Life Insurance

**Deestone** · June 5th, 2021 01:52 PM

Anyone here have an existing life insurance (Term Life or VUL)? What are the pros and cons on getting one?

**dr. d** · June 5th, 2021 01:57 PM

Originally Posted by Deestone

Anyone here have an existing life insurance (Term Life or VUL)? What are the pros and cons on getting one?

life insurance.
you (well, your heirs) get to collect, only if you die.
if you get hospitalized, it will not cover you for even one peso.

get the other insurance type.
yung may medical expenses coverage, as well as life insurance upon death.

either way,
always read the fine print before signing.
consult a lawyer or other knowledgeable person.

btw,
experts say that the insurance is to tide over the folks during the transition period.
many of these plans are not designed to impart limpak limpak na salapi to the heirs.

**_Cathy_** · June 5th, 2021 02:11 PM

I have Manulife pero hindi ko na alam ang nangyari

I should have gotten Sunlife

Life insurance is good, you can use it for estate planning. Get enough coverage so that when you pass it will be enough to cover expenses/taxes for your heirs, but then I guess it's different now since flat 6% na lang ang estate tax ngayon unlike before na it depends on the value of the estate

I have an Uncle who got multiple life insurance policies e naabutan siya ng IPO and chose to get shares so they really banked on it.

**Deestone** · June 5th, 2021 02:23 PM

Originally Posted by _Cathy_

I have Manulife pero hindi ko na alam ang nangyari

I should have gotten Sunlife

Life insurance is good, you can use it for estate planning. Get enough coverage so that when you pass it will be enough to cover expenses/taxes for your heirs, but then I guess it's different now since flat 6% na lang ang estate tax ngayon unlike before na it depends on the value of the estate

I have an Uncle who got multiple life insurance policies e naabutan siya ng IPO and chose to get shares so they really banked on it.

But you must get a specific life insurance for estate protection right? because life insurance only covers death and some do have critical illness, investment etc....

**boybi** · June 5th, 2021 02:28 PM

Originally Posted by Deestone

But you must get a specific life insurance for estate protection right? because life insurance only covers death and some do have critical illness, investment etc....

Pareho lang yan, because in the end, you (your heirs) will get the money, which you (your heirs) will decide what you will do with it. Either for estate tax or whatever.

**_Cathy_** · June 5th, 2021 02:31 PM

Originally Posted by Deestone

But you must get a specific life insurance for estate protection right? because life insurance only covers death and some do have critical illness, investment etc....

I'm talking about the regular life insurance that heirs get after death. The purpose of some people is only to cover expenses and taxes (this is what some relatives did) May iba kasi ayaw mag transfer ng properties habang buhay pa sila so when they die their insurance should cover for it. But just like what boybi said, nasa heirs mo yan if they will use it for that purpose.

I don't know about other life insurance products, masyado na maraming bells and whistles and I don't like how these insurance agents pass themselves off as financial advisors when it is all about selling insurance. If my purpose is to grow my money, I'd look at other instruments and not insurance, that's just me.

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**Deestone** · June 5th, 2021 03:49 PM

Originally Posted by _Cathy_

I'm talking about the regular life insurance that heirs get after death. The purpose of some people is only to cover expenses and taxes (this is what some relatives did) May iba kasi ayaw mag transfer ng properties habang buhay pa sila so when they die their insurance should cover for it. But just like what boybi said, nasa heirs mo yan if they will use it for that purpose.

I don't know about other life insurance products, masyado na maraming bells and whistles and I don't like how these insurance agents pass themselves off as financial advisors when it is all about selling insurance. If my purpose is to grow my money, I'd look at other instruments and not insurance, that's just me.

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I see. But what I know is that there is specific insurance for protection of estate tax but nonetheless the money from life insurance can be use also as payment for estate tax. Yes the investment part of VUL is just a bonus you get life insurance for the primary purpose of protecting your possible loss of income for your family use.

**Deestone** · June 5th, 2021 02:22 PM

Originally Posted by dr. d

life insurance.
you (well, your heirs) get to collect, only if you die.
if you get hospitalized, it will not cover you for even one peso.

get the other insurance type.
yung may medical expenses coverage, as well as life insurance upon death.

either way,
always read the fine print before signing.
consult a lawyer or other knowledgeable person.

btw,
experts say that the insurance is to tide over the folks during the transition period.
many of these plans are not designed to impart limpak limpak na salapi to the heirs.

What I know is that term life insurance only offers when the insured is dead that's the time beneficiary get the insurance payment. Whereas VUL offers much more flexibility such as critical illness, disablement and investment on top of death benefit.

**dr. d** · June 5th, 2021 02:36 PM

Originally Posted by Deestone

What I know is that term life insurance only offers when the insured is dead that's the time beneficiary get the insurance payment. Whereas VUL offers much more flexibility such as critical illness, disablement and investment on top of death benefit.

just tell the insurance agent what you want, and they'll see which of their products will cover it.

"ang gusto ko, yung may perang ibibigay sakin habang nasa uspital ako, at kung ako'y ma-invalido, ay meron ring salapi.
at kung sakaling matuluyan ay meron pang bibigay sa tagamana ng aking mga utang."
"gusto ko rin, yung hindi nako maghuhulog ng premium after 15 years."
etc.

and lastly,
"ang gusto ko ay kay numero dos mapunta ang salapi, at hindi kay numero uno."
heh heh heh.
jok lang po.

variable universal life (VUL) insurance is an investment, of sorts.
it can go either way: kikita, or lulugi.
a colleague tried it.
nagalit, after a year. "sabi moh (insurance agent) mataas ang kita! bat wala akong kinita this year!!"
heh heh heh.

**sirkosero** · June 5th, 2021 07:09 PM

I have life insurance + VUL + critical illness rider. In case i get seriously sick, i have something to cover my hospital bill. If i dont make it, my hospital bill is covered and my wife and kids have some money to keep them afloat for a few months/years.

The VUL part is supposed to be an investment. I really dont mind and didnt bother understanding this. The life insurance + critical illness is okay na. My agent informed me naman yesterday that half of the premiums i paid are growing in value (daw)

I have a few life insurances too. So medyo okay dapat kids ko if i die early.

My tip: get term insurance. The one you pay and renew yearly like the car insurance. Its much cheaper. Like 1/3 the price of the one with VUL. Then spend the rest of the budget in other investments or even pag-ibig MP2. BTID yata tawag nila dun.

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