Unsure of the Insurers; The Declining Pre-need Industry

[batangmahal]

Iba talaga pag pre-need... a traditional life insurance product makes even more sense than a pre-need plan. Like we have experienced, even high profile pre-need companies cannot deliver on what they promise. Unlike traditional ones na garantisado.

on another note...

New York Life has left the country... PNB Life na ang nag-assume nito, if I am not mistaken.

[batangmahal]

Nagpa-renew pa rin ako ng insurance.... Kailangan pa rin...

6909:seehearspeak:

that's right! well regulated naman kasi ang insurance industry sa Pinas ng Insurance Commission.

[uls]

hmmm..never though of this...very scholarly

very scholarly din naman yung

The rich are playing again...

hehe

[gonzo]

Please enlighten me medyo mahina tayo sa financial analysis ehh, if I have a educ plan that will be in use in 10 years time pa (1st year college anak ko nun) what is my guarantee na my educ plan provider is still around after 10 years?.. its like giving a false sense of security.. remember CAP? is there a government agency that regulate this?.. then why Pacific plans?

I just withdraw the educ plan of my son sa Pacific plan.. it may not be the best decision since I loss some interest and benefit that I will get after 10 year.. wheww... but I lost trust sa educational plan ....especially eto nanaman ngayon may crises nanaman.. I may loss some money but I still get my principal than having false sense of security at the end of the day wala pala akong ma aasahan.. and who Im going to blame?...Gobyerno by not protecting me?.. wala namng ganun diba?... my brother in law may 3 children puro naka CAP naawa ako sa mga anak kasi di lahat naka pag aral... Please enlighten me if I am wrong in withdrawing my sons educ plan... thanks

[dx8976]

it can be mildly compared to loaning the pre need company money for them to use in any way they wish without any collateral or guarantee of payment in return for a higher than ordinary bank savings interest rate (if they are able to pay).

if they can get the kinds of returns that will enable them to pay you back at such a rate after paying their sales people commissions, and their operational costs, why can't you do it yourself (especially since you're not giving out any commissions to salespeople and having to maintain offices etc)

best thing is if you can find out how they will generate the income necessary to pay you back, and then find you can decide if it is worthwhile.

otherwise i believe "go make a ton of money so u don't have to depend on any pre need" is the best thing

[batangmahal]

Please enlighten me medyo mahina tayo sa financial analysis ehh, if I have a educ plan that will be in use in 10 years time pa (1st year college anak ko nun) what is my guarantee na my educ plan provider is still around after 10 years?.. its like giving a false sense of security.. remember CAP? is there a government agency that regulate this?.. then why Pacific plans?

I just withdraw the educ plan of my son sa Pacific plan.. it may not be the best decision since I loss some interest and benefit that I will get after 10 year.. wheww... but I lost trust sa educational plan ....especially eto nanaman ngayon may crises nanaman.. I may loss some money but I still get my principal than having false sense of security at the end of the day wala pala akong ma aasahan.. and who Im going to blame?...Gobyerno by not protecting me?.. wala namng ganun diba?... my brother in law may 3 children puro naka CAP naawa ako sa mga anak kasi di lahat naka pag aral... Please enlighten me if I am wrong in withdrawing my sons educ plan... thanks

since your provider is Pacific Plan, it goes on to say that the government agency regulating this pre-need industry is the Securities and Exchange Commission (SEC). unlike the other insurance companies (traditional) which is not only regulated by SEC but also by the Insurance Commission (IC), which has a rather strict form of regulation. IC therefore assures that the money you put in a life insurance company will always be there if and when you need it.

of course, withdrawing your money at an early stage will give you some loss, given that the maturity period is still not reached.

[pup2]

otherwise i believe "go make a ton of money so u don't have to depend on any pre need" is the best thing

hehehe. Siyempre ito ang the best.

Puwede din just have really smart/talented/maabilidad kids who can get a scholarship.

[gonzo]

hehehe. Siyempre ito ang the best.

Puwede din just have really smart/talented/maabilidad kids who can get a scholarship.

