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
posted by cool_78 @ 3:34 AM PERMALINK
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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).
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).
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