8 Things You Need To Consider Before Getting Your Insurance Policy
We cannot choose when to die, get sick or become disabled. These things happen even to the healthiest people we know. Instead of ignoring this reality, why don’t we choose to find ways to minimize their effects by being financially prepared and protected? Insurance policies have guaranteed ways to provide for you when these events come.
3. If you get critically sick or disabled, the same policy can never be offered to you. Worse, you may never be able to get any insurance policy at all.
Some clients delay getting insurance policies with the thought that they can get it anytime they want. But this is not true. When you get critically sick or disabled, it will be more difficult for you to get a policy. Worse, you may never be able to get one at all for the rest of your life.
4. If you get the policy at a much later time, the higher fees you’ll need to pay. Invest while you are still young.
|Before investing on anything else, invest on protection first.
The younger you are, the lower the cost of premium that you’ll need to pay. This is because there is less risk for younger people. The best time get an insurance policy is now.
5. Invest on protection first before you invest on properties.
Have you heard about the Pyramid of Investment? Any financial planner will tell you that before you invest on properties, you must invest on protection first. Protection comes in the form of insurance policies.
6. If you dream of sending your children (or godchildren, nephews or nieces) to big colleges and universities, know that a few years from now the tuition fees for 4-year courses will start to reach millions of pesos. You know you can’t just settle for less for your children.
To get a more detailed projection of the tuition fees of various colleges and universities in the Philippines, please contact me via 0917-838-7545.
7. Remind yourself that retirement age in the Philippines is 60 years old. While it is a blessing to live beyond this age, it also requires financial preparation.
We all want to live long. But while living long is considered as a blessing, this also entails financial obligation. With old age comes our inability to work and provide for ourselves. Most of us will become reliant on our children (or nephews or nieces) when that time comes. Is there a way to change this pattern? By preparing early for your retirement, you can have the assurance that you can live long with grace.
8. If you are saving money for your big dreams (e.g. house, car, travel and etc.), let it be known that hoarding your money can only get you so far. Investing your money for a much greater return is the better way to go.