5Cs of choosing a pre-need company

**2004lynxghia** · April 28th, 2005 07:02 PM

anway, plans narin lang 'tong thread nato ishare konarin security o life o whatever(limot nako ng tawag ng bpi mgr who convinced me..ayala affiliated ang plans) ng 2 anghel namin..meron itong outright cash bunos na 5k petot for the first five years then an increment of 5k petot every 5years thereafter of lifetime coverage..wala ng maturity ito..

..basta kung sino ang current beneficiary at the time of its applicability ibibigay narin ang fixed insured amount (max of 1m petot ata ang insured values)..in other words the plan lapse pag wala narin ang insured..in the interim tuloy ang patak every 5years ng cash bunos na me dagdag 5k each cycle..5k then 10k then 15k then 20k.. and the series continues..

230k lang kaya ko split up between the 2 siblings..

**theveed** · April 28th, 2005 07:21 PM

How about Manulife?

**PLANET odyssey** · April 28th, 2005 07:26 PM

ang the best yata is AYALA PLANS AT LIFE! lulubog muna siguro ang buong makati kapag nagsara ang AYALA. ang pagkakaalam ko BPI yata ang may hawak sa AYALA PLANS & LIFE

**mazdamazda** · April 28th, 2005 07:27 PM

Originally Posted by theveed

How about Manulife?

manulife is mainly an insurance company (different from preneed). ok rin naman sila.

meron akong life insurance with them. after 6 years of payment, my dividends will pay for my premiums... pero naka fix na yung coverage value.

**theveed** · April 28th, 2005 07:33 PM

ah ok... hehe may plan kasi kami kinuha para kay anak eh, 5 yrs to pay, ok naman...

**2004lynxghia** · April 28th, 2005 07:51 PM

hmmm..'yaang fixed no of years na payment para maging self paying na raw ang premium..?..sorry pero nauto ako ng agent nito sa philam..six years daw tapos nagpalabas ng isang letter re: adjustment in no of premium payments due to current economic difficulties and !#*$^* ties ties nayan....:seeth:

pinatungan ng mga hinayupak ng another 4 years (!!) ang premium payment ko..grrrr...pakshet..no choice..nabasa na rin lang ko ililigo konalang..minura ko talga yoong agent sa harap ng kanyang asawa at mga anak sa cubicle nila..

**theveed** · April 28th, 2005 08:05 PM

5 years lang yung term actually hindi long term kinuha namin, after 5 years cash back + dividends na.

**mazdamazda** · April 29th, 2005 02:08 PM

kaya pala nagka problem ang Pacific... dahil nag offer sila ng traditional open-ended plans for grade school & high school.

Prudentialife Plans sees big net profit
By Mary Ann Ll. Reyes
The Philippine Star 04/29/2005

Prudentialife Plans expects to generate a net income of between P300 to P500 million for the fiscal year ending March 31, 2005 compared to P302 million last fiscal year, even as its trust fund as of end-March this year reached P12.5 billion, the biggest in the pre-need industry.

This as Prudentialife president Jose Alberto Alba told The STAR that the company has no problem meeting its financial obligations to its planholders, including those holding the traditional or open-ended educational plans. "We have sufficient assets," he stressed.

Prudentialife has a trust fund of over P12.5 billion compared to College Assurance Plan’s P4.7 billion. Pacific Plans Inc. reportedly has less than P10 billion. Both CAP and Pacific posted losses during their last fiscal year. And while CAP has a trust fund deficiency, Prudentialife’s latest actuarial valuation showed an excess of P1 billion.

"Clearly, we are not in the same situation as that of CAP and Pacific Plans. I assure you that all obligations of Prudentialife will be honored," Alba said.

Meanwhile, he revealed that as of end-2004, Prudentialife’s sales grew 46 percent compared to the previous year while the industry growth was only 13 percent.

Alba attributed the sales growth to a migration of planholders from other companies (flight to quality) as well as the increase in Prudentialife’s sales organization, the introduction of new products, and the fact that CAP was no longer allowed to sell as of September last year. Just last December Prudentiallife ventured into mutual funds while its health maintenance (HMO) service will be offered starting this May.

According to Securities and Exchange data for January this year, Prudentialife is second in terms of sales volume next to Philam. But while Prudentialife’s sales volume grew 18.28 percent, that of Philam went down 22 percent. Number three is Loyola, followed by Lifetime Plans, Berkley, Manulife, St. Peter, Pet Plans, Sun Life, and TPG Plans.

The company has around 50,000 traditional college education plans to service (as against its over a million planholders) compared to CAP which has over 700,000 open-ended plans (those that pay the actual value of the tuition fee at the time the plan matures).

It was learned that the Yuchengco-owned Pacific Plans, which is seeking court approval for suspension of payments, sold grade school and high school traditional education plans, the early maturities of which strained Pacific’s trust fund. Pacific has around 34,000 open-ended plans.

Alba revealed that while the problem of CAP was more or less anticipated by the public, the industry and the public were caught offguard by Pacific Plan’s action. "We have to stress though that the problem of some pre-need companies is not the problem of all,"Alba, who is currently vice-president of the Philippine Federation of Pre-need Plan Companies, told The STAR.

While the industry as a whole is experiencing a 20-percent reduction in sales following the aftermath of Pacific’s action, Alba said he expects the situation to normalize once the public is able to realize that the pre-need industry is still a safe place to invest in general, provided they choose the company well. "We expect lower sales and higher termination in the next few months‚ but we believe that the general public’s reaction to Pacific is a temporary thing," he said.

**aann** · April 29th, 2005 02:17 PM

mga sirs...

ano suggestion nyo ang mgandang kunin na pre-need/insurance at yng kng ano dpt unahin?

ibg ko sbhn, life insurance muna, then pag kaya na uli health, then educ (pag nag asawa na) etc.

ksi bata pa ko..i want to start right!

hehehe...may sense ba tanong ko?

**mazdamazda** · April 29th, 2005 02:44 PM

Originally Posted by aann

mga sirs...

ano suggestion nyo ang mgandang kunin na pre-need/insurance at yng kng ano dpt unahin?

ibg ko sbhn, life insurance muna, then pag kaya na uli health, then educ (pag nag asawa na) etc.

ksi bata pa ko..i want to start right!

hehehe...may sense ba tanong ko?

IMO.

unahin mo ang medical kung walang ganun sa company ninyo. kung meron na, i upgrade mo to include your dependents.

then a bank account... use this only for emergency purposes.

then life insurance. pang long-term naman ito... kuha ka habang bata ka pa.

pwede rin naman pension plan. may level term insurance kasi ang pension plan (insurance coverage while you are paying). plan mo kung para saan gagamitin ang pension plan... like debut ng daughter / trip abroad / marriage / etc. hindi lang naman kasi pang retirement ang pension plan.

IMO, yan ang basics for me... the rest of your money dapat diversified... pwede sa stocks, bonds, t-bills, mutual fund, additional health care coverage, etc.