A mother's fight for toddler stranded in China's coronavirus epicenter

PARIS - Amelia Pan is at home in Canada while her 2-year-old daughter Cerena is stranded far away in China's Hubei province, the epicentre of the coronavirus outbreak, being cared for by a distant relative after the girl's father and grand-parents fell ill.

"I am just hanging in there," Pan, a Canadian citizen originally from China, said in a Skype interview. "I need to stay strong so I can fight for my family."

For days now, Pan has been scrambling to get her daughter onto an evacuation flight back to Canada, but it has been complicated.

Cerena's father has contracted the virus so he cannot accompany her home on the flight, and Cerena herself ran a fever so she needed to undergo checks to make sure she was not infected herself, according to Pan.

In the meantime, Cerena is in a Chinese hospital, separated from her father and being looked after by a cousin of his who agreed to be in the hospital with the child.

"My daughter is less than 3, and still is wearing diapers, she cannot take care of herself, she needs a lot of help from adults," said Pan.

Cerena's paternal grandfather caught the virus and died, and her grandmother is also infected.

The family drama began on Jan. 17 when Pan's husband, Wei Ye, received a call from his sister back home in the Chinese city of Yingshan, near Wuhan. The sister said Ye's father was close to death because of complications from cancer.

At the time, the family had heard of the coronavirus, but did not understand the danger it posed. The next day, Ye flew to China to be with his father, taking his daughter with him. Pan stayed behind in Canada.

By Jan. 26, Pan received word that her father-in-law was infected with the coronavirus. The next morning, she was told that Ye, and his mother, had a fever. Soon after, it was confirmed Pan's husband and mother-in-law had coronavirus and they were hospitalized.

Cerena was left in the care of a neighbor. But because she was deemed an infection risk, she was put in the hospital. Fortunately, test results came back negative on Saturday. If her temperature stays normal, she should be discharged from the hospital over the weekend, her mother said.

Pan said she is in touch with the Canadian authorities to get Cerena, a Canadian citizen, onto an evacuation flight, and is seeking someone willing to accompany her on a plane that is supposed to leave on Monday.

If this plan works out, Pan will be flying to Trenton, Ontario, to stay in quarantine with her little girl.

Before the outbreak hit, Pan said she had even enjoyed being alone in Canada and briefly free of the burden of parenting.

"But look at the price I paid for the freedom that I enjoyed the first week."

source: news.abs-cbn.com

Turn off your phones during holiday gatherings. You'll like it.

This week, Americans will endure flight delays, traffic jams and other logistical miseries to spend time with family and friends. And when the holiday weekend is ending, many will lament that they don’t get to spend enough time with those relatives and friends.

But during the weekend itself, these same lamenters will spend a lot of time ignoring the people around them and distractedly staring into their phones. They will get a notification and disappear down a digital rabbit hole of Facebook posts, text messages and fantasy-football updates. They will monitor the comments on the photos they just posted, instead of engaging with the human beings in those photos.

Many of us have a complicated relationship with our phones. We enjoy them in the moment. Yet when we reflect on all the time we spend looking at a tiny screen, we feel lousy about it. We pine for a less addictive relationship with the online world.

So let me make a suggestion for this Thanksgiving weekend: Turn off your phone, and keep it off for a full 24 hours. I predict you’ll be surprised by how much you’ll like it.

About a month ago, my wife and I decided that our family would spend a Saturday without the internet, a practice known as a Tech Shabbat (a reference to the Jewish day of rest). I wasn’t sure whether I’d like it, I’ll admit, and our kids were even less sure.

But it was wonderful. We hung out with friends, without distraction. We never had to ask, guiltily, “Sorry, what’d you say?” because we had been only semi-listening. In between scheduled activities, we took a walk and played a board game, Settlers of Catan. I spent time thinking about long-term projects instead of replying to unimportant emails. It felt productive, rejuvenating and, yes, fun.

Tiffany Shlain, a filmmaker who popularized the idea of a Tech Shabbat, says that on her day without screens, she laughs more, sleeps better and feels healthier. As she writes in her recent book, “24/6”: “Having one day off each week shocks you anew into the realization of how bizarre it is that everyone is head-down, looking at screens all the time. That should never feel normal.”

My family liked it so much that we did it again a week ago. This coming Saturday, we will put away the phones for a third time, while we are with my extended family.

