How Life Insurance Protects Your Money

How Life Insurance Protects Your Finances

Nobody wants to think that anything bad will happen to them. Most of us live believing that the chances of a debilitating injury occurring to us is slim to none. Sadly, we underestimate these odds.

The thing is, it’s not only injuries or accidents such as car crashes that you should be watching out for. Illnesses such as cancer or even severe diabetes can hamper one’s ability to work as well, and these occur far more frequently than we’d like to think.

This is why it’s so important to invest in life insurance. Life insurance does not only serve as your potential retirement fund or a legacy for your children. It can serve to protect your finances for when you get severely sick or injured. Here are some of the financial benefits of life insurance plans.

Living Benefits

Certain life insurance plans, such as the Solid Cover plan, allows you to withdraw funds to cover any expenses you may incur while you’re alive.

This is especially useful for when you get sick and are no longer able to work. Your living benefits can serve as an extra source of income to cover your day-to-day expenses such as food, utilities, and housing.

Accident Riders

At InLife, you can even expand this by availing of what is called accident riders to your life insurance plans. There are numerous types of accident riders, such as the Accidental Death Benefit, Special Accident Rider, and Special Accident Rider with Disability Indemnity. With these accident riders, you get paid a certain amount in the event you die due to an accident or suffer an injury.

Depending on the rider you add, you can receive benefits equivalent to the face amount of the insured when he or she dies, or you can even receive weekly income in the event that the insured is unable to work because of an injury. This spares the living family members from having to access the remaining savings in order to get by. It already is hard enough to live with while paying for funeral costs or medical bills, so having one less thing to worry about (i.e., the loss of one more income) is a welcome reprieve.

In conclusion

Having savings in a bank is not enough. While it is important to have life savings for moments that are unexpected, those life savings can easily be wiped out by just one sickness or injury. To ensure this doesn’t happen and to protect your finances, you’ll need life insurance.

Life insurance does not even have to be expensive! For as low as P55 per day, you can safeguard your family’s savings and sleep easy knowing that you and your family are protected, no matter what happens.

Talk to one of our Financial Advisors today to find the life insurance plan that can protect you and your finances.