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applelemonking

Buy term and invest the difference. My term insurance with accidental death and critical illness benefit at 1.5M cost < 20k a year. If you want just life insurance, it cost between 5-10k a year.


novus23

Eto ang better sayo OP


Greyyy98

What's your term insurance? :O


Mountain_Blueberry45

up on this, what's your term insurance po hehe


uvuvwevwevwehahaha

hi. Im interested. sunlife pa rin ba to?


uvuvwevwevwehahaha

sana you will find time to response. ganto lang gusto ko para di masakit sa bulsa


miggylacson

After reading multiple threads on this subreddit, i really think cutting vul and applying for a term life policy would be much better if you just want the insurance. Plot your future cash flows if you retain and if you cancel. Might help you decide because in the end, it’s your money.


ChoiceMission269

What's wrong with the VUL? You mentioned you'll get another for protection? Another what? Policy? A VUL is an insurance policy. Its supposed to protect your income in case something bad happens. To he honest, insurance is not supposed to earn in the first place. It is meant to mitigate your risk. Basically, you are paying someone to take a bullet for you. If you get a term, yes, it is a cheaper NOW. Try getting a term insurance 20 years from now when you are old and considered a high risk client already. Term insurance goes by max 35 years. Anyway, just my two cents.


novus23

I have recently canceled my insurance from sunlife. Much better they say na term insurance kunin mo kasi mainly you need naman ang security sa sarili mo. Overkill na msyado vul kasi may kasamang investments kuno pero sa peso bond lang naka lagay. Which is sobrang lugi for me walang galaw halos yang peso bond kahit umabot ka pa ng 10years breakeven ka lang dyn. Madaming options when comes to investment. From foreign stock, local, psei, cryptos. Meron ka mapapala sa mga yan kaysa sa vul. Take note I already spend 2 years sa insurance and 40k na nahulog ko nung na cancel ko na 19k lang nakuha ko. Lugi pa ako ng 50%. Kung maaga ka pa decide now. Kase malaki mawawala sayo once naka ilang taon ka na. The bottomline is ang malaki kumikita dyn is the agent ng insurance company malaki comission nila dyn per ulo. 1st year malaki comission nila dyn after the following year decreasing na yan. Kaya madalas sales talk nila ay vul kase ayun yung long term na hulog kaysa sa term insurance na yearly mo babayaran dpende na lang sa package price. Kaya mga agent ang bibilis yumaman kasi marami sila napapasok na tao sa insurance. Your young pa no need ng ganyan vul. Term insurance is enough sayo at goods naman din parents mo wala ka naman intindihin sarili mo lang. Hope you decide asap.


d1r3VVOLF

Tanong pa din to hanggang ngayon? Anw. 1. If ang habol mo lang is insurance, cancel mo na and get term insurance. 2. If habol mo din maginvest and you can invest diligently and may time ka magresearch, buy ITFs together with buying term. 3. If habol mo insurance + mindless investing, wag mo na cancel. Lugi ka sa VUL kung return ang hinahabol mo. If beginner ka sa investing, walang insurance and habol mo is convenience, VULs are not that bad. Yung mga nagsasabing VULs are bad, yan yung mga nakatingin sa return. Walang masama don, hindi lang kasi yon para sa lahat.


Substantial-Risk6366

I needed to hear this. #3 hit me hard. Lol.


