How life insurance can benefit you
MANILA, Philippines – Does the idea of getting a life insurance policy seem daunting to you?
It is possible that all the terms and concepts surrounding the entire idea are hard to understand. No wonder not too many talk about it as much as the topics on latest gadgets, cars and condos, among others. But once you get enough knowledge and see the big picture, it will be easier to make a decision.
You can start with understanding why you need to get yourself financially covered. The most familiar benefit of life insurance would be long-term financial security. That’s what everyone knows. But knowing specifically how it can benefit you and your loved ones will give you a better perspective.
Let’s find out from First Life Financial why you should consider getting life coverage. Here are at least three reasons:
Certainty for the family
No one would want to hear news of someone’s death, especially if it involves one of your loved ones. But death is a reality. The anxiety this might cause a family can be eased by a life insurance policy, at least in terms of finances.
First Life Financial can cover the funeral expenses, education of the policy holder’s children, and the estate tax obligations of the heirs of the deceased.
First Life ensures the bereaved family has enough financial resources to live with after the death of the policy holder, especially if the deceased was the breadwinner. Having a life insurance policy will also spare the family from having to make drastic financial moves just to get by. The bereaved family will also not be burdened by financial obligations, some of which may not have been made known to them by the deceased.
Money for unexpected events
Your life insurance can serve as your savings or emergency fund from where you can get money when you are faced with unexpected life events requiring cash for immediate and unplanned expenses. A well-defined life insurance plan can help ease the impact of sudden unemployment, bolster one’s retirement plans, pay for total and permanent disability expenses and even pay off debts.
Income opportunity
Insurance companies are getting more and more competitive. Policies that include investments have become more attractive, and most providers have flexible offerings where you can take control of your money depending on your investment risk appetite.
First Life’s variable plan, 1st Investment Max , available in both Peso and US Dollar denominations, give you both life insurance coverage and investment income opportunities. These generate optimal return on investment at low premium charges while you remain covered with life insurance.You also get to choose your most preferred fund allocation that will best make your money grow.You likewise have the prerogative to vary your investment mix throughout the life of the policy to cater to your investment appetite.
Life insurance is an asset you should consider owning. Most people, the breadwinners especially, work hard and save for their dream house, cars and business, and in fact, insure these assets. But what would happen when the breadwinner steps out of the picture? What would be more important than insuring the life of the breadwinner himself or herself? Quoting a popular financial coach Suzy Orman: “If there is anyone dependent on your income - parents, children, relatives - you need life insurance.”
And, there could be no better time to buy the right life insurance plan for you than today. As the saying goes, ”There is no other person who can take care of the older person you will someday be – than the younger person you are now.”
Keep in mind, however, that the benefits discussed here are in general terms. Talk to an agent now to find out more about the benefits and the income opportunities that go with a First Life insurance policy.
First Life Financial Co., Inc. has been in the business of providing adequate financial security products and services to families over the years. Its 1st Asset Saver Series aims to give protection and security to policy holders and their family through guaranteed family protection. At age 88, the policy will generate the maturity value of the policy. The 1st Investment Max policy, on the other hand, is designed to meet both the policy holder’s insurance and investment needs. Visit https://www.firstlife.com.ph/ to learn more.
