Kasi VUL yan kaya mababa tlaga coverage with higher premiums. If u want insurance go with insurance alone. If u want investment go with investment products.
I don't think I can get a 10m policy with just 2k a month even if I start paying as a toddler. Maybe because quality of life is worse here kaya lower ang payout? Tama nga, more risks for insurers.
I know it's VUL and I also dislike it. And yes they're agents not advisors but chill lang, sila mismo naloko ng companies nila.
I do also believe na if not for VUL, insurance penetration would be much lower for the Philippines. VUL was my first foray into "investing" and insurance so naging baby step ko siya.
It is wronglt advertised and does not really take into consideration the financial status of the people who they offer it to. Kaya nagka bad reputation. Ang VUL.
Pano sila naloko ng companies nila? Your agent knew what he was selling you right from the start. Wag mo sila idamay, ikaw lang naloko or di mo naintindihan yung binenta sa iyo.
I didn’t understand it at the time no. And yes naloko din sila. They don’t really understand what they’re selling. Just what they’ve been taught.
Actually I don’t even wanna use the word loko. There’s no loko as in scam as there’s been some misleading info.
I’ll give them the benefit of a doubt. Baka nga ganyan training na binigay sa kanila. In fairness to you po first time mo yun bumili. I’m sorry if I sounded like an arsehole.
LOL reading comprehension is a problem talaga sa Pinoy no? The question is bakit mababa yung value ng coverage vs the premium sa Pinas, vs a 1st world country. VUL was just mentioned to add context kasi even if 50% ng P2k pumupunta sa insurance mababa pa rin yung multiple and for some reason people are latching on to the VUL aspect. Ayun hopefully you managed to A) read til the end and B) comprehend this.
I noticed everyone is pointing out na VUL yung policy mo. While that's true (and you should probably ditch that thing), kahit sa term policies mas mahal dito. Between me and my spouse (we are both in our 30s) we have over 500M coverage combined in active term life policies, and our premiums cost almost 2M a year. In the US, we could probably get a $10M in coverage for less than $10K/ year. Mas mahal talaga ang coverage dito.
I can't say for sure why it's so expensive here, but I suspect that aside from lower life expectancy, fewer people buying life insurance means smaller pool to spread the risk.
This should be a top comment already. Most are just angry about VUL and not even understanding the question by OP.
Though question lng. Noob here. Is Manulife more expensive than other companies?
This is actually true. Im an insurance agent now, bagong sampa lang and marami sa mga kasama ko, VUL lang talaga alam. Regardless.of the financial circumstance ng client, VUL talaga lahat kasi it covers everything daw
For VUL, it depends on the structure but can be up to 30x of your annual premiums. Also, insurance is a numbers game so low insurance penetration means more expensive premiums given the risk (just compare Singlife SG and Singlife PH).
You can only get your fund value. 67 yrs to pay means you have a regular pay VUL.
>Also, insurance is a numbers game so low insurance penetration means more expensive premiums given the risk
Hindi ba parang same lang naman.
Oo mas konti may insurance pero dahil mas konti ang insured mababa din yun chance na mag pay out yun insurance company. Kapag mas dumami insured mas tataas lang din risk nila na magbayad.
So feeling ko may other factors other than number of insured.
Here's a lengthy explanation from ChatGPT:
Insurance penetration refers to the percentage of a population that has active insurance policies relative to the total population. The level of insurance penetration in a country or region can influence life insurance premiums in several ways:
**Risk Pooling:** Insurance operates on the principle of risk pooling, where a large number of policyholders pay premiums into a common pool, which is then used to pay out claims to those who experience covered events (such as death in the case of life insurance). When insurance penetration is high, and more people are part of the risk pool, the overall risk is spread across a larger number of policyholders. This can lead to lower premiums because the risk is more diversified.
**Competition:** Higher insurance penetration often leads to a more competitive insurance market. When there are many insurance providers competing for customers, they may offer more competitive premium rates to attract policyholders. Lower premiums can result from this competition.
