Life is unpredictable. You can plan your schedule for the next day, but there’s nothing to prevent detours, speedbumps, or surprises both good and bad to change your plans.
Despite this, however, you wouldn’t want to leave the future of your family to chance. Should life’s unpredictable events lead to your untimely death, you could be leaving your family in a difficult financial situation. To protect them, it’s best to be prepared.
Life insurance is a smart investment plan for people in the Philippines looking for practical financial solutions for their family in case of their death. In this article, we’ll explain what every Filipino needs to know about life insurance: what it is, the benefits of investing, and why InLife should be your go-to insurance provider for your family’s financial security.
Think of life insurance investment as a contract between you (the policy holder), and an insurance company (the insurer). You agree to pay the insurer premiums for a certain amount of time. Upon your death, the insurer will give your beneficiaries a lump sum payment that’s known as a “death benefit.” This sum can keep them financially secure even after your passing.
Ideally, people who have families or dependents should have life insurance, especially if you are the main or sole person providing income to spend on your family’s living expenses. These include:
The concept is simple: pay life insurance premiums for a given amount of time, and upon your death, your beneficiaries are covered and entitled to a death benefit. However, this is where it gets a bit complicated since life insurance is different between all policy holders.
Your premium is the money you’ll be paying for your death to remain covered by the insurance company. How high or low your premium is depends on the likelihood your insurer will have to pay your death benefit, or in short: your life expectancy. A healthy 25-year-old with no pre-existing condition, therefore, will have a much smaller premium than a 40-year-old with pre-existing conditions that could give them a shorter life expectancy. Other factors that can affect your premium include:
There’s really no one type of life insurance that’s best for everyone because people have different needs and preferences for the kind of insurance they’re investing in. So, it’s best to research all your options before choosing one.
Learn more about InLife’s Basic Cover Plus and how you can get double coverage: pay for 10 years and be covered for 20 years. Get your money back plus a maturity benefit.
Life insurance is a good investment for the modern everyday Filipino who have people they want to protect financially even after they pass away. Depending on the type of life insurance you invest on, if you’re investing on the right type of insurance for your needs, you and your family can benefit from the safety blanket life insurance investments provide.
Unlike other investments, life insurance doesn’t fluctuate in value unlike other forms of investments. Your beneficiaries’ death benefit depends on how much premium you pay and not like investments that depend on the current state of the market.
Some of the benefits you can get from life insurance include:
As the first and largest Filipino life insurance company in the Philippines, we know a thing or two about providing beneficial life insurance to everyday Filipinos. We have over a hundred years of experience in financial protection, providing you with everything you need to give your loved ones a good future and your own peace of mind for the future.
We're here to help you plan ahead, every step of the way. Talk to an InLife Financial Advisor today.