Investment Ideas

Why I Invested in Memorial Plan?

We should focus on living life, but we should also not forget that there is an end for all of us.

For five years, I was living in the slums of Tondo. And true to what Catriona Gray said, ‘Life there is very poor.’ Whenever there is a deceased, wakes are usually extended and take up to 3-4 weeks. The main reason is to raise funds from abuloy and profits from nightly gambling such as mahjong, pusoy dos, tong-its, and other card games.

Dying in an urban area comes with a high price tag. As per St. Peter Life Plan, the cheapest funeral services package they have (as of writing) is P38,000. Discounts are given to senior citizens at P27000. This includes embalming, 4-7 days of wake services, casket, and internment services. Memorial lot/space is not even included. Read “Why I Invested in Memorial Lot.”

This amount can cause massive distress to the bereaved family if they are not ready for this untimely emotional and financial shock. It is an additional burden to the pain of the grieving relatives. But this can be avoided if we have been open-minded to plan for something that we don’t want to happen but is inevitable.

Death, although certain to happen, is the most avoided topic due to its sensitivity. Who would want to die? No one! But it’s going to happen with certainty. Then why not prepare for it, too. You, as an individual, should be the one responsible for arranging for it. After all, you don’t want to add more pain to your hurting loved ones if the time comes.

Last December (2018), I acquired a Memorial Plan from St. Peter Life Plan. They are the leading deathcare company in the country for almost 50 years now. For as low as P700/month, you can have a memorial plan. It is payable for five years only.

St. Peter Memorial Plans

There are three categories of memorial plans that you can avail of. All policies are payable in 5 years (monthly, quarterly, semi-annually, or annually). A 10% discount is given for spot cash buyers.

1. Traditional Memorial Plan 
This is an anti-inflationary plan that guarantees your choice of a Memorial Service Package. Complete with value-added insurance coverage, transferable, assignable, and available at easy installment payments. Prices start at P700/month. This is the plan I took. For more details, follow this link.

2. Traditional Memorial Plan with Money Back 
The same benefits as the regular Traditional Plan but with a money-back or refund of the entire amount paid. An amount equivalent to 20% of the Contract Price based on the 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. Prices start at P1900/month. For more details, follow this link.

3. Cremation Plan 
This guarantees first-class cremation service performed by 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. Prices start at P1255/month. For more details, follow this link.

Traditional Plans Package Inclusions :

  1. Pre-selected casket (kabaong)
  2. Retrieval of the remains
  3. Embalming and funeral cosmetics
  4. Viewing arrangement (lamay) at St. Peter Chapels for four or seven days at home, complete with flowers.
  5. Internment services (libing) including luxury hearse (karo)

Cremation Plans Package Inclusions:

  1. Embalming and funeral cosmetics
  2. Provision of a metal casket (on St. Jude plan)
  3. A 3-day viewing arrangement (lamay) at St. Peter Chapels or at home.
  4. Full cremation services
  5. Marble urn

Value-Added Benefits*:

  1. The plan is transferable to any living person. It can also be assigned to any deceased person.
  2. A cash benefit is due to the beneficiaries in case of natural/accidental death or dismemberment.
  3. A waiver on installment, in case of disability.
  4. The unpaid balance is deemed paid if the planholder passes away.

*Terms and conditions apply.

St. Peter’s has many authorized agents selling plans nationwide. I went personally to their office, but they still contacted an agent to assist me. After filling out the application form, you will pay directly to the agent, and a receipt will be given to you. The same agent will come and collect your succeeding contributions. Just make sure that you kept your receipt for future reference.

If you are interested in knowing more or buying a memorial plan from St. Peter, you may contact my trusted agent Auggie Liberato (Au Jang). He will further explain the policy to you and answer all your questions.

Disclaimer

EarnPeso holds no control over your financial fate. It is here as a guide. Exercise prudence in every investment or business you undertake, and success will follow.

I hope this article encourages you to start your own business/investment. Click the links for Business Ideas and Investment Options for more insightful essays.

Do you have any questions? I would love to hear from you. Please leave a message in the comment box below or follow and message me on Facebook.

Reference:
1. St. Peter Life Plan

Categories: Investment Ideas

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