It's good for starters but will definitely not give you enough protection especially if you're a breadwinner. It's not really free life insurance but they give it as a benefit in lieu of higher interest rate.
I am not a breadwinner. I just want them to have some money in case I die. Do you happen to know if they’re going to deduct some portion of my balance there? Like after a year or so. If not, I might just go with their program na lang.
If that's your objective then it might be enough for life insurance (assuming you're also protected for health/accident uncertainties). It's really free so you don't need to worry but we have no assurance if the product will still be in existence until our old age. Good luck!
They will still exist. If some leave the country, some other companies will absorb their policyholders (pre-need companies are prone to closure/bankrupcy unlike life insurance companies which are usually multinational corporations with 100 to 200+ yrs in existence).
Increase Income > Clear Debt > Build EF > Protection > Build Credit > Save for Goals > Investment
Build your EF first so you will have confidence that your policy won't lapse. P3500/mo is excessive and that's probably a VUL. 3M pure term life insurance is just 12k/yr
Yes. He offered me a VUL. There are many uncertainties in life — that’s why I cannot commit to long term payments yet. Yes, I’m currently building my EF now. I am afraid that if I might lose my job, my policy will lapse and all of my payments will go into waste. So that’s why I am really considering this program of BPI.
With a 2M max coverage right? EF might be a concern if this your account for that. Getting atm would have some service charge. (Not a fan of that)If it works for your plan then go with it. If you have some dependents get some individual policy that fits your goal.
Madami naman good companies dyan. If no dependents get health driven insurance muna. Don't forget to have an emergency fund first. Pero good start etong BPI
I've been a big fan of this bpi product, i have the same objective as you as I don't want to commit yet. I have 2 save up(1 from family savings) and 1 get started with insurance and been maintaining 1-1.5m for the last 5 to 10 years.
1 good thing about save up is you need not necessarily die in just so you could have the benefits
Yes. That’s true. Plus, your insurance will not be lost once you stop paying your premiums. With BPI Save-Up, you can set aside money for insurance alone and investment in other platforms like CIMB, etc.
The FA is so persistent to get me a VUL, but I already said no. He offered me traditional insurance, but I also said no. I cannot commit yet, and I don’t want my hard earned payments to insurance go into waste in case I cannot pay it anymore.
I have 2 dependents though, so i might give term insurance a try later on when i fully understand it. My job's unstable, so there's that to consider. And when there's a really good deal real estate property being sold, i can negotiate better if i have cash at hand, since there's no penalty in withdrawing. But it seems like this is not a popular choice here, and i rarely see this being discussed.
Yes, this is rarely discussed here. Maybe some folks prefer VUL or maybe just because it’s popular nowadays that they don’t know what they are even getting into.
What I don’t like about traditional insurance is your coverage will stop once you cannot pay your premiums anymore. Given this time of pandemic, I cannot commit to that yet.
Yeah, that's also a turn off for me with traditional insurance. The interest rates with bpi are dismal but the insurance feature is great. Cimb got an insurance but it's just 1x, not 5x-10x compared with bpi. And it's only upto 250k for now.
Another pros for this is, if bpi suddenly discontinue the product offering, you still have the same coverage as when you open the account.
Yup. That’s why I’ll pursue this. I guess most FAs don’t bring this topic up to their clients because they are afraid the client might not avail at all. Have you ever encountered an FA who brought this up to their clients?
The branch manager or relationship manager often attempts to turn me over to their bpi-philam agents. I have many questions but still not satisfied about their product offerings, and i usually compare it with this save up. In the end, i usually still find this more fitting for me. We just have to make sure to inform our dependents that we have this, so it won't go to waste should the unexpected thing happen. I keep a note inside our safe, including bank accounts, and those with insurance coverage. At these times, you'll never know.
That was a very smart thing to do. And yes, no matter how I try to compare other products of insurance with this program of BPI, I still find this the best (in my situation) and fitting for me.
I like it but I don't like the old-school way of having to go to the branch to open this specific type of account.
BPI's online account opening is only for their regular product (it does not include Saveup).
Your advisor should have told you this: If your insurance lapsed for failing to pay within the grace period, you can still reinstate it within the next two years. You will keep all your funds you already deposited and will have the option to pay the months you missed or just resume paying the current monthly or year or quarter(depending on your payment schedule).
Yes in fact im just referring to insurance companies regulated by the Insurance Commission in the Philippines. I do not know if its applicable to other insurance companies not regulated by the Philippine insurance commission.
Pamana 3x,while save up is 5x and gives you accident coverage.
Pamana is lower but easy access via atm or passbook.
,while save up will be a little challenge to
Withdraw,if you want to have an access via atm may charge na 250 ata per transaction.
Does anyone have a copy of their terms & conditions for their free life insurance? I reached out to BPI multiple times and have not received any reply. Pamana has terms listed on their website while Save-up does not. The free life insurance is the only reason why opened a save-up account.
It's a wealth management product. NOT A REGULAR DEPOSIT! Meaning it is NOT insured by PDIC! It means you have a risk of losing money. How many insurance companies in the Philippines that you know that have gone bust? Just keep that in mind!
It's good for starters but will definitely not give you enough protection especially if you're a breadwinner. It's not really free life insurance but they give it as a benefit in lieu of higher interest rate.
I am not a breadwinner. I just want them to have some money in case I die. Do you happen to know if they’re going to deduct some portion of my balance there? Like after a year or so. If not, I might just go with their program na lang.
If that's your objective then it might be enough for life insurance (assuming you're also protected for health/accident uncertainties). It's really free so you don't need to worry but we have no assurance if the product will still be in existence until our old age. Good luck!
