Contrary to popular belief, life insurance is not just for your dependents. It’s also for you. As a policyholder, you are entitled to enjoy its benefits while you are still alive and kicking.
Nowadays, a life insurance provides both insurance and investment opportunities, which means that aside from risk protection, it is also an asset that can serve as an additional source of finance.
Here are the different ways your life insurance can benefit you while you are still living.
Although the dividend amounts are not guaranteed, most life insurance companies pay a dividend from the investment portion of your insurance premium. Often, policies with guaranteed dividends have higher premiums compared to those with no guaranteed dividends.
To make use of your policy dividends, you can choose to receive a check from the insurance provider, use it for additional insurance coverage or offset the cost of future premiums.
The premium you pay for every year accumulates into a valuable asset similar to your other investments. You can borrow money against this cash value asset any time you need to.
Whether you need the cash to purchase a home, invest in a business, handle a financial emergency, or supplement your retirement income, you can tap into the cash value of your insurance policy.
You cannot guarantee that your pension will be enough to maintain your lifestyle when you reach retirement. Using the cash value of your policy, you are assured that you have additional financial support once you retire.
Go on vacation. Travel. Visit your relatives abroad. Do the things you’ve always wanted to do. Cross off things on your bucket list. Your retirement should be all about you!
Dismemberment and disablement benefit
Disability often cripples the family’s funds with all the medical bills and loss of income. Should you experience an accident or critical illness that will render you disabled or dismembered, your life insurance policy will protect you and your family with available funds that can help you cope with your new situation.
Hospital income benefit
Healthcare can be very expensive in the Philippines. Whether you have health benefits provided by your company, chances are, it won’t be enough to cover your hospital confinement costs and income loss during the time of your hospitalization.
A comprehensive life insurance policy can give you cash reimbursement for each day that you’re hospitalized. You can use this amount to cover medical bills or replace your lost income. Either way, you have extra cash during the time you’re in the hospital.
Critical and terminal illness benefit
When a critical or terminal illness is diagnosed, families often tap into their savings to cover all the medical expenses and treatments necessary to extend life.
With a life insurance policy, you don’t have to worry about where to get the funds for your treatment. If your diagnosed illness is in the specific list of critical and terminal diseases, then your insurance will cover a specific amount depending on your life insurance policy.
Rewards and discounts
Life insurance policies nowadays can include rewards and discounts. Certain insurance companies are affiliated with other businesses and establishments that offer privileges for policy holders.
A perfect example would be the BPI AIA Wellness Series. It is a range of insurance products powered by AIA Vitality, a health and wellness program that rewards its policy holders for leading a healthy and active lifestyle. It offers discounts and rewards from partner establishments such as Marriot Hotel, Makati Medical Center, Enchanted Kingdom, Toby’s Sports, Gold’s Gym, SM Cinema, and more.
Life insurance plans are structured to protect you from unforeseen events, help you achieve financial stability, and improve your life. Drop by any of the 800 BPI branches nationwide and talk to a Bancassurance Sales Executive about life insurance and how it can benefit you while you’re alive.