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Life Insurance - your thoughts?


This discussion is about "Life Insurance - your thoughts?" in the "Business, Finance & Economics Discussions" forums.
Pros and cons of life insurance. Do you believe in it?...

  1. #1
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    Default Life Insurance - your thoughts?


    Pros and cons of life insurance.

    Do you believe in it?

  2. #2
    rl
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    well yeah, if really something happens, if not. then withdraw it

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    Quote Originally Posted by rl View Post
    well yeah, if really something happens, if not. then withdraw it
    When will you withdraw it? How will i know it is the right time to withdraw?

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    Elite Member RayGunz's Avatar
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    Fake your death, and personally claim your insurance by bringing along your own death certificate ug Lapida

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    if breadwinner ka or you are providing for your family, better get one. kay ang life insurance, ultimately, is not for you, but for the people you will leave behind in case naay mahitabo nimo
    Echelnalf likes this.

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    pro: if ever sayo kang kuhaon ni Lord, ang imong beneficiary nga pamilya di maglisud ug adjust financially. mas barato ang monthly kung nasa early 20s pa ka nagsugod.

    con: somehow lisud mag maintain sa payments specially if bago pa lang ka nagtrabaho kay lagi gamay pa imong sweldo.

    pero kung duna kay igong financial education ug maayo ka mogunit sa imong kwarta, kaya kaayo!

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    Quote Originally Posted by RayGunz View Post
    Fake your death, and personally claim your insurance by bringing along your own death certificate ug Lapida
    Haha pwede di ay lapida?

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    If you have a family then Life Insurance is a MUST! People can always say that it is unnecessary and a waste of money but you'll never now... accidents and sickness strike anytime. Another problem that arises after a person dies and he/she owns a lot of shares & properties... ESTATE TAX! If the family cannot pay it in the 6 month grace period then that's when a new problem arises. Interest, Surcharge & Penalties will start to accumulate. Believe me, it's very stressful especially if you cannot settle it on the given time. Having a life insurance will make sure that this estate tax will be paid using the fund from your claim with your life insurance company.

    Hope this helps but at the end of the day... it's your call.
    Echelnalf likes this.

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    Quote Originally Posted by zippi View Post
    If you have a family then Life Insurance is a MUST! People can always say that it is unnecessary and a waste of money but you'll never now... accidents and sickness strike anytime. Another problem that arises after a person dies and he/she owns a lot of shares & properties... ESTATE TAX! If the family cannot pay it in the 6 month grace period then that's when a new problem arises. Interest, Surcharge & Penalties will start to accumulate. Believe me, it's very stressful especially if you cannot settle it in the given time. Having a life insurance will make sure that this estate tax will be paid using the fund from your claim with your life insurance company.

    Hope this helps but at the end of the day... it's your call.
    Unsa nang estate tax?

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    Quote Originally Posted by wildtrax23 View Post
    Unsa nang estate tax?
    Estate Tax is a tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition. It is not a tax on property. It is a tax imposed on the privilege of transmitting property upon the death of the owner. The Estate Tax is based on the laws in force at the time of death notwithstanding the postponement of the actual possession or enjoyment of the estate by the beneficiary.

    Source: https://www.bir.gov.ph/index.php/tax...state-tax.html

    *Click the BIR link above... everything you need to know about Estate Tax in the Philippines is there.

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