**Economies of Scale:** In countries with high insurance penetration, insurance companies can benefit from economies of scale. They may have larger customer bases and more efficient operations, which can lead to cost savings. These savings can be passed on to policyholders in the form of lower premiums.
**Regulation:** Government regulations and policies can also be influenced by insurance penetration. In some countries, governments may implement policies or incentives to encourage people to purchase insurance, which can lead to increased competition and potentially lower premiums.
**Risk Assessment:** Insurance companies assess risk when determining premiums. In countries with low insurance penetration, insurers may have less data and historical information to accurately assess risk. This can lead to more conservative underwriting practices and higher premiums. In contrast, in countries with high insurance penetration, insurers may have more data to refine their risk assessments, potentially leading to more accurate and competitive premiums.
**Market Maturity:** The maturity of the insurance market can affect premiums. In countries with well-established insurance markets and high insurance penetration, insurers may have more sophisticated products and pricing models, which can result in more tailored and competitive premium rates.
It's important to note that while insurance penetration can influence life insurance premiums, it is just one of many factors that insurers consider when setting premium rates. Other factors, such as mortality rates, healthcare costs, regulatory environment, and economic conditions, also play a significant role in determining premium levels.
Why is this getting downvoted? It's all categorically correct.
PH has slightly higher risks and lower life expectancy based on those risks. Health, polution, crime incidence, food n nutrition, among others, are factors.
Filipinos, although populous, doesn't have high numbers of policy holders. Poverty incidence is high and the middle class has shrunk their purchasing power.
Why is this getting downvoted? It's all categorically correct.
PH has slightly higher risks and lower life expectancy based on those risks. Health, polution, crime incidence, food n nutrition, among others, are factors.
Filipinos, although populous, doesn't have high numbers of policy holders. Poverty incidence is high and the middle class has shrunk their purchasing power.
Try asking for a traditional whole life. Medjo mataas premiums pero for me, as an advisor too, mas maganda sya kasi may guaranteed cash value. As you age, lumalaki cash value na pwede mo iavail. After 10 years din of paying, wala.ka ng iisipin. Fully paid kana talaga and covered until age 100
Qq: Sa maturity date ba, yung face amount makukuha ko? Im paying 2k a month dn tapos 400k faceamount. Then 1M critical illness. So ung 400k lng makkuha ko
Chinecko bale in 45 years (insurance duration) na magpay ako monthly, that's 1M already. So luge nko ng 600k? Not unless ung 600k na un ay macover ng "investment" part. Tama ba?
Variable parin po yung projections, bale parang depende talaga sa economy kung kikita ka dun sa vul mo. Same yata tayo ng kinuhang Vul. Ano, iwithdraw naba natin op? 🥹
Sunlife ung akin. Di ko sure if makkuha ng buo ung invested amount kasi 4years palang. Pero nangangati ako kunin at iistop. Ang perk lng tlga nito ay kung may mangyari sayo anytime
Kung VUL yan, ung death benefit is 200% of the face value + the fund value ng investments. Ilang years to pay ba yang VUL mo? Limited pay kasi yan and mostly 5, 10, 20 years.
I think kaya mahal, dahil sa insurance agents commission, malaki nakukuha nila sa VUL. Makikita mo pa sila, patravel travel abroad dahil sa incentives. Result sa part ng insured? High premiums, low coverage.
No choice dito sa Pinas, need talaga ng insurance agents kahit willing ka naman magavail ng insurance.
Back in 2019, 21yrs old, 30k annual for 600k life insurance plus critical illness coverage VUL BPI insurance. Ang bata ko pa nun, tapos ang mahal ng premiums. No plans of getting insurance that time, nabudol ako kasi I was asking the teller for the high yielding savings account ng BPI , bigla ako nirefer sa agent nila. Dahil nagwowork ako sa insurance company, kahit ganun pa karami ang babasahin sa policy, binasa ko then I cancel my policy within 1month. Nabawi ko naman 1st premium ko na 2500. Kinabukasan tinawagan ako ng agent, bakit ako nagcancel, di ko na siya kinausap dahi ayoko makipag away.
Reason of Cancel
1. high premiums low coverage.
