Philippine Term Life Insurance

When you are young and starting your own family it isn't easy to accumulate wealth for the financial security of your family. At this early stage in your life, the income you earn may be barely enough to support your family. As you begin investing for the future of your family or your retirement, you can still secure your family by spending a minimal amount each month. You can take extra steps to make sure your family will be okay in case something unfortunate happens to you.

One of the best way to secure the future of your family is to avail a term life insurance. No other investment instrument can secure their financial future at a minimal monthly payment. Insurance premiums are very affordable when you are at a young age. It is in this stage in your life when you have a lot of responsibilities and are usually strapped for cash.



If your main objective is to maximize the coverage of your insurance at a minimal cost, you should take a look at term life insurance. These insurance products offer higher insurance coverage at a low monthly payment compared to whole life insurance. Compared to other insurance products, there won't be any return of investment once you decide to cease paying your insurance policy.

Payments for term life insurance also increases as your age increases. This won't probably be an issue for most people when they reach at an old age. By then their dependents will become independent, their income will probably be more than enough to support their needs and they will no longer need these type of insurance.

Below are a few Term Life Insurance to explore

PruTerm 15

PruTerm 15 is a fifteen (15) year term insurance product which is automatically renewed every 15 years, payable in fifteen (15) years. It is a simple and straightforward life insurance product which pays a lump sum benefit to the beneficiary if the insured dies within the specified term.

Benefits

• Guaranteed insurance coverage starting at PhP695/month
• Usually used for mortgage redemption insurance and for estate planning purposes as it provides substantial coverage at affordable cost
• May be renewed for another term or be converted to a permanent plan 
PruTerm 15 can be enhanced by various riders as follows:
• Accelerated Total and Permanent Disability – advances the benefit amount if the life insured is totally or permanently disabled due to injury or sickness
• Accelerated Life Care Benefit - advances the benefit amount from the basic sum assured if the life insured has been diagnosed to be suffering from any of the 36 critical illnesses or has undergone surgery due to critical illness.
• Accidental Death and Disablement - pays the benefit amount if life insured dies due to accident
• Personal Accident - indemnifies the insured for injury or death due to accident
• Hospital Income – provides daily and lump sum cash benefits to the life insured to cover the cost of hospitalization due to injury or illness
• Waiver of Premium on Total and Permanent Disability – waives all future premiums until the expiry date of premium payment term if the life insured becomes totally and permanently disabled due to bodily injury or disease 
• Life Care Waiver - waives all future premium payments until the expiry date of premium paying term if life insured is diagnosed to be suffering from any of the critical illnesses or has undergone surgery due to critical illness 

Sunlife Assure

Sun LifeAssure is a nonparticipating peso-denominated five-year renewable term life plan with critical illness benefit.
Offering the broadest coverage for critical illness insurance in the market today, Sun LifeAssure is a five-year renewable term plan that pays the face amount either upon death of the life insured or if life insured is diagnosed, while living, to have any of the 36 specified critical illnesses and, where applicable, has undergone any specified surgeries before the insured attains age 70.
Covered critical illnesses include heart attack, cancer, stroke, multiple sclerosis and others.Special premium rates are also available for non-smokers^.
Critical Illnesses
1. Heart Attack
2. Stroke
3. Cancer
4. Kidney Failure
5. Dissecting Aortic Aneurysm
6. End Stage Lung Disease
7. Progressive Muscular Atrophy
8. Major Burns
9. Multiple Sclerosis
10. Paralysis
11. Total Blindness
12. Loss of Limbs
13. Aplastic Anaemia
14. Bacterial Meningitis
15. Benign Brain Tumour
16. Deafness
17. Encephalitis
18. Amyotrophic Lateral Sclerosis (ALS)
19. Progressive Bulbar Palsy (PBP)
20. Meningeal Tuberculosis
21. Cerebral Metastasis
22. Loss of Speech
23. Coma
24. Parkinson’s Disease
25. Terminal Illness
26. Medullary Cystic Disease
27. Alzheimer’s Disease
28. Fulminant Hepatitis
29. Major Head Trauma
30. End Stage Liver Failure
31. Motor Neurone Disease
32. Guillain-Barre Syndrome

Critical Illnesses Requiring Surgery 
Critical Illnesses Requiring Surgery means any of the surgeries specified and defined as follows:
33. Major Organ Transplant
34. Coronary Artery Bypass Surgery
35. Surgery for Disease of the Aorta (Aortic Surgery)
36. Replacement of Heart Valve


YRT and ReACT5 
are term insurance plans which provide fixed term protection coverage for one (1) year and five (5) years, respectively.  These plans are very flexible due to the renewability and convertibility features.18 year old


Life Protect

Now you can protect your family from life’s uncertainty for as low as P320.00 a month*, for a P1M life coverage!
*Basic plan premium only for one year coverage at age 30.
Depending on your budget, Life Protect lets you choose from among 1 year, 5 year or 10 year premium paying periods.
Guaranteed Life Insurance
  • Equal to 100% of your plan’s face amount for the duration of your chosen coverage period.
Increase in Renewal Coverage
  • Upon first year of renewal, you are given the option to increase as much as 10%* of your policy’s original face amount with out having to go through medical examinations.
    * Takes effect on any term renewal date period but shall be allowed only once during policy’s life time.
Convertibility
  • You may convert your plan to another plan type of insurance package within a period of time.
Renewability
  • Policy is renewable every year, every 5 years, or every ten years depending on your chosen plan type.
Optional Riders
Accidental Death Benefit
  • Additional insurance coverage incase of accidental death
Waiver of Premium
  • Premiums are waived incase of total and permanent disability.
Waiver of Premium Plus
  • Premiums are waived incase of total and permanent disability and provides annual disability income during the insured’s disability period.


Philam Guardian

Guaranteed Life Insurance Protection
  • You can get guaranteed life insurance protection equal to the face amount of your policy.
  • You can increase your protection coverage by adding accident, disability, and hospitalization benefits.
Flexible Protection Plan
  • You can choose to be covered for 1 year, 5 years, 10 years, or until you turn 65.
  • You can select from different payment schedules. You can opt to pay one-time or regularly, or you can choose to pay for 5 years, 10 years or 20 years depending on your budget.
  • You can also attach accident, disability and hospitalization benefits to further enhance your protection coverage.
Renewable and Convertible Protection Plan
  • You can easily renew your coverage after the life of your policy.
  • You can convert your plan to another type of life insurance coverage within a certain period of time, without the need to present proof of insurability.
With Guardian, now you can provide yourself and your family guaranteed life protection at a price you can afford.

Protection I-Insure 

I-Insure is a life insurance plan that provides coverage for a specific period of time. Through the proceeds of the policy, the family becomes financially protected despite the loss of a breadwinner.

Versatile
With several variants to choose from, you will surely find an I-Insure plan fit to your needs as you move from one life stage to the next. You can start with short term coverages of 1, 5, 10 or 15 years or avail of I-Insure 65 which will cover your productive years. 
Automatically Renewable
Should you decide to continue your I-Insure coverage, you are free to do so without undergoing further insurance underwriting. Premiums for the extended coverage shall be adjusted based on your age at policy renewal. 
Guaranteed Convertible
As you reach different milestones in your life, you will realize that your financial needs will evolve. You may see the need for an insurance product that has features more appropriate to your current requirements. Insular Life gives you the privilege to convert your I-Insure policy into any of its permanent plans without presenting proof of insurability.



No comments :

Post a Comment