In your mid-20s to early 30s, life can feel like a whirlwind! You might be chasing new career opportunities or even thinking about starting your own business. It's such an exciting time, but it also comes with a lot of new responsibilities. You also might find yourself wondering how you'll support your younger siblings and aging parents or how to build a future with your partner.
During this exciting time of experimentation and self-discovery, one smart move that not everyone thinks about is securing an insurance plan. Did you know you can get a life insurance policy as early as age 18? But getting a plan should really depend on your personal situation, not just your age. Whether you are still single or married with kids, it is encouraged to have a protection plan to financially cover you and your loved ones from unexpected life events.
If you're a breadwinner or someone who wants to ensure you and your family are financially prepared for life's uncertainties, getting a Variable-Unit Linked (VUL) plan, sometimes called an Investment-Linked insurance plan, can be an essential part in planning your young adult life.
Key Takeaways
- Financial planning is essential for young adults as they strive to achieve their personal and career goals while also taking care of their loved ones.
- Variable Unit-Linked (VUL) or Investment-Linked insurance now offers all-around protection, making it an ideal tool to provide your loved ones with financial security.
- Discover how AXA’s newest VUL plan, AllShield can provide all-around protection at an affordable price.
What is a VUL plan and its features?
You’ve likely heard a lot about VUL plans from friends or online. These plans are a type of insurance that not only provides protection coverage but also offers an opportunity to grow your money over time. This means that while you’re building your future as a young professional, your dependents—like family or spouse—can be financially supported in case something unexpected happens to you.
While this is the typical function of VUL plans, their structure has evolved over the years. Some VUL plans are now more focused on providing comprehensive coverage, offering even stronger protection against accidents and illnesses. If in the future, you get diagnosed with cancer or any major sickness, you’ll have a financial safety net to help cover your medical bills. Moreover, if you get permanently disabled due to a major accident, your payments are waived, allowing you to continue enjoying the benefits of your policy. These types of VUL plans are designed to wrap you in a protective fortress and financially secure the future of your loved ones even when you aren't with them anymore.
Benefits of a VUL plan with all-around protection
As you hustle every day to meet your family's needs or save up for their future, accidents or health emergencies can occur. Of course, you wouldn't want to dip into your savings or even consider using your parents' retirement funds for these unexpected events. This is where a protection plan comes in. AXA Philippines has introduced AllShield, its newest VUL plan, aimed at providing all-around protection to help you face these challenges. What makes it even better is that it’s very affordable, especially for young adults who are just starting to build their financial future.
For as low as ₱59*/day, you can enjoy the following benefits of AllShield:
- ₱1.1M++ worth of Life Insurance Coverage
AllShield provides you and your family peace of mind, knowing that your loved ones can continue living without financial stress in case you pass away. A solid protection plan with life insurance can cover your family’s living expenses, debts or even future goals. It’s a safety net that stays with them when you no longer can. - ₱2.2M++ worth of Accidental Death Coverage
Accidents don't come with a warning and in just split second, life can change. But with a good protection plan, you can prepare for the unexpected. If a major injury occurs, a robust accident coverage can be a valuable asset especially to the beneficiaries of the policy. AllShield provides twice the life coverage in the event of death caused by an accident. - Critical Illness Coverage for 74 conditions
The Critical Illness coverage of AllShield offers a lump sum benefit when you’re diagnosed with serious conditions, such as cancer, stroke, or heart diseases. For early-stage conditions, you can claim a part of your sum insured to help cover for your bills and if it progresses to critical stage, you can claim the remaining amount. This particular benefit of AllShield allows you to pay for your treatment, medication, or anything else you need during recovery. - Permanent Disability Coverage
If you are unable to work due to a serious injury, your future base plan premiums will be 100% waived. You won’t have to pay for your insurance anymore, yet your plan will remain active, and you’ll still be able to receive the benefits of your plan.
*Based on a regular-pay plan of a 30-year-old female.
Take the first step toward your financial journey
Truth be told, many young adults either single or married might overlook the importance of getting a protection plan. However, once you understand its significance, it’s worth considering. Especially at a young age, you’ll typically pay less compared to what you would if you waited until you’re in your late-30s or 40s.
If you are a breadwinner whom the family depends on, or as you go through different phases of life, you’ll be glad to have an all-around protection plan like AXA’s AllShield to support you and your loved ones especially when the unexpected happens. You’ll thank your younger self for making that decision later.
Know that you can provide your loved ones with all-around protection, no matter what life brings. Talk to an AXA advisor to find out how AllShield can be a smart financial move in your young adult life.