You should try it, too. In between the material gluttony of Black Friday and Cyber Monday, enjoy a Phone-Free Saturday or Sunday (or, for that matter, Thanksgiving Day).

You’ll have company if you do. When I mentioned my first Tech Shabbat in the email newsletter that I write for The Times, I heard from dozens of readers who have done their own version. Some were Christians who put away phones on Sunday. Some were Jews who observe a full day of rest. Many were secular. Nearly all were trying to find a better balance in our digitally addled world.

“At first, it does feel awkward, not having screen time,” Barbara Mutezdi said. “But with time, it becomes a habit you crave.” Chantel Hanks said her three young boys make crepes with her husband or build Lego robot vehicles, rather than playing video games.

Arlaana Black, a high-school teacher, has assigned her students to put away their phones for an entire weekend and write a report about it. “Although it was difficult (like any addict weaning from addiction), most reported considerable less stress,” Black wrote to me, “and a few said that they actually sat down for dinner with their parent or parents and had meaningful dialogue for the first time in months.”

To have a successful Tech Shabbat, you should choose ground rules that work for you. We turn off our cellphones, tablets and laptops and stick them in a cabinet. We’re willing to watch sports on television, if more than one person is doing so. We rely on our landline to reach other people.

You may prefer stricter or looser rules. But I recommend against half measures, like keeping your cellphone in your pocket and claiming you’ll look at it only if it rings. Out of sight, out of mind.

There are certainly parts of Tech Shabbat that I find uncomfortable. Making a last-minute plan is tricky, and looking up the answer to an intriguing question is nearly impossible. That’s part of the point, though — to slow down and stop obsessing about the immediate. Many people come up with their freshest ideas when they’re not occupied.

You can also minimize the downsides with a little advance planning. Print out your family’s schedule, as well as anything you need for a looming work project. (I wrote part of this column with a pen.) Print out directions. If you’re smarter than I am, you’ll remember to print directions both to and from where you’re going. Following them in reverse doesn’t always work.

Part of an advance plan is telling friends and colleagues that you’re unplugging for 24 hours. They will probably respect you for it. Margaret Diddams, the provost of Wheaton College in Illinois, doesn’t check her email on Sundays. Her colleagues know to reach her on her phone if an urgent problem comes up. Most problems, of course, are not urgent.

I recognize this approach will be harder for teenagers, who have grown up with texting. But they may need a break more than anyone.

Perhaps most important, make sure that your Tech Shabbat includes a big dose of joy. Shlain’s family starts its 24 tech-free hours by eating a rollicking Friday dinner with friends. If you’re taking your first Tech Shabbat and need to win over a skeptic in the family, you could go out to a favorite restaurant for a meal.

The beauty of turning off your phone this holiday weekend is that there are so many joyful alternatives. Take a hike or play touch football with relatives or friends. Go with them to a museum or local bookstore. Cook an ambitious recipe.

And take a few minutes to give thanks, which is a whole lot easier when you aren’t staring into a screen.


2019 The New York Times Company

source: news.abs-cbn.com

US household debt in 2018 jumps $400 bn

Total debt held by US households surged by nearly $400 billion in 2018 to more than $13.5 trillion, marking the sixth straight annual increase, even as home mortgages declined, according to data released Tuesday.

That puts total debt $869 billion higher than the previous peak, just before the start of the global financial crisis in late 2008, the New York Federal Reserve Bank said in its quarterly report.

A decade after the crisis, mortgage debt increased $242 billion to $9.1 trillion, but new home loans originated last year fell $131 billion to the lowest point in four years, the data showed.

But auto loans and student debt continued to rise.

"Auto loan originations for 2018 reached an all-time high," said Joelle Scally, Administrator of the Center for Microeconomic Data at the New York Fed. 

Auto loans jumped $53 billion to $1.3 trillion -- the highest in the 19-year history of the data -- and despite a rise in loans going to more creditworthy borrower "its performance has been slowly worsening."

"Growing delinquencies among subprime borrowers are responsible for this deteriorating performance and younger borrowers are struggling most acutely to afford their auto loans," Scally said in a statement.

Student debt jumped $79 billion compared to 2017, to $1.5 trillion, according to the report.

Many economists see the rising student debt burden crimping the economy, preventing college graduates from buying homes.

Credit card debt also jumped $36 billion in the year and, though it has yet to break the $1 trillion level, it was the first time it hit the 2008 peak, the report said.