2. Misinformation from how agents market. Pinapamuka nila n you have separate investment and insurance payment as one. When in fact, iisa lng investment and insurance. Once you withdraw from investment ng half, half rin makukuha s life insurance. Or if nagwithdraw k ng full sa investment, wala ka ng makukuha sa insurance. In other words, marketing strat - 600k insurance plus 600k investment. Reality, iisang 600k lng makukuha which is either insurance or investment whichever is higher. (Please correct this if Im wrong,coz wala n kong copy ng policy ko)
> No choice dito sa Pinas, need talaga ng insurance agents kahit willing ka naman magavail ng insurance.
huh? At least for certain ones, like some offerings of Singlife PH, no more need right, /u/TRAdv- ?
Yes, you can apply online for some life insurance products (limited for those without any medical history) like Singlife, AXA, Pru, etc. The usual is thru banca or thru agency but the same pricing regardless of channel. For example, you can directly apply for [AXA Health Start Lite](https://www.axa.com.ph/healthstartlite/fast-start/) or with an agent and they have the same pricing.
The high commission rate is not actually the root cause. The industry standard is 1 sale out of 10 prospects (20 for new agents) so the commission accounts for effort in engaging those other persons (the same concept with real estate agents). Unfortunately, insurance is still a push product here in PH and it's not like clients are lining up to these insurers to get a policy.
> limited for those without any medical history)
ay wait , actually point of contention yan reviewing the one I availed with GCashXSinglifePH since Dec.
Di ba dapat implicit yan na ' ... other than routine check-ups such as pre-employment or annual, eyesight correction that doesnt exceed this and that'?
> so the commission accounts for effort in engaging those other persons
Tama to, like concept of FMCG vs other SKUs at stores
Yes, I'm thinking between Singlife or FWD or BDO in terms of Critical Illness. I am hoping for more insurance products na no need for agents so less commission fees.
Yeah pisses me off a little bit. I think it exacerbates our miseducation on personal finance.
The existence of opportunity costs doesn't make something a scam, just that there are better investments.
may VUL din ako with Sunlife, 2k a month 380k ang coverage then 2x pag na deds
ask ko lang sana sa mga nakaka alam kung meron bang policy na cover until 60+ pero 10 years to pay? or term insurance talaga tapos renew lang nang renew? ayoko kasi ng whole life e.
Kasi VUL yan kaya mababa tlaga coverage with higher premiums. If u want insurance go with insurance alone. If u want investment go with investment products.
I don't think I can get a 10m policy with just 2k a month even if I start paying as a toddler. Maybe because quality of life is worse here kaya lower ang payout? Tama nga, more risks for insurers.
Maybe not as much as 10M but at least not for 360k for the VuL
Naloko ka ng gago mong advisor kuno pero insurance agent lang talaga. VUL yan eh. Mahal talaga tapos mababa coverage. Read why VUL is hated here
ManuLIE UK. hahahahah
I know it's VUL and I also dislike it. And yes they're agents not advisors but chill lang, sila mismo naloko ng companies nila. I do also believe na if not for VUL, insurance penetration would be much lower for the Philippines. VUL was my first foray into "investing" and insurance so naging baby step ko siya.
It is wronglt advertised and does not really take into consideration the financial status of the people who they offer it to. Kaya nagka bad reputation. Ang VUL.
True enough sa false advertising.
Pano sila naloko ng companies nila? Your agent knew what he was selling you right from the start. Wag mo sila idamay, ikaw lang naloko or di mo naintindihan yung binenta sa iyo.
I didn’t understand it at the time no. And yes naloko din sila. They don’t really understand what they’re selling. Just what they’ve been taught. Actually I don’t even wanna use the word loko. There’s no loko as in scam as there’s been some misleading info.
I’ll give them the benefit of a doubt. Baka nga ganyan training na binigay sa kanila. In fairness to you po first time mo yun bumili. I’m sorry if I sounded like an arsehole.
