processing period, which could delay the funeral.

    Secondly, pre-need plan prices can rise over time due to inflation. So the spot cash price today may be cheaper than the spot cash price ten years from now. Buying early can lock in the lower price.
  • mxherr5mxherr5 PEx Rookie ⭐
    Thanks for sharing your thoughts
  • bentwoodbentwood PEx Rookie ⭐
    Thanks KuyaDanny.

    If you don't mind me asking, I'd like to know sana how you come to choose your plan.

    Is it the price? or perhaps the features?

    Thanks. :)
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    Both. The company offering the plans had a range of packages I could choose from. I picked the one in the middle. Maybe because I'm a middle of the road kind of person.
  • spoliarium98spoliarium98 PEx Influencer ⭐⭐⭐
    Makiki-join in po...

    So yung plan po ng St. Peter, it's the coffin + funeral car lang ba? Pag halimbawa, namatayan ka, itatawag mo sa St. Peter na namatay na yung naka-avail ng plan at sila na ang bahala kung saang funeraria maayusan ang patay... kasama sa bayad na rin yun? How about yung bayad sa lugar (chapel) kung saan ka ibuburol, kasama rin po ba yun? At ilang days? May ino-offer ba sila na ka-tie up nila na chapel?

    Lulubusin ko na ang pagtatanong... Hindi pa kasama sa 34K+ yung kung saan ka ililibing, right? What if you choose cremation, how much is that? May idea rin ba kayo kung magkano na kumuha ng lote sa isang decent na libingan?

    Sorry daming tanong. ^^;
Sign In or Register to comment.