Author Topic: After Prudential, You Still Trust Life Insurance Companies in the Philippines? (Read 4127 times)

MikeLigalig.com · « **on:** February 15, 2012, 07:47:53 PM »

by PNA

After the bankruptcy of Prudential Life Plans, do you still trust life insurance companies in the Philippines?

Life insurers sees continued growth of the industry this year amid the negative external environment as well as the current issues being faced by the pre-need industry.

Philippine Life Insurance Association (PLIA) President Gregorio Mercado, in a briefing Tuesday, said unaudited premium income for 2011 shows a growth of about 21 percent to P85.5 billion over year-agoâ€™s P70.7 billion.

â€œAssuming the economic issues affecting Europe and the USA do not get any worse, we project a double-digit growth of about 16 percent this year or about P100 million premium level income,â€ he said.

Mercado stressed that the life insurance industry in the Philippines is still strong as compliance among the 21 active players on the rules remains high.

He said â€œabsence of undue distractions enables players to focus on professionalism, product innovation and service excellence.

He explained that life insurance companies in the country have enjoyed extreme longevity due to among others longer-term investments that have better returns and liabilities that have longer terms also.

He said the industry welcomes very much the decision of the Bureau of the Treasury (BTr) to issue more longer-term notes like 10-year and 20-year debt paper as these are good-yielding investments because these are good match for the industryâ€™s liabilities.

Relatively, the industry is grateful for the developments of the countryâ€™s micro-insurance industry as this is a good vehicle to further increase the number of Filipinos that have insurance.

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islander · « **Reply #1 on:** February 28, 2012, 09:22:41 PM »

nagmata man lang kog morning ani uy. now pa ko kahibawo tungod ani nga thread. naa intawon koy pension life plan ug educational plan for our youngest sa prudentialife. tua, gikan pa nakong gidukdok for answers ang gabaligya nako sa plans. atot ba ani. di ta pailad ug internet ug mobile phone scams, dia man hinoon ta maigo sa klaro unta. unta ba lang.

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insurectus · « **Reply #2 on:** February 29, 2012, 03:30:14 AM »

kadungog ko ani nga news 1st week sa Feb, ang report ato nga time kay wala daw na bankrupt but rather gi regulate sa goberno
ang pag release sa funds.

If mo ask sad ka sa mga financial advisers dili jud nila irecommend nga mag invest sa mga pre need plans

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islander · « **Reply #3 on:** February 29, 2012, 08:35:02 AM »

obviously naiwit ko sa news, though there's really nothing i can do about it even if i knew ahead. akong kalagutan kay insurance man god at the same time kining akong gi-invest. according to this pre-need's agent who's a ranking insider, naangin kuno ang prudentialife sa legacy ug bolante cases. nag-domino diay ang effects of alleged corruption.

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MikeLigalig.com · « **Reply #4 on:** February 29, 2012, 08:43:26 AM »

insurectus and islander, can you recommend to us the most dependable and reputable insurance companies? pro life uk? sun life insurance. ING insurance?

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islander · « **Reply #5 on:** February 29, 2012, 08:57:17 AM »

insurectus atong huwaton ani. wa koy alamag. kahig-kahig ra man ko sa akong banana republic bahin ug insurance kay family insurance man ang plan. besides, morag dimalason man ko bahin ug ingon ani uy. kining pre-need nga own decision nako, makuha pa gyod unta na nako ug sugod ang benefits next year, natutyo pa. bilib na gyod ko nako kun kadtong site sa gipalit nako nga life plan sa afterlife mag-earthquake unya mawagtang ang mga lote for the dear departed. hands down na gyod ko sa kadimalas.

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islander · « **Reply #6 on:** February 29, 2012, 08:58:58 AM »

mopalit na lang kog lotto. all is fair in love and war.

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MikeLigalig.com · « **Reply #7 on:** February 29, 2012, 09:26:08 AM »

sorry to hear your insurance woes, miss islander. it is better to save money in the bank, not a legacy bank.

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islander · « **Reply #8 on:** February 29, 2012, 10:58:04 AM »

motoo kag di, hasta among family life and health insurance, AIG. you know what happened to it some years back. hinoon, wa man mawala kay nabalhin man ug lain nga company, pero hangtod karon malibog kog unsa na ba ning among insurance.

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pioneer · « **Reply #9 on:** February 29, 2012, 11:11:38 AM »

islander, pagpalit nalang ug indestructible steel vault and keep your money there. safe pa na kay sa mga insurance companies karon.

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islander · « **Reply #10 on:** February 29, 2012, 11:41:08 AM »

hahaha! naa na miy steel vault, wa lay sulod. unsaon, nipalit si banana republic kay too good to be true nga bargain. unya kay ako mang gi-tinker. hangtod karon di na ko kahibawo unsaon pag-abli. wa ra pod tagda ni banana republic. akong butanganan ug cash on hand, tupperware, the good old reliable.