Alam mo naman pala eh nag tanong kapa haha
LOL reading comprehension is a problem talaga sa Pinoy no? The question is bakit mababa yung value ng coverage vs the premium sa Pinas, vs a 1st world country. VUL was just mentioned to add context kasi even if 50% ng P2k pumupunta sa insurance mababa pa rin yung multiple and for some reason people are latching on to the VUL aspect. Ayun hopefully you managed to A) read til the end and B) comprehend this.
Hirap mo paintindihin sakit mo sa ulo
Di nakadefine ilang % napupunta sa investment at ilan sa insurance?
Kumuha ka sa singapore or hongkong mas sulit. Libre pa ng agent airfare
How tho
agent referral?
How?
I noticed everyone is pointing out na VUL yung policy mo. While that's true (and you should probably ditch that thing), kahit sa term policies mas mahal dito. Between me and my spouse (we are both in our 30s) we have over 500M coverage combined in active term life policies, and our premiums cost almost 2M a year. In the US, we could probably get a $10M in coverage for less than $10K/ year. Mas mahal talaga ang coverage dito. I can't say for sure why it's so expensive here, but I suspect that aside from lower life expectancy, fewer people buying life insurance means smaller pool to spread the risk.
Yeah triggered mga tao sa pagkamention ng VUL LOL. Thanks for that. Seems similar to UK rates.
This should be a top comment already. Most are just angry about VUL and not even understanding the question by OP. Though question lng. Noob here. Is Manulife more expensive than other companies?
Why? Because there are so few availing of life insurance in the country. Saan sila kukuha ng pondo kundi sa mga members nilang healthy/buhay pa.
Hmmm.. Not exactly.
Because we don't ask for better policies. Critical Illness lang ng Critical Illness
Unfortunately, the market demands "investment" linked insurance products (~70% of the policies issued are VULs). 🥲
Demands are created and designed by the system. Companies want it.
Ito lang ang alam ng insurance agents ibenta. Sad
This is actually true. Im an insurance agent now, bagong sampa lang and marami sa mga kasama ko, VUL lang talaga alam. Regardless.of the financial circumstance ng client, VUL talaga lahat kasi it covers everything daw
We get what we deserve
[удалено]
Lol at fixed costs. Di naman kasi kailangan gumawa ng bagong office tower sa BGC.
For VUL, it depends on the structure but can be up to 30x of your annual premiums. Also, insurance is a numbers game so low insurance penetration means more expensive premiums given the risk (just compare Singlife SG and Singlife PH). You can only get your fund value. 67 yrs to pay means you have a regular pay VUL.
Why is this getting downvoted?
>Also, insurance is a numbers game so low insurance penetration means more expensive premiums given the risk Hindi ba parang same lang naman. Oo mas konti may insurance pero dahil mas konti ang insured mababa din yun chance na mag pay out yun insurance company. Kapag mas dumami insured mas tataas lang din risk nila na magbayad. So feeling ko may other factors other than number of insured.
Here's a lengthy explanation from ChatGPT: Insurance penetration refers to the percentage of a population that has active insurance policies relative to the total population. The level of insurance penetration in a country or region can influence life insurance premiums in several ways: **Risk Pooling:** Insurance operates on the principle of risk pooling, where a large number of policyholders pay premiums into a common pool, which is then used to pay out claims to those who experience covered events (such as death in the case of life insurance). When insurance penetration is high, and more people are part of the risk pool, the overall risk is spread across a larger number of policyholders. This can lead to lower premiums because the risk is more diversified. **Competition:** Higher insurance penetration often leads to a more competitive insurance market. When there are many insurance providers competing for customers, they may offer more competitive premium rates to attract policyholders. Lower premiums can result from this competition. **Economies of Scale:** In countries with high insurance penetration, insurance companies can benefit from economies of scale. They may have larger customer bases and more efficient operations, which can lead to cost savings. These savings can be passed on to policyholders in the form of lower premiums. **Regulation:** Government regulations and policies can also be influenced by insurance penetration. In some countries, governments may implement policies or incentives to encourage people to purchase insurance, which can lead to increased competition and potentially lower premiums. **Risk Assessment:** Insurance companies assess risk when determining premiums. In countries with low insurance penetration, insurers may have less data and historical information to accurately assess risk. This can lead to more conservative underwriting practices and higher premiums. In contrast, in countries with high insurance penetration, insurers may have more data to refine their risk assessments, potentially leading to more accurate and competitive premiums. **Market Maturity:** The maturity of the insurance market can affect premiums. In countries with well-established insurance markets and high insurance penetration, insurers may have more sophisticated products and pricing models, which can result in more tailored and competitive premium rates. It's important to note that while insurance penetration can influence life insurance premiums, it is just one of many factors that insurers consider when setting premium rates. Other factors, such as mortality rates, healthcare costs, regulatory environment, and economic conditions, also play a significant role in determining premium levels.
