11/01/2023
Scenario:
Friend 1:
Gipit ako ngayon. Stop na ako. Pwede ko ba makuha lahat ng dineposit ko? (After paying his regular-pay VUL for a few months)
Friend 2:
Bakit, pag nag-claim ka ng coverage for death or sickness, pwede ba bawiin ng insurance company?
Hehe! Joking aside... bakit nga ba usually walang nakukuha kapag a few months old pa lang ang policy mo?
1.) It's not a bank deposit account.
A regular-pay VUL policy po is NOT a bank deposit account, where you can "park" your money and withdraw whenever you want. It is a protection contract between a client and an insurance company. Hindi sya fair for the insurance company kasi ang laking risk ang tinataya nila. Milyones ang kapalit ng binabayad mong premium. The only time na may makukuha ka po from your policy is kapag may tubo na ito from your investment (fund value), which is only possible kapag matagal na ang policy (at least three years).
2.) It's like hiring the services of a bodyguard.
Think of a VUL policy as your BODYGUARD. Regardless po kung may mangyari sa iyo o wala, kailangan nyo po sya sweldohan, kasi you were protected during the time na ni-hire nyo sya. Plain and simple.
3.) You are buying an asset.
Sa insurance or VUL po kasi, you are basically buying an asset with the choice to do it by "installment." Example, you are buying 1M coverage for 3k a month. If you were saving sa bank, it will take you nearly 30 years bago yan makumpleto. Pero sa insurance, agad-agad. Ownership was effective since Day 1 (for as long as you keep paying your premium). Same with buying a house. If you stop paying for the mortgage, wala kang makukuha. Hindi mo pwede bawiin ang downpayment mo. At lalong di mo rin magiging pagmamay-ari yung property kahit partially paid na. Subject for foreclosure.
Kaya for as long as binabayaran mo ang premium mo, mananatili ang promise ng insurance company to give that big amount if something bad happens to you. Once you stop, the company will also stop. Ang delikado dyan is kung may mangyari sa yo at cancelled na ang policy mo, hindi ka talaga maka-cover. Kaya if I were you, continue mo lang no matter what. I understand mahirap situation nyo now pero di hamak na mas mahihirapan kayo pag ang magka-emergency ay ikaw mismo at sumabay ka to an already existing financial problem. Tandaan mo, maraming pwedeng mangyari sa isang minuto at hindi ka dun exempted. Even in your sleep, something could happen.
