Health & Life Insurance : Rethink the way you knew it

If there’s one thing sure about life, that is Death. There’s a time to be born and a time to die..

In the Philippines, its a taboo topic. Almost all of Filipinos won’t talk about it. As Coach Aya said, we are a happy ethnic or race that even after facing calamities as a country we remain positive about life. Most of us don’t want to talk about problems that much and maybe that’s why we are not comfortable with topics like Health & Life Insurance.

These topics are subjects that we always put on hold and inside a box.

Only few Filipinos have health and life insurance, that’s why it is a common scenario in our country that a child becomes an instant bread winner after a love one’s death and relatives become in debt because of hospital expenses.

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BUT… DO WE WANT TO REPEAT THE SAME SCENE IN OUR FAMILY OR ARE WE GOING TO DO SOMETHING DIFFERENT ABOUT IT? 

I was 23 years old when I got married, we are both in the middle of our career growth, we are not yet that stable in the area of “finances”.

A concern financial advisor asked my husband 3 years ago, “If you will die today, what are you going to leave to your family? Can they survive without your income? Who will take care of them?”

Grabe! but those questions, made us think real deep. Being a family man and provider of the family, my husband made a decision to secure our family’s financial future by getting a life insurance, then after two years and after paying some of our debts I got mine too.

RETHINK THE WAY YOU KNEW IT

Our previous Money4Life Session by Sunlife Philippines together with Coach Aya Laya’s financial course for bloggers is all about “Health & Life Insurance”, as always it was a day loaded with learnings.

Oh, I thought we’re good by having a life insurance, but Coach Aya informed us that if our cellphone needs an upgrade, our clothes, our home, our life changes too.  That’s why:

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And upon checking, our previous life insurance is not enough for our current life situation, our expense increased already and how much more if we will have Baby No.2 someday? Hmmm.. and now we get it, why some people have more than one life insurance policy, because they continually upgrade.

Coach Aya, discussed also the importance of Health Insurance, grabe angmahal pala talaga magkasakit!  having a small business and my husband as freelancer, we do not have HMO like most employees do, we only have Philhealth and a health insurance (from a different provider) that I cannot use unless I am confined, so guys, learn from my experience, make sure you read everything. Oh how I wish I am already knowledgeable about insurance that time…  Imagine, I started that plan when I was 22 years old, if I just get a VUL (Variable universal life insurance), I’m almost half-way of my 10-year policy term.

So it is important ” not just to start early but start with the right ones” 

Thankful that Coach Aya gave us 5 tips in choosing a plan for health and life insurances so we will not be in the same mistake again. Sharing with you some of his tips:

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We cannot face the issue without talking about it, Coach Aya advice all of us to talk about it with our families especially with our spouse, Then He also gave us a tip to determine the budget for it and get proposals from financial advisors, few days after the workshop, I contacted Che, our Sunlife Financial Advisor, I asked her about a plan for our son, she asked me to determine how much money we can set aside so we can work on a plan that suits our financial capability too. Coach Aya reminded us that we should read everything, ask and be willing to listen for options too. This is my mistake before, 3-5 pages proposal is a bit overwhelming pero kailangan natin basahin.

 

Don’t get life insurance because you’re going to die but because those you love are going to live – unknown author”

I think this is the perfect explanation why we need to get a health & life insurance; because we love our family. My husband and I agreed that after paying our previous policies we will get new ones.

We are thinking of ways to increase our income and planning that before the year ends, we can get a Life Insurance for our son and pair it with Sunlife’s MyFuture Fund,  that’s Judy Ann Santos’ latest commercial (check it out here)

MyFuture Fund is a target date fund that invests primarily in high-quality stocks and a mix of government and domestic corporate debt in accordance with an asset allocation strategy that promotes capital appreciation at the onset to maximize earning potential in the earlier years and shifts to wealth preservation to reduce exposure to risk as the maturity of the fund approaches. – Source : www.sunlife.com.ph

This fund is perfect for our goal. I know madaming parents like us will love this product,  Those who wanted to secure our children’s education. But in case by that time, we don’t need the fund yet, we will treat it as a gift for our son.

As discussed with our Sun Life Advisor, someday, this little boy that we have will become a husband, a father and a provider..

As parents, we want to give the best for our family and prepare the future for them but we must always remember that we can only do so much and whatever plans we have we should all submit them to God. Because at the end of the day He is the one in control of everything as the famous quote says, “we do not know what the future holds, but we know WHO holds the future”

What about you? What are you reasons for getting a life insurance? If you don’t have one yet, what’s holding you back?

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11 thoughts on “Health & Life Insurance : Rethink the way you knew it

  1. My husband’s company has life insurance, it is part of their benefits so it is deducted from their salary every month. But I’m also thinking if we need to buy a separate one, what if nagresign siya di ba. Thanks for sharing the My Future Fund. I’ll check the video.

    • That’s true Mommy Michi, getting a separate one in case may plan sya sa future to change company or start his own business ay mas better. Go check our Myfuture Fund, great sya especially for education goal.

  2. Hubby and I applied for our insurance last month. We also got one for our son. Even my in-laws got for themselves too. I think nowadays, it is essential to have a health insurance. I am currently convincing my brother to get one for himself, iba kasi talaga pag covered ka. Thanks for sharing dear. :)

    Mhaan | http://www.mommyrockininstyle.com

  3. Coach Aya and her tips are all spot on. I agree with her 101%. My hubby and I are already in our mid-40’s. However, even before reaching our 30s, we already bought pension plans, health plans, and memorial plots (recent addition). We do not want to burden our kid so even if it was a very morbid topic, we had to address the elephant in the room.

    • Exactly Mommy, Coach Aya is very generous to share information as well as his workshops are all informative and eye-opener. So happy to hear that you also started early in preparing for your future :)

  4. I’m getting more curious about how Sun Life is. I’m still planning to get one insurance. I still have to talk to partner about this, although it’s been a plan to invest in mutual funds. Will consider this.

    • Mommy Cheryl, I am surprised that for as low as Php 5,000 you can open a mutual fund account with Sun Life, In case you need help, I can connect you to my friend who’s a Sunlife Financial Advisor :)

  5. It is important to be always prepared, even for the unwanted. I used to postpone getting insurance for me and my husband, but had a friend who died early leaving nothing for his family. We knew we had to be prepared for our kids future.

  6. I have both health and life insurance but it’s linked with my work so this is really an eye-opener. Hubbt doesn’t even have one pa, so I think it’s really about time na we both put our heads together to plan this out.

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