Wednesday, May 18, 2011

Philplans Insurance Strategy

We got a call that we 'won' an insurancecertificate from Philplans. I decided to check it out because it is supposedly free. Well, it is. I now have a P25,000 insurance from them. They give that for free for a chance of being able to conduct a sales talk for their Prodigy Account, which was actually interesting and tempting.

The Prodigy account is more like a time deposit sort of something wherein you commit to a certain amount to invest in them (say, P100k) payable within 5 years (so P20k annually, or staggered payment of around P1,700 monthly if charged to credit card and that would only accrue 1.5% and not the usual 3-3.5% credit card companies usually charge for unpaid balances). It will mature after 7 years and you will have the option to collect it as lump sum, or use it for educational purposes for your kiddos or memorial fund for you. It also gives you the same amount of insurance money should you die. And your money earns 4-7% annually compared to a bank's 1-2%.

The catch, of course, is I had to commit to it there and then... which I couldn't do because I had to talk it over with my husband first. Plus, he just got a new policy from Sony Life. And tuition time is up.

But it sounded a nice investment, right?


Because I took Yakee with me and he was like a withering plant in the heat, I treated him to dalandan juice the minute we got home. It would have been nice to just sink into an Adirondack chair and rest but I had to prepare Yamee's food the minute we got home because he was hungry too.

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