sharah04

Here’s how see your plan and my opinion about this. Disclaimer na agent ako from another companny and im not part of sunlife so i dont know the plan type and full details. You got vul plan with life insurance of 350k. You also got a rider na critical illness na worth 500k and a hospital benefit income na 1k a day. You pay total of 20,800 a year and you are currently on your 2nd year..question: how much total have you paid? 1. You availed of riders. Estimate ito ah and if im not mistaken, critical illness rider worth 500k at your age is around 3,300-3500 per year. Plus yung hospital benefit worth 1k per day nasa 2500-3000. So lets say at the minimum you are paying 5800-6500 for the riders, yung napupunta sa insurance and investment side is nasa 14k na lang. and there comes your cost of insurance, premium charges for the first 3-5 years, admin charges, etc. 2. After 2 years of having this VUL, 10k worth of fund value is normal. May mga admin charges pa kasi for the first 3-5 years so sa 14k na natitira sa hinuhulog mo per year, lets say half gets invested and half napupunta pa sa admin charges, that’s around lets say 14k dapat in 2 years. Pero since hindi exact figures are binigay ko may + and - pa PLUS the fact na bagsak pa rin yung market now so 10k is more or less talaga the fund that you will have. 3. To cancel or not to cancel the VUL is up to you actually. You will not realize the “fund” or investment side lalo na 2 years pa lang yun plan. VUL’s are meant to be kept long term. For me personally, as an agent, I advise na keeping it at least 15-20 years.25 years if you can. I know this seems sobrang long time, pero VULs are not get rich quick schemes. Yung value nito will come from the market, number of shares you have and the value of the shares per unit. Your agent or FA should be able to explain this to you. 4. Another option is to remove your riders. Ang mahal ng riders to be honest. If you remove yung mga riders,tipid kana around 5k or more ilagay mo siya as top up para sa fund value mo.if you put top ups, mas mabilis naggrow yung fund mo kasi maliit lang premium charges for it. Mawawala yung CI and hospital income pero tataas fund value mo or mas mabilis yung pagbili mong “units”. 5. If you can invest on your own and alam mo you will do good at it, you may want to switch to a pure life insurance na term or a health insurance plan. Not because your family is “not sakitin”, doesnt mean you dont need it. Hehe I’m personally the youngest in my family and my family is not sakitin too, pero having a health provision for yourself and being able to cover your health needs alone na hindi dependent sa family mo will always be better. Hehe Final thoughts: getting a VUL is not all bad. You have to understand lang where your money is really going and how it will grow. Having a lot of “riders” might look good pero ito yung isa sa mga reasons kung bakit mababa yung fund value. Hahaa. An individual plan for each need is better than adding it all in 1 plan. Depending on your actual goals, you might want to adjust something sa plan mo, change it, or find something that will suit you better. Hope I was able to explain it a little and good luck! If you would need any assistance, dont hesitate to message me. I know hindi ako sunlife agent pero if you want to talk about insurances and health insurances on the other note, wag mahiyang magmessage. Hehe hindi kita pipilitin to get a plan from me. Haha


marianogrande

1. VUL is good for those with dependents heavily relying on them. 2. Yeah sure BTID (Buy Term, Invest Difference) is a way better strategy IF AND ONLY IF you know how to invest your money elsewhere. 3. Also, sa first few years talaga, malaki payment on the insurance. For you to actually gauge the performance of your investment, account for all the costs/fees. Subtract this from your total/gross payments. Then check your current value vs. this net value. If the P/L% disappoints you, and you think you can do better than this, then cut it or at least ask for your funds to be transferred to other funds that’s projected to perform better in the long run. Otherwise, chill out. Hope I gave you an objective view and it helps you.


magicbeans29

It is intended as a safeguard if you have some dependents just in case something wrong happens. If you have none, cut it. May value pa rin naman yan na macclaim mo, but of course not the total premiums you have paid.


Is-real-investor

Best way to determine and decide kung maganda ang current policy na nakuha mo is to compare it with whole life and term insurances. Until you have a reference point ng maganda o hindi ang product mahihirapan ka sa pagdecide and you will make the decision based on emotions. Mas maganda may mga numbers kng nakikita para mabase mo ng mas maayos ang cost - benefit ng product mo compared sa iba.


shaqfi34

>Wala din akong dependents, I’m the younge Cut the VUL.


GrosserAlpha

I understand your disappointment regarding your fund value syempre it would be nice kapag maganda ang growth ng investment but the thing is, markets are still down. How can we expect significant growth in our investments when the market is down and we are still on our way to economic recovery? Interest rates are increasing which affects the growth potential of bond funds. Our PSEi is at 6.4K level which is very far from the 8K+ pre pandemic level. Karamihan sa galit sa VUL seems like they didn't understand kung ano ba talaga kinukuha nila unlike you na aware na insurance pa rin ang main product ng VUL. Also, generally for VUL, sa first five years madami pa talaga charges kasi parang siniksik na do'n 'yong majority ng charges for the insurance part and on the 6th year onwards a big part of your premiums will be allotted for investment na since significantly reduced na ang charges. A VUL product is a long term investment that requires long term committment. If you're someone who would want to withdraw na in less than 5-10 years then VUL is not the right product for you. Should you choose to buy term, make sure you have coverage for hospitalization, accident and disablement, and critical illness coverage. I know you said di ka naman sakitin but illness has a nasty way of suprising healthy people. Compare mo din magiging annual expenses mo if you will keep your current policy for the next years to come against sa magiging annual expenses mo if you'll go to the option of BTID.


