BPI AIA Life Protect Health Direct vs. Sun Life Fit and Well Advantage 10
Hi everyone! I’m 31 years old with no dependents and I’m looking for some advice.
I’ve been paying for the BPI AIA Life Protect Health Direct insurance for the past two years, which I got through my credit card offer. My monthly premium is PHP 1,160.50, and it’s renewable after 10 years. The face amount is PHP 500,000, and there’s a 50% cashback after 10 years if I don’t make any claims.
Recently, I came across an advertisement for Sun Life and requested a quote. They offered me a 10-year insurance plan that provides coverage until age 100 for PHP 35,000 annually. This also has a face amount of PHP 500,000, along with some hospital benefits and cash benefits starting after age 65.
Now, I’m unsure whether to continue my BPI AIA policy or switch to the Sun Life plan. I’m looking for insights into which option might be better.
I initially signed up for the BPI AIA policy simply because it was offered to me, but I’ve since become more interested in insurance. While BPI AIA is more affordable and is renewable, I’m curious if the Sun Life plan would be a wiser choice. What do you think?
Deciding between two insurance policies can be challenging, especially when they have different benefits and terms. Here are a few factors to consider that might help you make your decision:
Coverage Duration: The BPI AIA policy is renewable after 10 years, while the Sun Life policy provides coverage until age 100. If you prefer long-term protection that continues throughout your life, the Sun Life plan might be more suitable.
Cashback and Refunds: The BPI AIA plan offers a 50% cashback after 10 years if there are no claims. This can be an attractive feature if you feel you won’t need to claim. On the other hand, the Sun Life policy has benefits like hospital and cash benefits after age 65 which could be more beneficial in the long run.
Monthly Premium vs. Annual Premium: The BPI AIA plan is lower on a monthly basis (1,160.50) compared to the annual payment for Sun Life (35k annually, which is about 2,916 per month). Consider your budget and if you can comfortably manage the higher premium for more extensive coverage.
Your Health Needs: Think about your current health and any potential health concerns in the future. The benefits provided in the Sun Life plan, like hospital and cash benefits after 65, might offer more peace of mind as you age, especially since it provides support for medical expenses.
Long-term Financial Goals: Consider your financial goals. If you are looking for an investment component alongside insurance, you might want to investigate whether either plan offers any cash value accumulation or investment growth over time.
Personal Preference: Since you got the BPI AIA insurance kind of as an impulse buy, consider whether you feel more secure in switching to a plan that aligns better with your long-term health and financial goals.
Before making any decision, it might be helpful to consult with a financial advisor or insurance expert who can provide personalized insights based on your specific circumstances and future needs. Overall, think about what is most important to you in terms of coverage, cost, and peace of mind.