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Initially, I was given a Flexi Protect policy with a few riders attached into it. Insurance riders are additional coverage with additional cost. Insurance riders are called as such because they "ride" on main types of insurance. They cannot be sold alone or separately. They are dependent on main insurance policies.
During the coverage period, if you die prematurely, your loved ones (beneficiary) will receive the insured amount from the insurance company. These funds reduces the financial burden of your loved ones considerably for the burial and wake expenses. At the same time, if you shoulder most of the financial burden of your family, your loved ones will have something to fall back while they cope up and adjust with your death.
The covered insured amount is Php 2.4 M and I'm paying Php 1,000 per month. I asked for a lower premium because the riders that were initially suggested were already removed. However, the agent told me that they have a minimum payment threshold and I could not go lower than that. Anyway, since the insured amount went higher, I did not squabble with the agent anymore. I trust him.
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Term insurance is the most basic type of insurance. From the word "term", it means a specific period of time. It can be 1 year, 10 years or 20 years. It is the cheapest type of insurance. I don't need investment related insurance products because I want to invest on my own.
Since I only wanted a term insurance, I ended up with a term insurance. No ifs, no buts.
good that your agent was able to help you out. Today, most agent will push and insist selling variable life insurance just because it is more popular
ReplyDeleteHi Ton. Yes, he is very helpful. He is not pushy. In fact, when I told him what I really want, he gave me a tailor made insurance suited for my specifuc needs. In the end, I got what I wanted. Souldn't insurance agents be like that :-) Or should I say, find an insurance agent you can trust?:-)
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