Studies show only small amount of Filipinos are insured. Is it because of the fear from hearing the news about recently closed insurance company? But these are pre need companies very different from insurance company.
According to my research there is no insurance company who folded up only pre-needs.
Other would say it's just too expensive to have. Probably you hear this statement for an average earner who gave importance to spending. Expensive is having misfortune first before having one of these instruments.
If you are paying bills monthly from Internet, Phone Plans from big telecom companies out there why not considering paying for your future. We know paying to big telecom by using their services are nice but what if something wrong happens does your telecom companies pay your medical bills or your needs to pay for miscellaneous and other expenses. Like I've said it's not bad to have those specially if we have businesses and for communication to our family but try considering having a plan for the future.
Importance of having your insurance while still young
1. Monthly payments to insurance are low. The older the insured is the higher it's cost due to it's risk on disease and prone to critical illnesses.
2. Your invest has time to grow specially on products like (VUL) or Variable Unit Link whose becoming more appealing than traditional insurance. It's like a mix of insurance with a mutual fund. The younger you start the longer the value of fund grows. In VUL it may be possible to gain 10% above or below every year because investment in VUL are also invested on investment vehicles like bond fund, equity fund and other securities. But remember gains in these investment are not guaranteed that's why you still need to further understand how it works. In investment like these you can't completely remove the risk but you can manage the level of risk.
3. While at your younger age. You have most of the strength to pay it's regular premium by having a regular paying job or having profit from business to pay for it. I knew people who has multiple policies. They are really want to be secure when it comes to people that will left behind or for future uses of the fund.
Among the top Insurance company I've know are (not based on the survey or rankings)
-.PRU LIFE UK
- SUN LIFE FINANCIAL
- PHILAM LIFE
- INSULAR LIFE
- AXA PHIL.
Investing on life insurance is a wise thing to do because death will surely come and getting prepared before it comes is the smartest thing to do specially if you care your family. There are many product life VUL that can be benefited from even without mortality. There are various investment link offered by selected insurance company. Better consult to a professional insurance agent that who really cares about you.
