As we all work towards financial security for ourselves and our loved ones, life insurance is one investment that is often skipped over. When we work so hard to build our careers, businesses, investments, we sometimes fail to protect the one that makes it all possible—ourselves. We get insurance for our cars because it provides us transportation. We get insurance for our house because it provides us shelter. Why not get insurance for ourselves because we provide income for our loved ones? What would happen to our loved ones should (knock-on-wood) something unfortunate happens to us?
The idea is that while we increase our financial intelligence, life insurance is something we should not skip over unless there is not a single person that you care for in the world. Its inevitable that life will come to an end. We do not know when, but it will come. When that time comes, we have an obligation to the people we care for and that care for us. There will be costs related to our departure, outstanding loans, credit card bills, mortgages, burial expenses, etc. There will also be a stop to the income we provide as we no longer get salaries, bonuses, and/or business interruptions. So more expense and less income, its simple math for a financial disaster. By having life insurance, we make sure our loved ones do not get burdened and we make sure we have prepared money for them to pass the storm and get back on their feet. At least we will have kept them financially secure.
So what now if we have decided to get an insurance but it can all get so confusing? So many companies, so many options and confusing terms. What is important is that you get a good agent. Find an agent that is patient to explain them all to you. One that will listen to your concerns and recommend the correct plan for you. One that has personal integrity that will stick with you for the long term that will assist you years even after the sale. In this regard, I recommend Edel Yu from Sun Life Financial Philippines. Sun Life has a great variable life insurance product Edel can talk to you about. Not only does it provide complete life insurance coverage, it has built-in mutual fund investments so that the premium you pay becomes an investment. It’s hard to go wrong with Edel as your agent.
To keep your options plenty, I can also recommend Aida Tan from Manulife Philippines. Aida is a very nice person with a proven track record. She can help you if you prefer green(Manulife) over yellow(Sun Life).
Life insurance is a product best purchased early as the premium gets bigger when you get older. The beneficiaries are transferable so get it even if you are not married yet or no plans to marry. You can always assign a sibling or your parents as beneficiary and then transfer later. I hope you have found this article useful. Leave a comment below on what you think or if you have questions.