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insurectus · « **Reply #11 on:** March 01, 2012, 01:43:49 AM »

Gamay ra man ko idea ani nag agad ra pod ko sa kadto agent naghelp nako kuha og insurance sa pru life UK.
Taod2 na pod ning Pru Life UK and naa man sad sila mga charts ihatag sa ilang mga previous and present nga performance and ingon ana man jud daw na ang market naa times mo down but if long term nga investmentl for sure maka ginansya siya.

Nisaka pod akong tingkoy atong balita sa Prudential plans abi nako mao ra ni sila sa Pru Life UK but dili man diay

@Islander
I believe naa ka sa Cebu, kadungog ka anang IMG Marketing? Naa na siya sa Lahug duol sa JY nagprovide na sila og mga seminar about unsaon pagtigom og pag invest wala pa nuon ko kasuway diha but mao na permi ako madunggan

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Raquelproud boholana · « **Reply #12 on:** March 01, 2012, 02:39:14 AM »

Gamay ra man ko idea ani nag agad ra pod ko sa kadto agent naghelp nako kuha og insurance sa pru life UK.
Taod2 na pod ning Pru Life UK and naa man sad sila mga charts ihatag sa ilang mga previous and present nga performance and ingon ana man jud daw na ang market naa times mo down but if long term nga investmentl for sure maka ginansya siya.

Nisaka pod akong tingkoy atong balita sa Prudential plans abi nako mao ra ni sila sa Pru Life UK but dili man diay

@Islander
I believe naa ka sa Cebu, kadungog ka anang IMG Marketing? Naa na siya sa Lahug duol sa JY nagprovide na sila og mga seminar about unsaon pagtigom og pag invest wala pa nuon ko kasuway diha but mao na permi ako madunggan

Bisan ang bangko way kasiguruan pareha sa nahitabo sa among silingan iyang gibaligya iyang yuta kay mo retire na lagi karon gibutang niya tanang kwarta sa bangko,pastilan kay mo bankrupt naman diay tong banko niya nahanaw lang ug kalit iyang hinaguan. Ug naa moy dakong kantidad sa kwarta i invest na nga naay maayong return like yuta,kabasakan kay magkahuwaw huwaw man ug maglunop imo gyud gihapon nang yuta naa kay makit-an. Ayaw pud mo tuo aning mga expert nga pa seminaron ta unsaon pagtigom sa kwarta,mga financial adviser kay kwarta rapoy giapas ana nila. Once mo belly up ka di na sila manginlabot.

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hubag bohol · « **Reply #13 on:** March 01, 2012, 07:05:55 AM »

Problema ang daghang sapi, libog asa ibutang. Maypa ning atong kwarta puros puya, at least naay igong ipanuba...

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islander · « **Reply #14 on:** March 01, 2012, 09:48:57 AM »

nihubag na diay ron si filemon?

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islander · « **Reply #15 on:** March 01, 2012, 10:33:34 AM »

i got it from the horse's mouth last night; i don't know how true this is as this is only one side of the story and is not in the news. one can smell something political here and the probable gamesmanship of search-and-destroy...

one of the major stockholders of prudentialife is allegedly close to former president gma. considering the current government administration's "drive against corruption" by whatever means, which from the looks of it covers anyone with some kind of connection to the former president, the "germ of an idea" that prudentialife is getting bankrupt was planted, causing withdrawals and non-payments by its clients. it's no different from a bank run. so the bankruptcy became real in a sense because the firm ended up not balancing its books, especially as it had to meet the demands of withdrawals and claims. it was attacked by forces over which it had no control.

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islander · « **Reply #16 on:** March 01, 2012, 10:54:05 AM »

my option is not to withdraw. i have no patience for the paperwork and no energy to get angry at hapless and faultless prudentialife people. i'll just sit it out and wait for how things will pan out. but i'm not paying my quarterly dues this month either. kun matutyo na man lang ko simbako, di na lang nako dugangan. but i've been paying for the last 4 years, wa pa gyoy sipyat, huhuhu.

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islander · « **Reply #17 on:** March 01, 2012, 11:05:34 AM »

@Islander
I believe naa ka sa Cebu, kadungog ka anang IMG Marketing? Naa na siya sa Lahug duol sa JY nagprovide na sila og mga seminar about unsaon pagtigom og pag invest wala pa nuon ko kasuway diha but mao na permi ako madunggan

thanks for the tip, rects. sa tinuod lang, morag kuyaw ra kaayo kun mag-seminar-seminar pa ko kay ginagmay ra bayang tinigom ning ako, di ni big time investments, hehehe. besides, ang risk aning ing-ani nga seminars and independent financial advisers (meaning, di bank-based) kay di na unya ta lun-an human magkaila. magkaila ra ba gyod kay mo-register man tingali ta ani. day-in, day-out na tang sigehan ug tawag ani nila. i can't blame them. it's their job. but it's my peace of mind.

