BPI Savings Account with Life Insurance

[hambugero]

naa ko bpi savaings pero wa ko kabaw na naa ta diay life insurance apil? unsa may mga pros and cons ani? unsaon man sad pag avail?

[gr8pinay]

naa ko bpi savaings pero wa ko kabaw na naa ta diay life insurance apil? unsa may mga pros and cons ani? unsaon man sad pag avail?

when my sister died, naa man to siya'y BPI SAVE UP, pero ga lisod mi claim sa insurance kay kinahanglan motawag sa hotline etc, then dili helpful ang bank manager nga naduol nako, wla na mapadayon claim. mao ra akong experience masulti ani so far.

So, based on experience, makaingon ko nga dili maayo kani ra ang saligan para sa life insurance. One can get from 1million-10million insurance on life, death or even critical illness from an insurance company mismo and they come out cheaper (u may pm me for details)

Anyway, just my two cents. =)

[hambugero]

when my sister died, naa man to siya'y BPI SAVE UP, pero ga lisod mi claim sa insurance kay kinahanglan motawag sa hotline etc, then dili helpful ang bank manager nga naduol nako, wla na mapadayon claim. mao ra akong experience masulti ani so far.

So, based on experience, makaingon ko nga dili maayo kani ra ang saligan para sa life insurance. One can get from 1million-10million insurance on life, death or even critical illness from an insurance company mismo and they come out cheaper (u may pm me for details)

Anyway, just my two cents. =)

puno imo inbox maam..... pm me

[istoryamember]

when my sister died, naa man to siya'y BPI SAVE UP, pero ga lisod mi claim sa insurance kay kinahanglan motawag sa hotline etc, then dili helpful ang bank manager nga naduol nako, wla na mapadayon claim. mao ra akong experience masulti ani so far.

So, based on experience, makaingon ko nga dili maayo kani ra ang saligan para sa life insurance. One can get from 1million-10million insurance on life, death or even critical illness from an insurance company mismo and they come out cheaper (u may pm me for details)

Anyway, just my two cents. =)

thanks for this info

[gtboy]

when my sister died, naa man to siya'y BPI SAVE UP, pero ga lisod mi claim sa insurance kay kinahanglan motawag sa hotline etc, then dili helpful ang bank manager nga naduol nako, wla na mapadayon claim. mao ra akong experience masulti ani so far.

So, based on experience, makaingon ko nga dili maayo kani ra ang saligan para sa life insurance. One can get from 1million-10million insurance on life, death or even critical illness from an insurance company mismo and they come out cheaper (u may pm me for details)

Anyway, just my two cents. =)

thanks for the feedback. very helpful.

i just want to clarify, doesn't this BPI product come with FREE life insurance? i guess you can't go any cheaper than that, right?

[gr8pinay]

@gtboy: sometimes what is cheap is not really valuable..say you save 1,000 per payday and after 3 months, you now saved 6k and insurance component is 6,000 times 10 = 60,000 right?

Ako lang i-compare sa pwede makuha directly sa Insurance company ha kay at age 30 for just 6,000 kay comprehensive na iyang insurance: 1 million if ma diagnose ug critical illness like cancer, etc, 1 million if ma disable due to accident, and 1 million mahabilin sa mga dependents if ever mawala na intawn ang nag income.

Di ba, mas dako napalit sa 6k nimo sa insurance company? In my humble opinion, banks are not designed to sell insurance needs (nakig-tie up rana sila or serves as middlemen).

There's more to this story. You may pm me for details.

[makie]

thanks for the feedback. very helpful.

i just want to clarify, doesn't this BPI product come with FREE life insurance? i guess you can't go any cheaper than that, right?

It may sound too enticing, free life insurance, but for sure the coverage won't be that lucrative. If you intend to get a life insurance plan, it is much better to go to life insurance companies. You can try Philam Life because Philam Life is BPI's life insurance provider.

But having a savings account with a free life insurance won't be bad. At least additional coverage on top of your existing life insurance coverage (if you have any). But ayaw lang gyud ug depend ana. Rest assured gamay kaayo na ug coverage and will most likely depend on the amount that you deposit. Don't put a huge amount in your savings account just to increase the coverage, dako2x ug chance malugi ka.

[Metz]

I did the numbers on this before kay naa sad ko ani but ako gi close.

based on this:
assume: 400k max deposit to hit 2M life insurance coverage.
400k savings account with 1% per annum interest is 4000 per year.

while investing it in a mutual fund that earns 10% per year, 40k interest per year

for a 2M 20 year term life insurance policy

life insurance for 30 yr old - about 20k per year- gain of 20k ( I'm not even including the interest gained per year on this gain)
life insurance for 40 yr old - about 26k - gain of 14k
life insurance for 50 yr old - about 50k per year.

so with the numbers above, this product is good if you are 50 and above kay mas mahal na magpa-insure on your own.
but if you're still young better invest the 400k somewhere else or buy term life insurance or buy healthcare that grows interest.

I recommended this to my parents and relatives that meet the criteria kay mahulog cheaper life insurance for "exit" purposes.

PM me if interested for 20 year term or healthcare.

[sexy.rouge24]

maayuha aning metz oi.

karon pa ko aning life insurance da, PDIC ra man akong nahibaw.an

[gtboy]

I am glad to read the feedback from everyone.

gr8pinay and makie raised very insightful information. One should not depend on this kind of insurance. But for someone like me who does not really believe in pre-need services such as a life insurance, I think this kind of program works for me.

However, gr8pinay's experience is big turn-off. If anyone from BPI is reading, please raise this issue to your institution. Beneficiaries should not be burdened in making their claims - they have gone through enough already.

Metz has a point too - it depends on the age. I appreciate the cost and savings analysis between the products/investments. To add to that, let us identify these types of products/investment.

-BPI with life insurance is a risk-free and PDIC-insured deposit - in a form of cash and very liquid. Basically with no risk.

-A mutual fund is an investment. It could range from less, moderate or high-risk. However, others would argue that the gain compensates the risk.

-An insurance policy is an expense.