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Tuesday, August 29, 2017

Why You Need to Get a Life Insurance Now

Who's not afraid of getting old, of sickness or of death? If you've experienced losing a loved one, or witnessed a tragic accident which resulted to paralysis, early retirement or even death. You would think what if it happens to you? Knock on wood but everything comes in an unexpected way. 

My Fears

When I reached 40, I started worrying about the future. I know this is normal, especially if you care a lot for your family. Thinking that my family would be grieving my loss is heartbreaking enough for me and I don't want to leave them the burden of losing me and losing the good life that I was able to provide while I was with them. Yes, currently I am the breadwinner of the family, although my husband is doing his best but the fortune is not always on his side and I don't see anything wrong about it. As long as we help each other to provide for the family, no matter who's able to give better or less.

Weighing Future Expenses
As we grow older, our medical needs increase while our body slowly becoming weak, too weak to do regular work. This increases financial needs and decreases your ability to support them. This is why I thought of acquiring a Hospitalization insurance. Hospitalization insurance at my age focuses on critical illnesses which is good because they cost way too high than of those common diseases.

Today, a decent meal that a single person can consume costs 50  pesos per meal. So let's say, I'll retire at the age of 65 and I will still live until 85. That would be 54, 750 pesos in one year (50 pesos x 3 meals x 365) What more if we multiply it by 20 years, that would be a huge amount! The question is, will my retirement benefit would be enough to cater my future needs? That would cost almost 5 million in 20 years...I doubt it! What about if we add the hospitalization and funerals?

What do you expect upon your retirement? A peaceful life in a farm you've dreamed of for long? A relaxed mind in your dream house? Traveling, staycation, hanging out with old friends which are the things you've missed when you were busy making money. Sadly, this only happens to only few people and they are the ones who prepared for it.

How to prepare for your retirement?
Long before, I wasn't this open minded when it comes to getting an Insurance as I thought it's only a waste of money, that I can save even without these insurance companies. I was wrong!  I gladly realized that preparing for your retirement is avoiding all the burden that you might pass to your family. Preparing for your retirement doesn't always mean that you're securing your funeral finances, that's very wrong! Preparing for your retirement is getting a retirement insurance which you can withdraw through a lump sum or a monthly pension once you decide to retire.

Getting all future needs in just one policy
I was very fortunate to have met this lovely couple who are into insurance business. I was thinking of investing my money to a bank for future needs, but I was very hesitant for the fact that my money will not grow when kept in my bank account. I was right, when these couple introduced me to Manulife, I was enlightened. I realized that I should not just  rely on my SSS alone, that I should have other sources of financial once I retire. So as soon as I heard about it, I Googled it!

Manulife is a leading life insurance provider in the Philippines, established in 1907. They are a subsidiary of Manulife Financial Corporation, one of the world's biggest financial services companies, based in Canada. A trusted family insurance company, they offer tailor-fit solutions that meet the needs of every stage of life.Their flexible plans lets you make the most out of your money whether you are investing for your dream house, retirement, health care, or your children's education.

After learning about the company bio, I decided to secure my retirement right away and so I discussed it with one of their financial consultants near in my area. I was surprised when they offered me the best policy that can cover all my future needs. It's an all in one policy that will cover my hospitalization, disability, accident, retirement and the one that I always hate to mention...death. I signed up for two policies, one for me and the other one is for my husband, so happen what may, both of us are secured and my kids will also benefit from it.

Loanable and Refundable
Manulife allows you to refund or loan a certain amount from your investment. Once you reached three years, you can refund your savings in full amount without tax, longer that three years will let you enjoy the profit from your savings (as I heard from the consultant, it's 8% minimum per annum which is not bad at all). It's just like saving with insurance but the profit is higher than what you can get if you let the money in your bank account. There are so many interesting benefits in getting an insurance, I just couldn't tackle all here as I'm not a licenced consultant (how I wish I am). However, if you wish to talk to a financial consultant, you can message the one who arranged my account on their Facebook fan page Manulife Phils. Nehemiah branch.

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