People often buy life insurance for retirement and wealth generation. Often, they don't realize the value of having a critical illness protection plan until the time that they are being diagnosed with the illness.
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Photo from Pexels.com |
Note that as the years pass by, the age of people who are being diagnosed with a critical illness are getting younger in age. I hope this blog will help you realize the importance of critical illness protection.
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Source: Screen Shot from Facebook - for educational purposes only
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Let me discuss with you this Philam Life Insurance that is one of the bestsellers of Philam Life Insurance as we shift in promoting protection over VUL Life Insurance.
The 10 Things that you should know about Philam Life ACP 100 are as follows:
- Major Critical Illness or Life Insurance Benefit - covered until age 100
- Minor Critical Illness Benefit - covered until age 100
- Gender Specific Cancer Benefit - covered until age 100
- Recovery Benefit
- Philam Vitality
- Cash Rewards and Discounts
- 10/20 years pay term
- Cash Surrender Value
- Ease of Payment
- How to buy this insurance? Click here.
If you do not have a critical illness plan, are ready to spend your savings and investments for paying these hefty bills?
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Source: Philam Life Data - for educational purposes only |
Please take note, those data are 2016 data. If you already have a plan to deal with that, well and good, but if none, please inform yourself of the means that you can minimize the cost of your protection. At the end of the day, your expenses in healing yourself will be the expense of the whole family. Please make sure that you have a protection for yourself before investing in other investment platforms.
Major Critical Illness or Life Insurance Benefit
If a death happens to the policy insured, then his/her beneficiaries will get a tax face amount of the life insurance. However, if the insured suffered and was diagnosed with a critical illness covered in this life insurance policy then, the face amount will be given to the insured as an seed money to heal the critical illness. These benefits are mutually exclusive, meaning, if the insured already claimed the critical illness coverage, then his/her policy will be terminated.
ACP 100 is the only life insurance protection that protects clients against critical illness until age 100. Usually, in the industry, critical illness coverage terminates at age 75 of the insured.
There is 57 critical illness covered by the ACP 100. Even the complications brought about by the Covid-19 virus are covered such as Heart Attack, Stroke, End-Stage Lung Disease, and Terminal Illness.
Minor Critical Illness Benefit
If the insured was diagnosed with a minor critical illness such as less severe kidney disease, liver surgery, etc., a cash benefit equivalent to 25% of the face amount of the life insurance will be given.
There are 34 covered minor critical illnesses in this life insurance. Insured is covered until age 100. Usually, in the industry, critical illness coverage terminates at age 75 of the insured.
Gender-Specific Cancer Benefit
If the insured is diagnosed with gender-specific cancer such as prostate cancer, breast cancer etc., an additional 50% of the face amount of the life insurance will be given as cash benefit. Please don't be happy, ensured was diagnosed with gender-specific cancer benefit.
There are 9 Gender Specific critical illnesses in this life insurance. Insured is covered until age 100. Usually, in the industry, critical illness coverage terminates at age 75 of the insured.
Recovery Benefit
If the Insured was diagnosed with one of the 57 critical illnesses covered in this life insurance and the insured fortunately recovered. He/she will be given a recovery benefit amounting to 50% of the life insurance coverage to be distributed for a period of five (5) years starting after one (1) year after the recovery of the client.
Philam Vitality
Philam Vitality is a science back technology that promotes Philam Life Insurance client's health through physical exercise hence making us live longer, healthier and better lives.
This is a cutting edge technology that only the Philam Life Insurance has in the country, being the market leader and the number one insurance.
Cash Rewards and Discounts
10/20 years pay term
This policy has a flexible payment term. Depending upon the choice of the client. I discussed in my previous blog that longer payment terms are better in life insurance than shorter payment terms because of advantages and flexibility in terms of your finances.
Read my full report here for free. Cash Surrender Value
If you think that you will not be needing the insurance anymore or that you had an emergency and you needed immediate money, then you can terminate your life insurance by getting the cash surrender value.
Come to think of it, it is like saving your money in a bank however, this is way better for the investor or insured since the insured has life insurance coverage, critical illness coverage, and a motivation to exercise in one product.
Ease of Payment
How to Buy
There are only three (3) steps to follow in buying this life insurance.
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Source: Philam Life
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Request for Life Insurance Quotation
Addition: The only Life Insurance policy for KIDS ages 0-18
Philam Life's ACP 100 is the only insurance that insures kids with ages 0-18 years of age. Life insurance companies often do not insure kids because of high risks in kids life in earlier years. However, being a market leader, Philam Life made a move to protect the lives of our kids.
- Cost of insurance for kids
- If you have a kid, make sure that you buy him/her an ACP 100 life insurance protection because it is cheap. It will cost you less than PhP1,000.00 per month for kids with ages 7 and below.
- Bundle with other products
- You can bundle ACP 100 with a VUL Life Insurance so that by the time your kid is college, he/she already has an education fund.
Feel free to book my services to enjoy best service there is.
CONCLUSION
This insurance is very cheap when you are younger, very comprehensive in terms of critical illnesses that it covers, and has high protection coverage since you are covered until age 100. Aside from buying this life insurance, I recommend that you buy also to buy an insurance or an HMO that covers hospitalization and accidents.
You can never go wrong in protecting the future of your family! Start your first life insurance policy now.
Book my services as Financial Advisor.
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Linked-in: Efraim Osingat, CPA, MBA, RFP
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Website: beacons.ai/efprimefinance
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Disclaimer
The Author is advising readers to consult with your respective Financial Advisors before venturing in any investments. Investing your money is dependent to your goals and your risk tolerance. You should know the risks and rewards of investing before you actually do the same. The illustrations above are for educational purposes only and any risks or losses that you may incur are imputable to your respective decisions.
The author does not in any way provide a guaranty as to the effectiveness and quality of the products and services that are featured in this blog. The products and services were advertised based on personal experience and product and service reviews that the product/service received.
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