Pages

Monday, November 08, 2010

Insurance, why we need it


Majority of Filipinos are not taking advantage of life insurance. It is their least priority resulting to the low penetration of insurance in the country. The less or no exposure in personal finance, the complex requirements and the pushy insurance salespeople aiming only for commission contributed to slow investment in insurance policy.

But life insurance is a must for a Filipino investor. The death benefit that a beneficiary or dependents can collect can make the family of the Filipino investor start all over again. Life insurance is designed to protect the survivors of the insured.

The Filipino Investor should study the companies offering insurance. In the Philippines, I recommend you focus on the top 6 namely:
1. Philam Life
2. Sunlife
3. Insular Life
4. Philippine AXA
5. Manulife
6. Pru Life
source: Business World Top 1000 Corporation Year 2010

In my case, I opted to Insular Life because it is a mutual fund Filipino company which gives dividends every year to all policy holder. It is up to you however to decide which is the best insurance company for you.

As a rule you will need significant amount of insurance if you are:
1. working spouse married to a non-working spouse with or without children.
2. You are a single parent
3. You are a business owner


You will need NO or LITTLE insurance if you are:
1. single person with no children
2. nonworking spouse with no children
3. young child

In the Philippines there are different kinds of insurance such as term, whole life and variable.

In my case, I only need term insurance because it is ideal to be covered for a specific period of time.

Study well what will fit your requirements. just remember as a Filipino Investor you need a death benefit protection in order to provide money to your loved ones who will be left behind.

Again, my best wishes to you.

nelcadelina.blogspot.com

next topic: The 3 months cash reserve

26 comments:

  1. guevarrajobellegleizeann11:27 PM

    ^_^

    ReplyDelete
  2. Anonymous3:44 AM

    Marc Andrew H. Noscal

    ReplyDelete
  3. Cyrine Digma3:54 AM

    Cyrine T. Digma
    BSBA 4HRDM


    In my case, i am an memorial plan insurance agent and i also purchased a memorial plan because of the benefits i will gain after my insurance matured enough and also the investment for my love ones so i won't be a burden to my family when that time comes....

    ReplyDelete
  4. Anonymous3:56 AM

    Cyrine T. Digma
    BSBA 4 HRDM

    ReplyDelete
  5. Anonymous3:56 AM

    Cyrine T. Digma
    BSBA 4HRDM

    ReplyDelete
  6. Anonymous4:52 AM

    Armand Luper N. Virtucio-BSBA4FM

    ReplyDelete
  7. Anonymous8:00 AM

    GEO LINCOLN ZOLETA

    ReplyDelete
  8. Anonymous4:15 PM

    Gloria V. Javier
    BSBA-IVFM

    ReplyDelete
  9. Anonymous5:49 PM

    Marybeth Menor Bsba 4FM

    ReplyDelete
  10. Anonymous5:50 PM

    Julius Anthony M. Cada
    Brilliant!

    ReplyDelete
  11. Anonymous5:50 PM

    Majell Amarillas :)
    Bsba 4FM

    ReplyDelete
  12. Anonymous5:51 PM

    Panaligan, Cary Charlie A.
    BSBA-4FM

    ReplyDelete
  13. Anonymous5:51 PM

    IVY DELOS REYES BSBA-FM

    ReplyDelete
  14. Anonymous6:16 PM

    Julius Cada

    ReplyDelete
  15. Anonymous6:38 PM

    Aileen Pasia
    BSBA 4-HRDM

    ReplyDelete
  16. Anonymous11:53 PM

    Anna C. Vergara
    BSBA-4FM

    ReplyDelete
  17. Anonymous11:53 PM

    Carmina Anne V. Mendoza
    4FM

    ReplyDelete
  18. Anonymous1:50 AM

    Roilanie Colegio
    BSBA-4FM
    2:30-4:00

    ReplyDelete
  19. Anonymous1:50 AM

    Lyca Gonzales
    BSBA-4FM
    2:30-4:00

    ReplyDelete
  20. Anonymous1:51 AM

    Mary Ann Valdez
    BSBA-4FM
    2:30-4:00

    ReplyDelete
  21. Anonymous1:52 AM

    Shiena Latoreña
    BSBA-4FM
    2:30-4:00

    ReplyDelete
  22. Anonymous1:52 AM

    Gloria Javier
    BSBA-4FM
    2:30-4:00

    ReplyDelete
  23. Anonymous1:58 AM

    Lyca Gonzales
    BSBA-4FM

    ReplyDelete
  24. Anonymous1:59 AM

    Roilanie Colegio
    BSBA-4FN

    ReplyDelete
  25. Anonymous8:23 PM

    Rowben Angelo L. Manaog

    ReplyDelete
  26. Anonymous8:24 PM

    June Maaño

    ReplyDelete