How affordable is it? For a 30-year old, the annual premium would only be P5,710 for a P1 million coverage. Again, you only have to pay P5,710 per year (not per month, not per quarter) and you’re already insured for P1 million.
It has an optional savings and investment component.
What makes Manila Bankers Life MOST 18 unique is that you can choose to pay more than your annual premium. And the excess cash that you pay will go to a PDF or Premium Deposit Fund.
The PDF is like a savings account. You can put more money there anytime you want. And you can also withdraw your money from it any time you need it.
But better than a savings account, the amount in your PDF can also earn additional cash for you because the company can invest it for you.
For example, if you paid P8,710 instead of P5,710 for a particular year. Then the excess P3,000 will go to your PDF.
The following year, because you have P3,000 in your PDF, you can choose to just pay P2,710 to pay for the annual premium of your life insurance.
But let’s say that the market was good during the year, and the P3,000 in your PDF earned and became P3,710 in value. Then you’ll only need to pay P2,000 for next year’s annual premium.