Personal accident insurance with age 68 ??

[Mango-Johnny]

Hello,

my European insurance company prefers not to continue my contract as I'm not a resident in my previous home country any more. I'm aware with my age of 68 it's a challenge to find an insurance here in the Phil's but maybe anyone on the forum has an idea or suggestion. My goal is some financial protection for my Philipina wife I'm now living with since 13 years.

[JJReyes]

You will encounter difficulties getting insurance at a reasonable rate because of your age.

For her financial protection, my suggestion is to have an attorney prepare documents, so she has immediate access to your liquid assets (bank accounts) in the Philippines upon death.  This is important because funds are needed to take care of all the funeral related expenses.  An easier way is to have everything as joint accounts, but some are reluctant to have a second person with easy access to their money.  These documents are provisional.  It only takes effect upon your demise.  

 

 

 

[hk blues]

3 hours ago, JJReyes said:

You will encounter difficulties getting insurance at a reasonable rate because of your age.

For her financial protection, my suggestion is to have an attorney prepare documents, so she has immediate access to your liquid assets (bank accounts) in the Philippines upon death.  This is important because funds are needed to take care of all the funeral related expenses.  An easier way is to have everything as joint accounts, but some are reluctant to have a second person with easy access to their money.  These documents are provisional.  It only takes effect upon your demise.  

We have gone down the route of having a mix of individual and join accounts so when either 'departs' the survivor will have instant access to the funds in their own individual account for immediate needs.  As I understand it, with a joint account upon death of either account holder it would be frozen until all taxes due are paid although some funds can be withdrawn to pay immediate expenses.

[Mike J]

18 hours ago, hk blues said:

We have gone down the route of having a mix of individual and join accounts so when either 'departs' the survivor will have instant access to the funds in their own individual account for immediate needs.  As I understand it, with a joint account upon death of either account holder it would be frozen until all taxes due are paid although some funds can be withdrawn to pay immediate expenses.

A good reason to keep a portion, or the majority, of your liquid assets in your home country.  My opinion of course.

[JJReyes]

1 hour ago, Mike J said:

A good reason to keep a portion, or the majority, of your liquid assets in your home country.  My opinion of course.

Makes sense.  A joint account means either persons can make deposits and withdrawals under US law.  Our sons have keys to access our safe deposit box in the event of our demise.  The document list them as co-depositors.  Our bank and financial institutions have written instructions to transfer all funds to our heirs within 72 hours after receiving copies of our death certificates.  In the Philippines, it is a joint bank account with my sister.  She will send any balance to our sons after clearing any local hurdles.  

 

[Joey G]

20 hours ago, hk blues said:

As I understand it, with a joint account upon death of either account holder it would be frozen until all taxes due are paid although some funds can be withdrawn to pay immediate expenses.

Is that a Philippine law?   Wonder what taxes are due if the account is joint?  If a Philippine Law... I wouldn't put more than a weeks worth of expense in it.

[OnMyWay]

On 8/21/2024 at 7:39 PM, Mango-Johnny said:

Hello,

my European insurance company prefers not to continue my contract as I'm not a resident in my previous home country any more. I'm aware with my age of 68 it's a challenge to find an insurance here in the Phil's but maybe anyone on the forum has an idea or suggestion. My goal is some financial protection for my Philipina wife I'm now living with since 13 years.

Your title says "personal accident insurance".  Do you mean medical insurance?

[hk blues]

 

4 hours ago, Joey G said:

Is that a Philippine law?   Wonder what taxes are due if the account is joint?  If a Philippine Law... I wouldn't put more than a weeks worth of expense in it.

Unless otherwise stated, the joint account is assumed to be 50/50 split and tax due would be calculated on that basis.  

I'm not sure of your logic by that last sentence - if you have a bank account here then when you pop off taxes are due whether it's a joint account or sole so you'd be liable for 100% of the sole and/or 50% of the joint - makes no difference.  The only way to avoid taxes is to have no bank account - can't see how that would work!

 

[OnMyWay]

9 hours ago, Mike J said:

As I understand it, with a joint account upon death of either account holder it would be frozen until all taxes due are paid

To clarify, what are specific "taxes due" on a bank account, are due upon death?  Back taxes?  Estate taxes?  Death tax?

[Mike J]

20 minutes ago, OnMyWay said:

To clarify, what are specific "taxes due" on a bank account, are due upon death?  Back taxes?  Estate taxes?  Death tax?

Actually that statement is from @hk blues although I have heard similar in regards to estate taxes.