Let’s face it: we’re not getting any younger. And as morbid as it may sound, each day brings us closer to our death. What are you doing to prepare for this eventuality? Is your family financially secure when you leave them behind? These are things we don’t want to think about, but we must to ensure that when we go, our loved ones’ lives can go on. Having a life insurance guarantees that your financial obligations are taken care of when you are no longer around.
This includes providing for your family, paying off mortgages, etc. from the sum of money your insurance company pay outs in case you die. So as long as you have anyone depending on you financially, it is highly recommended that you avail of a life insurance policy.
There are different kinds of insurance policies, depending on the coverage or the scope of protection you subscribe to.
For instance, a policy could cover expenses brought about by critical and chronic diseases, accidents or disabilities—not just death—but could also cost a higher premium (the amount you pay for insurance coverage) than a regular life insurance. Other factors in the premium price are your age, gender and occupation.
The older you are and the riskier your job is, the higher the premium you would have to pay. Also, if you are male—which, as determined by science, are more prone to health hazards—your premium will be higher.
There is also another benefit of having life insurance apart from the financial security of loved ones left behind after death, and that is having an investment you can turn to if you’re lucky enough to live until your sunset years. Once you reach a certain age (depending on your contract or policy), the premium you have paid over the years will be given back to you. Consider this your life savings, which you can spend on travel, a vacation home, or other luxuries. There are several insurance companies in the Philippines that offer life insurance policies that will suit your needs, lifestyle and finances.
To know more about these and to be able to decide which one is best for you, you may check out this site: https://www.insurance.gov.ph/statistics/life/. Also make sure to talk to an agent you can trust with your investment and life goals.