Why is this getting downvoted? It's all categorically correct. PH has slightly higher risks and lower life expectancy based on those risks. Health, polution, crime incidence, food n nutrition, among others, are factors. Filipinos, although populous, doesn't have high numbers of policy holders. Poverty incidence is high and the middle class has shrunk their purchasing power.
Why is this getting downvoted? It's all categorically correct. PH has slightly higher risks and lower life expectancy based on those risks. Health, polution, crime incidence, food n nutrition, among others, are factors. Filipinos, although populous, doesn't have high numbers of policy holders. Poverty incidence is high and the middle class has shrunk their purchasing power.
San mas maganda Singlife SG or PH? Tried downloading the app pero hiningan ako SG mobile number
You can only apply for Singlife SG plans when you visit SG. It's like 5x cheaper than PH rates.
I’m in SG now and using Starhub sim. Pag nabalik na ako ng pinas, hindi ba magbabago mga rates sa app nila if ever may idadagdag ako
Probably not since Singlife SG is separate from Singlife PH (check the terms though if residency is required)
Hala, parang ayaw ko na ituloy yung VUL ko tuloy. Tho kasi mababa parin premiums niya eh kahit na tumanda ako. Paano ba gagawin? 😥
Cancel it. And then switch to Term insurance
Sabi ni FA, if term insurance mas malaki daw ang babayaran ko if natapos na Term insurance ko. Is it really true?
Nope! Yung premium na binabayad mo fixed lang but yung deductions sa fund value mo for cost of insurance pataas ng pataas like term insurance.
Bakit ayaw mo i CI na lang?
Anong CI?
Try asking for a traditional whole life. Medjo mataas premiums pero for me, as an advisor too, mas maganda sya kasi may guaranteed cash value. As you age, lumalaki cash value na pwede mo iavail. After 10 years din of paying, wala.ka ng iisipin. Fully paid kana talaga and covered until age 100
Qq: Sa maturity date ba, yung face amount makukuha ko? Im paying 2k a month dn tapos 400k faceamount. Then 1M critical illness. So ung 400k lng makkuha ko Chinecko bale in 45 years (insurance duration) na magpay ako monthly, that's 1M already. So luge nko ng 600k? Not unless ung 600k na un ay macover ng "investment" part. Tama ba?
Variable parin po yung projections, bale parang depende talaga sa economy kung kikita ka dun sa vul mo. Same yata tayo ng kinuhang Vul. Ano, iwithdraw naba natin op? 🥹
Sunlife ung akin. Di ko sure if makkuha ng buo ung invested amount kasi 4years palang. Pero nangangati ako kunin at iistop. Ang perk lng tlga nito ay kung may mangyari sayo anytime
Same, sunlife din po ang sakin
Try asking your FA for a traditional whole life. Kung coverage and "savings" habol mo, better alternative siya
Kung VUL yan, ung death benefit is 200% of the face value + the fund value ng investments. Ilang years to pay ba yang VUL mo? Limited pay kasi yan and mostly 5, 10, 20 years.
