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ACHIEVING FINANCIAL WELLNESS THRU LIFE INSURANCE

Jake · 13 · 2503

Jake

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Yes! You can achieve financial wellness.
Sad but true. 70% of Filipinos don't really know the real benefits of Life Insurance. Even a number of businessmen don't have an idea. My latest experience-a Filipino-Chinese businessman told me he really doesn't see the true benefit of Life Insurance.

Since you're here, reading this, Kudos to you! You have the intellectual appetite to learn more about all these financial stuff.

Well, I'm here to share with you what I know & hopefully help you enhance your financial intelligence, even for a bit.


OK. You put your money on the bank for a time deposit, in real estate properties, you build apartments, you buy a franchise... YOU buy all these assets. BUT did you know that LIFE INSURANCE is the foundation on where all of these rests? I don't think so.

GOLDEN RULE! BEFORE YOU INVEST YOUR MONEY ON STOCKS, BONDS, TD'S OR WHATEVER FINANCIAL INSTRUMENT AVAILABLE-GET A LIFE INSURANCE FIRST.

You would most probably think that Life insurance's only use is to give money to your loved ones after you pass away, am I right?
Well, that's only 30% of the picture. In this post I wan't to give you 100% of it.

Life Insurance have 5 major benefits that could help you attain Financial Wellness.

1st. You can pledge it as a collateral-when you want to loan,etc. (You wan't to expand your business, build additional stores... you loan in a bank.. well, good news! you can pledge this as a collateral!)

2nd. It can provide Business Continuation. (If you're doing business with a partner-this is crucial for both of you. If one of you dies, the other one would have peace of mind knowing that the insurance company would automatically give the death-benefit of the policy to the surviving business partner-WHICH-of course would be used support the business.)

3rd. Mortgage Redemption (Simply put... Life Insurance can be used to pay off debts once you pass away.)

4th. Protect your family against forced liquidation of properties. (Your loved ones wouldn't have to SELL your land, your house, your car, your jewels just so they could PAY for your medical bills, funeral expenses, grocery, water, electricity, tuition etc... you get the idea?good!)

5th. Finally. Estate Creation (This is it. When you leave this world, you could give your loved ones a final gift of generosity by leaving them with a good sum of money. This creates an estate which they could use support their daily expense.)

ALWAYS KEEP THIS IN MIND. WHEN YOU'RE BUYING LIFE INSURANCE, YOU'RE ACTUALLY BUYING SECURITY, PROTECTION & PEACE OF MIND.

So, that's it for this post! I hope you've digested this one. For my fellow financial advisors, insurance agents out there, If you have additional benefits to share to our fellow kababayans regarding this topic, do post it . It would be very much appreciated.

Thank You!

"Life Insurance is bought not because people have to die, but because people have to go on living."
« Last Edit: Oct 24, 2011, 05:03 PM by Jake »


allanmm13

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Reply #1 on: Oct 24, 2011, 07:14 PM
4th. Protect your family against forced liquidation of properties. (Your loved ones wouldn't have to SELL your land, your house, your car, your jewels just so they could PAY for your medical bills, funeral expenses, grocery, water, electricity, tuition etc... you get the idea?good!)

5th. Finally. Estate Creation (This is it. When you leave this world, you could give your loved ones a final gift of generosity by leaving them with a good sum of money. This creates an estate which they could use support their daily expense.)

How is 4th and 5th different?

IMHO, i will use insurance as a leverage vehicle. If I dont have Big savings, i must have this "asset" class to mitigate the risk if I die prematurely.

I have a lengthy discussion with an insurance agent about this.

There are 1/3 chance were we may end up in any of these.

33% - partial disability and still alive
33% - permanent disability and still alive
33% - loss of life

----
66% im still alive
33% im dead
----
I told him, I will rather have a piece for all and not focus on one aspect alone (being dead and that accounts for 33% of the risk).
« Last Edit: Oct 24, 2011, 07:27 PM by allanmm13 »


Jake

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Reply #2 on: Oct 24, 2011, 08:45 PM
@allanmm13 Hello there! The 4th is about "Estate Conservation", you won't have to loose your stuff.

