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23 y.o. needs insurance advice

ctrlaltdel · 25 · 5031

ctrlaltdel

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on: May 07, 2014, 09:15 PM
Hi, I've been researching about insurance products for a week now. But I'm still not sure what I should get or if I even need one.

I don't have any dependents and my parents don't really need anything from me within the next 15-20 years. I'm also not sure if I would like to have kids in the future. My main concern is my possible health expenses.

The reason I'm looking for an insurance product is that I've heard a lot of stories from my parents about their friends having cancer, heart attacks, etc. I would just like to protect myself from the possible big expenses that getting sick would entail in the future. I'm currently quite fit so that's why I thought maybe the premiums would be cheaper at this point of my life.

The problem is, I haven't found a product that is exactly what I'm looking for. I want something that would protect me until at least age 80. But what I'm seeing is that these products are aimed mostly for protecting your dependents when you die. What I want is something that I could benefit from if I get sick. Or if I don't get sick at all, I'm assured I could get my premiums back plus with interest. The return doesn't need to be that big, just something that could maybe beat inflation since I just want protection from possible health expenses and still be assured that my money doesn't get lost to inflation.

Hope someone could give advice. Thank you! :)


binsyo

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Reply #1 on: May 07, 2014, 11:06 PM
^ ^ We're almost the same age  :b_hi:... Astig naman at insurance na pinag-iisipan niyo po sir/mam (lalaki po ba kayo o babae?). Ayaw niyo po mag-asawa and have kids??


ctrlaltdel

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Reply #2 on: May 07, 2014, 11:43 PM
I'm female, and yes, di pa ako sure if I want to have kids. Maybe if I'm near 30 then I could decide. I value peace of mind kaya I think insurance could help. Plus, para diversified na rin pinupuntahan ng money ko and not just stocks na high risk. So instead na bonds, sa health insurance na lang siguro.


kuray08

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Reply #3 on: May 08, 2014, 07:41 AM
mam ang alam ko po mas maganda na mas maaga o mas bata kayong kumuha ng insurance.. kumbaga mas madali nyong matatapos magbayad.. kung intresado po kayo about insurance.. may alam po ako..


DarnaNarda

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Reply #4 on: May 09, 2014, 03:27 PM
Hi.

What you want are 2 different things.

1.) Insurance with returns - this is an endowment type of insurance wherein there is a maturity period of let's say 30 years, you get your face amount with dividends when your 53, the longer the more dividends, while you are insured during the first to the the 30th year when you collect your money. There are a lot of products like these in the market, If you want to know more you cam PM me.

2.) Health Insurance - this would depend on your idea of protection, do you want an HMO (Pre need)wherein you will be covered with In Patient, Out Patient,(Unlimited Consultations) Emergency, Annual Physical Exam, Dental Benefit cashless in accredited hospitals nationwide. This is the usual Medical Cover for employees and families. The only problem with this plan is that it is not enough for when you get sick and hospitalized abroad or if you get to go in ICU for a long period of time because the Maximum Benefit Limit is limited to I think 200K mostly, On the other hand, if you get a Medical Plan (Insurance) which will cover either cashless or reimbursement all the expenses you will have when you get hospitalized because it has a coverage of a minimum of 500K to I think 2.5M. There are dollar plans for this type of Insurance too and coverage for recuperation, and private nurse and organ transplant. Both HMO and Medical Insurance are renewable annually.

If you want to have a life insurance and a Medical Insurance in one, you might want to look at Life Insurance products with medical benefits, although there is no coverage for Out patient (consultation) there will be a Terminal Illness benefit, Daily Hospital Financial Assistance, Surgery Allowance and other riders but will not be reliable if say you want your colds and cough checked out.

Its good that you think your parents won't need anything from you, (our parents will always need us). if you are worried that there will be no beneficiaries for you, you can ask your insurance company or the agent if you can elect to give your proceeds to a charity group or a person you choose.

Bottomline, you should start thinking about protecting yourself for any contigencies. You are very young and many things will happen, you may fall in love, get married, raise kids...if you insure yourself now, you will finish paying your plan halfway or fully before you have a family. The advantage of this is that you will not have to pay for premiums for yourself when you get married, you can focus on maybe getting an Educational program, insure your husband and kids, travel together the list is endless if you act now...

Hope this helps.  :cool2:



ctrlaltdel

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Reply #5 on: May 09, 2014, 05:15 PM
hi thanks for the reply and explanation.

What company are you affiliated with?

I'm actually comparing 5 products now:
1. Sunlife Protector Plus
2. AXA Health Max
3. Insular I-Heal
4. PruLife Life Care Advance
5. Manulife Eve

Any opinion guys on what I should choose?

Thanks! :)


kamikenze

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Reply #6 on: May 10, 2014, 11:24 AM
@ darnanarda - In the Philippines, your beneficiaries must be blood related.  You cannot elect to choose a charitable institution as your beneficiary.  If none is indicated, it will automatically go to your estate.  For the original poster ,you can always amend the beneficiaries in your policy.  Maybe in the future if you get married or have kids, you can include them as beneficiaries.

