THIS write-up is the continuation of my topic last July 31, 2017. I will be giving you an idea about “life insurance” and its importance in our life.
Majority of us Filipinos consider insurance as an additional expense and less appreciated as a protection after an unexpected event happens.
In some of first world countries, life insurance is considered as a basic need of a breadwinner or a worker. It is called life insurance because we are insuring or guaranteeing the life of a person with a promised amount that goes to the beneficiaries.
What is actually the idea? For example if you already have a family, you will be considered as a breadwinner especially if you’re earning money for your family. If something unexpected happens like death of the breadwinner, who will continue or sustain the needs of the family on a daily basis? Or in a business, if death happens to the owner, who will pay the debts and fund in order for the company to continue? It’s the proceeds of the life insurance that will take over to maintain and stand to continue the financial capacity.
Availing of life insurance has different purposes why people need its program. Below are the top needs why it plays an important role in our future and future. Through many years, life insurance is not only the traditional insurance we know. It has already evolved into a life insurance with investment or health conditions.
Education: Sending your children to a good school is quite expensive and needs preparation even though they’re not yet studying as of the moment. The sad truth is annually, there are tuition increases that we cannot avoid.
Retirement: Eventually, all of us will retire from our day jobs, but it’s very exciting to retire if we are able to maintain or exceed the standard of living we enjoyed while we are still in the corporate world or engaged in business. If we are busy building our family and dreams in life, we must also prepare for our retirement.
Income Protection: Whether we like it or not, there are children who will grow without the presence of their father or mother. Secure your family’s future with life insurance as it’s the financial resources to help a family maintain the same standard of living when a breadwinner is unexpectedly gone. It’s either because of death due to sickness or accident. Always remember children at the age of 0 to 21 years old generate no income, it’s always expenses.
Health: I am a believer in the saying “health is wealth.” Being healthy is a more precious gift than having millions. But your health deteriorates everyday because of unexpected problems. But in reality, health problems come when these are least expected. The question is how will you pay for treatment or medical expenses? Even our government does not have enough funds to cover the medical expenses of the indigent.
The above needs can be fulfilled because of life insurance. Let's be prepared and be ready for the unexpected needs of this precious life.
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Published in the SunStar Cagayan de Oro newspaper on August 14, 2017.