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Poll

Which company is the best in managing Equity Funds?

PRU Life
10 (20%)
Sun Life
23 (46%)
Insular Life
3 (6%)
Philam Life
13 (26%)
Others
1 (2%)

Total Members Voted: 50

Voting closed: Feb 26, 2014, 09:25 AM

Author Topic: PRU life? SUN life? Insular? Philam?  (Read 40645 times)

Offline butuan_888

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Re: PRU life? SUN life? Insular? Philam?
« Reply #30 on: Sep 01, 2011, 12:40 PM »
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  • ......

    I also agree that some agents are just not well trained
    and can be found in all insurance companies. That's why I
    had tried so hard to find a competent agent/fe/etc
    but alas, no luck.. lahat sila hindi alam mismong product nila =(


    To say "lahat sila" would be unfair to those others who are dedicated to the ideals of their craft

    maybe you only wanted to hear what you would like to hear....that any points that they fail to mention is a sweeping conclusion of inadequacy


    .....I had exerted effort btw because I already had a SunLife
    policy and wanted a policy from another insurance company,
    and Axa was the next best thing.. pero mukhang hindi tlaga
    sya para sa akin hehehe.



    Why do you intend to get another coverage from another competitor company if indeed you are already super satisfied by your Sun Life?
    « Last Edit: Sep 01, 2011, 12:51 PM by butuan_888 »

    Offline freefront

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #31 on: Sep 01, 2011, 12:54 PM »
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  • ^He's shopping for the best deal, Filipino style.

    ^One of the comments (an aside from a call center's conversation with North American people)from an acquaintance of mine---ang mga Filipino daw, unang tinatanong ang kikitain to the point of overlooking the intinsic value of the insurance itself.


    Offline elice

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #32 on: Sep 01, 2011, 01:28 PM »
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  • I really find their Axa's inflation protection feature interesting
    but no one can explain it adequately..

    I also agree that some agents are just not well trained
    and can be found in all insurance companies. That's why I
    had tried so hard to find a competent agent/fe/etc
    but alas, no luck.. lahat sila hindi alam mismong product nila =(


    'Yung anti-inflation feature po ng AXA is so simple. It is computed based on the CPI (Consumer Price Index) na inilalabas ng Bangko Sentral. Thru this feature 'yung sum insured n'yo after year/s would still be of the same value of your sum insured on the the day of your policy's inception. And this CPI is usually at 2%

    And again napaka-unfair to generalize all insurance agents/FEs/FAs/FCs. Thinking that something is wrong with everyone is not a healthy thought. If I would be lead to think this way, I'd better ask myself because there might be something wrong with how I grasp things.
    "Baka nasa akin pala ang mali at hindi sa kanila?"
    "Di kaya sarado lang talaga isip ko, o di lang talaga ako makaintindi?"
    I've always thought anyone can make money. Making a life worth living, that's the real test.

    PMT Forum

    Re: PRU life? SUN life? Insular? Philam?
    « Reply #32 on: Sep 01, 2011, 01:28 PM »


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    Offline mxherr5

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #33 on: Sep 01, 2011, 01:40 PM »
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  • @butuan
    Dude, you have to read my comment again. I mean really understand what
    I'm trying to say first.
    I said I had tried to find a competent agent but ALL of the AXA agent/FE
    I met had inadequate knowledge. Hahahaha obviously I didn't mean to
    say all of the AXA agents were incompetent as I haven't met all of them.
    That wouldn't have made sense

    Any points they failed to mention might have caused me to make
    that sweeping statement eh? You make it sound like they just failed
    to mentioned something haha. I'm telling you, I asked a straight question.
    They couldn't give a straight answer.

    Example,
    Question: What are the cost of insurance rates
    Answer: There is no other charges except for the premium charges

    What?.. it clearly states on their proposal that there are cost of insurance
    charges and admin charges
    Their reply? Hmmmm.. I didn't know about that. I'll check that.

    Question: So how does your inflation protection feature work?
    Does the annual premium increase or just the face amount
    Answer: Hmmmm... wala yan sir. Hindi yan ganun ka importante
    Maliit lang yun.. Based yun sa declared rate ng company
    My Answer: You mean CPI.
    Their Answer: I'll have to get back to you on that

    No one ever did.. Looks like its too much work or something hehe

    So butuan, tell me does it look like I have been just closed minded so to speak?