Delinquency rates for debt more than 90 days past due worsened for credit cards and auto loans but was about flat for mortgages and student debt.

source: news.abs-cbn.com

12 weeks paid parental leave: Microsoft's requirement for US suppliers

SAN FRANCISCO -- Microsoft said Thursday it would begin requiring US suppliers to offer employees at least 12 weeks of paid parental leave when they have or adopt children.

The new policy applies to suppliers with 50 or more employees who do substantial work for the US technology giant, according to Microsoft general counsel Dev Stahlkopf.

"We recognize today’s announcement comes during an ongoing national dialogue about the importance of paid parental leave," Stahlkopf said in an online post, while noting that only 13 percent of US workers in the private sector have access to paid parental leave.

"The case for paid parental leave is clear."

Three years ago, Microsoft began requiring major suppliers to provide paid time off for workers, and parental leave was described as a reasonable next step.

"Paid time off is good both for employers and employees," Stahlkopf said.

The technology giant planned to work with US suppliers during the coming year to implement the paid parental leave policy, which calls or workers to be paid as much as $1,000 for each of the 12 weeks they are given off.

Microsoft acknowledged that the benefit could result in ramping up its own costs, but promised a process for addressing that issue with suppliers.

"When parents can take time off work to care for their families, everyone -- their kids, their companies, and their communities - benefits," Melinda Gates, the wife of Microsoft co-founder Bill Gates, said in a tweet.

RIPPLES

Microsoft said the requirement was inspired by legislation in several US states including Washington, where the technology firm is based.

A law set to take effect in Washington State in 2020 will require that employees who qualify get 12 weeks paid parental leave. 

Microsoft opted to move before the law took effect, and wanted to help extend the benefit to employees of suppliers located outside the state, according to Stahlkopf.

Family advocacy groups welcomed the news, and expressed hope that US legislators and other companies would champion the cause.

On Twitter, the Family Values @ Work coalition congratulated Microsoft.

"Offering paid leave isn't just the right thing to do, it's good for the bottom line, helps increase gender equity in the workforce - and worker prosperity," the organization said.

General Mills on Wednesday announced it is ramping up family leave benefits.

Beginning next year, the US food giant will begin providing 18 to 20 weeks paid leave to new mothers while giving 12 weeks paid time off to fathers, partners, and adoptive parents.

"General Mills has been making food people love for over 150 years and our employees have always been our secret ingredient," chief human resources officer Jacqueline Williams-Roll said in a release.

"We want to keep innovating in how we meet their evolving needs."

A 2016 Pew Research Center study based on data from the Organization for Economic Cooperation and Development found the United States was the only one of the 41 member countries without any mandated, paid parental leave.

source: news.abs-cbn.com

Aftermath of a viral video: Dad in BBC clip finally speaks

The professor who became an incidental internet sensation when his family crashed a live television interview says his wife "deserves a medal" for looking after him and his now-famous children.

Video of the interview with Robert Kelly, an expert on East Asian affairs, went viral and sparked a debate about racism after many commentators originally assumed his Asian wife was a hired helper.

 As Kelly, a professor at South Korea's Pusan National University, shared his insights from his home office last Friday, his daughter Marion waltzed into the room, followed by his toddler son James, who wheeled in on his baby walker.

Kelly's wife Kim Jung-A, who was watching the interview on television from their living room, flew in seconds later, flinging her arms in a desperate attempt to retrieve the young intruders, before returning on all fours to reach out and close the door.

The interview -- described as a "perfect piece of physical comedy" by the BBC -- spread like wildfire, watched more than 160 million times on the broadcaster's Youtube page as of Wednesday.

But it also triggered accusations of discrimination in South Korea after some online posters overseas immediately assumed that Kelly's wife was a nanny.

"The babysitter is currently searching for new employment as of now," said a user on Twitter.

Another tweeted: "Nanny got fired after this."

Major South Korean media outlets said such comments were the result of prejudice about Asian women with white males, with South Korean broadcaster SBS referring to "Caucasian-centred racism".

South Korea's biggest-circulation newspaper, Chosun Ilbo, wrote: "Assuming that she was a nanny because she's Asian must have been a subconscious thought."

Appearing next to Kelly in a fresh BBC interview on Tuesday, Kim shrugged off the discriminatory comments, urging viewers to take the video more light-heartedly.

"I hope people just enjoy it, not argue over this thing because I'm not nanny and that's the truth," Kim said -- as she tried to keep her distracted toddler calm in her arms.

