Author Topic: Ano po ba difference ng Term Insurance and Permanent Life Insurance?  (Read 3101 times)

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BusinessManPH

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Question po... Marami po ng nag aalok ng insurance sa akin... pero confuse po ako nung maencounter ko yung term insurance tsaka yung permanent insurance... Ano po ba difference nun?

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befinanciallyfree

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Re: Ano po ba difference ng Term Insurance and Permanent Life Insurance?
« Reply #1 on: October 23, 2012, 02:37:25 PM »
Hello,

Term insurance as suggested by the name is an insurance covering you for a fixed/ limited time. These are usually cheaper on the surface but more expensive on the long run because you have to renew every now and then and the calculation will be based on your current age.

Permanent Insurance will cover you from day one of your policy's effectivity until a certain age (for some it's 88, some 90). Traditional Insurances are those your family can only benefit upon death. There are other options to choose from now that can benefit you even if you live longer than expected. Choosing the right product for you is a key in jump-starting your financial freedom. Other options available both insurance and investment in one and very suitable for those who are starting because you accumulate your saving while having permanent protection.

Those offering you insurance should explain these things not just do hard-selling. you need to be educated about these things first to fully grasp why you need one in the first place. So for those just doing hard-selling to you, think about it if they deserve to be trusted.

For further information and more questions, don't hesitate to email me at markjeromesaytono@gmail.com or pm me.

Don't forget, knowing is half the battle.

be financially free..


IntraLover

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Re: Ano po ba difference ng Term Insurance and Permanent Life Insurance?
« Reply #2 on: October 23, 2012, 05:00:42 PM »
Hi, itanong ko lang din, If you would be ask, mas ok ba ang term insurance? or mas prefer ang permanent insurance?

I am actually being offered by Sun Life Insurance and Manulife Insurance agents but i declined. Both were offering me Life insurance kaya lang sobrang mahal ng premium e... so i thought maybe term insurance are cheaper?

Tingin nyo po?

befinanciallyfree

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Re: Ano po ba difference ng Term Insurance and Permanent Life Insurance?
« Reply #3 on: October 30, 2012, 10:50:39 AM »
Hi, actually it may seems more expensive to get a permanent life insurance at first, but in the long run its cheaper with all the added benefits you can get (mutual funds, hospital benefit, critical illness benefit etc)
Having term insurance just covers you in case of death, that's it. and if you will getting term insurance for extended amount of time, it will be more expensive for you.

Imagine getting a permanent insurance just as a bonus by getting a mutual fund, Sunlife offers ah 2 in one package where you can get insurance + mutual funds, walang talo. you die, you get paid, you live longer, you have funds for your retirement or whatever you want to use it for, and the return of investment is definitely better than just having your hard earned money sleep in a bank.

You can get an insurance + investments with a premium you're comfortable with, I mostly do that with my clients, mahal nga premium mo, wala ka naman life dahil nasa insurance lahat ng pera mo. I encourage my clients to set aside an amount that is most convenient for them, but of course it's better to have higher premiums for higher coverage, pm me for details.

email me at markjeromesaytono@gmail.com or om me if you have more questions, would be glad to educate you regarding financial planning.

IntraLover

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Re: Ano po ba difference ng Term Insurance and Permanent Life Insurance?
« Reply #4 on: October 31, 2012, 10:36:15 AM »
Hi befinanciallyfree i got a question with mutual funds yung sinasabi mong insurance + mutual fund

What if bumaba ang value ng mutual fund? Di po ba considered yun as investment? What if nalugi yung investment na yun? kelangan pa mag dagdag sa premium na binabayaran mo? or nakaset na sya permanently based don sa agreement nyo upong signing the policy?




GreenMoney

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Re: Ano po ba difference ng Term Insurance and Permanent Life Insurance?
« Reply #5 on: November 16, 2012, 10:20:40 AM »
@businessmanPH... actually 3 ang klase ng insurance..

Term
Life
Endowment.

Sa 3 pong ito, pinaka mura na yung Term insurance. Bale ang coverage neto ay  insured/covered ka until you are paying. So, pag di na na nag bayad, di ka na insured. Normally, wala kang makukuha kung you stay healthy.  So kung walang nangyari sa iyo in one year, Thank you sa binayad mo kasi basically  you are just after the insurance coverage.

Next is the life insurance. This one, mostly payment is for life. Coverage it normally upto 100 yrs. Eh since di ka naman aabot dun to until you die na lang. Yung mag benefit dito is usually yung designated beneficiary mo.

And if you want to stop payment, this type is earning Cash Values. So me portion ng premiums paid ang babalik sayo if you want to discontinue.

Last is Endowment. Normally, eto yung type na pension plan. So Insured ka while having some savings na rin in retirement. Sya yung pinaka mahal sa tatlo. And normally, ang mag benefit dito eh ikaw. Coz, you can enjoy the premuims that you have paid.

Yung mga plans right now are really variation of this 3 basic types. Meron pang ibang types, pero etong 3 ang pinaka basic.

In choosing the insurance, you need to know your capacity to pay.

So if you are just starting your career, better get a term plan kasi ,mas mura sya. But if you are worried about you family and you are the breadwinner, better get the life insurance. Pero if your thinking for retirement, then go for Endowment/Retirement plan.

As for me, I have both life and Endowment plan.  The life insurance is for my family incase something happened to me at yung endowment is for my kids education, kasi 5yrs to pay 15yrs to mature sya..so by that time eh mag college na sila.

Hope this helps.

DonaldTrumpPH

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Re: Ano po ba difference ng Term Insurance and Permanent Life Insurance?
« Reply #6 on: September 05, 2016, 07:53:21 PM »
basta term... fixed term. parang short time lang sya... yung Life. pang matagalan. Yung Endowment. parang pension sya.

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Re: Ano po ba difference ng Term Insurance and Permanent Life Insurance?
« Reply #6 on: September 05, 2016, 07:53:21 PM »

 

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