Are you looking to buy insurance? Because if you're reading this, chances are you understand the importance of getting insured. However, the various perspectives can be confusing. Some say it's too expensive, others say it's worth every centavo. Perhaps you've also heard that it only pays out benefits in case of death.
This article debunks five common myths about getting life insurance in the Philippines and other insurance products. We hope the information here will finally help you decide to take out the right insurance for you, your family, or your property. Let's start with the first one.
Myth #1: Insurance only gives benefits upon one's passing.
Fact:
Insurance products that pay out benefits in case of your untimely demise are only one of the many things that being insured offers. Some even have investment components like variable universal life (VUL) insurance that potentially grows your money in the long term while giving you guaranteed life protect coverage.
Myth #2: All insurance plans are the same.
Fact:
Different insurance plans cater to your every financial need. Your ideal insurance plan depends on your age, financial status, risk profile, the protection you need, and financial goals. Others protect your assets, such as your car, condominium, house, and business.
If there is any similarity between insurance plans, it's the guaranteed protection for yourself, your loved ones, and your property/assets when you need it most.
Myth #3: I need to spend a lot of money to buy an insurance plan.
Fact:
You can actually customize an insurance plan based on your budget. Some are roughly the same amount as your quick afternoon snack, so it'll hardly make a dent in your expenses. Plus, the earlier you get insurance, the cheaper your premiums will be.
Getting insured also means you might not need to make out-of-pocket expenses or not burden any of your loved ones during a medical emergency, car accident, or other incidents covered by your policy.
Myth #4: I don't need an insurance plan yet because I am still young and healthy.
Fact:
Illnesses can affect anyone at any time. While you may feel young and healthy now, no one really knows what can happen in the future. It's best to start looking after your health and preparing for uncertainties as early as today. Consider it as an early investment for yourself. As medical expenses can go anywhere from several thousands to millions of pesos, having an insurance plan ensures that your future self will thank you. Think of it as having a backup plan, which will help give you peace of mind for what the future may bring.
Also, it is best to get insured when you’re young and healthy because you're more likely to get approved for an insurance plan and your premium will be more affordable. Getting insured can be more difficult and expensive if you wait a little longer and already have existing illnesses.
Myth #5: It's difficult to look for a financial partner.
Fact:
You can set appointments for financial consultations from the comfort of your home. With just a few clicks, you can start creating your financial gameplan and prepare for your future!
AXA, one of the most trusted insurance companies in the Philippines, offers a wide range of life insurance (health, education, income protection, investments, retirement) and general insurance (car, home and condo, travel) products to protect everything you value. An AXA financial partner can help you find the right insurance product by assessing your current status, needs, and priorities
Know you can game plan your future with insurance that suits your needs. Reach out to an AXA financial advisor today.