    And why do I want insurance from another company? And this from a guy
    who has policies from multiple insurance companies. Right back at you
    sir, why did you get policies from other companies? Were you not satisfied
    with the previous insurance companies? I'm guessing its not that right?
    So you probably already have an idea why I want one from another company

    Anyway, to answer your question, I just like to get one from another company
    to have eggs in another basket so to speak and I also like to partake in AXA's
    fund's performance.



    Post Merge: Sep 01, 2011, 02:04 PM
    'Yung anti-inflation feature po ng AXA is so simple. It is computed based on the CPI (Consumer Price Index) na inilalabas ng Bangko Sentral. Thru this feature 'yung sum insured n'yo after year/s would still be of the same value of your sum insured on the the day of your policy's inception. And this CPI is usually at 2%

    And again napaka-unfair to generalize all insurance agents/FEs/FAs/FCs. Thinking that something is wrong with everyone is not a healthy thought. If I would be lead to think this way, I'd better ask myself because there might be something wrong with how I grasp things.
    "Baka nasa akin pala ang mali at hindi sa kanila?"
    "Di kaya sarado lang talaga isip ko, o di lang talaga ako makaintindi?"


    @elice,

    That's what I also said.. but the agent said that its based on
    a figure AXA declares. Maybe the percentage is based on the CPI
    only and not on the CPI?

    But since you look like your knowledgable, why don't you answer
    the questions that your fellow agents were not able to answer?

    1. So, only your sum assured will increase then. Your annual
    premium stays the same?

    2. The agent also said something about forfeiture of this feature
    of not excercised for x number of years? But the agent wasn't able
    to tell me how many years I have before I have to excercise this
    option so as not to loose this priviledge.

    3. If I forego excercising the said priviledge for a few years, is the
    priviledge accumulated so that when I excercise it on say the 10th year,
    I can increase my sum assured by more than the current year's CPI?

    4. Excercise of this option is automatically not subject to additional underwriting?


    Hay, another one. Dude, I'm sorry but I'm just saying what I see.

    Again let me make it clear what formed my opinion of AXA.
    1.) Other company's agents were able to answer my questions just fine.
    Some did not/could not divulge their COI rates but they knew what
    it was.

    2.) Multiple agents.. A lot/plenty of agents.Tried and tried again. But still
    no luck. All of those I met with still cannot answer my questions.

    I'm not saying all of AXA agents have inadequate product knowledge
    but I guess those with adequate product knowledge are in the minority.

    Plus if you look at the net, there are a lot.. a whole lot of complaints
    against AXA. Compare that to PruLife which also has VUL as their
    main product. PruLife has no complaints.

    I wonder why?

    I had thought I wouldn't have a problem since I know what to ask
    and an agent won't be able to fool me or inadvertently mislead me.
    But alas, I wasn't able to get the answers I was looking for =(

    About your last point.
    Consider this,
    I have no problems understanding explanations made by agents from companies
    offering VULs like
    Pioneer Life
    Sun Life
    Insular Life
    Philam Life
    Coco Life
    PruLife
    ManuLife
    PNBLife

    That's all of insurance companies offering VULs btw as of last year
    except BPI-Philam(Still Ayala Life back then) and Philam-Equitable

    So you're saying that those agents from those 8 insurance companies
    are on the same wavelenght as me and I'm just not understanding
    MULTIPLE AXA agents I have met? Hmmmm... That doesn't make any sense sir.

    Anyway, another AXA FE did say that you are now aware of the COI
    and its included in your training clinic. So maybe you're one of the
    new generation FEs who are more knowledgable then?

    I have talked with AXA agents from 2008-2010 so the last agent
    I talked with was still from last year.
    « Last Edit: Sep 01, 2011, 02:08 PM by mxherr5 »

    Offline elice

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #34 on: Sep 01, 2011, 02:39 PM »
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  • 1. So, only your sum assured will increase then. Your annual
    premium stays the same?

    -Your annual premium will also increase. On your policy anniversary AXA's head office will send you a letter if you want to avail that anti-inflation feature or not. Medyo pro-active yung letter if you don't reply to that they'll take it as a "yes". Thus your face amount and your premiums will increase based on CPI.


