Term Insurance With Health Protection

[johnabill]

Previously, I have provided a list of some of the Term Insurance in PH. Now I would like to add another list of insurance with focus more on health protection since lately I noticed a lot of inquiries about insurance with health protection.

Here’s a list of some of the Term Insurance with Health Protection benefits to serve as reference to PH investors looking for health protection. Please note that I am not an Insurance seller and I am not affiliated with any of these companies. Please do your own due diligence before getting any insurance. Always get at least three proposals from different companies to get the best deal and the best coverage.

1. Sun LifeAssure - covers 36 critical illness (CI) conditions.
2. AXA FlexiProtect + CI - add CI that covers 57 Major CI.
3. PRU Life Care Series for Critical Illness - 36 CI. Renewable yearly.
4. PRUShield - hospitalization benefits.
5. PRUWellness - hospitalization benefits
6. PRULife Your Term - need to add optional rider for 36 CI conditions.
7. PRUTerm 15 - need to add optional rider for 36 CI conditions.
   
8. BPI-Philam HEALTH SAVE 10 - Hospitalization benefits
9. BPI-Philam Life Protect Health - CI coverage

Edit:
Thank you for the feedback @claytoncf, @marthawilliam123, @bdnelso87, @natsschlief
I removed the non-term insurance.
Please let me know if there is a term insurance + health protection that is not listed here.

Additional Resource:
- FAQ on VUL by @thegleo
- Insights from @claytoncf
- My VUL Insights

 

[claytoncf]

@johnabill I think almost all of them are not term insurance but whole life traditional insurance w/ cash values (non-VUL). The pure term life/health insurance are Sun Life Assure, AXA FlexiProtect w/ CI, PruLifeCare Series.

To add tips in comparing trad health insurance:

• check listing of covered CI (some list cancer as one while some enumerate them to increase # of covered CI for marketing purposes)
• term CI usually have 30 days survivability clause where in you should be alive 30 days from diagnosis to claim CI benefit.
• if it's major CI or death whichever comes first, usually there's no survivability clause.
• check definition of illnesses if presented the proposal as there are exceptions to these illness (most will only be communicated to you upon delivery of policy).
• be careful in agents saving that this and that covers all types of illness listed such as a policy covering all types of cancer (there's no policy covering all)
• check multiple major/minor claims and probability of actually have those claims in the future (2x, 3x, 4x, the higher the more expensive premium if multiples of face amount and not a consumable plan)
• check for the waiting period (most companies have 60 to 90 days before start of coverage)
• check special benefits w/ multiple conditions and probability of actually claiming it since most of them only makes the premium more expensive (it's usually cost effective to just increase your base plan). also consider medical inflation if coverage is still enough in the future (the min recommended coverage today is 1M to 1.5M / dont settle for less).
• check period of coverage as some stops at certain age when you actually need them the most. also check the endowment feature and cash values if reasonable.
• it's better to stretch the payment term for trad health insurance like 20 yrs or 40 yrs and pay the annual premium as it's cheaper by 12-16% compared to monthly.
• the insurance products in the industry are not apples to apples comparison as they have different features and premiums which is intentional. they don't want you to know which one is actually the cheapest. you can check here to have some insights. Best Value Insurance

 

[churchbuilder]

@claytoncf

the insurance products in the industry are not apples to apples comparison as they have different features and premiums which is intentional. they don't want you to know which one is actually the cheapest. you can check here to have some insights. Best Value Insurance

ONe of my aims as someone in is to best that bwahahaha

 

[bohemianmom]

@claytoncf Just what I needed!!! Thank you very much!

 

[marthawilliam123]

@claytoncf This is very helpful!! Thank you

 

[morningfireeater]

@claytoncf Comment saved. Thanks for this information

 

[curry0]

@claytoncf Thank you for this

 

[marthawilliam123]

@johnabill I think Fit and Well and ACA HealthMax is not term insurance. I hope I’m right. These are policies kasi na naquote sakin when I ask for trad insurance for whole life

 

[bdnelso87]

@johnabill Hi OP thank you very much for this but not all of these are term. Some are whole life like AIA CI 100 , Sun Fit and Well, and AXA Health Max.

 

[laetri]

@johnabill AIA Philam Life’s Health Achieve is the term plan of Philam Life with level premium until age 65.

It has CI half the amount of FA, with hospitalization income benefits as well.

CI covered is 56 major with 11 minor CI.

Philam Vitality enabled - weekly reward reward worth P200 and could provide discount 10-15% on the basic premium.

Coverage period is until age 65

 

[natsschlief]

@johnabill FWD Set for Health is also whole life insurance, afaik coverage is until age 75

Life Protect Health is Philam/BPI-Philam's term health insurance. Coverage is 10 yrs. You will receive 50% of all the premiums paid if no claims were made. BPI-Philam Life Protect Health

 

[lavjesusworshiper]

@johnabill Hi OP, may I know what term insurance you got for yourself? I am looking to get ourselves (spouse and I) term insurances.

 

[jktluvsjesus]

@johnabill Thanks for this guide! Very timely and important!

 

[resjudicata]

@johnabill Would it be better to go for term or whole life insurance for my parents? My dad is a senior citizen (with an existing heart condition) and my mom is almost 60.

 

[claytoncf]

@resjudicata Sadly, they're not eligible for whole life policy (if yes premiums of 1M coverage will be more than 100k/yr for 10yrs). As for term, it will cost around 70k+ increasing til end of coverage at age 70/75. Also, that will depend on their status of health if will be accepted.

 

[mrwhizkid]

@johnabill Thanks OP for sharing this useful reference.