It's been a long time since I featured a reader question here in SavingsPinay blog. I love receiving questions from you guys because it makes me feel how much you trust SavingsPinay as a personal finance resource. I stopped featuring questions on the blog since I built the SavingsPinay Facebook Group so that members will have a private venue to ask financial matters and me along with the supportive community of SavingsPinay can answer.
For 2017, I decided to bring back the featured reader question of the month to cater with the emails I receive in dedicated email address for SavingsPinay. If you also have any inquiry or would want to share your financial story don't hesitate to email me at izza@wordpress-661740-2303377.cloudwaysapps.com or use the contact form at the footer.
Today one loyal SavingsPinay reader sent me this email,
Hi,
I'd like to inquire about St. Peter Life plans and the process, please. Thanks and more powers.
Disclaimer : Talking about life plan or death in particular can be uncomfortable for some. Please be as objective as possible when reading the information written in my answer below.
How to Apply for a St. Peter Life Plan?
St. Peter Life Plan as most of us know is a pre-need service. It is the country's well-known memorial life insurance company who popularized e-burol as well. I first knew about St. Peter through my mother and on their last month of paying I got inspired to get as well. As of this writing I am near my second year of paying for my St. Peter Life Plan. You can easily apply for a St. Peter Life Plan by visiting a St. Peter Life Plan office near you or by asking a certified St. Peter Life Plan Agent.
Step-by-Step Procedure in Getting Your St. Peter Life Plan Today
Step 1. Schedule for a Meet-Up
A meet-up is necessary to have a personal discussion with a St. Peter Life Plan Agent. You will get to know the products and services offered by St. Peter. This is also your best chance to choose the life plan you would want to invest with. Currently St. Peter offers Traditional Life Plans, Life Plans with Money Back Guarantee and Cremation Plans.
St. Peter Traditional Plans
These are anti-inflationary* plans that guarantee your choice of a lifetime Memorial Service Package. Complete with value-added insurance coverage, transferable, assignable, and available at easy installment payments, St. Peter Traditional Life Plans provide outstanding DeathCare Services at very affordable prices.
Life Plans with Money Back Guarantee
These are anti-inflationary plans that guarantee your choice of a lifetime Memorial Service Package and guarantee money back. An amount equivalent to 20% of the Contract Price based on annual mode of payment shall be returned to the Planholder each year beginning at the end of the 16th year from date of effectivity until the end of the 20th year while the Planholder is still living. For this make sure to read and refer with the Terms and Conditions of the Life Plan Agreement.
St. Peter Cremation Plans
To meet the growing preference of the Filipino people for cremation, St. Peter Life Plan, Inc. developed new St. Peter Cremation Plans to give nothing else but the best and most affordable cremation products and services to its valued customers with all the flexibility that we, Filipinos, look for in a cremation plan. The St. Peter Cremation Plans guarantee first class cremation service performed by our St. Peter Crematorium and accredited crematoria in selected areas nationwide. St. Peter Cremation Plans are only available in Metro Manila, Cebu, Davao and Bacolod City.
*Info from http://www.stpeter.com.ph
Step 2. Get to know the benefits of each St. Peter life Plan
Investing in a St. Peter Life Plan comes with a benefit package as follows:
- A wood casket, split lid cover, full glass with elegant interiors, imported covers and handles
- Guaranteed memorial service according to play type you enrolled
- On-call 24 hours daily, nationwide service coverage
- Retrieval of the remains (with additional charge in excess of 25km)
- Luxury hearse during internment
- Embalming and funeral cosmetics
- Casket according to plan type
- 4 days viewing arrangement at St. Peter Chapels or 7 days at home complete with flowers.
-
Value Added Benefits (for insurable plan holders only or those between 18 to 60 years of age at the time of purchase of the plan and has not reached the age of 65 upon death)
- Additional Cash Benefits – Beneficiaries shall receive 100% of the pre-need price if the plan holder dies during the paying period or within five years (5) after the full payment of the plan and plan holder has not reach age 65 upon death.
- Accidental Death and Dismemberment – Cash benefit equivalent to the pre-need price for accidental loss of life, loss of both hands, both feet, sight of both eyes or a combination thereof if the event happens within paying period and the plan holder is between 18-55 years old.
- Waiver of installment – Plan holder is exempted from paying the installment balance in the event of an uninterrupted disability of at least 6 months during the paying period.
- Unpaid balance deemed paid – The unpaid balance is considered paid if the plan holder passes away anytime within the paying period and the plan holder is within the insurable ages of 18 to 60 tears at the time of purchase of the plan
*Subject to approval of insurance claim.
Step 3. Choose Your Life Plan
Once you arrive at the meet-up place and have been fully-informed with St. Peter Life Plan offerings and services you can now choose what plan to get. Traditional St. Peter Life Plans are cheaper compared to plans with money back guarantee. However, plans with money back guarantee can be a good investment especially for young plan holder. Cremation plans on the other hand is newer option nowadays. Again it will all depend on your needs and budget as well. You can refer to the St. Peter website for more information but below is a summary of plans from the company.
