Lets talk about the importance of Life Insurance

[mckoy_slipstream]

what if paper assets ra jud tanan ako? kay mga properties namo name man under my dad, and naa pa jud to sa province na gamay ra value.

[wealthyhead]

create a trust corp. you won't have to worry about estate taxes...

but I guess this is another topic - "preserving your estate"

what if paper assets ra jud tanan ako? kay mga properties namo name man under my dad, and naa pa jud to sa province na gamay ra value.

[honey2723]

create a trust corp. you won't have to worry about estate taxes...

but I guess this is another topic - "preserving your estate"

Agree! But lahi pud nga approach jud ang trust corp and a family-owned corp...

[honey2723]

thank you for pointing it out
murag I still need to learn more about estate taxes.

so now if dako na ang naa sa ako MF, I will take out another 1M insurance(or more) to cover my estate taxes for the investment(and other properties) and make sure I do it before 65. And I can easily take it out from my gains in MF.

EDIT: honey2723: do I still need to take out another insurance? nga naa may 1M life insurance policy with the mutual fund at age 70 kay until 72 man ako coverage. so covered ra gihapon ang 500k nga estate tax required by BIR.

hi metz,

question... what if after 72 ka kuhaon ni Lord?? then you forgot to renew your term insurance? making your term insurance lapse?? (Mga what ifs ra ni ha...) Even if naa pa ang mutual fund nimo that can be used to address the estate tax, wouldn't it be nice to PRESERVE your estate by having the right protection?? But that's WWWWAAAAAAYYYYY ahead of you right now... What you need to focus in right now is YOUR CURRENT lifestage... The risk exposure of your kid in kaso buotan ra kaau ka (nya kuhaon naka ni Lord)... If P1M pa lang ang imong term insurance, then you have to add more kay P1M will not be enough to cover for her studies (considering nga 6y.o. pa cya di ba?), her food, and all the basic needs. Your question will be substantiated after a comprehensive study of all the estate that you will have acquired when you reach that stage... Matud pa nila, "Let's cross the bridge when we get there..."

[Metz]

[QUOTE]

hi metz,

question... what if after 72 ka kuhaon ni Lord?? then you forgot to renew your term insurance? making your term insurance lapse?? (Mga what ifs ra ni ha...) Even if naa pa ang mutual fund nimo that can be used to address the estate tax, wouldn't it be nice to PRESERVE your estate by having the right protection?

just to clarify kay ikaw man expert sa estate tax, if naa nako cash sa ako bank account, can my family use it to pay for the estate tax?
but even without your reply, my client can cash out all his investments at age 72, and keep a certain amount in cash just for estate protection. This is assuming, wala pa niya gi-transfer iyang estate to his children's name(minimizing estate tax) and dili magamit ang kwarta sa iya bank account to pay estate tax.

But that's WWWWAAAAAAYYYYY ahead of you right now... What you need to focus in right now is YOUR CURRENT lifestage... The risk exposure of your kid in kaso buotan ra kaau ka (nya kuhaon naka ni Lord)... If P1M pa lang ang imong term insurance, then you have to add more kay P1M will not be enough to cover for her studies (considering nga 6y.o. pa cya di ba?), her food, and all the basic needs.

of course I educate my clients nga 1M is WAAAAAYYYYY too low when it comes to life insurance, but its better than nothing at all. and when they have the extra funds to get a bigger insurance, they should get it. But of course, bigger insurance means bigger premiums and only the rich can afford it. And its the middle class, or those who are still building their wealth who should be insured. If rich naka, then you just need it for estate protection.

How much is your 1M whole life in your company compared to a 20 year term for a 30 yr old client?
if they can't afford it, are you willing to offer them term insurance, with no fear of jeopardizing your quota?
Even if you will offer term, what is the longest term insurance that your company can provide?

as for other whole life insurance companies, BTID OWNED them, mo differ jud ug MILLIONS ang investment

Your question will be substantiated after a comprehensive study of all the estate that you will have acquired when you reach that stage... Matud pa nila, "Let's cross the bridge when we get there..."

of course naa juy adjustments every now and then kay kadaghanan sa gi-insure ga pa datu pa, and we have to educate them in estate protection once naa na silay estate ibilin sa ila pamilya.

