Lets talk about the importance of Life Insurance

[JamesCo]

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Hi to all, I would just like to start this thread about Life Insurance so that everybody can share information about Benefits and things to avoid in having a Life Insurance.

Please place
1 all the Questions about Life Insurance.
1. all the benefits of getting Life Insurance you know.
2. Reasons on why you won't get a Life Insurance
3. Experience (Good or Bad) when you got your Policy, and please state the Agent name and
Company so others will know.


P.S. No selling please.

[JamesCo]

I hope someday all Filipinos will be insured so no one will suffer financial burden in-case the bread winner suddenly passed away.

[JamesCo]

Life Insurance are regulated by the Insurance Commission and Pre-Needs are under SEC (Security Exchange Commission).

Insurance Commission won't allow any Life Insurance Company to declare bankrupt. Almost 200 years of the Life Insurance industry here in the Philippines I haven't heard any Life Insurance agency declare bankrupt they just sold it to other company. So anyone with a Insurance Policy with that company will still benefit it the only difference is just the company name.


If anyone think I'm wrong please correct me.

[lorenzoleo]

Life Insurance is an income replacement to the family if the breadwinner dies.
This is also good if you plan for your Estate Preservation
This is a funny realization.

Which of the following you love the most?
1.) Family?
2.) Car?
3.) House?
4.) Money?

Car = insured (Motor Insurance)
House = insured (Fire Insurance)
Money = insured (PDIC)
Family = insured? under insured?

We need insurance the most when our equity line is still small. if you plan to buy Life Insurance, buy Term Insurance.

1.) There is no free insurance.
2.) The cost of insurance always go up.

Rather than buying Whole Life or Endowment, better buy Term Insurance and Invest the difference (B.T.I.D.). At age 24, you can have 1M coverage with just 8K annual.

It has a contestability period for 2 years. Don't lapse your policy para walay hasol inig ting claim.
T_T!

[dodongisputing]

This is a good topic. Ako personally, I have 4 ka policy.

[nofriends]

Nice thread, people can drop by and share what their experiences are about insurance stuff.
This will help to those innocent filipino people to learn the thing. For now I don't want to share
something I have learned of getting an insurance because I am still hoping and waiting for the
settlement of what I had experienced. If this problem will be fixed ASAP then that's the time
I will be ranting the emotions I have inside.

Up for now!

[SioDenz]

unsa ka safe ang insurance karun? di ba kuyaw ma sikwati imu investment? murag CAP bah, educational fund nya na pakshit usik usik lan sa kwarta gibayad...

[brandnewbien]

CAP is a very bad example. daghan nag bayad ato, nya karon nag expect nga ma burden free, na worst hinuon ang burden, na pun-an ug regrets.

[JamesCo]

According to my Agent,

Actually with Life insurance, you have to pay every year for the cost of insurance.

Just like term insurance, you pay each year to protect your family from financial crises in-case you pass away or got an illness or disabled.

But for Limited pay whole file or Participating Whole Life (Traditional Whole Life not Investment Link Product), there is a Guarantee Cash Value, and a non-Guarantee Dividend. Which is use to sustain your policy. Although it cost more than term insurance The company invest the extra money you put in and the money will grow a lot bigger than putting in the bank. That is why you only pay for a limited time like 5Yrs, 10Yrs, 15Yrs, or 20Yrs depending on your budget, if you can afford 5 Yrs the better if not go longer. This is a lot cheaper in the long run than term. But if you can't afford Limited Plan go for Term at least your love ones will get money if something happens to you.

[JamesCo]

CAP is not Life Insurance that is why their clients wasn't protected by the insurance commission. But in fairness CAP was an honest company it mission was good also, its just that no one was there to monitor its investment casing it to fail. And also we should blame it to the president who de-regularize the tuition fee regulation. Because of that president, tuition fee is increasing about 10% per year. no one is controlling them. Specially the catholic schools are one of the highest abuse.

CAP is a very bad example. daghan nag bayad ato, nya karon nag expect nga ma burden free, na worst hinuon ang burden, na pun-an ug regrets.