I got it fully paid after ten years! In January 2013, I was drawn into something I did not fully understand at first — signing the docs for a life insurance. It was just after some research and weighing in on the advantages and disadvantages that I became decided to push through with the semi-annual premiums. After all, PHP4,259.85 every January and July wouldn’t be a pain in the pockets.
I thought I would have another year to complete the premiums, only to get surprised by an email from the insurance company that I got it fully paid, and I could already request for a certificate of full payment.
As I readied some documentary requirements for the certificate request, I had the chance to examine the benefits of the insurance policy. It wasn’t that big as you might expect considering the semi-annual premiums, but I am glad, I wasn’t able to use any of the benefits, e.g., accident, before the full payment. Or worse if ever, I already have not just one, but two St. Peter Life Plans fully paid.
Here are the primary benefits of my fully paid Cocolife 10-Pay Future Perfect 1:
- PHP300,000.00 on Maturity Date (January 30, 2053). I’ll get the amount on the given date if I am still alive, or in case of death prior to the policy’s maturity date, my three beneficiaries will receive the same amount.
- PHP300,000.00 Accidental Death and Dismemberment. An additional benefit will be paid to the beneficiaries if my death results from an accident on or before my 65th birthday. Also, if I sustain an injury which alone causes a loss specified, e.g., loss of sight of two eyes, loss of feet, etc., I will get paid either 50% or 100% of the face amount.
- PHP150,000.00 Terminal Illness Living Benefit. The insurance company shall advance half of the face amount if I get diagnosed with terminal illness that gives me 12 months to live.
- Waiver of Premiums Due to Disability if Policy Holder Becomes Totally Disabled Before January 30, 2023. All remaining premium payments will be waived in case I become totally or permanently disabled on or before the end of the premium paying period or the policy anniversary date nearest my 60th birthday, if sooner.
- Cash Values Which Can Be Borrowed. My policy earns cash values which can be borrowed at a particular interest rate.
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While PHP300,000.00 will not suffice a retirement plan, I also plan to get another higher-value insurance or additional investments in the future. For now, this will be enough as I venture into buying a lot. Actually, I already started with a down payment for a pre-selling subdivision lot payable in 10 years with zero interest. I’ll just share it here soon I get into full understanding of all the details. Excited!