You may have lapsed your policy, but take heart in the fact that you may still be eligible for reinstatement. However, you need to take action as quickly as you can.
The Policy's fund value is NOT GUARANTEED and returns are not based on historical performance.
The Policy's fund value could be (almost always) less than the total premiums paid for a number of reasons such as charges, withdrawals or premium holiday.
The values on the proposal are for illustration purposes only.
Here's the second installment of my Hey! Did You Know? series. Much like the first installment, the topic revolves around beneficiary designations.
Aside from charities and foundations, you can also name churches, trusts, or estates as beneficiaries. That is, if you really don't have - or like - a family member or any actual person to be designated as a beneficiary.
*******
Life is hard; it's even harder when you don't have adequate preparation for life's uncertainties and certainties.
Hi, my name is Marose Banzon and I'm from Sun Life Philippines. It is my joy and mission to help others build a strong desire for financial independence while also developing meaningful relationships with my clients.
Please click this link to REQUEST FOR PROPOSAL.
You may also message my FB & IG business page and/or personal FB page if you want a free financial consultation.
✨ https://www.facebook.com/thecoverbear
✨ https://www.facebook.com/marose.banzon
✨ https://www.instagram/thecoverbear
✨ https://www.instagram/marosebanzon
Thank you very much and here's wishing you a #BrighterLife ahead! 🌞🤗
While the reasonable grounds for naming a minor as the beneficiary of a life insurance is still a subject of debate - because different people have different points of view - a couple of its legal consequences are clear.
Before I go on, let me first define who is a Minor? A minor is any person under 18 years of age. S/he does not have the capacity to transact or enter into contracts in his/her own behalf.
In both scenarios, the guardian of the minor beneficiary or minor owner will have to be the one to transact with the Company.
Who is a Guardian?
Section 182 of the Revised Insurance Code provides the hierarchy of individuals designated as guardian of a minor insured, owner or beneficiary under a contract of life, health, or accident insurance in the following order:
1. Judicial guardian
2. Father
3. Mother
4. Grandparent
5. Eldest brother or sister at least eighteen (18) years of age
6. Any relative who has actual custody of the minor insured or beneficiary
The Guardian may exercise certain rights under the policy, without necessity of a court authority or the giving of a bond, where the interest of the minor in the particular act involved does not exceed Five Hundred Thousand Pesos (Php500,000.00) or such reasonable amount as may be determined by the Insurance Commissioner.
What transactions may a Guardian enter into on behalf of the minor?
Where applicable, the Guardian may obtain a policy loan, surrender a policy, receive proceeds of a policy, and give the minor’s consent to any transaction in a policy.
Please take note that Sun Life is relieved from any liability under the policy once payment is given to the Guardian.
What should the Guardian submit to Sun Life in case the interest of the minor involves an amount greater than Php500,000.00?
Per Section 182 of the Revised Insurance Code, a Guardian’s Bond must be submitted if the market value of the property of the minor exceeds Five Hundred Thousand Pesos (Php500,000.00). This Guardian’s Bond is determined by the Court and shall not be less than Ten Percent (10%) of the market value of the minor’s property.
How does a Parent/Legal Guardian apply for a Guardian’s Bond for a minor with property worth over Ps 500,000.00?
1. File a Petition in Court for the approval of the Guardian’s Bond;
2. The Petition is filed:
a. in the place where the minor resides, or
b. if the minor resides in a foreign country, the place where the property of the minor is situated;
3. The Court shall determine the amount of the Guardian’s Bond through a Court Order;
4. Petitioner secures a Guardian’s Bond from a Non-Life Insurance Company;
5. Petitioner submits to the Court the Guardian’s Bond;
6. Court issues an Order or Decision approving the Guardian’s Bond;
How does one apply for Judicial Guardianship of minors?