    2. The agent also said something about forfeiture of this feature
    of not excercised for x number of years? But the agent wasn't able
    to tell me how many years I have before I have to excercise this
    option so as not to loose this priviledge.

    -The non-forfeiture option the agent told you must be the feature on our traditional products.
    In our Vuls if you miss a payment. The company will automatically deduct the premium from your current account value. So your policy will only be forfeited once you loose all of your account value.
    (once forfeited it could still be reinstated only within 3 years after it lost all its account value)


    3. If I forego excercising the said priviledge for a few years, is the
    priviledge accumulated so that when I excercise it on say the 10th year,
    I can increase my sum assured by more than the current year's CPI?

    -You don't accumulate extra units by not using that non-forfeiture option. However if you've been putting in money religiously you'll definite maximize the earning potential of your money since your account value will not be diminished by unpaid premiums.


    4. Excercise of this option is automatically not subject to additional underwriting?

    -answered already



    I've always thought anyone can make money. Making a life worth living, that's the real test.

    Offline mxherr5

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #35 on: Sep 01, 2011, 02:57 PM »
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  • I'm sorry if I have further follow up questions sir.
    Since you're already here I might as well hehehehe

    1.) Since both your sum assured and premium would increase,
    does that also mean that the effective premium charge would
    be based on the new new bigger premium?

    i.e.

    Premium charge of 100% for the 1st 2 years

    1st annual premium is 20k
    then after that it increases to say 21k(For discussion's sakes lang kasi 2% nga lang
    at most ang increase)

    So on the 1st year, premium charge is 20k,
    what happens on the next year, 21k na or still 20k?

    2.) I'm sorry I didn't make my question clearer.

    Sabi kasi nung agent, If I do not excercise my priviledge
    and decline the inflation protection feature, after a few years
    of non excercise, I will loose this priviledge.

    Although you did say that no response from me
    would mean that I said yes, but
    What if I declined for say... the first few years and then
    lets say on the 10th year, I say I want to excercise my
    inflation protection priviledge?

    Could I do that?

    The reason I ask is because in case the premium charge
    would be based on the bigger premiums, then I probably
    won't want to excercise my priviledge until I'm no longer
    paying any premium charges hehehe

    3.) And it just came to me.. I'm not paying for top-up charges
    for the additional increase in premiums right?
    And I'm still paying insurance charges based on the original
    sum assured(assuming a increasing death benefit)
    and not on the new bigger sum assured. Although that's probably
    too much to ask, lugi na ata AXA nun hehe. But I'd thought I'd ask.

    4.) I also know that you now have a new product, Basix ata?
    The biggest change is that the premium charges are no longer
    100% on the 1st 2 years but have been lowered and spread
    out a few years.. Can't remember how many years.
    Plus it has a new loyalty bonus scheme.
    Based on the proposal I've seen it looks like the loyalty bonus
    is a one time thing and like PruLife's loyalty bonus.. its now guaranteed?

    Did I understand it correctly? The agents I talked to wasn't able to answer
    that because they said it just came out.
    Kasi before with Honey, its like other VULs na parang x% of fund value
    every x # of years until the policy terminates.

    I really appreciate the effort and time you are spending to answer
    my questions sir.

    Thanks

    Offline elice

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #36 on: Sep 01, 2011, 03:44 PM »
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  • 1.) Since both your sum assured and premium would increase,
    does that also mean that the effective premium charge would
    be based on the new new bigger premium?

    i.e.

    Premium charge of 100% for the 1st 2 years

    1st annual premium is 20k
    then after that it increases to say 21k(For discussion's sakes lang kasi 2% nga lang
    at most ang increase)

    So on the 1st year, premium charge is 20k,
    what happens on the next year, 21k na or still 20k?

    -First there are no such thing as 100% insurance charge in AXA in the 1st 2 years.
    For our one time pay Variable products, the premium charge is fixed at a one time Php 4,000. (that is regardless of how much your investment is)

    For regular pays the premium charges are:
    1) Life basix - 35% of premium for 5 years
    2) Axelerator -35% of premium for 3 years.

    Since the premium charges are certain percentages of the premium if your premium increased it would follow that the premium charge will increase on the succeeding years.


    2.) I'm sorry I didn't make my question clearer.

