Insurance – a form of love language

I wrote this article for Palawan Daily News and I thought of sharing this with you. Since I am also a FREELANCER, I know that most of us are not given free INSURANCE and HMO benefits although we earn in US dollars. It is best to BUY your own, protect yourself and your family.

Some people think that breadwinners don’t need to be insured because of the lack of means to pay for an insurance especially because they have dependents relying on them. But is it true?

Life insurance is a form of love language, you get insured to protect the people you love from financial problems that may arise and despite the myths on insurance saying that breadwinners or a typical worker don’t need such because the focus of these individuals are on the now, we might be wrong. As a rule of thumb, you should be covered, at a minimum, 10 times your annual income.

But it is expensive, as some would say. To be honest, it’s not. The trick is knowing what you can afford and what will tailor-fit your needs. There are so many affordable options out there that will work around your budget. Aside from that, it pays to have financial advisors on your friends list since they will remind you always to save, be insured and invest. The advantage of having one is it is also free to consult them and ask for suggestions and you can talk to other agents too so you can compare.

Use an online calculator to find out how much coverage you need. I will be using some data so you can test the calculation. Maria is a mother of 3, her monthly household expense is P50,000, with savings of P150,000 in the bank, zero investment, zero insurance coverage and P 600,000 car loan liability. Using the following data, Maria needs an additional coverage of P 7,784, 796.24.

This 7 Million insurance coverage will help pay for your beneficiary’s expected expenses and liabilities, in case something unexpected happens. What are those unexpected situations? When one gets sick, when one dies, when we can no longer work.

To compute for your own insurance coverage needs, answer the following questions here:?Insurance Calculator

You might say, “I’m still young, healthy and I don’t think I’m going to die anytime soon, so I don’t need life insurance”. What if I don’t die (at least not yet)??Did you know that insurance is no longer just when an insured die??There are insurance plans that will pay you when you get sick, when your child goes to school or when you retire.

Also you can only buy insurance if you are healthy. You can’t buy a life insurance policy when you are already sick and will need money for a major operation or chemotherapy session. So the best time to buy is yesterday, the next best time is today.

You can pay a small amount and be insured. Talk to an Advisor to find out how you can properly fund the current and future needs of your loved ones. You may message Joyce here or email here at [email protected]