BPI Phil Am Life Insurance: Life Protect

BPI Phil Am Life Insurance is my life insurance choice for family and income protection. Here’s the reason. There are many insurance companies in the Philippines, so far I have ask other agents of other insurance companies, all I need is a term life insurance and a health care insurance but sad to say they are offering me insurance plus investments. I am quiet disappointed for they consider themselves “financial advisor”.

Related: BPI Phil Am Life Insurance Review

Maybe they are trying to push VUL variable unit linked, an investment with insurance so that they will earn more commissions. My conclusion is that how come, they are became a financial advisor but they don’t know the the true needs of their clients.

Another conclusion is maybe some of financial advisors of insurance companies are under estimate other people, maybe they think almost people are not familiar with investments. In my experience, why should I need insurance plus investments since I have already investing in UITF and mutual funds, sometimes when i have bonuses and business profits I am investing in direct stocks. Maybe the insurance companies should conduct a training on how to sell an insurance properly for different type of people.

The first thing to do before you sell an insurance is to “get to know” your client. Ask your client about investments. If your client only need a term life if that’s what he need, don’t push or don’t offer other financial products, especially if your concern only is “commission”.

What Other Insurance Agents Will Offer?

I remember, someone offers me an insurance + mutual funds investments, I just listen, listen and listen to the product he is explaining. After he is finished with his talking, I asked him; “do you have a personal investment in mutual funds?” He replied akwardly, “None but….”

I interrupt him, I just said “you don’t need to offer service or products that, you, yourself are not using”. You got my point here, right? I don’t believe to anyone unless he walk his talking. Show me a proof.

Also Read: Tips in Choosing the Best Life Insurance Agent

BPI Phil Am Life Insurance: Life Protect

Good thing I ask BPI-Phil Am financial advisor. He only discuss the insurance I really need. Although he has an opportunity to discuss the Phil Am Asset Management, Inc. mutual funds, but he don’t insist, why? Because he is professional, a client-centered agent. Not a commission-centered agent. Two thumbs up for BPI-Phil Am agents.

I received my husbands life insurance from BPI-Phil Am. I am not familiar with the insurance until my husband explain me the advantage of having one, he is the bread winner of the family. He said he bought an insurance with BPI-Phil Am and we will get the insurance policy via mail after a month (as the financial adviser said to my husband). But in our case, it only takes 3 days after he pay the insurance and the policy is now on our hands.

BPI-Phil Am Life Insurance: Life Protect Policy

We received the BPI-Phil Am insurance policy via mail (Air21), and in the policy, it includes:
Life Protect 1 (P1,000,000)
Waiver of Premium
Accidental Benefit (1,000,000)

I found out that the premium payment is increasing every year, my husband opened his savings account in BPI and he is setting aside money amounting to P500+ per month for the premium payment of his insurance (annually renewable term). He is also building the emergency funds using his savings account in the said bank. All we need is P100,000 or equivalent to our 6 months income.

BPI Phil Am Life Insurance: Life Protect Simple Explanation

He explained to me how to claim if something happened to him, he is very tough and brave in explaining why he bought an insurance, life is no guarantee, however we should protect it from unexpected events.

I understand with his decision in buying an insurance, that’s all I can do, to understand and support his plan, when he started to invest in stocks, BDO-UITF , FAMI SALEF mutual funds, he always open a “JOINT” account type. And now another plan to take action aside from having an insurance (income protection) is to open a UITF account for my daughter. He is planning to buy a UITF amounting to P10,000 per year for my daughter.

Things You Should Have Before Investing

Things you should have before investing are life insurance, because whatever happens, unexpected event, your spouse will receive money and that money will use for recovery, that’s why I consider this insurance as “income protection”. How much face amount? 3-5 years of your annual income. Example if you think your family will recover in 3 years and you are earning P300,000 annually, then your family must have P900,000.

Health insurance, I am planning to have my health care insurance through auto deduct in my salary. There are companies offering health care insurance using that system. P1,000 per day or equivalent to P30,000 in one month. This will change when you’re getting older.

In investing, cash reserve is very important. They call this ’emergency funds”. This funds only use for emergencies, an amount to set aside for the emergency fund should be equivalent to at least 6 months of your monthly income. Example, your monthly income is P20,000, therefore, you should have P120,000 as your cash reserve.

Debt free. You must manage your debt, or as soon as possible, stay out of debt. Be a debt free person. You can’t focus in your investing if someone calls you for just a small amount of “debt”. Manage your credit card, use your credit card wisely.

Investment funds, this is important, you should know where to get your funds in investing. Is it a part of your salary, your business profits, or bonuses. In my experience, i am investing some part of my salary, business profits and the whole bonuses I have received each time I have receive it, example 13th month, Christmas bonus, mid-year, performance bonus, clothing allowances (I don’t need this fund because I have lot of clothes, that’s why i will put it in my investment baskets) etc.

What do you think? As a housewife, do I need also to have my own insurance? I hope to hear your reaction with this. I want to thank the BPI-Phil Am for the great services offering to many Filipinos.

Learn Financial Education Today

Learning is fun, but it has more fun if you apply what you’ve learned in the real life. Learn to invest your hard earned money today. We talk about the importance of insurance, after you have your life insurance, maybe you want to start investing, read our basic guide  today;

How to invest money in the Philippine Stock Market? A basic guide on how to grow your money by buying Philippines companies stocks and a guide on which stock broker to use.

How to invest in Philippine Mutual Funds? A simple explanation how mutual fund works, mutual fund types, mutual fund companies and risk appetite analyzer.

How to Invest Money in BDO Unit Investment Trust Funds? Which bank that offers UITF that is well performing, which UITF fund type suit your risk profile, which fund type meet your financial goal.

Money Quote and Saying for the Day:

Every day I get up and look through the Forbes list of the richest people in America. If I’m not there, I go to work. -Robert Orben

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