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islander · « **Reply #18 on:** March 12, 2012, 04:47:17 PM »

how depressing. i read today about the possible financial parameters that prudentialife planholders may find themselves in with the firm's proposed rehabilitation.

a pension planholder may get P46,394 while an education planholder is expected to get P25,168. i am a holder of the former while our youngest daughter is a holder of the latter. after paying for 4 years without fail (i didn't want to pay the interests on late payments) for the two plans for a sum total of six figures, we get back only this amount, if at all? i want to cry.

maayo pay namaligya na lang kog tocino ug corned beef.

malooy ko ni banana republic kay hilom ra tawon. salamat nga wa ko basula kay ako ra ba gyoy gapatoga anig palit, huhuhu.

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islander · « **Reply #19 on:** March 12, 2012, 04:52:46 PM »

bisan na lang ug iuli nila tanan nakong nabayran, no interest, langit na. pero kahibawo kong di gyod, mao nga huwat na lang ko kutob ugma, march 13, kay meeting na pod kuno ani nga pre-need firm with government regulators. maayo untag maanghelan sila. as for me nga nia pa sa limbo, di na gyod ko mopalit ug pre-need, as in never again.

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islander · « **Reply #20 on:** March 12, 2012, 04:56:21 PM »

why man di ra ba gyod mapordoy ning mga insurance executives ani? safe ilang assets, ang atong gamay ang natutyo. they can keep their lifestyle, naa gihapon silay makaon. ordinary folk like me have more possibility nga plato na lay pang-iton kay natutyo.

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hubag bohol · « **Reply #21 on:** March 12, 2012, 09:17:24 PM »

why man di ra ba gyod mapordoy ning mga insurance executives ani? safe ilang assets, ang atong gamay ang natutyo. they can keep their lifestyle, naa gihapon silay makaon. ordinary folk like me have more possibility nga plato na lay pang-iton kay natutyo.

Akong tan-aw ani, nganong invest2x man kunohay ka? Sa ato pa, you have money to spare. Ihatag na lang kaha ni ni Botoy, sure ka pa nga nagamit ni, drop by drop...

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xayoj14 · « **Reply #22 on:** May 03, 2012, 03:34:35 PM »

i cant blame others if people are scared now because of the downfall of some insurance companies but bare in mind their are different groups of insurance companies. Most companies who got bankrupt are PRE NEED COMPANIES. So before you buy insurance you must identify first who are pre-need or life insurance companies. These two may look the same but its not. It is just like apples and orange. They may be fruits but not of the same kinds. Likewise with the pre-need industry and insurance industry.

Mind you,
FINANCIAL EDUCATION is the best thing you need to know.. =)

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balong · « **Reply #23 on:** May 03, 2012, 05:46:50 PM »

how do you get financial education ?

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islander · « **Reply #24 on:** May 03, 2012, 06:35:52 PM »

which comes first, the chicken or the egg? do we need to have money first so there's something to get educated on, or is it the other way around?

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islander · « **Reply #25 on:** May 03, 2012, 06:36:48 PM »

Akong tan-aw ani, nganong invest2x man kunohay ka? Sa ato pa, you have money to spare. Ihatag na lang kaha ni ni Botoy, sure ka pa nga nagamit ni, drop by drop...

buyag nimo, toy. mao bitaw nang munamunang tigom aron di mahutdan ug diyot.

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lolongmendez · « **Reply #26 on:** May 04, 2012, 12:08:01 PM »

maajong adlaw kaninjong tanan.

Karon pa ko kahibalo nga napurdoy diay ang Prudential Life..dako-dako raba jud ni nga insurance company.

Ever since dili jud ko ganahan mo invest sa insurance company gawas sa GSIS kay ma pugos man kita ug bajad kay payroll deduction man.

But somehow, nakakita ko ug lain nga paagi. I study where insurance companies place their money. I realize nga ang contribution sa mga nagpa insured ila e palit ug mga treasury bond which mostly are government guaranteed. Retail treasury bond offered by the government is for us small investors. When I started buying retail bond the interest rate was 12% but now it is around 5%, but still higher than savings deposit.
So instead nga mo palit ko ug insurance, ako nalang ang mo palit deretso ug treasury bond. Its some sort of kaugalingong disiplina. Every month mag-save then ug naa na offer nga treasury bond palit dajon.
One way is I open an account for my children then deposit a fix amount (mura pod ug nagbayad ka sa insurance) every month. But the difference is you are in control of that money.
Yes, financial education is important. Financial ignorance is costly.

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xayoj14 · « **Reply #27 on:** May 05, 2012, 12:55:46 AM »

ako kay sa IMG ko.. but i also attend some other seminars like sa PSE seminars.. daghan man sad libre if you are resourceful enough..

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