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Do We Need Insurance?

kuray08 · 7 · 1331

kuray08

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on: Apr 25, 2014, 06:15 AM
Some say "I'm young so i don't need insurance pa.. other say "I'm too old na i don't need na ng insurance...
What if? If you die to soon? or What if you live too long?..


DarnaNarda

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Reply #1 on: Apr 29, 2014, 03:26 PM
Look at it this way...

If you had insurance and you die too young, then everything should be taken cared of. Estate Taxes, Family Wealth, Education and their Lifestyle will continue even after you are gone (considering that you have insured yourself in an amount which you think your family would need for the next 5 years or so)

If you live too long, its gonna be good too because on your 100th birthday, you can cash in on your insurance policy. Enjoy the full benefit of living beyond your insurable age, with interests and dividends.

Either way, all I see is a win-win situation. After all, there are only 2 things in life that is sure to happen -- Death and Taxes.


kamikenze

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Reply #2 on: Apr 30, 2014, 11:32 AM
^^

Agree.  Getting a life insurance is a prudent way to control uncertainties in life.  If budget permits, it's recommended to get a life insurance sooner than later in life since the cost will be much lower.  Another thing to point out is pre-existing condition.  As we get older, we cannot discount the fact that we are more prone to illnesses, which is a factor in having an insurance application approved.


anne_mazing

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Reply #3 on: May 07, 2014, 01:30 PM
If you're talking about life insurance, for me it is very practical to have one. Life is insurance is a protection against unexpected especially when you have your own family already. Maybe for young people like me (like us) we may not see the importance of it but maybe as we grow older we realize that life insurance is a fundamental of sound financial plan.  :)


kamikenze

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Reply #4 on: May 10, 2014, 11:46 AM
Most people realize the importance of life insurance late in their life.  Usually when a mishap happens, this is when they start inquiring about getting an insurance.  When getting an insurance later in life, it becomes expensive due to added risk.  We cannot discount the fact that people are more prone to diseases when they get older.  Pre-existing condition will result to higher premiums.  If your condition is severe, no insurance company will accept your application.  As much as possible, you want to avoid this.  I hope this helps. 


wilch23

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Reply #5 on: May 10, 2014, 12:27 PM
Life insurance is for the breadwinner in the family. They need to make sure the family has money if something happens to them.

Since some life insurance now covers terminal health problems, it can also function as major illness/hospitalization fund.

For people with hard/real assets, it can be used to pay for inheritance tax (insurance pay out is tax free basta beneficiary is immediate family).

It can also be used as a tax free inheritance.

If you qualify as anyone mentioned above, it makes sense to get some kinda life insurance. Having a pay out after a number of years is a good option.


DarnaNarda

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Reply #6 on: May 11, 2014, 11:17 AM
Life insurance is for the breadwinner in the family. They need to make sure the family has money if something happens to them.

Since some life insurance now covers terminal health problems, it can also function as major illness/hospitalization fund.

For people with hard/real assets, it can be used to pay for inheritance tax (insurance pay out is tax free basta beneficiary is immediate family).

It can also be used as a tax free inheritance.

If you qualify as anyone mentioned above, it makes sense to get some kinda life insurance. Having a pay out after a number of years is a good option.

Tomo. I agree 100%  :applause: :rakenrol:


 


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