Work From Home Guides
December 27, 2021
First of all, let’s talk about what is life insurance. It’s a form of contract between you the (insured) and the company (insurer). Your family gets a sum of money in case you die.
The most common reasons why Filipinos aren’t as open-minded to getting life insurance is because of low income or because we believe that we can survive any challenges. What happens though when you get in an accident causing one’s life? You have savings? Good, but is it enough? When I say enough that means that for many years to come, will the family you left behind have food, continue their studies, and still live comfortably?
Ok, so you have life insurance from the company you’re working with and you even get more than 2 million pesos in case something happens to you but are you sure you’ll be with the same company until you retire? I’m a Freelancer and like with most freelancers we don’t get as many benefits as working in an office that’s why I’m so glad that I decided to get a policy before quitting my last office job. Unlike what most Filipinos believe, Life insurance isn’t that expensive at all. If you can save around ₱1,000 to ₱ 1,500 a month then you can already get yourself VUL insurance. The amount varies depending on your age and other factors
Now, let’s go back as to why Filipinos should get life insurance. Have you noticed how in most shows the main character always goes through hardship whenever the breadwinner dies? There would even be cases where instead of leaving an inheritance, they leave debts for their children. We always see the goodness in every situation so we focus on how the main character is working hard, doing everything to stay alive and live a better life but what if their parents got themselves life insurance instead?
My personal reason: Family
When you think of life insurance, you probably think about accidents and deaths but life insurance is also a form of savings. Leaving your money in the bank keeps it safe but doesn’t really benefit you. There is life insurance that also helps you save and earn money. A Variable Universal Life (VUL) Insurance doesn’t just get your family covered, it also prepares you for the future. It’s like keeping your money in a bank but with higher interest.
Life insurance helps you prepare for the future whether it leads to death or when you finally retire. I’m particularly talking about VUL because the accumulated funds and interest you’ll be getting can be used for practically anything! It can be as college funds for your kids, future business, emergency cases, funds for your new house, or as your retirement funds!
This one is very important for me. During this pandemic, we all worried about deaths but I and my wife would sometimes joke about how we shouldn’t forget to claim each other’s life insurance for the kids. Knock on wood but that’s just a silly joke of course. What I’m more worried about is preparing for the future of my family. How will I afford my 3 kid’s college tuition? When will I be able to start my own business? When can I start buying a new home? How long do I have to keep working before we can retire? A VUL doesn’t guarantee you being able to answer these questions but it really helps to know you’ll have future savings along with being insured.
I know it sounds super cheesy but it’s true. We all think of what-ifs when we leave our family behind. There’s an easy way to show our love by continuing to take care of them even if we’re not with them. Others would say it’s just money, that it’s different from love but for some, it’s life, and what better way to show our love by providing them ways to continue living the life we want for them? I know, still cheesy but that’s love for me.
A Vul insurance won’t just help you accumulate funds but also helps the ones that need to continue living when you’re gone. If you’re the breadwinner, imagine dying before reaching your dreams and hopes for your family. You got a loan for a car, a house, a business, or for your kid’s college tuition and in the middle of building your dream, something happens to you. How would your family manage those loans and keep going?
There are so many more reasons why to get life insurance and there are so many types of life insurance available right now to cover your needs. Start preparing not just when something happens to you but also when you live long enough and want to start living the life you want.