You've worked hard to create a stable life for your family--prioritizing their daily needs, enrolling your kids in excellent schools, and taking them to meaningful trips, all to ensure their comfort. You've also made important decisions to secure their financial future through an insurance plan.
But insurance plans, just like other aspects of your life need to be reassessed, especially as your circumstances evolve. That policy you purchased may no longer match the life that you’ve built for your family.
Now it’s time to ask: Does my insurance plan still able to protect everyone who depends on me? Is my coverage still enough to maintain our family’s lifestyle?
Key Takeaways
- Understand how significant life events—such as marriage, the birth of a child, or changes in income—can signal the need to upgrade your life insurance policy or secure a new one.
- Upgrading your coverage to an all-around protection plan, AllShield can offer you greater peace of mind and ensure lasting security for your loved ones.
- Think of all-around protection as a future love letter to your family, available to you at an affordable price.
Upgrading your insurance plan is much like upgrading your personal phone or renovating your home. As your life evolves and new needs arise, it's essential to reassess your coverage to ensure it meets those needs and provides you with the benefits you deserve. Just as your life is dynamic, so should be your family's protection. Regularly reviewing your insurance coverage is crucial, especially if you notice any significant changes in your circumstances.
5 signs it’s time to upgrade your insurance coverage
- Expanding family responsibilities
You’re now supporting a spouse, children, or even extended family members like aging parents or siblings. Expanding your coverage ensures that every dependent’s future is secure. - Life transitions
Major milestones—such as getting married or welcoming a new child—mean your financial obligations are growing. Revisiting your insurance now can help maintain a balanced financial plan. - Increased financial commitments
Taking on a mortgage, car loan, or other debts changes your financial landscape. Protecting your income becomes critical to sustaining your newfound responsibilities. - Career advancements and income changes
With a higher income, your lifestyle and plans evolve. Upgrading your coverage ensures that your financial safety net matches your current contributions and responsibilities. - Long-term planning for dependents
Whether it’s planning for college expenses or ensuring your parents have adequate healthcare coverage, upgrading your insurance is a proactive step toward long-term family financial stability.
Imagine a secure tomorrow with all-around protection
So, here’s how an all-around protection plan can look for a growing family like yours. Let’s say Carla, a 30-year-old working mom who is married with two kids, purchases one to gain financial peace of mind. She already has insurance that she purchased when she had her first child. As her family grew, she wants to cover her youngest and husband too.
She then upgrades to having another insurance plan. This time, she gets AXA’s newest Variable Unit-Linked plan, AllShield, which provides her all of these benefits: life insurance coverage, accidental death coverage, critical illness coverage, and permanent disability coverage—all for just ₱59*/day or roughly ₱21,000*/year. This all-around insurance plan is highly affordable and offers exceptional value for her family's financial protection, especially as a growing family.
With her all-around protection plan, if an unfortunate event were to happen to Carla, her family would receive a lump sum cash benefit of ₱1.1 million. This money can serve as a financial safety net to help tide over her family for their daily essentials, monthly bills, mortgage, debts, and even an education fund for her kids. It will also help ease the financial burden on her spouse as he adjusts to being the sole breadwinner of the family. If Carla dies from a fatal accident, the ₱1.1 million will be doubled, providing her family with a total of ₱2.2 million as their financial cushion.
Carla’s AllShield plan comes with critical illness coverage. If Carla were to be diagnosed with cancer, stroke, or any of the 74 critical illnesses covered, her plan will provide a lump sum to help with all hospital expenses and bills. Moreover, if she gets disabled from a serious accident, unable to work and pay for her insurance, her future basic premiums will be waived. This allows her to keep her policy active and still receive all the benefits of the plan.
The plan also provides her additional protection through bonuses on the 10th and 20th years. These protection bonuses** add to her life insurance coverage, making their financial protection even stronger.
*Based on a regular-pay plan of a 30-year-old female.
**Subject to terms and conditions.
An all-around protection plan is your love letter
Just as your love for them endures throughout a lifetime, your protection should also be lasting, with a plan that adapts to your family’s needs. Choosing an all-around protection plan is the upgrade you need. It acts as a future love letter, a means to convey your deep affection—something they will truly appreciate even when you’re no longer there. As your children mature into adults and start their own families, they will come to understand the importance of the protection you provided, just as you did for them.
Know you can wrap your family in care and protection now and always. Talk to an AXA advisor to learn how AllShield can be a heartfelt way to express your boundless support for them.