Addressing a BBC viewer's comment that Kim deserved a full-on spa day for everything she did in Friday's chaotic interview, Kelly said: "My wife deserves a medal for taking care of us."

source: news.abs-cbn.com

Upgrading your car when you have a growing family

Remember when you were young and single, when you had money to spare and could have almost anything you wanted? Those were great days, but are usually just a memory when you have a family. Often, the first thing to go is your sporty car because the fact is that you need to upgrade your car when you have a growing family.

Why upgrade?

There are several reasons why you may need to upgrade your car when your family gets bigger. The first is down to space. A sporty two-seater car does not have the room in the back for the safety seats that all children need when being driven in the car, and it does not it have sufficient trunk space.

A family car is also fitted with plenty of safety features. These can include features that help you to avoid accidents, such as proximity sensors, advanced braking systems, electronic stability controls, and lane-keeping support. Some cars also feature alerts, such as a collision warning system and drowsiness alert. Then there are the features that come into play once an accident has happened. These include airbags, which are often located not just in the front now, but also at the side and at knee height.

The first step to acquiring a decent family car is to consider your family’s needs. For example, how big is it likely to get? How much trunk space is required? How economic are the models on your shortlist in terms of mileage? What features come as standard? Once you have whittled down your choices in this way, you need to find out where you can buy such a car.

You could opt to buy from a private seller, but it may be more financially attractive to check out local dealers who may offer a better deal by taking your old car in part exchange. A dealer may also be able to offer you an attractive payment plan, allowing you to spread the cost of the car out over a few years. If not, however, you may want to consider other ways of spreading the cost, such as taking out a car loan with a company such as Auto Loan Solutions. If you buy a brand new car, or even one that is only six months old, it is likely that you will need to make a down payment to secure it. You will also need to find the money to pay for the insurance.

With an official dealer, you may also be able to negotiate the inclusion of extras in your deal. This may be something minor such as free car mats, but it could also be a favorable upgrade in terms of features. Some car manufacturers are also designing child seats to fit exactly into their models, so it is worth checking these out.

When you have a family, your priorities change. Protect your family when driving by investing in a car that works to keep them safe and yet still has all the features that you as an adult require.

source: 20smoney.com

Fil-Am Vanessa Hudgens earns kudos for 'Grease: Live'

HOLLYWOOD – "The show must go on” is a popular showbiz saying that hit home to Vanessa Hudgens who pulled out a performance after a family tragedy.

Displaying a powerful voice and an emotional performance, critics and audiences are calling Hudgens the big revelation in "Grease: Live."

Hudgens played the iconic bad-girl Rizzo.

The Fil-Am actress bravely performed a day after losing her father, Greg, to cancer.

In an online post, she thanked her fans and friends for their outpouring of sympathy and support.

"Grease: Live" dedicated the show to Hudgens' dad in its end credits.

The live musical, aired last Sunday on Fox, was seen by more than 12 million viewers.

For three hours, the cast performed hit songs from "Grease" and its exciting format drew even Hollywood celebrities to tweet about the special presentation.

The cast was led by Julianne Hough who played Sandy, and Aaron Tveit as Danny.

The show was not only a hit with viewers but it also earned critical praises.

It boasted of an all-star cast including Carly Rae Jepsen, Keke Palmer, and special guests Mario Lopez, and Boyz II Men.

Fox is airing its next sing-and-dance project "The Passion," a biblical themed musical this March.

Hudgens, meanwhile, can look forward to more offers to do more musicals after her standout performance in "Grease: Live".

She recently reunited with her fellow “High School Musical” alums for a Disney Channel Special.

Read more on Balitang America:

source: www.abs-cbnnews.com

Do You Really Need to Take Out Life Insurance in Your 20s?

When you’re in your 20’s you have your whole life ahead of you. Most people in this age bracket are care free and don’t worry about more serious issues in life. Taking out life insurance is the last thing on most people’s minds when they’re at this age. However, many older people will tell you that not taking out life insurance at a younger age is a big mistake. The earlier you take out this type of insurance, the better. These are some of the most important reasons you should seriously consider taking out life insurance in your 20’s.

Saves You Money

Most insurance companies offer better life insurance policy terms to younger people. As you get older the premium rates increase. The earlier you take out a life insurance policy, the cheaper it will be and you will be locked in at a cheaper rate. These policies can be taken out for many decades to come. You could receive cheaper insurance for the rest of your life, compared to those who take out insurance when they’re older. Over time this will save you a substantial amount of money.

