The sudden death of Kobe Bryant is emotionally devastating for those he left behind. This proves that anything can happen in a blink of an eye. The unforeseeable future is indeed scary, especially if we’re going to include money and family in the equation. With that, the best way to protect ourselves from the future is to get a foolproof insurance plan that can protect us from financial loss and lead us to financial stability. Learn why top insurance companies in the Philippines deem it necessary for Filipinos to get life insurance:
1. Financial Coverage For Your Family Living Expenses
If you plan to start a family in the future, a life insurance plan can give you financial support and security—with or without your savings and salary. Life insurance policies offered by top insurance companies in the Philippines usually include educational plans, cash benefits, health solutions, and investment options. So, it’s a guaranteed safety net for your partner, children, and other family members.
3. Inheritance Protection Against Taxes
If you have assets, investments, and businesses that you want to transfer to your living relatives when you pass away, a life insurance plan can provide your inheritance protection against estate taxes. The protection depends on the insurance coverage, so it’s best to consult a trusted financial advisor in the Philippines to lay down your plans.
4. Protection Against Financial Loss
With the help of a trusted financial advisor in the Philippines, a life insurance plan can prevent or replace lost income from wrong decisions. Unfortunate events are unforeseeable, but an insurance policy knows what needs to be done when money is involved. If you have debts, emergency medical needs, or a bankrupt business, for example, a life insurance plan can cover all or a portion of your expenses.
5. Settlements For Final Or Immediate Financial Needs
Immediate or final financial needs may include medical and funeral expenses. Basically, they are unexpected expenses with permanent repercussions. They leave tremendous debts and emotional stress to your surviving family members if you untimely pass. A life insurance plan can cover the cost of your unpaid medical bills and burial expenses not covered by your health insurance.
6. Income Boost For Savings And Retirement Plan
A term or a whole life insurance plan can significantly supplement your savings and retirement funds in the future. Aside from your pensions and personal bank money, you can have an additional stream of regular income from your insurance plan.