While the 5th is "Estate Creation", your loved ones would earn a big chunk of money once you pass away. its like "PAMANA", yayaman sila once nawala kana.

Yes! Very Good! You have to have a piece for all. Whoever that Insurance agent is, I believe he had some serious head scratching done after your conversation. hehehe

I always encourage my clients to attach  a DREADED DISEASE RIDER (if in their old age (say 60-70 years old) they suffer heart attack, stroke, or cancer at least they'll have money for their medication & hospital bill) and ACCIDENTAL DEATH & DISMEMBERMENT RIDER (if at some point in their life they get paralyzed or lose a limb or a toe)

Its the 3 in 1 solution that you should get.
1. Financial Security 2. Dreaded Disease Coverage 3. Accidental Death & Dismemberment Protection

Thank you for sharing your thought & Always keep safe :)


teeyah

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Reply #3 on: Jul 27, 2012, 05:08 PM
This beautiful short film might just help in understanding :) http://www.youtube.com/watch?v=2lrl9rfE-xQ&feature=plcp


freeman12

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Reply #4 on: Jul 27, 2012, 07:44 PM
which is better, sunlife o generale? suggest more if you will.. 


kithe

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Reply #5 on: Jul 27, 2012, 08:12 PM
Better about what?
Most insurance companies mission is to provide financial freedom or protection for their client.. They have different products and different plans that will fit the needs of every clients.. If you will to choose, go for the one that is stable, capable to pay their clients on time, reliable and trusted..

it start with the letter S... And its brighter under it..  :hihi:



freeman12

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Reply #6 on: Jul 27, 2012, 08:24 PM
SUMMER! :p hehe 'just kidding, i get it.

Thanks for the advise, i'll keep the S under my choices.

Do you have any downloadable quotations?
Kasi facebook has predicted my time and cause of death.  :D
Lets say i still have 25+ years on my lifetime?
What are my options?
« Last Edit: Jul 27, 2012, 08:31 PM by freeman12 »


kithe

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Reply #7 on: Jul 27, 2012, 08:30 PM
Tama, may relation sa summer.. :)
Do you know that Sunlife started here in the Phils. since 1895?

If you have time, please watch Sun Life Sun Short films..
http://www.facebook.com/sunlifeph


decapolis

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Reply #8 on: Jul 27, 2012, 08:54 PM
Nice stuff Kithe! ;) thanks


BatmanBeyond

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Reply #9 on: Jul 28, 2012, 11:20 AM
which is better, sunlife o generale? suggest more if you will.. 

Bro, it depends actually on your financial needs. Most insurance companies has a product(s) that will definitely suit your financial priorities in life. In the first place, what is the reason why you choose only two companies? You may accept proposals from others as well.


pmtmember

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Reply #10 on: Jul 28, 2012, 10:43 PM
Tama, may relation sa summer.. :)
Do you know that Sunlife started here in the Phils. since 1895?

If you have time, please watch Sun Life Sun Short films..
http://www.facebook.com/sunlifeph

didn't know this one. I have balanced fund sa Sunlife.


mamee

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Reply #11 on: Jul 29, 2012, 06:23 PM
This beautiful short film might just help in understanding :) http://www.youtube.com/watch?v=2lrl9rfE-xQ&feature=plcp

Nakakaiyak sya...  :'(

Ikukuha ko ng insurance ang asawa ko pero Term lang kasi may stocks at mutual funds naman ako...
« Last Edit: Jul 29, 2012, 06:25 PM by mamee »


MsPerryK

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Reply #12 on: Aug 02, 2012, 02:51 AM
BUY TERM AND INVEST THE DIFFERENCE.

Stay away from any life insurance (aka whole life) that bundles cash/savings/retirement and life. Premiums are extremely high and you get little or no return on your "cash value". It is also an either or product; meaning, if you die you only get the coverage not the cash value you had accumulated. you don't have to believe me, it is stated right on your contract.

Yes, life insurance is not a luxury it is a responsibility; it protects the person's income if they die prematurely.

If you are single, no kids, no responsibility, you still need life insurance. Why? Because funerals (and especially medical bills) are not cheap. Don't be a burden to your love ones when leaving LOL.


 


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