1. File a Petition for General Guardianship in Court;
The Petition is filed:
a. in the place where the minor/incompetent resides, or
b. if the minor resides in a foreign country, the place where the property of the minor is situated;
2. The Court shall fix the time and place for hearing the Petition and shall cause the other parties to be notified, including the minor subject of the petition;
3. Any interested person may file an Opposition to the Petition and state in such Opposition his/her grounds for the same;
4. The Court shall hear the evidence of the parties and issue a Decision/Order appointing the minor’s Guardian;
5. Before the Court issues letters of guardianship, the Judicial Guardian must secure a Guardian’s Bond from a Non-Life Insurance Company;
6. Judicial Guardian submits to the Court the Guardian’s Bond;
7. Court issues an Order or Decision approving the Guardian’s Bond;
8. Court issues Letters of Guardianship.
IMPORTANT NOTE: Sun Life has issued these guidelines merely as a general tool for the assistance of its claimants. These guidelines do not and are not meant to serve as legal advice to claimants. Claimants are advised and encouraged to seek advice from their own legal counsel.
So, what do you think? Do you still want to name a minor child as a beneficiary of your life insurance policy?
In my book, there's really no right and wrong way of doing things. Just do what you think is right for you. Truth be told, I did not assign my minor child as a beneficiary of all my policies. And neither did my husband. It would have been better if only I or my husband goes first, but what if we both pass at the same time? We want our only child to be provided for financially so we assigned a trusted adult (a family member) as a contingent beneficiary.
In case you trust no one because, let's face it, we really cannot predict the future circumstances of every individual, what if your trusted adult is your sister and she lost her job, she might be tempted to take the proceeds and use it for her own benefit, then by all means you are right to name your child as a beneficiary. Nevertheless, it does not guarantee that your sister won't file for legal guardianship of your child.
What if your ex-husband leaves the money with Sun Life until your son reaches 18? What if at 18 your child is still not quite responsible? What if his father remarries?
So many endless what ifs. Well, here's my small nugget of wisdom: Always remember that life insurance is a LOVE INSURANCE. Everything we do (including every decision we make) out of love will surely be perfect and right.
Hello, my readers, TGIF! Where are you off to this weekend? 👀 As for me, I'm just going to stay home with my family and try to catch up on my binge-watching. 😄
But for now, I just want to share with you my thoughts about this very common topic of discussion around the dinner table, which I hope does not cause arguments among the diners.
Which is a more superior product - life insurance or mortgage redemption insurance?
Of course, kapag tinanong n'yo ang financial advisor - like me - ang isasagot sa inyo ay life insurance. Kapag naman non-life insurance agent ang tinanong n'yo, ang sagot ay MRI.
Ano ba ang MRI?
An MRI ensures that the outstanding debt is paid in case of disability or death of the home loan borrower. It spares the surviving family from assuming any unpaid debt or lose the family home.
Here in the Philippines, a Mortgage Redemption Insurance (MRI) is mandatory when taking a bank loan for a house. This is part of the lending process so you cannot avoid it.
If you have a life insurance, you can use it in lieu of your MRI. All you need to do is to revocably or irrevocably designate your bank as your primary beneficiary.
So, let's go back to the question as to which product is more superior?
Well, it really depends on your point of view.
Let me just remind you of the Financial Pyramid, its two important components, and what actually forms the base of the pyramid. In case you've forgotten and for those who have not yet read my blog, the first level of a financial pyramid is the Income Protection. Protecting your income should be your first priority, because what's the point of getting a housing loan when you can't even amortize it if you unexpectedly lose your job?
I repeat, WHAT'S THE POINT OF GETTING A HOUSING LOAN WHEN YOU CAN'T EVEN AMORTIZE IT IF YOU UNEXPECTEDLY LOSE YOUR JOB?
An MRI only comes into play when TOTAL (PERMANENT) disability or death happens, not when you've just been put out of work. If you have a life insurance, you can withdraw funds from a VUL policy or borrow against a permanent or endowment policy for times when you need money for emergency situations.
You see, an MRI, like car, fire and home insurance, has no savings and investment component; hence, no cash value, no dividends, no fund value.
Hindi ka ba nanghihinayang sa binabayad mong premium kada taon? Kapag natapos na ang loan mo at hindi ka naman namatay ay walang babalik sa iyo kahit isang kusing. On the other hand, if you have a life insurance and granted, the premium for life insurance is more expensive, but when you die during the course of your loan, your beneficiary/ies will get the proceeds after the balance of your loan, if any, has been paid to the bank. If ever naman hindi ka namatay during your, say, 20-year loan, walang problema. Why? Because at some point in the future you will still die. Wala namang taong hindi mamamatay, tama ba?
But then again, like I said, it really depends on your point of view.