[honey2723]

uhm... I don't consider myself an expert sa estate tax (yet). naa pa lang 1/3 sa iceberg akong nahibaw-an ani... just wanted to share to you guys what i recently discovered... naa nako idea about it before pero mas na-clarify lang siya sa course namo...

just to clarify kay ikaw man expert sa estate tax, if naa nako cash sa ako bank account, can my family use it to pay for the estate tax?
but even without your reply, my client can cash out all his investments at age 72, and keep a certain amount in cash just for estate protection. This is assuming, wala pa niya gi-transfer iyang estate to his children's name(minimizing estate tax) and dili magamit ang kwarta sa iya bank account to pay estate tax.

anyways, to answer your question, if the bank account is under the name of the deceased, ma-hold ang bank account, that mean's no ins-and-outs sa money... the reason ma-hold na siya kay mao na siya kuha-an sa mga debt obligations sa deceased. If na-address na tanang debt obligations, then that's the time ma-release na ang money sa estate. This would usually take about a month or so... Ang funds sa MF kay ma-hold pud kay pwede man sad na siya kuha-an sa other obligations JUST IN CASE the funds sa bank is not enough.

The answer to your question is simply - YES! It can be used by his estate (his family) to pay off his estate tax but that is if enough ang cash to address the other obligations. If kuwang pa, then the estate is given by the gov't 6 months to pay off the estate tax. After 6 months, there will be a penalty na. Then there is a certain number of years nga if dili gihapon mabayaran, then the gov't will take it na...

How much is your 1M whole life in your company compared to a 20 year term for a 30 yr old client?
if they can't afford it, are you willing to offer them term insurance, with no fear of jeopardizing your quota?
Even if you will offer term, what is the longest term insurance that your company can provide?

as for other whole life insurance companies, BTID OWNED them, mo differ jud ug MILLIONS ang investment

We do have whole life but sad to say, I rarely offer this to clients coz I personally am not a fan of it... We also have a term life insurance, 1-, 5-, 10-, 15-years and another variant nga until age 65 nga term... And these are all renewed automatically... Until age 70/75 ang last renewable age but all of which can cover until age 80. I am not selling here mga mods, I am just sharing what we have and to address Metz's question. As to how much, it would be hard to address that kay you can't compare an apple to an orange. If you have 20 year term, which we don't have, then dili na mapareha ang atong gi-compare.. But if you are really interested to know how much, PM nalang nako...

As to my quota, I don't have any problems with my quota coz MY PERSONAL VISION is "client first, before business". I think what you guys are doing, is that you are GENERALIZING that ALL insurance agents are just after their quota. But I would like to inform you guys that there are agents out there who have the same goal as you do... Finance literacy. It is not just IMG who is doing this. I do know of several agents out there doing what you guys are doing. I hope you guys know this. We are actually brothers and sisters in this industry.

Unfortunately, the insurance provider being marketed by IMG is only carrying Traditional Insurance (Grepalife), where the term insurance is a part of. But is Cocolife the same as UNITED Cocolife?? If so, as per IC's report, they have Variable Insurance. Variable Insurance (as what Mr JamesCo have been mentioning), is basically BTID. Why don't you guys check that out... And that is what I usually suggest to my clients as a solution to their finance needs, be it for education, for retirement, for capitalization of business, medical fund, etc. The Variable Insurance is called VUL (variable unit linked insurance) or ILP (investment linked protection).

[wizard_jamex]

this thread was created to educate us...NOT TO DEBATE ABOUT TYPE OF LIFE INSURANCE...NOT TO DEBATE WHICH LIFE INSURANCE COMPANY IS THE BEST...ETC. I didn't read all statements here, because it's too LONG.

I'm also connected in IMG. Pero naa time ni Laban ko sa CO-IMG Brokers because some people here in this forum said...BATI ang BTID... kato ra nga part nilbanan ko... I understand them, because they are other LIFE INSURANCE COMPANY...and what they did to destroy other products so that they want people to buy their products.

Murag UNPROFESSIONAL naman ni......This is my point of view.

Let your client decide what to buy/get life insurance that he wants too.

Magpdadayon Gani Ni....Basin matingala ra mo....

[wealthyhead]

I appreciate this. I hope there are more life insurance agents like this..

We do have whole life but sad to say, I rarely offer this to clients coz I personally am not a fan of it... ...

[wealthyhead]

in buying any kind of cash-value life insurance, you may ask your agent some of these questions:
1.) What is the face amount? (not the accident benefit)
2.) Does it have cash value on the 1st and 2nd year rightaway? (if not, that's bad)
3.) How much are you going to pay? and for how long? (Guaranteed)
4.) How much commission does the agent earn? (if you're really close with the agent)

yes, there are still a lot of things to consider of course.

I suggest you shop around with other agents or brokers and other companies.
Remember that their job is not to sell you anything but rather to EDUCATE you.

[Metz]

@honey2723:

Im sorry if it came out nga Im generalizing all insurance agents are bad.
I attended one of your financial seminars, and I should know better.

We just have different set of products to offer.

As for Cocolife, their agents can only offer Variable Insurance or lesser duration term insurance.
IMG has the exclusive rights to offer 20 year term insurance.