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  • 5 Reasons Your Life Insurance at Work Is Not Enough

    26 January 2018


    5 Reasons Your Life Insurance at Work Is Not Enough

    Some employees think that the life insurance provided by their employers is enough protection, they might be wrong. While it’s an employee benefit you should be happy about, when it comes to savings and insurance, you should have a different mindset.

    Most employers provide life insurance policies for their employees in the form of a group policy plan from a partner insurance company. The coverage is commonly designed to protect their families against loss of income in the event of an accident or the employee’s death. Unknown to many, most group life insurance policies have shortcomings, too.

    Here are five reasons your life insurance at work will never be enough protection for you and your loved ones.

    1. Your coverage ends when you leave the company.

    You may think that you never plan to resign from your post, anyway. First and foremost, you’re going to retire eventually. Secondly, no matter how large or stable your company is, your job or the business itself is never guaranteed, as something can go wrong. If an unexpected crisis occurs, then you may find yourself jobless with no life insurance. When that happens, you will have to start over again.

    2. Your coverage may not be enough for your needs.

    Most employer-provided life insurance plans only cover one to two times the employee’s annual salary. But ideally, married individuals, especially those with dependents, must be covered by 10 to 12 times their annual salary.

    You also need to take into consideration that most living expenses are fixed, and the incurred debt remains the same regardless of the size of the household.

    Ask yourself: Can your family handle the loss of income if anything unexpected happens? Are your family’s lifetime savings and assets protected?

    3. When your health declines, the situation may become problematic.

    As you age, it’s only natural that your health declines. Years later, you cannot depend on your strong body as much as you can now. As a result, you may need to leave your job, which means that you are left without an insurance savings plan, right when you need it the most.

    Another, since you do not have control over your life insurance at work, you may not get as much coverage as you need. Your company may opt to buy a cheap group life insurance plan with low coverage to save money. This can pose more problems than solutions in case you won’t be covered when the situation calls for it.

    4. Your employer-provided life insurance may not have the best rate.

    Some employer-provided life insurance is portable or convertible, which means you can continue paying for the premium on your own to convert it into an individual life insurance plan. The catch here is that it may turn out to be more expensive.

    Most group policy premiums are computed at a standard rate based on the number of employees, so the insurance premium is not based on you as an individual but as a group. Your individual premium may turn out cheaper if you purchase a life insurance plan outside work because it is computed based on your individual age, health, and lifestyle.

    5. Buying life insurance outside work is a smart move.

    Recovering from holiday spending hangover should not stop you from making investments. Investing promises protection not just to your wealth but also to your and your family’s financial security. You have a variety of investment options such as stocks, mutual funds and insurance.

    For instance, with health insurance, you’re protecting yourself from emergency hospitalization or consultation fees that might strain your financial resources further. You also have the option to take out an insurance plan that integrates investment opportunities into your insurance, such as a Unit Linked Insurance Plan (ULIP) and Variable Universal Life (VUL). These insurance products provide you with life insurance benefits and at the same time come with investment options for stocks, bonds, or mutual funds.

    Today, buying life insurance or health insurance in the Philippines is fast and easy. You can just go to a bank like BPI, which has up to 800 branches nationwide and ask a Bancassurance Sales Executive about how you can invest your money in a variety of insurance products.

    While there’s nothing wrong with shopping during the holidays, you don’t want to start the year broke. Follow these simple, actionable steps to get your finances back on track.

    If your employer provides life insurance, then you should, of course, take advantage of the benefit. Just remember that purchasing a savings and insurance plan outside of work will offer you more coverage and better benefits, independent of your employer or career status.

    Get your individual life insurance plan now! Talk to a Bancassurance Sales Executive at any of the 800 BPI branches nationwide to know your options.

    Did you know?

    You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!

    RECOMMENDED PRODUCTS

    Life Ready Plus

    Protection

    Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.

    The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.

    Philam Life Vitality

    Critical Care Max

    Health

    Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.

     

    In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.

    Philam Life Vitality

    Build Estate Plus

    Life Protection

    Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.

    It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.

    Philam Life Vitality

    CRITICAL CARE PLUS

    Health

    Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.

     

    It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy. 

     

     

    Philam Life Vitality
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