AXA: Insurance critical to estate planning

MANILA, Philippines — Insuring one’s assets, whether small or big, remains one of the most overlooked aspects of estate planning by Filipinos, an insurance and financial service provider said.

AXA Philippines said estate planning centers around ensuring that hard-earned assets benefit the heir or heirs with the least or no confusion, conflict and unnecessary loss.

Some of the problems that arise with transferred assets are delays in accessing funds, unnecessary taxes, legal complications, financial uncertainty and even family disputes, the firm said.

“What happens when the one holding the reins is no longer around? That’s the hard truth behind estate planning. It’s not about wealth for wealth’s sake,” AXA Philippines said.

AXA Philippines claimed that asset insurance is “one of the most overlooked yet effective tools” in estate planning.

It explained that insurance provides immediate financial support to beneficiaries, helping them cover expenses like estate taxes, legal fees or even replacing lost income.

“While often seen as a topic reserved for the ultra-wealthy, estate planning should be a conversation for every Filipino,” the company said.

“If you own a home, run a small business, or simply want to secure your children’s future, you already have that inheritance worth protecting and passing on,” it added.

The insurer claimed that its insurance product called Asset Master may help Filipinos in their estate planning.

The product involves a single-pay insurance and investment plan that is designed to support both wealth preservation and smooth inheritance.

The product provides life insurance coverage of at least 125 percent of the one-time premium payment or equivalent to account value, whichever is higher, the company added.