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Thursday, November 30, 2006

Life Insurance


Life Insurance

Planning for your future means you must be prepared for what ever life might throw at you. Getting a life insurance plan is a must specially if you are a family man incase the unthinkable has happened and your wife/husband and/or children are left with no one to provide for them.

In the Philippines, most pinoys do not have a life insurance plan. If they do have one they probably belong to the middle or upper class. You really can't blame the lower income earners for not availing a life insurance, getting 3 square meals a day is already challenging enough. I hope the government works together with insurance providers like philam life, prudential life and other major life insurance providers in coming up with a package that will be made affordable even for low income earners.

For those of us who have a life insurance, we must be careful in choosing our insurance providers, dont rush things and carefuly study each life insurance provider for plans that are to our advantage. There are some issues also regarding the payment of our monthly life insurance premiums. One example case is the non remittance of our payment by the collectors. So it is advisable that we pay our monthly dues via credit card, since most big life insurance providers already have this mode of payment.

Picture: www.investorslife.com

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  • 3 Comments:

    At 6:49 AM, Anonymous Anonymous said...

    Just one point I want to add. For anyone considering taking an insurance policy, I say ditch those "cash value" type (sometimes called whole life) insurance. Agents would rhapsodize the merits of an insurance with an "investment component". But when you calculate what you'd get after a 20-year period (which is the usual time frame before you get the so-called bonanza), the rate of return is a measly 6%. More downside to this is the hefty premium, which is about 10 times the amount from your good ol' term insurance. Plus, the coverage isn't that great.

    Save yourself from such burden. Go get a simple term insurance (a period long enough to see your kids through college).

     
    At 6:51 AM, Anonymous Anonymous said...

    Just one point I want to add. For anyone considering taking an insurance policy, I say ditch those "cash value" type (sometimes called whole life) insurance. Agents would rhapsodize the merits of an insurance with an "investment component". But when you calculate what you'd get after a 20-year period (which is the usual time frame before you get the so-called bonanza), the rate of return is a measly 6%. More downside to this is the hefty premium, which is about 10 times the amount from your good ol' term insurance. Plus, the coverage isn't that great.

    Save yourself from such burden. Go get a simple term insurance (a period long enough to see your kids through college).

     
    At 5:50 PM, Anonymous Anonymous said...

    hello, to everyone there.. im an insurance underwriter for almost 15 years.. and as far as i know the government have to do something to increase the knowledge of every filipino the importance of having a life insurance.. i know that most of the filipinos main priorities are,basic needs such as foods,shelter and clothing,,and some of them instead of buying a life insurance they buy a new and expensive cellphones or any hightech gadget that can boost their ego...just 1 piece of advice to all that who have a second thought of buying life insurance.. before getting any.. just think of the most important things..: how much can i sacrifice for my monthly premiums?,,is it a good insurance company?,does my coverage will cover all my family expenses for at least 5 or 10 years from the time i left them....that was some things that you have to consider...just 1 example that we always encounter in the fieldds.. especially on the government employees,when we have a presentations..-most of them they rather choose of having a salary loan than buying life insurance,hehehe..

     

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