Types of Insurance You Need in Your Life [Infographic]

You’ve most likely heard or seen how other people have experienced different tragedies—be it a natural calamity, an unexpected death, or a business bankruptcy in the news or in social media. No matter how serious these stories are, they shouldn’t bother you. While you cannot predict the future, you can always afford peace of mind and prepare yourself and your family for uncertainties. That’s what insurance is for.

Insurance protects you from the unknown and helps you manage risks by transferring the cost of a potential loss to an insurance company. Without insurance, you’re leaving yourself vulnerable to financial ruin.

You can insure as many things as you want but there are types of insurance that you absolutely need in your life.

Are you protecting your and your loved ones’ financial future? As the breadwinner of the family, life insurance protects your loved ones from financial despair in the event of life’s uncertainties. It can serve different purposes—replace lost income, pay for your child’s education in the coming years, or give you the peace of mind that your family is financially secured after your demise. With life insurance, your future cash flow is protected.

Buying health insurance in the Philippines is critical since the cost of health care in the country keeps going up. In the event of a serious illness, most Filipinos clamor for the funds to cover medical expenses instead of focusing on getting better. As a result, people spend money from their precious savings.

Health insurance will help you prepare for these unforeseen medical emergencies and situations, so you won’t end up using the wealth that took you years to build.

Your ability to earn money is your one of your most important assets, and a disability or dismemberment can hamper that.

Disability insurance usually comes as an add-on attached to your life insurance policy. It helps you replace your income that you will otherwise be able to earn as a healthy and abled individual or waive your monthly premium payments.

An insurance plan will not only protect you and your family at every milestone in your life, but will also help you deal with unforeseen and unexpected tragedies. Secure your future and your assets as early as you can with the right insurance plan. Ask any of our Bancassurance Sales Executives at more than 800 BPI branches nationwide about the best insurance policies for your individual needs.