Insurance Strategy

[violetinchrist]

Marami ako nakikita specially sa mga FA na meron sila strategy na ginagawa sa insurance for protection.

Yung iba meron 5 policies to protect income, health, estate tax and etc.

Some questions for FA and non-FA

1. Bakit di na lang kumuha ng 1 plan with huge coverage amount?
2. Ilan policies meron kayo?
3. Ano purpose ng bawat policy and anong insurance product sya.

Thank you.

 

[shiningbrightly318]

@violetinchrist Hi I'm doc Ai from

1. Bakit di na lang kumuha ng 1 plan with huge coverage amount?

Each plan has its own features. Naka depende sayo pano mo sya classify according to your financial goals.

Examples are:
A. health fund = health insurance
B. income protection gap = for beneficiaries especially sa may minor beneficiaries para may pang college upon death of the main breadwinner
C. MRI = house loan
D. Final expenses = burial plan & lot
E. Estate planning = estate taxes
F. Retirement/Educational fund

Second, papasok dito yung idea ng diversification. If you put your eggs in 1 basket, anong game plan mo if na bankrupt yung insurance company or HMO? Mind you HMO are facing billions of debt right now but still advisable to have one pa din.

1. Ilan policies meron kayo?

Currently I am managing 4 insurance plans. 3 for me and 1 for our kasambahay. My parents have their own but I tell them they can surrender their policy anytime if they need money. I can manage to pay the estate taxes.

1. Ano purpose ng bawat policy and anong insurance product sya.

For my health fund - Sun fit and well x2 + hospital stocks + singlife (cash for medical costs & 3-in-1 Protection Plan)

I have plans to get house loan in the future = planning to get Safer Life. This can be used also for income protection fund

St. Peter + burial lot

 

[mdsmedia]

@shiningbrightly318 How did you get access to hospital stocks and where?

 

[shiningbrightly318]

@mdsmedia Doctors have connections with founders since most of them are founders. We need hospital stocks to be an active consultant in that hospital so it's a 2 birds in 1 stone for us. Medical benefits of being a stockholder have promising discounts depending on the hospital terms.

 

[mdsmedia]

@shiningbrightly318 Would it be possible for a normie to get access to hospital stocks? Like if I had a younger brother who’s a new doctor?

 

[shiningbrightly318]

@mdsmedia Even non doctors can avail. Usually they're open while under construction. But like any other stocks, there will always be the risk na di ma tuloy yung construction.

 

[violetinchrist]

@shiningbrightly318 Hi Doc, thanks for the response.

• What's the idea bakit 2 yung Sun fit and Well instead na isa lang with high coverage?

 

[shiningbrightly318]

@violetinchrist Di ko pa afford mag high coverage that time nag apply ako. Di pako FA nun. I was still on residency training. Sakto lang sweldo ko since nagrerent pako that time.

Di pwede mag taas ng premium kay Fit and well. Apply ulit so nung nag FA ako nag apply ulit ako ng bago with same plan para additional coverage. Syempre sayang din na sana nilakihan ko na sana before.

 

[violetinchrist]

@shiningbrightly318 Ah kaya pala.. yung health coverage ba ni SFW nagrereset sya annually once nagamit mo?

 

[shiningbrightly318]

@violetinchrist Yan ang tedious explain since may % claims for minor vs 100% coverage claims for major critical illness or death whichever comes first. Best if I can explain thru video call.

Walang pa akong nakikita ng health insurance na nagrereset ng coverage once naka claim na especially if it falls under major since uninsurable na pag magka major critical illness.

Better to read the terms and conditions of the insurance policy.

 

[violetinchrist]

@shiningbrightly318 Ah yeah, kaya advantage din talaga kapag dalawa yung policy. Once ma claim yung isa may backup ka pa and insured pa rin.

 

[shiningbrightly318]

@violetinchrist Yes exactly. To each that serves it's purpose for your financial goals.