    Sabi kasi nung agent, If I do not excercise my priviledge
    and decline the inflation protection feature, after a few years
    of non excercise, I will loose this priviledge.

    Although you did say that no response from me
    would mean that I said yes, but
    What if I declined for say... the first few years and then
    lets say on the 10th year, I say I want to excercise my
    inflation protection priviledge?

    Could I do that?

    The reason I ask is because in case the premium charge
    would be based on the bigger premiums, then I probably
    won't want to excercise my priviledge until I'm no longer
    paying any premium charges hehehe

    -Yeah you can do that. You will only be not eligible to avail that feature (anti-inflation) if you already reached age 60. So kung di ka pa 60 after ten years and then you decided to use that feature, you will definitely be allowed to do so. But since ten years had passed already possible na drastic na ang increase.


    3.) And it just came to me.. I'm not paying for top-up charges
    for the additional increase in premiums right?
    And I'm still paying insurance charges based on the original
    sum assured(assuming a increasing death benefit)
    and not on the new bigger sum assured. Although that's probably
    too much to ask, lugi na ata AXA nun hehe. But I'd thought I'd ask.

    -Di po s'ya luge. AXA wont be on #14 in Fortune Global 500 list of companies kung luge na s'ya and take note across all industries po yan di lang po insurance company. They definitely know how to earn.

    4.) I also know that you now have a new product, Basix ata?
    The biggest change is that the premium charges are no longer
    100% on the 1st 2 years but have been lowered and spread
    out a few years.. Can't remember how many years.
    Plus it has a new loyalty bonus scheme.
    Based on the proposal I've seen it looks like the loyalty bonus
    is a one time thing and like PruLife's loyalty bonus.. its now guaranteed?

    Did I understand it correctly? The agents I talked to wasn't able to answer
    that because they said it just came out.
    Kasi before with Honey, its like other VULs na parang x% of fund value
    every x # of years until the policy terminates.

    -Again dun sa 2 new regular pays I've already mentioned the charges above.
    regarding their loyalty bonus for LifeBasix eto po:

    As long as your Policy remains in force, a 5% GUARANTEED Loyalty Bonus will be paid on the
    15th and 25th year to increase your Account Value. The Bonus will be equal to 5% of the
    average of the month-end Account Values for the last 120 months.


    and for axelerator instead na on the 15th and 25th year ang bonus it would be given on the 10th and 20th year.



    Post Merge: Sep 01, 2011, 03:45 PM
    You're most welcome :D
    « Last Edit: Sep 01, 2011, 04:05 PM by elice »
    I've always thought anyone can make money. Making a life worth living, that's the real test.

    Offline Rothschild

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #37 on: Sep 01, 2011, 04:32 PM »
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  • Please don't be unfair. If the agent is the only one making money out of the contract then insurance would have been illegal a long time ago. We are a major factor in keeping our economy afloat. Through the premiums we provide spending money not only for our family, our company but also for the government through the taxes that insurance agents and companies pay.

    So if there are good commissions then do become an agent, so that you can see what is exchanged for the commissions your so irate about.


    You mentioned that your Sunlife Financial Advisor.. Do you really provide sound financial advise or are you a "plain salesperson " pretending to be financial advisor? marami ka na bang successful investments o baka naman marami ka na naibenta na sunlife policies?then you are misleading your clients and its dangerous?  there's an intention on your part to deceive people!!
    « Last Edit: Sep 01, 2011, 04:34 PM by Rothschild »
    Give me control of a nation's money and I care not who makes the laws.

    Offline butuan_888

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #38 on: Sep 01, 2011, 04:49 PM »
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  • You mentioned that your Sunlife Financial Advisor.. Do you really provide sound financial advise or are you a "plain salesperson " pretending to be financial advisor? marami ka na bang successful investments o baka naman marami ka na naibenta na sunlife policies?then you are misleading your clients and its dangerous?  there's an intention on your part to deceive people!!

    okey, supposing you are politically correct and Insurance companies are wrong (you even implied like they are swindlers)..

    what sort of financial advise would you likely give to the Pinoy?

    - put all their retirement savings in a bank and be 'robbed' of gains due to government taxation?
    - put all money in the bank and be contented with mere 0.05 % interest per annum and let your money be eaten by a rapidly growing 4% + inflation?

