How many insurance policies should one get? Piolo Pascual answers
MANILA, Philippines — For some, getting an insurance policy makes them feel secure. But is one policy enough?
For actor Piolo Pascual, one is not enough.
"One is never enough, or two is not enough. So you have to get other policies because it's not just insurance," the actor said in a press event hosted by Sun Life, an insurance company that he has been endorsing for more than 15 years.
Piolo shared that since he has been with the insurance company more than 15 years ago, he would get more policies and get update on its offerings from his sister who also happens to be a financial adviser.
His answer was affirmed by Carla Gonzalez-Chong, Sun Life chief client experience and marketing officer.
Gonzalez-Chong explained that in a person's lifetime, he/she will have several financial needs that may occur at different times or stages in his/her life.
She cited her case for example. When she was single, she got two policies that were aligned with her goal of building wealth and grow her money. Over time as she got married, she added and topped up her insurance coverage because she had an additional person that depended on her income.
She agreed when Piolo said that having one policy is not enough.
"I would say, basic rule of thumb, I would encourage people to have three. One for life, meaning insurance protection and income protection so that anything happens to you, your family will be able to live life regardless of the income.
"The second would be a health insurance coverage because a health protection plan will ensure naman that you don't get into debt, covering for treatment. And the last would be, probably a financial product to help you grow your wealth," Gonzalez-Chong said.
She differentiated among the three types of basic insurance policies.
The financial product is the type that one plans for. Life insurance and health protection, on the other hand, are unexpected expenses.
"So I would say three is a good rule of thumb," she stressed.
Be practical, money-smart
The actor underscored the importance of living within one's means and being practical.
"You work for the money, you work for your passion and you have to set aside a certain part of your income, not just for yourself but for your family and your family's future. It's equally important for us to give extra care to ourself, our needs, our wellbeing so that we'll be able to enjoy the fruits of our hardwork," the actor shared.
He revealed that he does not necessarily put a percentage on his spendings, but as a rule, he puts everything he earns in the bank. He allocates 10% of it to tithes.
He does reward himself from time to time, but it almost always involves trips with his family. Rewarding himself also means investing in insurance and time deposit.
"I don't spend beyond my means. I don't spend on things that are really just unimportant. I guess it's a big factor that you don't change your lifestyle because you earn more. It's important for us to give importance to our future, not just for ourself but also for our family," Piolo shared.
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