Insurance - Do you have one? Will you consider getting one?

I mean her family didn't pay anything as it was all paid by our company plus the insurance.

Hi Homeshoppers :) I agree that we have SSS/GSIS but is it enough? My mom for example has SSS monthly pension but it's not enough to pay for her medical expenses (check-ups/medicines/etc.). We all know that health problems usually appear as we grow old and what will happen if we become afflicted with critical illness like kidney failure (like in the case of my mom), SSS nor Philhealth can help yes but usually not enough, we still have to rely on other sources.. Bottomline, if we want to avoid being a burden to our love ones in the future, we have to get insurance and investments. Insurance products like variable life (those linked with investments) can take care of our financial needs when we grow old OR it can take care of our love ones financial needs should we die early. As for the cost, it's not true that only rich people can afford insurance as insurance nowadays is really not that expensive, mine is only P1250/month and it's already a savings and insurance protection in one. :) (with disability, accident, health benefits, etc.) Also according to studies, if SSS/GSIS fund administration/performance continue as is, both are projected to be exhausted by 2032. :( (Source: Ageing Workforce Philippines 2006, Watson Wyatt).

In addition... yes it's better to look for good companies/employers that will provide insurance benefits to its employees, but it's hard for a common Filipino to get such kind of employers. In reality, it's easier to avail the insurance on your own than find an employer that will provide it for you. It's hard enough to find gainful employment right? :)

Insurers, has also said the same thing as you, and ask some questions about the same, to persuade me. But, for now, I do not believe in insurance. My husband, having savings in the bank, for emergencies.

I respect your opinion as I was like you before, my bad experience even involved a friend of mine, who offered me an insurance without disclosing important facts (as in - he intentionally did it). But if you set aside your previous bad experiences (as you've mentioned that's why you're not interested anymore) And if you see things objectively, you'll eventually see why it's important to have one especially if you have kids that depend on you like me. :) THanks for sharing and have a nice day!

Hi Indahfth, I'm sorry to know about your bad experiences with insurance and sad to also know that you're not interested with it anymore. A savings account is way different from an insurance and the two can't be compared. Maybe you just need a different kind of insurance product that answers your financial need and a different insurance company as well. Nowadays it's important that our insurance can answer the following financial problems: 1. How will you support yourself should your income suddenly stops? (in case of disability, accident, critical illness). 2. If you're the breadwinner, how will your family be able to cope with their daily lives should you die suddenly? 3. Is your savings/investment earning enough to be able to earn fund your retirement needs? 4. Do you have enough money to support your medical expenses should you become inflicted with critical illnesses?, and 5. Can you withdraw money from your insurance plan should you need money to fund emergency expenses? (and other financial issues/concerns) There is an insurance product that can help protect you from above financial threats and it's called variable life insurance, I think this is offered in most countries. Insurance have undergone a lot of innovations for the last decades and if you want to have a strong financial foundation, you got to have one. Thanks for your response :)

Hi Mangtony7451 :)..To add to your observations and based on my online and offline interviews, some Filipinos did not avail insurance because they don't believe in it and it's the same thing with their parents. While those who availed or owned insurance policies also have parents with insurance policies. I think it's also a "mindset" thing that we get from our parents too. Thanks for sharing MangTOny :)

yeah so true. Same here my relatives don't have one except of course SSS which we can consider an insurance also.

with everyday life's busts and downs, I'm not really sure of what will happen to me next. I'm not sure if later when I walk my way home, I will still be as safe as yesterday. I do not even know until when my company can stand strong in order for them to keep their employees getting fair compensation. I have plans for my future and my family's future, too, and I don't want to ruin those plans with just some sort of unexpected events. Right now, I don't have any insurance yet, but I'm Planning to get one soon.

Thank you both for your inputs :)... Uncertainty is always a factor when availing insurance and I'm glad to know that you're both considering getting yourself insured, just get it as soon as possible as insurance cost increases as you get older. :)

I agree when you mentioned to apply for an insurance while one is still young and healthy. Cost of insurance surely increases as a person gets old and there will also come a time when no insurance company will approve your application if you already have health issues. Thanks for sharing :)

Hi rsa101, same here.. after retiring and taking care of all my credit card debts, I want to start anew and so I attended a financial awareness seminar followed by a 2day financial coaching program. And a few months after that - I became a financial advisor, at first my purpose was to get my insurance at a discount but after learning all there is to know about insurance and investment, I became an insurance advocate, particularly the variable life type of insurance. :) Thanks for sharing ^_^

I agree, insurance products have come a long way and have undergone lots of changes/features/innovations unlike back in the day when only your beneficiaries can benefit from it. Today it can be your investment fund, your emergency fund, and your retirement fund as well. :) Thanks for sharing and have a nice day kewlme :)

Yes, I agree and good thing we now have innovative insurance products that comes in packages like Life insurance + Health Insurance &/or Accident insurance &/or disability insurance and so on and so forth... this way we can be protected from whatever "financial threat" that we encounter in life. Thanks for your response :)

Glad to know that you're considering to get one... actually there's this type of insurance that also comes with investment features and it's called the variable life plan, introduced by Prulife UK in 2002. This type will provide for your beneficiary's needs should you pass away early, and should you live long - will pay for your retirement expenses. :)

Hi Jherane, I also have one, I got the variable life plan which comes with the savings/investment feature and this will provide for my retirement should I be lucky enough to live until senior years. Thanks for sharing :)

Hi Kimilawini, I was like you before when I was in my 20's and 30's, and looking back now, I regret not getting one during those times. You know I was one of those people that were "allergic" to insurance agents :) and it's not only me as almost all of my friends/office mates were like that. I think most Filipinos have that "mindset" good thing more and more "Pinoys" are realizing the true value of insurance, and yet still hesitating to get one. :(

Hi Entrep, I'm really confused about your response.. I'm not aware that Red Cross offers life insurance products, maybe it's a program in collaboration with an insurance company? Anyway, I'm still glad that you're considering to avail one. :) Welcome to mylot!