    - or when you get severely sick or die (which is a natural certainty for all).....you go around the relatives soliciting and borrowing to raise immediately a 300 K for an emergency three artery bypass graft?

    - or when you retire; pray na lang that the government wont mismanage GSIS and SSS funds so that you will have retirement pay given to you 3 years after retirement?

    give your version of sound financial advise sir ( if any)    
      

    Offline mxherr5

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #39 on: Sep 01, 2011, 05:03 PM »
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  • @ Elise,

    1 and 2. I see... thanks, if that's the case,
    then its better to excercise this priviledge
    on the 6th year so I wouldn't pay any premium charge
    and an increase in my annual premium would
    not be detrimental to me expense-wise.

    You also said that if I choose to suddenly excercise
    this after 10 year, the increase would be drastic?
    So what you're saying is, all of those years I had
    declined to excercise this priviledge would come due
    when I decide to excercise it?

    Did I understand that right?

    3.) Of course, I didn't mean that.
    What I meant was, the cost of insurance is
    based on the net at risk right?
    Which in this case is the sum assured.
    So, if the sum assured is 1M then the next
    year it increases to 1.1M due to the inflation
    protection, does that mean the COI is now
    based on 1.1M right?

    I was saying it would be detrimental to
    the insurance company if the net at risk
    is still 1M, baka malulugi sila nun. Its
    tantamount to giving out free insurance coverage.

    4.) So that means the loyalty bonus would
    only be credited twice now instead of the previous for life
    loyalty bonus with Honey.

    Offline Rothschild

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #40 on: Sep 01, 2011, 11:46 PM »
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  • Please don't be unfair. If the agent is the only one making money out of the contract then insurance would have been illegal a long time ago. We are a major factor in keeping our economy afloat. Through the premiums we provide spending money not only for our family, our company but also for the government through the taxes that insurance agents and companies pay.

    So if there are good commissions then do become an agent, so that you can see what is exchanged for the commissions your so irate about.


    After mo ba mabentahan mga clients mo, do you still check kung kumikita sila dun sa ibinenta mo? I am pretty sure ni hindi mo na sila kinausap!!!
    Give me control of a nation's money and I care not who makes the laws.

    Offline bauer

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #41 on: Sep 06, 2011, 11:32 AM »
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  • hay, buhay..... Philam ask me again to pay my annual insurance premiums supposedly completed 3 years ago.  hirap talaga kapag kumuha ng variable life insurance policy.  dating 9 years to pay hanggang ngayon 3 extensions na, pay pa rin.

    kelan kaya ako patatapusin magbayad ng philam.  hirap maholdap.
    join me on twitter @ bauerfilipino

    Offline leelou

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #42 on: Sep 06, 2011, 01:48 PM »
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  • ^ hi bauer. you mean you got VUL from Philam 9 years ago? thought this VUL thing is relatively new.

    Offline butuan_888

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #43 on: Sep 06, 2011, 02:15 PM »
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  • hay, buhay..... Philam ask me again to pay my annual insurance premiums supposedly completed 3 years ago.  hirap talaga kapag kumuha ng variable life insurance policy.  dating 9 years to pay hanggang ngayon 3 extensions na, pay pa rin.

    kelan kaya ako patatapusin magbayad ng philam.  hirap maholdap.

    9 years plus 3 years to pay extension for a Variable UL????   that makes 12 years you have paid already

    really ????  its unbelievable and somehow unfair to Philam

    I never thought that very very early 12 years past ago there was such a thing already called VUL in the Pinas???

    VUL was first introduced around 2002 by PRU Life UK
    « Last Edit: Sep 06, 2011, 02:26 PM by butuan_888 »

    Offline mjtfernandez

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #44 on: Sep 06, 2011, 02:19 PM »
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  • To bauer, if this is the VUL I know, you can reduce your coverage to reduce the monthly insurance being charged in your VUL account. Wait for your fund to increase in VALUE and then that is the time you can stop paying when the gains in your VUL is more than sufficient to pay your monthly insurance charge.

    Pero I think this is the Ordinary Whole Life not the VUL.
    Top Financial Advisor of Insular Life. Request for a FREE life insurance, health, investment quote online at my blog site at mjtfernandez.com

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    Re: PRU life? SUN life? Insular? Philam?
    « Reply #44 on: Sep 06, 2011, 02:19 PM »
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