Lets talk about the importance of Life Insurance

[Metz]

I'm very sorry if I had hurt anyone. The reason I create or start this thread is I want people to realize the importance of having a life insurance product. And I don't want others to be a victim of Pre-need companies or Agents who just sale for their own personal profit. the above information was not purely from me I ask my agent about it also.

Everybody dies. Insurance has a lot of purpose.
1. Financial Protection
2. Illnesses Protection (Rider) help you pay medical expenses if your diagnose with Dreaded illnesses.
3. Accident Insurance. assist you financially if you lost portion of your body or your life in case of accident.
4. Help your love once pay your estate taxes.

Investment Link Life Insurance Product was not intended to make you rich, although I had earn a lot from it. Its main purpose if you give you a better Yield in your Investment. Safest Investment (Never had any Life Insurance had bankrupt for almost 200 years) not like bank their are a lot of bank closed and a lot of people lost their entire life savings on banks and Pre-Need Companies.

Don't worry bai, pareha raman ta ug goals

The reason ganahan kaayo ko sa ako gibuhat ron kay ganahan ko ma-improve ang mindset sa Pinoy when it comes to life insurance.

And I'm sure we can do it with BTID. We are offering very cheap insurance with very good returns.
In BTID the normal Pinoy can get rich even without venturing into business. Although in his twilight years na, but better than wala juy hope madatu nya ilang next generation mao ra gihapon ang situation.

The rich get richer, we help the average become rich.

[mckoy_slipstream]

up for this

[lorenzoleo]

@JamesCo : Sorry if I have to use the term "Rip_Off", I always hear that word from the Registered Financial Planners in the US. pareho ra tag gaol na mu help ta sa tao to have their own protection. You don't need Life Insurance for Life, while you don't have still big money, you must have protection, but you must take chagre of your own money. For me, loaning in my own money is completely funny. T_T! Yes, Term Insurance doesn't have cash value, because I will put the difference into more Liquid investment without loaning my own money.

Always remember these Following Laws of Insurance:

1.) All Insurance are TERM Insurance
2.) Cost of Insurance always goes up
3.) There is no free insurance.

You should know the basics to pass your Life License. T_T!
I already passed my Life Insurance accreditation, that is why I can compare what is the best package for my clients.

[mckoy_slipstream]

enlighten me please. ok, term insurance sounds good. unsa man na company naa ani na product? hw much pud pag start?

[lorenzoleo]

enlighten me please. ok, term insurance sounds good. unsa man na company naa ani na product? hw much pud pag start?

I have cocolife Equity Term 20, how old are you? You insurance premiums depends on your age.

[lorenzoleo]

what if you die at age more than 80 what will happened to the annual premiums you pay for your term insurance? you get nothing because at age 70 it won't allow you to renew it.
Why buy term if you can afford whole life? If you wait 10 or 15 years (the 15 years premium is wasted if you don't die) and after 16 years your older and your life insurance premium will be more expensive.

Term Insurance is like gamble, if you die this year you win the sum insured but if you live your premium is good bye (no cash value).

There is also a single pay Investment-Link Life Insurance Product and there is already fund value the moment you buy.

The Fund Manager of AXA is Metrobank. And I believe that Metrobank and BPI are the best Investment firms in the Philippines.

I don't need life Insurance for the rest of my Life, my MF and other investment vehicles will be the one to provide on my old age. BTID concept is self-insuring. You need to have discipline in BTID.

Fund manager of my FAMI MF is also Metrobank. T_T!!!!

These are my personal financial strategy that I have developed.

1.) Short Term and Long term Health Savings account(KAISER)
2.) Life Insurance (Equity Term 20 from Cocolife, First Life Insurance company in the Philippines to have ISO Certified)
3.) Investments
FAMI - Subsidiary MF company of Metrobank Group
PhilEquity - Oldest MF in the country, one of the Fund Manager, is a "God" in the Stock Exchange.

Before you protect your life, you must first protect your health. T_T!

[mckoy_slipstream]

@lorenzoleo: hw much are u paying per year sa term insurance plan mu?

[lorenzoleo]

@lorenzoleo: hw much are u paying per year sa term insurance plan mu?

7K ra bai, I'm covered for 1M Face amount. Barato ra kaayo. kay sa mu palit kag whole life/ endowment na tag 60K ang anual, then pareho lag coverage, ang 53K ako na lang i invest MF, hehehe dako pa ROI wala pay tax inig redeem, dili pa nako utangong ako kaugalingong kwarta kay liquid man jud basta naa sa MF. T_T!

[mckoy_slipstream]

7k? ok ata yan. m 35 na by january. d na ata me pwede nyan. cud u pm me ur numbr

[makie]

This is a case to case basis. Whole Life Insurance sounds really good because imagine, you'll be covered up to the age of 99. But thinking about it, do we really need a life insurance until the age of 99?

Apparently, everybody will have different views when it comes to life insurance. Some would feel that they will need it until they die and some would feel that they need it for just a specific period of time just enough to establish themselves and their families financially.

IMO, life insurance is just for income replacement purposes. Young people really needs life insurance because they are just starting out and have lots of financial responsibilities. 20 years is good enough for me to get covered. It's more than enough for me to give my family good finances and to cover my family's financial needs (children's education, family's health, investments, and taking care of my parents).

I'm not a fan of whole life insurance because of the following reasons:

[1] I won't need it for the rest of my life.
[2] As I get older, the premiums get higher.

The BTID (Buy Term and Invest the Difference) concept was introduced to me and I would prefer it over whole life. In BTID, term insurance comes along with an investment (in mutual funds) and I will just be paying for 5 years for a coverage for 20 years. After 20 years, though I'm no longer covered, I will still have my mutual funds which I can either redeem, take a part of it, or leave it with United Fund to let it grow further.

Without bias, I don't discourage whole life either. In reality, there are a lot of people past 60 who are still working and are still the source of income for their families. They might feel the need of whole life insurance (among the many financial services out there) to cover their families.

Everything has it's pros and cons and when it comes to life insurance, be it term or whole life, there's no such thing as "one size that fits all". Get to know your needs and get the insurance that you feel that fits very well for you and your loved ones.