Even though more and more Filipinos are seeing the merits of having insurance, there is still a large gap between how many are getting it. After all, among the entire health expenditures from the common public in 2017, only 2% were covered by private insurance. A lot of factors, usually misconceptions, stop people from reaching out to a mutual life insurance company even if it would have benefited them to do so. If you’re unsure what would be a legitimate justification to get insured yourself, take a look at these and see if they apply to you.
You are the breadwinner of your family.
If you have people who are dependent on you for their daily life and survival, it can be a lot of pressure to stay healthy and continue to provide. Of course, you cannot foresee the future, and it can be an added stressor when it feels like the burden falls on your shoulders.
Getting life insurance makes sure that your family and dependents will still be taken care of if something happens to you. On top of that, health insurance can give you useful coverage in case you need medical attention that would otherwise be so costly that it would affect your savings. For example, you can have an insurance plan ready for medical situations like a pandemic. With a suitable one, you can have peace of mind that they’ll be all right and that you’re covered no matter what.
You want to have savings for the future.
Some life insurance providers carry plans that work as an investment that allows you to take out the money after a locked period should you need it for essential purposes. But besides that, insurance, in general, protects the savings that you have. After all, data from the Philippine Statistics Authority has revealed that, on average, Filipino families are only able to save around 24% of their total income annually. Having insurance gives you the benefit of not having to worry about decreasing that percentage even further because of sudden expenditures that could happen because of health or fatal events.
You want a safeguard from any unexpected emergencies.
Essentially, you are putting money into an untouchable fund that is reserved explicitly for unexpected issues that may arise in your life. As much as we don’t like to think about it, there is always the possibility that we get morbidly sick or that we go through an accident, and things take a turn for the worst. When that happens, our families have to take over and get the burden of payments and deadlines to meet.
Insurance protects you from that possible debt on the horizon. Even if nothing terrible happens to you, you can choose a plan that allows you to pick specific dependents that it can apply to as well so that you can protect those who you care about throughout your life.
If any of these reasons apply to you, then it may be time to reach out to an insurance company. See what plans can apply to your lifestyle and budget.