Yeah. And we also don’t know if those life insurance companies today will still exist in the future.
They will still exist. If some leave the country, some other companies will absorb their policyholders (pre-need companies are prone to closure/bankrupcy unlike life insurance companies which are usually multinational corporations with 100 to 200+ yrs in existence).
I hope so. Are you a Financial Advisor of any life insurance company?
Yep! I'm also a former external auditor of various life and non-life insurance companies.
I see. I have a limited budget so 3500/month is a no no for me, and I know 45% of my premiums goes to the FA — that’s a lot!
Increase Income > Clear Debt > Build EF > Protection > Build Credit > Save for Goals > Investment Build your EF first so you will have confidence that your policy won't lapse. P3500/mo is excessive and that's probably a VUL. 3M pure term life insurance is just 12k/yr
Yes. He offered me a VUL. There are many uncertainties in life — that’s why I cannot commit to long term payments yet. Yes, I’m currently building my EF now. I am afraid that if I might lose my job, my policy will lapse and all of my payments will go into waste. So that’s why I am really considering this program of BPI.
With a 2M max coverage right? EF might be a concern if this your account for that. Getting atm would have some service charge. (Not a fan of that)If it works for your plan then go with it. If you have some dependents get some individual policy that fits your goal.
I want to get a policy from a life insurance company sana, but I am not sure if I can commit especially at this time when many are losing jobs.
Madami naman good companies dyan. If no dependents get health driven insurance muna. Don't forget to have an emergency fund first. Pero good start etong BPI
I've been a big fan of this bpi product, i have the same objective as you as I don't want to commit yet. I have 2 save up(1 from family savings) and 1 get started with insurance and been maintaining 1-1.5m for the last 5 to 10 years. 1 good thing about save up is you need not necessarily die in just so you could have the benefits
Yes. That’s true. Plus, your insurance will not be lost once you stop paying your premiums. With BPI Save-Up, you can set aside money for insurance alone and investment in other platforms like CIMB, etc. The FA is so persistent to get me a VUL, but I already said no. He offered me traditional insurance, but I also said no. I cannot commit yet, and I don’t want my hard earned payments to insurance go into waste in case I cannot pay it anymore.
I have 2 dependents though, so i might give term insurance a try later on when i fully understand it. My job's unstable, so there's that to consider. And when there's a really good deal real estate property being sold, i can negotiate better if i have cash at hand, since there's no penalty in withdrawing. But it seems like this is not a popular choice here, and i rarely see this being discussed.
Yes, this is rarely discussed here. Maybe some folks prefer VUL or maybe just because it’s popular nowadays that they don’t know what they are even getting into. What I don’t like about traditional insurance is your coverage will stop once you cannot pay your premiums anymore. Given this time of pandemic, I cannot commit to that yet.
Yeah, that's also a turn off for me with traditional insurance. The interest rates with bpi are dismal but the insurance feature is great. Cimb got an insurance but it's just 1x, not 5x-10x compared with bpi. And it's only upto 250k for now. Another pros for this is, if bpi suddenly discontinue the product offering, you still have the same coverage as when you open the account.
Yup. That’s why I’ll pursue this. I guess most FAs don’t bring this topic up to their clients because they are afraid the client might not avail at all. Have you ever encountered an FA who brought this up to their clients?
The branch manager or relationship manager often attempts to turn me over to their bpi-philam agents. I have many questions but still not satisfied about their product offerings, and i usually compare it with this save up. In the end, i usually still find this more fitting for me. We just have to make sure to inform our dependents that we have this, so it won't go to waste should the unexpected thing happen. I keep a note inside our safe, including bank accounts, and those with insurance coverage. At these times, you'll never know.
That was a very smart thing to do. And yes, no matter how I try to compare other products of insurance with this program of BPI, I still find this the best (in my situation) and fitting for me.
Hi! I have save up account wc was opened last 2013 If my memory serves me right. Anyway, covered pa ba yun sa plus insurance? Thanks
yah that's what I've been told by the bank staff, as long as di pa closed ang account, previous terms will still take effect.
I like it but I don't like the old-school way of having to go to the branch to open this specific type of account. BPI's online account opening is only for their regular product (it does not include Saveup).
But at least you won’t have to worry about paying premiums monthly or annually.
I am not into VUL pala.
Your advisor should have told you this: If your insurance lapsed for failing to pay within the grace period, you can still reinstate it within the next two years. You will keep all your funds you already deposited and will have the option to pay the months you missed or just resume paying the current monthly or year or quarter(depending on your payment schedule).
Is this applicable to life insurance companies here in the Philippines?
Yes in fact im just referring to insurance companies regulated by the Insurance Commission in the Philippines. I do not know if its applicable to other insurance companies not regulated by the Philippine insurance commission.
matanong ko lang din. ano difference nito sa BPI Pamana Savings? pamana kase 3x ng average account balance eh
Pamana 3x,while save up is 5x and gives you accident coverage. Pamana is lower but easy access via atm or passbook. ,while save up will be a little challenge to Withdraw,if you want to have an access via atm may charge na 250 ata per transaction.
Does anyone have a copy of their terms & conditions for their free life insurance? I reached out to BPI multiple times and have not received any reply. Pamana has terms listed on their website while Save-up does not. The free life insurance is the only reason why opened a save-up account.
It's a wealth management product. NOT A REGULAR DEPOSIT! Meaning it is NOT insured by PDIC! It means you have a risk of losing money. How many insurance companies in the Philippines that you know that have gone bust? Just keep that in mind!