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Life Insuirance in the Philippines

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Acordant
  6/22/2015 07:50 EST

I am an American citizen who is buying a house with my Filipina wife. I understand that she actually owns the house and the mortgage. However, I am the sole provider for our family. I am concerned that if something happened to me, she would not be able to pay for the house. Is there a life insurance policy that would pay off the house if I died?

TitoMike
  6/22/2015 08:18 EST

Life insurance pay outs go to designated beneficiaries. If that's not what you want, I suggest you seek advice from a certified financial or estate planner in the U.S.

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LRod50
  6/22/2015 14:16 EST

Acordant, I admire that you are the sole provider of your family. I also am the sole provider. That has to be an American trait. I found myself in a similar situation. My Filipino wife could not sustain the costs associated with the condo we own in Manila so I took out a Life insurance policy with Prudential. She is the sole beneficiary in the event of my death. Since we own the condo, I need her to be able to live if I am no longer there. We are looking for a rental property to assist her if she becomes alone. Or if she wishes, she can rent out the condo and move to the other property. I am sorry but I can't help you with Life Insurance from the Philippines. But I can help by telling you I found a $250,000 life policy for $141 a month, or $150,000 for $102 a mo.
I am 65 years old and I think that is a good deal. I think you should search back in the US for your life insurance needs.
Good Luck.

Acordant
  6/22/2015 15:29 EST

Lrod50, thank you for your reply. I have thought about getting a term policy for $250,000 to cover the term of the mortgage. In the Philippines, when you get a mortgage, you have to get an MRI policy to cover the mortgage redemption in case of the death of the mortgagee. It is a waste of money to pay for insurance to cover the mortgage in case of the death of my wife in as much as she does not contribute to paying for the mortgage. My hope was that there was someone in the Philippines who had found a way to replace the standard MRI insurance with a term policy for the actual payer of the mortgage. I may have to carry both types of insurance. I would like to work with a Philippines company as I am here.

Andyfarquar
  6/25/2015 12:21 EST

Acordant, if you bought the house as a married couple, you have 50% ownership of the house & land title through your conjugal rights. The common belief that foreigners can't own property is actually wrong, as stated by the supreme court. The problem foreigners face is that we can't legally transfer a property into our sole name because it is not allowed by the 1986 constitution. This part is important... If your wife transferred the house into her name after you were married, it is a legal requirement that you sign the transfer, indicating your conjugal permission. Without it, the transfer is open to be challenged in court as a criminal offence (estafa) may have been committed.
Further, if your wife pre-deceases you, Filipino law allows for you to inherit the property and it can legally be transferred into your sole name. There are many many precedents for this.
As for the insurance policy, I agree with LRod50 you may find it cheaper to insure your life in the US, with your spouse as your beneficiary. I just did a similar thing in the UK with London Victoria Assurance - £100k (P7.1m) of cover for 20 years at under £33 (P2,350) per month. I don't agree however, that being a sole provider is an American Trait..... except in America of course.

TitoMike
  6/25/2015 13:02 EST

http://famli.blogspot.com/2011/07/if-your-spouse-dies-without-last-will.html

Off topic and wrong.

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brslomo
  6/26/2015 12:44 EST

Why is it that a handful of posters take it upon themselves to tell others what they may or may not post in response to any given topic?

brslomo
  6/26/2015 12:46 EST

And why does our esteemed moderator not exercise some control in these instances?

Nephi
  6/26/2015 12:54 EST

I would suppose the moderator has a family, a full time job, and sleeps like anyone else as well has has a life away from the site and his computer.
Little bit difficult for just one person to be around all the time.

CAteacher
  6/26/2015 13:08 EST

Thank you Nephi. It's nice to be show some grace here. As to the topic (Heaven forbid that I wander off topic.) The esteemed moderator doesn't pull posts that simply reflect the author's viewpoint. (i.e. whether or not someone else has wandered off topic.) I very seldom pull posts on account of relevance. On the other hand, rudeness is more likely to get axed. Even rudeness recieves a fairly wide birth. Though there are several members who would disagree, I try to give a wide birth to freedom of opinion and expression. Name calling and attacks on other's character or intelligence are the sort of items that I most often remove.

CAteacher
  6/26/2015 13:18 EST

P.S. Fact of life: sometimes folks wanter off topic. When this happens, help us all out by bring the topic back in focus patiently and kindness. We all have days when when our minds wander, when we misunderstand.... A little kindness goes a long way. It's okay to extend this courtesy to the Moderator as well. He needs it. :-)

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poochewer
  6/26/2015 15:42 EST

Does that mean I can no longer misspell "brslomo" and write "bslamo" ? LOL

TitoMike
  6/30/2015 06:51 EST

@brslomo

Suppose I edit out "off topic". Do you find fault with "wrong"?

poochewer
  6/30/2015 07:25 EST

You would be better to edit out "wrong". Cos thats the part that he doesn't like.

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