MANILA - Life is full of surprises--some good, some unpleasant. Seemingly ordinary events can sometimes cause upheavals that can alter the course of our lives, if we are not prepared for these.
Just think of everyday events. One morning, you are driving your car on a quiet road, and as you make a turn, another vehicle hits you from out of nowhere. Your car is a total wreck, and you’ve broken your right arm. The driver of the other vehicle is hurt as well, and you blame each other for the accident. In the next few days, you are unable to report for work, where you are paid on a per day basis. This means you go without any income for the next two weeks. You use whatever you have left in your savings income, which isn’t much, to pay for treatment of your broken arm. Unfortunately, you don’t have enough left over to pay for therapy that the doctor says you need over the next six months.
Meanwhile, your wrecked car remains in your garage, a heap of junk that you cannot use since you do not have funds to pay for repairs.
Now think of how different things would turn out if you just had a form of protection for the events above. If you had disability insurance, you would have had income during those days you were unable to work. Medical insurance would have covered the treatment for your broken arm. Car insurance would have paid for the work to get your car back on the road.
Given the uncertainties of life, there is no question that you should invest in some form of insurance to protect your lifestyle. These products will help you maintain your lifestyle and financial wellbeing if anything serious should happen to you.
Here’s a run-down of what’s out in the market to cover your needs. Note that different companies will offer different versions and different names for each of these products to suit different customer needs:
Life cover – This will provide your family a fixed amount in the event of your demise.
Critical Illness- This can help provide financial security for you and your family if you are diagnosed with serious medical conditions.
Disability –This provides financial assistance if you should be disabled temporarily or permanently.
Auto – This covers losses resulting from accidents or the total loss of a car.
Fire – This covers loss or damage caused by fire on your property.
Mortgage redemption – This insurance ensures that your loan with a bank or financial institution is paid for if you should pass away or become disabled
Redundancy or Bankruptcy – This will cover your living expenses if you are made redundant or declared bankrupt.
Credit card insurance – This covers your credit card bill payments should you pass away.
Fraud insurance – This protects you against acts of fraud using your credit card
Here are some tips to guide you in getting the right insurance to protect your lifestyle.
· Think of what kind of protection you need. Examine your lifestyle to find out where you would need protection. Create scenarios in your mind. If you are the sole breadwinner of your family, you may wish to consider covering various areas of your life. Also be mindful that there are some forms of insurance that you may not need to pay for. If you are renting a house, for instance, then fire insurance is something that your landlord should pay for, not you.
· Make sure you get the right policy for your needs. There is a big assortment of plans available in the market, and it can get quite confusing. Look at what exactly the plan offers vis-à-vis your needs before making a purchase. Learn terminologies and don’t hesitate to ask questions to know if the policy you are looking at is suitable for your purposes.
· Purchase enough protection to cover your needs. It’s not enough to have protection. What matters is you have enough of it to cover your needs. A P50,000 fire insurance cover, for instance, won’t let you rebuild your house. Make it a habit to check regularly if you have enough protection, since your change needs periodically with the changes that happen in your life.
· Ensure that your plans are up to date. Some insurance plans cover only a specific period, so be mindful of when these would expire, so that you can make payments accordingly.
· Check out the insurance provider. Make sure you buy your policy from a financially stable and reputable insurance provider who will be there to help you in your time of need.
Ticking all these boxes will give you peace of mind and a secure financial future.
source: www.abs-cbnnews.com