There are life insurance products that include "somewhat" like a retirement fund.  These are commonly the VUL or the variable unit-linked life insurance products.  Let's say you are paying 5K a month, majority of the proceeds will go to your savings fund, which will be invested either in the stock market or bonds.  This is considered forced savings, which is a good way of securing your future.

Hope this helps.

   
« Last Edit: May 10, 2014, 11:26 AM by kamikenze »


richpulubi

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Reply #7 on: May 10, 2014, 11:32 AM
Don't buy life insurance if you dont have dependents.  It's a good idea to get health insurance, but don't consider it as an investment, but more of a protection of your other investments...since you don't need to tap into these is you get sick.


wilch23

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Reply #8 on: May 10, 2014, 11:36 AM
mam ang alam ko po mas maganda na mas maaga o mas bata kayong kumuha ng insurance.. kumbaga mas madali nyong matatapos magbayad.. kung intresado po kayo about insurance.. may alam po ako..

That is what the insurance agent wants you to believe.


wilch23

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Reply #9 on: May 10, 2014, 11:37 AM
Don't buy life insurance if you dont have dependents.  It's a good idea to get health insurance, but don't consider it as an investment, but more of a protection of your other investments...since you don't need to tap into these is you get sick.

Tama! Tama! Further, returns on the insurance linked investments are not good naman.
« Last Edit: May 10, 2014, 12:45 PM by wilch23 »


kamikenze

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Reply #10 on: May 10, 2014, 12:08 PM


@ wilch23 -  Whether you believe it or not, It is true that it is cheaper to get an insurance when you are still young.  Why?  Older ones are riskier to insure. 

@ richpulubi - I agree with the health insurance suggestion.  Life insurance cannot replace the role of health insurance.  However, life insurance with certain riders can supplement a health insurance since the medical amount limits of most health cards are quite small 100-200K, which is insufficient in treating critical illness like cancer.

Madami pang gamit ang life insurance.  It can also be used for estate planning.  Under this, the proceeds of the life insurance will be used to pay for estate taxes.

PS:   Mukhang aawayin ako dito ah since I am an insurance agent. :hihi:  I am just sharing my thoughts.  hope I will be treated with respect here.     


wilch23

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Reply #11 on: May 10, 2014, 12:37 PM

@ wilch23 -  Whether you believe it or not, It is true that it is cheaper to get an insurance when you are still young.  Why?  Older ones are riskier to insure. 

I know. I have life insurance since my late 30s. Too early doesn't make sense tho if you can get better return from investing somewhere else.

@ richpulubi - I agree with the health insurance suggestion.  Life insurance cannot replace the role of health insurance.  However, life insurance with certain riders can supplement a health insurance since the medical amount limits of most health cards are quite small 100-200K, which is insufficient in treating critical illness like cancer.

Actually it's more for terminal illness which is sometimes covered with a pay out while the insured is still alive. I won't recommend getting life insurance with health coverage tho. Separate is better and easier to manage.

Madami pang gamit ang life insurance.  It can also be used for estate planning.  Under this, the proceeds of the life insurance will be used to pay for estate taxes.

Agree with this one. Insurance pay out to immediate family is tax free, so it can even be part of the inheritance.

PS:   Mukhang aawayin ako dito ah since I am an insurance agent. :hihi:  I am just sharing my thoughts.  hope I will be treated with respect here.     

Sorry if my earlier comment came across as too harsh.


wilch23

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Reply #12 on: May 10, 2014, 12:43 PM
@ darnanarda - In the Philippines, your beneficiaries must be blood related.  You cannot elect to choose a charitable institution as your beneficiary.  If none is indicated, it will automatically go to your estate.  For the original poster ,you can always amend the beneficiaries in your policy.  Maybe in the future if you get married or have kids, you can include them as beneficiaries.


You don't have to be blood related, most spouses are not related by blood. The beneficiary doesn't have to be the immediate family either, pero will not be tax free.


mxherr5

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Reply #13 on: May 10, 2014, 12:59 PM
^
I agree with wilch, just because someone bought insurance when he was
younger doesn't make him any less likely to die than someone who gets
insurance at an older age.

The only reason why its "cheaper" is because you are pretty much
paying more in the early years so you won't have to pay as much
during the later years.


kamikenze

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Reply #14 on: May 10, 2014, 01:13 PM
@ wilch23

1) You can never predict death.  It may be too early for you to get an insurance in his 20s but who knows what will happen. 
2) It is not necessary for terminal illness.  Kasi kung sinabi mong terminal, malapit na siya mamatay.  This is not the case.  I think the correct term is critical illness.  You can always recover fully from a stroke (mild), cancer (early stages), etc.
3)  It should be an irrevocable designation para hindi siya ma-tax.
4) Regarding the allowable beneficiaries, I stand corrected.  You can include your spouse or even fiance*** as beneficiaries.  Actually, pwede din the company the you are working for if they are the one's paying for your insurance.
   

 


 


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