Safeguard The Life For Individual At Philippine

The Philippine islands is an archipelago of over 7,000 islands lying about  the southeast coast of Asia. They were pursued by waves of Malayan and Indonesian settlers from 3000 BC onward. The country is best stated by the famous tourist destinations found by travellers. More than one  beautiful sceneries can find in the Philippines, no traveller will ever fail to mention the country’s friendliest, warmest and most hospitable people of Philippine. Therefore, the people from the Philippines must have insurance to protect their families along themselves.

Life insurance is a financial product that is not so famous among Filipinos. In fact, life insurance is one of hardest commodity to sell among Filipinos along with funeral and encyclopedia plans.

Life insurance in the Philippines is not as common as high tech mobile phones because the former is not a tangible commodity that would be easily enjoyed but an intangible commodity that assure compensation in the future if certain events will happen like accident, death, disability and critical illness.

Life insurance has certain advantages to every Filipino family. It helps in protecting the future of a family in uncertainties that haunt Philippines every day. Advantages for the people from the Philippines must have insurance are below:-

• Educational Fund:-Filipinos believe that the greatest inheritance that they can give to their families is education. Breadwinners or Premature death of parents makes the future of young children uncertain especially with the increasing cost of education both in private as well as public colleges and universities. The secondary and elementary educations are getting more costly every year. Luckily, life insurance companies offer educational schemes in the form of variable universal life (VUL) and endowment schemes which will help finance your children’s college education. The educational schemes is already assess fully paid in the event of total permanent disability or death of the payer. With educational schemes in their hands, children look forward to a brilliant  future.

• Retirement Fund:-There are life insurance plans with savings or investment features for retired people. If people live through old age,they still enjoy the benefit from life insurance policy in the form of cash values, maturity benefits and of course dividends. The cash that individual will get will be added to other retirement fund sources such as GSIS, SSS or company-sponsored retirement plans. Since, they will not be working in retirement years, individual must have enough money to at least put food in the table, medical bills, pay medicines, mortgage, and utility bills.
• Medical and Funeral Expenses:- Of course, people don’t want to left huge amount of debt to their family so there should be sufficient life insurance coverage that will pay final expenses such as funeral and medical expenses. Family may be compelled to use savings or kids’ college fund just for the payments of these expenses. At least, an individual want to leave something for your family and not piling debts. Dying is pericious in the Philippines so it makes sense to be prepared financially.
• Emergency Fund:- For whole life insurance schemes, people can withdraw from the collected cash values and dividends to pay emergency expenses. They may also think a life insurance schemes as a forced emergency saving just like emergency cash in the bank. However, the cash value in a life insurance schemes is not as easily reachable as an ATM savings account so they cannot easily touch it but only during emergencies.

The best time for the people from the Philippines must have insurance is NOW!  As they never know what tomorrow brings so it is better to be prepared.