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Insurance is quite a taboo topic for most Filipinos because it is about preparing for life’s uncertainties which can trigger anxiety: getting into accidents which can render you disabled, dismembered or dead; succumbing to a critical illness which exhausts all your life’s savings; finding yourself in the hospital after an emergency with no money to pay for the medical bills; and departing this world, or dying, for the lack of better term, with our families left behind.
There is discomfort in talking about these matters as they can happen to us and we might be caught off guard. It is the unpredictability of accidents, illness, confinement, or death that scares us the most.
That is how insurance started anyway: it spreads your risk to others, just like how others spread the same risk to you as insured persons. Pretty much the Filipino concept of abuloy.
Other than that, insurance can also serve as a planning mechanism for your retirement. You will grow old then at one point you will no longer have a source of income, but the expenses do not stop. How are you you going to prepare for that? Insurance with investments, or famously known as VUL (Variable Unit-Linked) which a type of insurance, will help you with you that. This can be positioned also to prepare for your dream vacations and to build a house in the future.
Moreover, lastly, insurance paired with investments can be used as a vehicle to ensure your children’s future. Your premiums, or insurance payments, can be invested in a pool of funds that will grow in the long term, also protecting your money from inflation. With insurance designed as an educational plan which gives you guaranteed education benefits, you protect your kids’ future by preparing for their college tuition, which, by the way, increases significantly over the years.
Now that you know the value of insurance in several angles, it’s time to do some planning with an insurance advisor to avail your first or second insurance. You will need guidance on which coverages to prioritize and what you can get based on your current budget.
Look no further: Engineer Dee can help you very well with that! Click an option below for the next steps.