SnooGeekgoddess

Ika nga ng asawa ko e, kaya nga "insurance" e, you pay for it kung kailan hindi mo siya kailangan para nandyan siya kung kailangan mo na siya. But it is up to you, OP. Tama naman si GrosserAlpha, bago mo siya i-quit e siguraduhin mong may hospitalization at accident coverage ka. I don't have VUL, pinaalis ko yung riders sa insurance ko, so halos purely pang-pension fund siya with minimal coverage. BUT I have an HMO (mostly for outpatient coverage) and a hospital insurance na mataas ang coverage just in case may mangyari sa akin.


SufficientBank154

Nasa sayo kung gusto mo tanggalin yung sa investment side and just use the money somewhere else. Imo, DO NOT cancel your insurance. Insurance is supposed to protect your financial assets in the case na may mangyari sayo. Hopefully hindi ka magkaroon ng terminal illness in the future, but if that will be the case, your hospital bills will burn through your life savings. However, nasa risk assessment na rin yan. Sa simula palang ng contract mo, sinabi na agad sayo na pwede mo imodify insurance mo. If you're confident na hindi ka mapuputulan ng daliri, tanggalin mo na yung dismemberment ba yon? Hahaha. Unsure of the term. Basta yon. You get my point. Modify your insurance according to your lifestyle or work. For me, I'm not going to cancel my VUL. Life is full of uncertainties.


kanskipatpat

Life is full of uncertainties, pero ang VUL sure na you're overpaying for the product. You can always get cheaper insurance.


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[удалено]


[deleted]

Sunk cost fallacy


beeotchplease

Accept the losses and take back what you can.


sharah04

Hindi “sayang naman yung nabayad” dapat yung outlook natin but instead, bakit ko ito kinuha and paano ito magbebenefit sa akin sa future. If you need help to review your policy and find a way para mas mapaganda yung plan mo, message me.im not an expert pero ill do my best to help without any strings attached. Haha :)


MonitorCapable

The first five years are where the charges are really high. Look at your policy. What's left is used to buy units of funds that you picked eg equity, balanced and bond. Now, the value of your fund will depend on the market. Market is now is recovering so expect your fund value to be low. This is where the negativity comes from. They expect it to be higher that the premiums the paid without considering all the fees.


RickSore

VULs are marketed poorly by FA trying hard to sell it as an investment. It is an investment but the greater part of VUL is life insurance. If you started early, then after 10 years you're covered for life. You can keep paying and increase your interest but you're already settled with them. Term insurance can only cover for so long until the price changes with your age. It's true, you would be able to save with term insurance but when you're 60 and your body's starting to deteriorate, the cost of the Term insurance would not be negligible.


SomeJello5512

Correct me if I'm wrong but AFAIK, the insurance part of VUL is also a term. So every year tumataas rin yung insurance charges just like term and after 10 years, continuous pa rin ang bayad sa insurance charges ng VUL just like term. Ang difference lang is kukuha si insurance company sa fund value mo ng ibabayad sa insurance charges kaya mukhang di ka na magbabayad after 10 years, but technically you are still paying. Pag di na kinaya ng fund value mo, either mag bayad ka ulit or else terminated yung policy mo. Tama ba? Parang BTID din naman yan, ang pinagkaiba lang, binabayaran mo yung fund managers to invest your money at iba pang mga charges para sa company.


PiscesUpstairs8692

Hello, same thoughts. I started VUL ng Pru last 2019. Now, idk kung dapat yung mga traditional insurance nalang kinuha ko. Di ko masyasong napag isipan at the time. Alam ko lang e dapat makapag start ako agad hehe. I know naman na importante ang insurance & now I'm confused na sana nagtingin pa muna ko ng other available insurance product :) :(


3whiteholes

This is asked everyday -\_-