St. Anne
*Contract price is payable for five (5) years.
*Note: 10% discount will be give for spot cash payment
Contract Price | 90,000pesos
Annual | 18,000pesos
Semi-annual | 9,540pesos
Quarterly | 4,950pesos
1,710pesos Monthly!!!
St. Bernadette
St. Bernadette*Contract price is payable for five (5) years.
*Note: 10% discount will be give for spot cash payment
Contract Price | 70,000pesos
Annual | 14,000pesos
Semi-annual | 7,420pesos
Quarterly | 3,850pesos
1,330pesos Monthly!!!
St. Claire
*Contract price is payable for five (5) years.
Note: 10% discount will be give for spot cash payment
Contract Price | 60,000pesos
Annual | 12,000pesos
Semi-annual | 6,360pesos
Quarterly | 3,300pesos
1,140pesos Monthly!!!
St. Gregory
*Contract price is payable for five (5) years.
Note: 10% discount will be give for spot cash payment
Contract Price | 34,200pesos
Annual | 6,840pesos
Semi-annual | 3,625pesos
Quarterly | 1,880pesos
650pesos Monthly!!!
St. George
*Contract price is payable for five (5) years.
Note: 10% discount will be give for spot cash payment
Contract Price | 32,800pesos
Annual | 6,560pesos
Semi-annual | 3,475pesos
Quarterly | 1,805pesos
625pesos Monthly!!!
St. John (with Money Back)
*Contract price is payable for five (5) years.
Note: 10% discount will be give for spot cash payment
Contract Price | 150,000pesos
Annual | 30,000pesos
Semi-annual | 15,900pesos
Quarterly | 8.250pesos
2,850pesos Monthly!!!
St. Paul (with Money Back)
*Contract price is payable for five (5) years.
Note: 10% discount will be give for spot cash payment
Contract Price | 80,000pesos
Annual | 16,000pesos
Semi-annual | 8,480pesos
Quarterly | 4,400pesos
1,520pesos Monthly!!!
St. Ferdinand (with Money Back)
*Contract price is payable for five (5) years.
Note: 10% discount will be give for spot cash payment
Contract Price | 48,700pesos
Annual | 9,740pesos
Semi-annual | 5,162pesos
Quarterly | 2,678pesos
925pesos Monthly!!!
St. Francis (with Money Back)
*Contract price is payable for five (5) years.
Note: 10% discount will be give for spot cash payment
Contract Price | 46,000pesos
Annual | 9,200pesos
Semi-annual | 4,875pesos
Quarterly | 2,530pesos
875pesos Monthly!!!
St. James (Cremation before viewing)
*Contract price is payable for five (5) years.
Contract Price | 66,000pesos
Annual | 13,200pesos
Semi-annual | 6,995pesos
Quarterly | 3,630pesos
1,255pesos Monthly!!!
St. Jude (Cremation after viewing)
*Contract price is payable for five (5) years.
Contract Price | 99,000pesos
Annual | 19,800pesos
Semi-annual | 10,495pesos
Quarterly | 5,445pesos
1,880pesos Monthly!!!
Step 4. Fill up the application form
Fill up your application form and make your initial payment to your St. Peter Life Plan agent. Wait for your official receipt. Other ways additional St. Peter Life Plan payments are as follows:
-
- Authorized St. Peter payment collector near your location (as endorsed by your agent)
- St. Peter Offices Cashier
That's it you are now a St. Peter Plan Holder. Now as always make sure that you communicate only with a trusted St. Peter Life Plan Agent to process your application.
Final Notes from SavingsPinay
I hope this post help our letter sender and the rest of SavingsPinay readers when it comes to investing with a St. Peter Life Plan. You only need to fill up the form, sign and pay according to payment term of choice (monthly, quarterly, semi-annual and annual). No one likes to think about death, let alone plan for it. But in my own personal belief, it is way better to have one than nothing at all. St. Peter Life Plan is transferable and affordable as well so I see no reason not to avail one. By availing a pre-need plan you will be able to relieve your family with important financial decision during the period of grieving.
Below were my published posts about St. Peter Life Plan 1.https://savingspinay.ph/2015/07/st-peter-life-plan-is-it-worth-the-investment/ 2.https://savingspinay.ph/2015/09/im-just-21-do-i-seriously-need-a-life-plan/ If you are interested to get a St. Peter Life Plan for yourself, your parents or family then just fill up the form below. After submitting your details I will contact you to arrange when, where, and how to secure your St. Peter Life Plan investment. For other inquiries just email me at izza@wordpress-661740-2303377.cloudwaysapps.com.
Links to Past Reader Questions I've Answered
- How To Save Money and How To Become a Millionaire?
- What's Your View on Networking?
- How to Manually Compute for Your Mutual Fund Earnings
- What Do You Think Are The Best Funds in FAMI That I Should Start With?
- What Do You Do Na Di Mo Nagagamit Yong Na-save Mo?
- Show a 21-year old Save Up Money or Spend It On Things That Make Him Happy?
- How Does FAMI Work?
- Which is Better Savings Account, Mutual Fund or UITF?
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