Lets talk about the importance of Life Insurance

[MK]

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MK - In other countries their salary deduction per month is huge because most of it goes directly to their health savings, ang insurance polices. But in our country ato tax especially sa nag work around 15% ra per month, so meaning ana, it is now our control to get health savings programs and life insurance policies.

yeah true
we have the control but problem man gud kay daghan kaayo walay control diri sa ato bai hehe...reason I believe a little shift of government policy may help this a bit.

Anyway, GL luck helping them out btw

[innosoftcebu]

My opinion on this is that when you sell Insurance you must give the benefit of it when your client is alive not when his dead. For me I dont go for insurance per say because of this, there is no benefit for me right now when I am still breathing. Because there are so many alternatives, one is you can set up a company and let your wife of children run it, so when your dead they are still in a position to survive.

[nvv21]

Please see RED mark Live Only OnYourself nig ka tiguwang broke...pagka eliterate

I think some of us here are very literate enough about life insurance. I, myself is a financial consultant. I was in Singapore before and you know what?they pay insurance every month. they get deducted from their ,monthly salary and they see where the deductions go. In our country?looy kau ta paminawn kay murag optional pa ang pag buy ug life insurance but sa abroad, life insurance is required. naa mn jud na xa sa agent. its not the company. All life insurance companies aim the same thing. "PROFIT. BUT IN THE PUBLIC'S BEST INTEREST"..saddest part...cars get insured, health get insured, even JLO'S gluts is insured. because we value the car, we value the health of the person, and most of all, JLO's gluts is valuable...so, question...DO YOU VALUE YOUR LIFE?

[honey2723]

My opinion on this is that when you sell Insurance you must give the benefit of it when your client is alive not when his dead. For me I dont go for insurance per say because of this, there is no benefit for me right now when I am still breathing. Because there are so many alternatives, one is you can set up a company and let your wife of children run it, so when your dead they are still in a position to survive.

@innosoft - question, single ka or w/ kids?? I'd like to ask kay based sa akong experience, dili pa man jud maka-realize sa importance ang mga singles sa life insurance. But for a married person, especially if naay anak, VERY IMPORTANT jud... Why?? Here are the ff reasons:

1. Let's consider your POV... Alternative of setting up a company. What if naa paka sa first few months of establishing your company, then you we're suddenly taken out of the picture? Nya wala pa kaau na-set-up ang business kay start up pa. Then ang business was started on credit... What do you think your wife would be able to do?? How about if small pa kaau ang imong kids?? Do you think they'd be able to help out in the business?? What about your wife? How will she manage raising up little kids at the same time having to deal w/ running a business on credit?? How will she be able to handle that?? Basically, the life insurance will be used to address the uncertainties of life. Mao na ang BASIC USE niya... It is not for the INSURED. It is for the FAMILY OF THE INSURED.

1. 2. Let's say you were blessed w/ a good life... Your business is booming. Most of your investment is tied up to the business. Now, suddenly, after years of good business and good health, gipa-retire naka ni Lord kay daghan na jud daw ka natabangan... Now in your business, you have partners. You and your partners have your way of running the company. Due to the untimely demise, your wife is forced to step into your shoes to fill in the empty chair sa partnership. What if the old partners and the wife don't meet eye-to-eye as per operations or management?? There is a tendency due to the new way of thinking sa wife or new member, mausab ang dagan sa business. It could be for the better or it could turn out to be a bad fate for the business kay wala kaau knowledge sa business ang new comer... Now, did you know that you can set-up a life-insurance policy among partners that will buy out the shares of the other partner nga mawala aning kalibutana?? That is basically to protect the interests of the business partners...

There are so many different uses of a life insurance policy, depende lang na kung gi-unsa ug design... If single pa ka, I understand why you would not consider a life insurance but if you are indeed married or w/ kids, I urge you to reconsider... Maybe learn a bit more on how a life insurance can help you address your future and immediate needs...

By the way, there are insurance products nowadays that can give "living benefits" to the insured... You don't have to wait to "permanently retire" just to get the benefits...

[lorenzoleo]

@innosftcebu - Ok ra man ng Life Insurance, especailly that product is for your family and in fact it is the best product for estate preservation in case we die too soon, Kay luoy jud mahibilin bro kung dili sad sila kabayad sa tanan nimung estate tax. It happend in our family, daghan kaayo yuta ako lolo pero sad to say, walay gibilin na insurance money na para pang bayad sa estate tax, bargo hinuon sa Government, if you know Philippine Metal Industries and Glory Corporation before in Cebu, my grand father was one of the biggest shareholder of that corporation but ni sira then wala na pasa sa anak. Make sure all your assets will be inherited by your heirs. Life Insurance is part of the solution to that problem.

Mao ng believe kaayo ko anang productoha, kanang Life Insurance because I don't want to commit the same mistakes again as what happend to all the assets of my Grand father, gamay ra jud ang nakuha nila papa. Buy only the cheapest Insurance, it is called Term Insurance.

[honey2723]

I forgot to share this earlier... This is a part of the speech of business tycoon John Gokongwei, before the Ad Congress in November 2007. I got a copy of this thru another post written by Atty. Angelo Cabrera.

"Let me begin with a story I have told many times. My own. I was born to a rich Chinese-Filipino family. I spent my childhood in Cebu where my father owned a chain of movie houses, including the first air-conditioned one outside Manila. I was the eldest of six children and lived in a big house in Cebu's Forbes Park."

