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| Credits: https://www.entrepreneur.com.ph |
In 2016, I wrote a blog post regarding COL Financial's reply, my online stockbroker, regarding my inquiry. To view that post, here is the link >>> I Asked COL Financial, "What If Account Holder Dies?"
Two years later, with the changes in TRAIN Law, I sent them an email again asking what the heirs of an account holder need to do in case of the latter's sudden demise.
Below is COL Financial's reply dated May 21, 2018:
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Dear Joan,
The requirements and procedures for claiming the estate is still the same despite some changes in the Estate Tax rate based on the TRAIN Law. Please see attached checklist for your reference.
Once all requirements have been met and submitted, the successor(s) may then decide on how they would like to receive their assets and fill out the attached RELEASE, WAIVER, AND QUITCLAIM form accordingly:
Option 1: Transfer the stock and cash to another COL Account
- Applicable if there is only 1 or 2 heir/s
- Quitclaim should state that the heir/s requested to transfer the assets to another COL account
- If heir/s do not have a COL account. they have to open one. No funding needed.
- Only option for more than 2 heirs.
- Quitclaim should state that the heir/s requested for the release of the funds
- Check will be payable to all heir/s
- If there are still stocks in the COL account, a signed request letter from the heir/s is needed authorizing COL to liquidate the shares.
Thank you and have a good day!
Sincerely,
Chris
COL Financial Customer Support
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Just for the record, as of this writing, I only have a small amount in my COL account portfolio. And by "small," I mean below the board lot (minimum number of shares to sell) which I received as dividends in the past. I sold everything months back to fulfill a specific dream. That was my EXIT STRATEGY.
As I talk to more people, I realize that many of them would be more interested in investment over insurance. Personally, I think both are equally important. Again and again, this is where my Insular Life VUL plays its role, and the PEACE OF MIND that it provides me with in case worse comes to worst.
Why? Let me cite a few reasons.
- I have stated in my insurance policy how the sum insured will be divided among my beneficiaries, and the frequency of how it will be given to them. I do not want them to live as one day millionaires.
- My beneficiaries will receive the sum insured NET of tax.
- Filing and processing of claims is FAST and EASY. All I need to do is keep my insurance policy, let my beneficiaries know where it is kept, and just go to an Insular Life Office, just in case.
- Investment wise, with the stock market literally going like a roller coaster, I let Insular Life's EXPERIENCED fund managers do what they do best, while I enjoy doing other things with my time, like educating more people about money and help them move into action. Historically, Insular Life's Equity Fund has OUTPERFORMED the PSEi. That is SOMETHING!
My Insular Life VUL addresses ALL of my needs for insurance and investment. That is the PEACE of MIND that I get every single day and night.
Preparation is Key
Investment is my preparation to fulfill my dreams.
Insurance is my preparation for life's uncertainties -- not just death, but accident, disability and critical illness while I am still alive.
I do not want to be a financial burden to my family in case any of these unexpectedly happen.
I highly encourage you to do the same.
P.S. I hope you find this post helpful and kindly click the SHARE buttons below so others may also be made aware of. Thank you very much.
P.S.2 Consider getting an Insular Life VUL? Send me an email anytime at financialplanningforpinoys@gmail.com.
