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Ideal percentage of income for life insurance?

MaO · 22 · 3984

MaO

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I currently have two life insurance. A VUL which I got while I was still single and a term insurance which I got after the birth of my daughter. I am not sure if I need to increase the coverage of my term insurance. Is there an ideal percentage of my income that I should alot for my life insurance? I don’t want to spend too much on Life insurance since I am still in the process of building my investment portfolio. I hope someone can enlighten me about this. Thanks


empleyado

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Reply #1 on: Jan 23, 2014, 07:47 AM
Around 10% if possible.But it's better to have an assessment with a trusted financial adviser first.


ofw_investor

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Reply #2 on: Jan 23, 2014, 07:58 AM
How old are you?  Have you considered the BPI Family Savings Bank's GetStarted Savings Account with Insurance or BPI Direct Savings Bank's SaveUp Savings Account, these products are interest earning albeit small (0.50 % pa for GetStarted and 0.75% pa for SaveUp) but provide you with free life insurance from BPI - PhilAm Life of 5 times your ADB upto 2 million pesos.  GetStarted comes with ATM card so it can function as your emergency fund as well.

Disclaimer: I am not connected with BPI, just a satisfied customer.
« Last Edit: Jan 23, 2014, 07:59 AM by ofw_investor »


MaO

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Reply #3 on: Jan 23, 2014, 12:26 PM
Around 10% if possible.But it's better to have an assessment with a trusted financial adviser first.
Thanks for the tip. Now I have some idea how much I should invest in term insurance. I did ask a financial adviser bout the ideal amount I should invest in term life insurance but she was kept on telling me to invest in VUL. I think her opinion was biased since she has a personal interest in which product I will pick.


MaO

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Reply #4 on: Jan 23, 2014, 12:36 PM
How old are you?  Have you considered the BPI Family Savings Bank's GetStarted Savings Account with Insurance or BPI Direct Savings Bank's SaveUp Savings Account, these products are interest earning albeit small (0.50 % pa for GetStarted and 0.75% pa for SaveUp) but provide you with free life insurance from BPI - PhilAm Life of 5 times your ADB upto 2 million pesos.  GetStarted comes with ATM card so it can function as your emergency fund as well.

Disclaimer: I am not connected with BPI, just a satisfied customer.

I am 30 years old. I did consider bpi direct save up with insurance but I don’t want to tie up my money in a savings account. I just opened a BPI direct savings account for my emergency fund which I will enroll in this prigram but I think it is not sufficient enough to secure my family. By the way if I do avail this product will they give you a printed policy?
« Last Edit: Jan 23, 2014, 12:39 PM by MaO »


lady_g

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Reply #5 on: Jan 23, 2014, 01:03 PM
There are two types of Save-up Acct pala, how do I know if what I have has the insurance variant?


ofw_investor

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Reply #6 on: Jan 23, 2014, 01:15 PM
@MaO

I don't think they will give you a printed policy, but they will give you an info card.  I have not seen mine because I was overseas when I opened the account online.  What I did was put almost all my balance to my SaveUp account and just leave the minimum required balance on my ATM account (BPinoy account in my case) so I maximized the insurance coverage.

@lady_g

BPI Direct offers the SaveUp with Insurance only.  The High Interest variant is offered by BPI and BPI Family Savings and you can specify it at the branch.


lady_g

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Reply #7 on: Jan 23, 2014, 02:38 PM
Salamat ofw investor!


nemo1207

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Reply #8 on: Jan 23, 2014, 02:59 PM
I have a save up acct too, BPI just send me a card i don't think if this is serves as a policy or just a proof of my insurance...


MaO

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Reply #9 on: Jan 23, 2014, 06:51 PM
@ofw investor. I’ll just visit the bank tomorrow and ask for details about this product. I am curious how my family will claim the insurance if ever something happens to me.


ofw_investor

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Reply #10 on: Jan 23, 2014, 07:22 PM
terms and conditions for saveup account is in this webpage: http://www.bpiexpressonline.com/others/SaveUp_Summary.htm


freefront

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Reply #11 on: Jan 23, 2014, 10:51 PM
Parang natanong na 'to dati. Same question as "In what category do you put your SSS, PAGIBIG,& PHILHEALTH contributions?" Savings or expenses?


MaO

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Reply #12 on: Jan 24, 2014, 12:02 AM
Hello freefront, I tried looking for this question from other threads and I didn't find any answer. I just wanted to know how much of my income should I dedicate for my life insurance. As of the moment I am only spending around 2% of my annual income for life insurance. I am hesitant to spend 10% of my income on term life insurance since I won't be able to recover the money I will spend unless something happens to. That is why I am interested in BPI Direct Save-Up. This way I will be able to secure an additional life insurance by depositing my emergency fund in this account. By the way are their other banks that offer similar product as this.


freefront

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Reply #13 on: Jan 24, 2014, 11:07 AM
I addressed this question as it applied to me, long time ago. If I'm asked now, the general answer would be, I don't bother anymore because as long as everything is working, I'm not going to court hyperacidity by thinking about it.

Depends on what box you put life insurance in. As for me, it is an expense with immediate benefits and future income= investment. Hard-nosed people with great memory and can do math in their heads, might view it another way. My premiums are lumped with those annual expenses like taxes, license renewals, SSS, Philhealth, PagIbig, and a few more stuff. Unfortunately for me, those abovementioned are constants---my income isn't  :) I'm not really qualified to answer, am I?


mjtfernandez

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Reply #14 on: Jan 27, 2014, 09:03 AM
I also have a BPI with the x 5 insurance. However I'm just wondering if ever I get sick or got into an accident, most likely I would be tapping into my emergency funds, by doing so, will this lessen my insurance coverage if I withdraw some funds? Or is it based on the average balance?


 


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