Correct or give him talents that can make him scholar in college..

sometimes the rate of return is too good then you will doubt how they can manage those fund that can generate that much return and deliver to the plan holder at maturity. ehhh kung di nag success ang mga investment nila? todas eduKaSyon ng anak mo!

This is just my opinion, and based on the sad experience with these pre need companies

[[archie]]

Please enlighten me medyo mahina tayo sa financial analysis ehh, if I have a educ plan that will be in use in 10 years time pa (1st year college anak ko nun) what is my guarantee na my educ plan provider is still around after 10 years?.. its like giving a false sense of security.. remember CAP? is there a government agency that regulate this?.. then why Pacific plans?

I just withdraw the educ plan of my son sa Pacific plan.. it may not be the best decision since I loss some interest and benefit that I will get after 10 year.. wheww... but I lost trust sa educational plan ....especially eto nanaman ngayon may crises nanaman.. I may loss some money but I still get my principal than having false sense of security at the end of the day wala pala akong ma aasahan.. and who Im going to blame?...Gobyerno by not protecting me?.. wala namng ganun diba?... my brother in law may 3 children puro naka CAP naawa ako sa mga anak kasi di lahat naka pag aral... Please enlighten me if I am wrong in withdrawing my sons educ plan... thanks

ang masama po sa CAP dati si hindi maganda on how the plans work. traditionally, the companies payout the tuition fees of the beneficiaries and the yearly payments are minimal kaya dami kumuha. ang liit dati ng payments ng CAP for a big time promise but companies like sun life, lump some amount yung bibigay sayo with the interest attached. minsan may mga graduation gift pa. hehe

for me, sayang kung pull out sa pre-need educational plans kasi may penalties involved or less makukuha mo and the company earns more kasi wala na obligations and nainvest na portion ng premium na binayad and earned interest from that premium payments.

my 2 cents.

[jpdm]

...... but companies like sun life, lump some amount yung bibigay sayo with the interest attached. minsan may mga graduation gift pa....

for me, sayang kung pull out sa pre-need educational plans kasi may penalties involved or less makukuha mo and the company earns more kasi wala na obligations and nainvest na portion ng premium na binayad and earned interest from that premium payments.

my 2 cents.

Speaking of Sunlife, here is a news article...

Manila Times
November 29, 2008

Sunlife Sales Surge Amid Financial Crisis

[SIZE=2]AMID the global financial turmoil, Sun Life Financial Philippines said sales of traditional life insurance and regular-pay Variable Universal Life (VUL) products surged in the third quarter of the year.

[/SIZE] [SIZE=2]In a statement, Henry Joseph Herrera, Sun Life president and chief executive, said the company registered a 138-percent growth in the sales of traditional life insurance and a 24- percent increase in VUL products from the same period last year.
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[SIZE=2]
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[SIZE=2]As the sales of traditional life insurance and VUL products enjoyed growth, single-pay unit linked products, meanwhile, dropped significantly by 92 percent in the third quarter of the year.[/SIZE]
[SIZE=2]
[/SIZE]
[SIZE=2]“We are closely monitoring the local market situation and we remain interested in any new alliances that could deliver additional value to our shareholders,” Herrera said.[/SIZE]
[SIZE=2]
[/SIZE]
[SIZE=2]Last year, the company’s sales shot up by 61 percent to P26.1 billion year-on-year, the highest level recorded, from its life insurance, pre-need and mutual funds businesses.
[/SIZE]
[SIZE=2]
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[SIZE=2]Total premium for its life insurance business grew by 48 percent to P13.1 billion.[/SIZE]
[SIZE=2]
[/SIZE]
[SIZE=2]Gross sales of mutual funds surged by 92 percent to P11.2 billion year-on-year due to its increasing popularity among Filipinos as an investment vehicle.[/SIZE]
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[SIZE=2]The company’s pre-need installments grew by 14 percent to P1.8 billion. [/SIZE]
[SIZE=2]Sun Life has been in the Philippines since 1895 and is a member of the Sun Life Financial group of companies and international financial services organization that provide wealth accumulation and protection products and services to individual and corporate customers.
--Chino S. Leyco[/SIZE]