From my experience, there is no more common, and perhaps no more practical, reason to get a life insurance than to use it as a mortgage redemption insurance (MRI). This is true at least for the young professional market segment. It is because, well, sadly, preparing for retirement is not high in the priority list of people in their 20s and 30s. Mas lalo namang hindi sila kumukuha ng life insurance for income protection or education kasi most of them are either still single or married but childless by choice.
If it's any consolation, at least some - sana all - of this younger generation already know how to evaluate value for money.
*******
Life is hard; it's even harder when you don't have adequate preparation for life's uncertainties and certainties.
If I can address these
needs or solve these problems, would you be willing to listen?
Hi,
my name is Marose Banzon and I'm from Sun Life Philippines. It is my
joy and mission to help others build a strong desire for financial
independence while also developing meaningful relationships with my
clients.
Please click this link to REQUEST FOR PROPOSAL.
Rest assured that all information collected from this questionnaire shall be treated in accordance with the Data Privacy Act of 2012; hence, we will treat these information with utmost confidentiality.
You may also message my FB & IG business page and/or personal FB page if you want a free financial consultation.
✨ https://www.facebook.com/thecoverbear
✨ https://www.facebook.com/marose.banzon
✨ https://www.instagram.com/thecoverbear_ph
✨ https://www.instagram.com/marosebanzon
Thank you very much and here's wishing you a #BrighterLife ahead! 🌞🤗
In the context of preparing or planning for your #BrighterLife or what is most commonly known as financial security, a financial pyramid would be most helpful as it aids to understand the vital steps to obtaining your financial stability and reaching your financial freedom.
There are two (2) important things to remember about your pyramid, though.
1. Position
The position must be upright instead of upside down or inverted. Tama naman, di ba? Kasi kung baligtad ang pyramid, it will not be stable. In short, tutumba!
2. Hierarchy
According to Cambridge Dictionary, hierarchy is a system in which people or things are arranged according to their importance. Using this definition, the Income Protection must be in the first level as it forms the base of your financial pyramid.
.png)
I have a question for you. What good would it do to get a bank loan for a house when you can't even pay for the amortization if suddenly you lose your job? By losing your home to foreclosure, you will certainly become just another statistic. Gusto mo ba na mangyari yun sa iyo?
Thus, the importance of building a strong foundation, first and foremost.
.png)
In the diagram above, again, the Income Protection is at the base. Sorry na, makulit ako. It's just that I cannot overemphasize its importance, guys.
Income Protection simply means protecting your income. If you’re unable to work due to unforeseen circumstances, such as illness or injury, how will you get by? So before we think of accumulating so many assets (Income Accumulation) and fussing about who to give them to (Income Distribution), let's set aside first at least 3 to 6 months worth of expenses as emergency fund. Buy health insurance plan, HMO, memorial plan, and, of course, life insurance plan - kahit term man lang. It is still better than nothing.
So, if you don't want to turn your world "upside down", you would do well to have an image of the pyramid in your mind all the time. That mental image of the pyramid should always be in an upright position and correct order.
By visualizing this image all the time, it will surely affect your life in a positive way. 😊
*******
Life is hard; it's even harder when you don't have adequate preparation for life's uncertainties and certainties.
If I can address these
needs or solve these problems, would you be willing to listen?
Hi, my name is Marose Banzon and I'm from Sun Life Philippines. It is my joy and mission to help others build a strong desire for financial independence while also developing meaningful relationships with my clients.
Please click this link to REQUEST FOR PROPOSAL.
Rest assured that all information collected from this questionnaire shall be treated in accordance with the Data Privacy Act of 2012; hence, we will treat these information with utmost confidentiality.
You may also message my FB & IG business page and/or personal FB page if you want a free financial consultation.
https://www.facebook.com/thecoverbear
https://www.facebook.com/marose.banzon
https://www.instagram.com/thecoverbear_ph
https://www.instagram.com/marosebanzon
Thank you very much and here's wishing you a #BrighterLife ahead! 🌞🤗
... there's a family fighting over it.
.png)
How to avoid an inheritance feud?
Get a life insurance.
It is considered an asset - with named beneficiary/ies - therefore, it is NOT ruled by a will.
.png) |
| The view from Solana Bar |
 | ||||||
| The 33rd Macaulay Club Marketing Congress |