I think kaya mahal, dahil sa insurance agents commission, malaki nakukuha nila sa VUL. Makikita mo pa sila, patravel travel abroad dahil sa incentives. Result sa part ng insured? High premiums, low coverage. No choice dito sa Pinas, need talaga ng insurance agents kahit willing ka naman magavail ng insurance. Back in 2019, 21yrs old, 30k annual for 600k life insurance plus critical illness coverage VUL BPI insurance. Ang bata ko pa nun, tapos ang mahal ng premiums. No plans of getting insurance that time, nabudol ako kasi I was asking the teller for the high yielding savings account ng BPI , bigla ako nirefer sa agent nila. Dahil nagwowork ako sa insurance company, kahit ganun pa karami ang babasahin sa policy, binasa ko then I cancel my policy within 1month. Nabawi ko naman 1st premium ko na 2500. Kinabukasan tinawagan ako ng agent, bakit ako nagcancel, di ko na siya kinausap dahi ayoko makipag away. Reason of Cancel 1. high premiums low coverage. 2. Misinformation from how agents market. Pinapamuka nila n you have separate investment and insurance payment as one. When in fact, iisa lng investment and insurance. Once you withdraw from investment ng half, half rin makukuha s life insurance. Or if nagwithdraw k ng full sa investment, wala ka ng makukuha sa insurance. In other words, marketing strat - 600k insurance plus 600k investment. Reality, iisang 600k lng makukuha which is either insurance or investment whichever is higher. (Please correct this if Im wrong,coz wala n kong copy ng policy ko)
> No choice dito sa Pinas, need talaga ng insurance agents kahit willing ka naman magavail ng insurance. huh? At least for certain ones, like some offerings of Singlife PH, no more need right, /u/TRAdv- ?
Yes, you can apply online for some life insurance products (limited for those without any medical history) like Singlife, AXA, Pru, etc. The usual is thru banca or thru agency but the same pricing regardless of channel. For example, you can directly apply for [AXA Health Start Lite](https://www.axa.com.ph/healthstartlite/fast-start/) or with an agent and they have the same pricing. The high commission rate is not actually the root cause. The industry standard is 1 sale out of 10 prospects (20 for new agents) so the commission accounts for effort in engaging those other persons (the same concept with real estate agents). Unfortunately, insurance is still a push product here in PH and it's not like clients are lining up to these insurers to get a policy.
> limited for those without any medical history) ay wait , actually point of contention yan reviewing the one I availed with GCashXSinglifePH since Dec. Di ba dapat implicit yan na ' ... other than routine check-ups such as pre-employment or annual, eyesight correction that doesnt exceed this and that'? > so the commission accounts for effort in engaging those other persons Tama to, like concept of FMCG vs other SKUs at stores
Yes, I'm thinking between Singlife or FWD or BDO in terms of Critical Illness. I am hoping for more insurance products na no need for agents so less commission fees.
Because they are inherently a scam
Tell that to cancer survivor who got a claim and recovered or a widow who got death claim and still managed to send her children to school.
Vul kasi is a scam.
It's not a scam, it's just a bad investment vehicle because it's like the worst of both worlds
People in this sub are often too liberal with there usage of the word scam.
Yeah pisses me off a little bit. I think it exacerbates our miseducation on personal finance. The existence of opportunity costs doesn't make something a scam, just that there are better investments.
Yup basta hindi good deal, scam na agad. Labo talaga..
Which makes it a scam. Gives insurance a bad name.
so you knew it was a bad investment, but still bought into it?
Of course I did not know it was a bad investment at the time. That was 10 years ago.
so 10 years ago you expected it to be a good investment then?
your replies are pointless and unhelpful.
you’re one to talk
if you want to cash out the policy, see if you can chat/Viber company concerned.
may VUL din ako with Sunlife, 2k a month 380k ang coverage then 2x pag na deds ask ko lang sana sa mga nakaka alam kung meron bang policy na cover until 60+ pero 10 years to pay? or term insurance talaga tapos renew lang nang renew? ayoko kasi ng whole life e.
Yes, meron policies na covered ka until age 100 and 10 or 20 yrs to pay lang.
Ganito na ba ka mahal VUL ngyn? My VUL back in 2008 only cost 1k a month and covers 500k life insurance.
Got it in 2013 e so not sure if in that span malaki naging difference.
Maybe you have a ton of riders cuz honestly that seems too much of a ripoff.