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]]> http://www.mslug.org/two-of-us-dating/feed/ 0 Pre-need Plan Explained http://www.mslug.org/pre-need-plan-explained/ http://www.mslug.org/pre-need-plan-explained/#comments Wed, 13 Oct 2010 05:55:00 +0000 admin http://www.mslug.org/?p=11 Pre-need plans have attracted a lot of attention-both good and bad- in the Philippines. Introduced over 40 years ago, this unique savings instrument works by breaking down a significant future expense (e.g. education, pension, and life/memorial) into manageable amounts paid over a span of time. It’s particularly popular among Filipinos, May of whom doesn’t have a capability to invest.

However, the pre-need industry has also received its share of bad press. Its first signs of collapse began show in early 2000, due to unforeseen tuition hikes, lowered interest yields, and other factors. Over time, pre-need companies started to declare bankruptcy, and their plan holders were left empty-handed. So where does this leave the pre-need industry? Is there still hope for recovery, or should people start exploring the alternatives? By 2006, there were nearly 4 million total pre-need plan holders, out of which about 1.4 million were educational plans, 1.3 million were pension plans, and 1 million were life plans, according to Actuarial Valuation Reports.

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