"A chauffeur drove me to school every day as I went to San Carlos University, then and still one of the country's top schools. I topped my classes and had many friends. I would bring them to watch movies for free at my father's movie houses."

"When I was 13, my father died suddenly of complications due to typhoid. Everything I enjoyed vanished instantly. My father's empire was built on credit. When he died, we lost everything—our big house, our cars, our business—to the banks."

"I felt angry at the world for taking away my father, and for taking away all that I enjoyed before. When the free movies disappeared, I also lost half my friends. On the day I had to walk two miles to school for the very first time, I cried to my mother, a widow at 32."

The nice thing about this story is that it ended in a happy ending... Mr Gokongwei had a strong will. What if your wife does not have the same mind set as Mr Gokongwei's mom?? What if Mr Gokongwei didn't have a keen entrepreneur spirit??

As per Atty Cabrera's post, "Apart from the hope that it inspires, this story offers an important lesson: the need to establish a safety net that would ensure that, even as one builds wealth to secure the future of his children, such wealth does not fall short when the time comes.

Such safety net could well be a life insurance coverage. Through life insurance, one can intentionally enlarge an existing estate without having to build one. If you know that your obligations today would effectively leave your family with little or no inheritance, or, if you would like to leave more wealth than what your current estate could offer, then you can use life insurance to create a new estate.

(To read the whole post, you can check it out here... => Hannah on Finance Blog Archive Life Insurance as a Solution – Of Legal Obligations in Business)

[innosoftcebu]

Wow honey this is too much. All I want is a simple one sentence answer this is soo overwhelming, peace. If you cannot formulate that then ill think twice.

@innosoft - question, single ka or w/ kids?? I'd like to ask kay based sa akong experience, dili pa man jud maka-realize sa importance ang mga singles sa life insurance. But for a married person, especially if naay anak, VERY IMPORTANT jud... Why?? Here are the ff reasons:

1. Let's consider your POV... Alternative of setting up a company. What if naa paka sa first few months of establishing your company, then you we're suddenly taken out of the picture? Nya wala pa kaau na-set-up ang business kay start up pa. Then ang business was started on credit... What do you think your wife would be able to do?? How about if small pa kaau ang imong kids?? Do you think they'd be able to help out in the business?? What about your wife? How will she manage raising up little kids at the same time having to deal w/ running a business on credit?? How will she be able to handle that?? Basically, the life insurance will be used to address the uncertainties of life. Mao na ang BASIC USE niya... It is not for the INSURED. It is for the FAMILY OF THE INSURED.

1. 2. Let's say you were blessed w/ a good life... Your business is booming. Most of your investment is tied up to the business. Now, suddenly, after years of good business and good health, gipa-retire naka ni Lord kay daghan na jud daw ka natabangan... Now in your business, you have partners. You and your partners have your way of running the company. Due to the untimely demise, your wife is forced to step into your shoes to fill in the empty chair sa partnership. What if the old partners and the wife don't meet eye-to-eye as per operations or management?? There is a tendency due to the new way of thinking sa wife or new member, mausab ang dagan sa business. It could be for the better or it could turn out to be a bad fate for the business kay wala kaau knowledge sa business ang new comer... Now, did you know that you can set-up a life-insurance policy among partners that will buy out the shares of the other partner nga mawala aning kalibutana?? That is basically to protect the interests of the business partners...

There are so many different uses of a life insurance policy, depende lang na kung gi-unsa ug design... If single pa ka, I understand why you would not consider a life insurance but if you are indeed married or w/ kids, I urge you to reconsider... Maybe learn a bit more on how a life insurance can help you address your future and immediate needs...

By the way, there are insurance products nowadays that can give "living benefits" to the insured... You don't have to wait to "permanently retire" just to get the benefits...

[honey2723]

Wow honey this is too much. All I want is a simple one sentence answer this is soo overwhelming, peace. If you cannot formulate that then ill think twice.

sorry to overwhelm you... hehe it just shows that uncertainties of life can't be addressed in one sentence... and these UNCERTAINTIES are what Life Insurance addresses...

As for the benefits that you're looking for, there are plenty of LIVING BENEFITS in the different insurance companies. From guaranteed cash payouts on a given schedule, maturity values in 15-20 years time. Even investment products are now available in the insurance industry... If you allow yourself to know more about the different plans and benefits, then you will learn to appreciate the products eventually...

Hope this is not too overwhelming this time.

[innosoftcebu]

Its 12 midnight and you are still making a sales pitch, Wow again. Sorry honey, I am just playing with you , I have no quarels with life insurance, its good for the economy in general, it is not just a priority for me right now.

sorry to overwhelm you... hehe it just shows that uncertainties of life can't be addressed in one sentence... and these UNCERTAINTIES are what Life Insurance addresses...

As for the benefits that you're looking for, there are plenty of LIVING BENEFITS in the different insurance companies. From guaranteed cash payouts on a given schedule, maturity values in 15-20 years time. Even investment products are now available in the insurance industry... If you allow yourself to know more about the different plans and benefits, then you will learn to appreciate the products eventually...

Hope this is not too overwhelming this time.

[honey2723]

wow! even though I wasn't trying to make a sales pitch, it sounded that way to you... dang! I must be that passionate about what I do... hehe

ingon ana lang tingali ko ka-believer sa akong products... Would I be right if I assumed you're single?? Single peeps would usually have insurance as the last thing in their priorities...

I'm still up right now kay I'm trying to send out some invites to my friends... And my son is asleep now, so wala nay mag-sige ug pamarayg karong orasa...