Put yourself at ease by protecting those you love
27 November 2017
Sometimes, people can be easily deceived by stories. There are things in life that we think are true, but are not. False information can hinder your personal growth and progress. So, it’s important to do your own research and believe in credible sources.
There are a lot of misconceptions about life insurance in the Philippines that many people believe in. Let’s now debunk the top life insurance myths to learn the truth about this quite misunderstood product.
Whoever said that life insurance is only for the rich has never tried checking their options. The truth is, life insurance can be affordable depending on your coverage. The amount of insurance coverage an individual needs depends on their specific situation.
Insurance policies can be adjusted and tailored according to a person’s income, earning ability, and cash flow analysis to make it affordable. You can also start with a policy that fits your current budget and just purchase additional coverage later on.
Absolute hoola-baloo! Stay-at-home parents or family members who draw no professional income contribute valuable services such as childcare, cooking, housecleaning, and household management. These services are costly for the surviving family members to replace in case of critical illness, accident, or death.
Insuring the stay-at-home family member will also allow the breadwinner to take time off work to grieve and adjust to the loss.
Pure fluff! Life insurance is important even if you’re single or married with no children. Think about the costs of personal debts, medical, and funeral bills. Who will shoulder them in the event of your demise?
Insuring yourself not only protects your loved ones or executor from the burden of unpaid expenses, but also helps you get started on your future. It can also let you leave a legacy to a favorite charity or cause you hold dear.
Some life insurance policies provided by employers are not transferable in case you leave the company. On the other hand, you may be able to convert it to a personal policy, but it may turn out to be more expensive than getting one on your own. An individual life insurance policy will allow you to personalize the coverage according to your specific needs and situation.
In addition, the group life insurance policies often cover just two times your salary. This doesn’t cover commissions or other income sources. In the event of your demise, your dependents may need approximately 10 times your salary to cover the expenses associated with your death or medical bills.
Completely untrue! The best time to buy life insurance is when you’re young and healthy because it costs the least. The longer you wait to get life insurance, the more likely you are to develop a medical condition that makes the premium more expensive.
Get life insurance while you’re still young. It will help you become financially independent and protect you from unforeseen and untoward events such as a critical illness, accident, or death.
Again, this isn’t always true. While your savings may last you through your retirement, who will shoulder the final expenses related to your death such as estate taxes, funeral, and burial costs?
If you have an unfinished mortgage, will there be enough for your loved ones and surviving family members to hold onto your property?
A life insurance policy will give you the allowance to enjoy your savings during your retirement without worrying about these expenses. Go on vacations which you were too busy to enjoy while you were working. Travel. Take up new hobbies. Do what you want with your savings and let your insurance policy cover the cost of your passing.
False! Pre-existing medical conditions such as diabetes or hypertension don’t disqualify you from getting life insurance. Your insurance premium may be higher due to your health, but typically still within reach.
Life insurance may be difficult to figure out for some people, especially with all the financial terms and math involved. However, most people regret not having it right when they actually need it.
Don’t let it be too late. Protect yourself and your family with a life insurance plan tailored to your particular needs. Drop by any of the 800 BPI branches and talk to a Bancassurance Sales Executive to know the truths behind life insurance today.
You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!
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.
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.
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.
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.