Life has inevitable moments and is also full of surprises and sometimes the surprise may imbalance us financially. 12 or 15 years ago getting insurance was not as “friendly” for someone like me who has no idea or background about it and at the same time introvert. Back then I thought if I get insurance I must have a huge amount of money to sustain the monthly commitment. I need to talk to an agent who looks at me as a sale number on their quota. In other words, the insurance back then was intimidating.
However, the landscape has changed thanks to technology! Insurance right now can be purchased through your smartphone and it’s not as expensive as I thought it to be. We all know that money isn’t always what you think it is. When you’re first getting started, it can be easy to overlook the many little details that go into the salvation of your personal finances. The truth is, getting insurance and using it wisely are two of the most important things about getting ahead in life.
My first exposure to insurance was when I started working as a regular employee here in Cebu, back in the province where I grew the people that I knew who were working don’t have these benefits. My first insurance was corporate insurance under the name of the company I worked in, so basically I am not paying for it and it covers only work-related accidents and death. The very first insurance or I’m not sure if it’s insurance but I guess more of a plan or part of an estate plan was the St.Peter plan. Back then I rely on corporate insurance and Health Maintenance Organization (HMO) and since burial planning was not part of the coverage that’s why I took the plan.
When I resigned from that company, naturally the insurance and HMO were stripped off and I felt vulnerable at that time so that moment made me realize that personal insurance is important. Luckily traditional insurance had morphed and now offers insurance + investment also known as Variable Universal Life (VUL) insurance. Of course, this type of insurance has its own pros and cons but for me, this somewhat fits me because this type of insurance policy has a “back-up” in case you are not able to pay your monthly commitment because of job insecurity.
Now that I have my own house, I’m also paying the premium which is part of the amortization I paid in PAG-IBIG, by default if your house is loaned through PAG-IBIG, fire insurance is included. But right now, I am looking and considering boosting it by adding another policy that covers more than just fire. Every time I renew my motorcycle registration it’s also a requirement to get motor car insurance and if I travel I also take the flight add-ons Travel Insurance.
So overall, the insurance policies that I have now are Life Insurance with VUL, St.Peter plan, Motor Car insurance, and the default Home Fire insurance for my house.
Getting an insurance policy can be a great way to stay out of financial trouble and avoid having to pay expensive bills. Saving for your future isn’t hard, but it is important. Luckily, there are plenty of ways to do it now. The key is to make sure that you are making the efforts that you need to make it happen. This means a lot more than making a small amount of money each month. Make sure that you are putting in the hours that you need to make those hours worth living. If you are able to, start saving for later in life. It is a great way to make some money while giving yourself time to make those make-o-time efforts that you need to make happen. If you are able to, save for your retirement. It is a great way to make some money while helping yourself avoid the hassle and bank-shaking events in life.