Thursday, November 23, 2017

Term Insurance: Shopping Around Proposals and Quotes (Sunlife,AXA,PhilAm, Manulife)



Though I have been contributing regularly to my PhilHealth, I still would like to have another form of insurance and this brought me to research more about Term Insurance. 


Note: I talked to a lot of insurance agents and here's a thing I observed:

Female insurance agents: They talked and talked and pushed you to get VUL.

Male insurance agents: They are straight to the point. If you say you'd like to get a quote for term insurance, they'd give you what you want. PERIOD.


Personal Profile:

Age: 31
Non-smoker with no pre-existing medical condition


SUN Safer Life- 5 Year Renewable and Convertible Term



Face Amount: Php 1,000,000
1 to 5 years: Php 10,680 annually








Manulife YRT (Yearly Renewable and Convertible Term Insurance)


Face Amount: Php 5,000,000
Premium: 12,670 annually 







PhilAm Guardian 5


Coverage: 500,000
Accident and Health 1,500,000
with Medical Reimbursement  100,000

Premium (5 years): 8,171.47






AXA

The agent didn't send me the proposal via e-mail. I talked to him in person and AXA has the most expensive premium among the 4 insurance companies I've talked to. I was given a quote of Php 50,000 yearly. AXA's coverage is so extensive so I guess there's a price to pay for that. Personally, I think most of the things they covered are unnecessary for me. 





Final Thoughts: 


I haven't decided yet if I should get Term Insurance. I am researching about HMO (Health Maintenance Organization) and I will keep you posted once I gather more information about it.

Ciao. 


7 comments:

  1. Nakakatawa about male and female insurance agents! Im reluctant to talk to them kasi nga I dont understand what they say. Nakakahiya. Thanks for posting this. It's really helpful.

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    Replies
    1. Don't be intimidated. As what Dave Ramsey said, "You know if you are talking to the right insurance person if he or she has the heart of a teacher." If you feel like you didn't learn something from the conversation, I think you should move on to another insurance agent.

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  2. Philam Guardian 5 seems to have a lot of coverage: life, medical, and accident insurance. Is Php 8,171.47 the annual premium for 5 years? Sana meron ding 10 years.

    I'll keep checking to find out what insurance will win your heart.

    By the way I have Sunlife term insurance and critical illness. I've been thinking of paying higher premium for a permanent critical illness insurance for a higher coverage since it's for my self naman and not for my beneficiary. Any thoughts about it?

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  3. Keep us posted on the HMO research, please! :)

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  4. I am now considering life insurance as well. Although, I have my insurance and HMO provided by my employer, it is still important to have a personal one. I talked to several insurance agents and most of them pushed me to get a VUL and even if I asked for a term, I received proposals for VUL. Still shopping around though and comparing. Looking forward to your update regarding this matter.

    ReplyDelete
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    ReplyDelete
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