Pay Off Outstanding Debts

Many people take out various loans at different stages in their lives. Student debts, car loans and other debts are a major concern for the person taking out the loan. However, they can also be a huge problem for other people close to you too. These debts build up and some may have been co-signed by other members of your family such as your parents. If something happens to you and you don’t have the appropriate insurance, these family members may have to pay off these debts for you. This is definitely not something you want to burden those closest to you with. Taking out your own life insurance policy as soon as possible prevents this unnecessary stress from happening to your loved ones.

Some loans such as mortgages are much larger and leave behind even bigger problems if you die and you’re not insured. Mortgage insurance products are designed to pay off the balance of your mortgage if this happens. Anyone in their 20’s who is a homeowner or intends to buy a house is always advised to take out this type of insurance to avoid serious complications later.

Protects You from Unforeseen Events

Different life insurance products are available to individuals under 30. When life insurance is mentioned, most people think of death benefit and leaving money for those close to them after they’ve died. However, there are certain policies that also help you while you’re alive.

As you get older, the risk of health problems also increases and this can be extremely costly. Various policies are designed to aid anyone who suffers from certain medical problems or injuries later in life. Taking out a life insurance policy in your 20’s provides you with a safety net in case you become ill and cannot work to provide for yourself and family members.

Provides a Safety Net for Others

Some people in their 20’s are married and have a family. Others plan to marry in the future. This means you have more responsibilities and more people to take care of. An accident or illness can have devastating effects on those around you. It’s often left to those closest to a person who gets sick or injured to pick up the pieces. However, the burden on those around you is eased if you have taken out the appropriate life insurance. It protects your loved ones and can help you recover without having to worry about any financial problems that may arise if the worst happens.

Peace of Mind

Life today can be hectic. You may have financial pressures, family pressures and other concerns. For many, the unknown can be frightening. However, sitting down with a trusted financial advisor and finding out all the facts about life insurance will put your mind at ease. It’s not as expensive as many people think it is and it’s definitely something everyone in their 20’s should consider.

When you’re young you feel invincible and life insurance is something that doesn’t even cross the minds of most twenty-somethings. However, it’s never too early to plan for your future, especially when it comes to this type of financial product. Taking out life insurance in your 20’s can have a huge effect on your life and the life of those around you in later years, making it one of the most important financial decisions you’ll ever make.



source: 20smoney.com

Pope, ending synod, excoriates bishops with 'closed hearts'

VATICAN - Pope Francis, ending a contentious bishops' meeting on family issues, on Saturday excoriated immovable Church leaders who "bury their heads in the sand" and hide behind rigid doctrine while families suffer.

The pope spoke at the end of a three-week gathering, known as a synod, where the bishops agreed to a qualified opening toward divorcees who have remarried outside the Church but rejected calls for more welcoming language toward homosexuals.

It was the latest in a series of admonitions to bishops by the pontiff, who has stressed since his election in 2013 that the 1.2 billion-member Church should be open to change, side with the poor and rid itself of the pomp and stuffiness that has alienated so many Catholics.

In his final address, the pope appeared to criticize ultra-conservatives, saying Church leaders should confront difficult issues "fearlessly, without burying our heads in the sand."

He said the synod had "laid bare the closed hearts which frequently hide even behind the Church's teachings or good intentions, in order to sit in the chair of Moses and judge, sometimes with superiority and superficiality, difficult cases and wounded families".

He also decried "conspiracy theories" and the "blinkered viewpoints" of some at the gathering, and said the Church could not transmit its message to new generations "at times encrusted in a language which is archaic or simply incomprehensible".

The outcome of the gathering, over which the pope presided, marked a victory for conservatives on homosexual issues and for progressives on the thorny issue of remarriage.

The final synod document restated Church teachings that gays should not suffer discrimination in society, but also repeated the stand that there was "no foundation whatsoever" for same-sex marriage, which "could not even remotely" be compared to heterosexual unions.

The 94-article document indicated that the assembly had decided to avoid overtly controversial language and seek consensus in order to avoid deadlock on the most sensitive topics, leaving it up to the pope to deal with the details.

The synod is an advisory body that does not have the power to alter church doctrine. The pope, who is the final arbiter on any change and who has called for a more merciful and inclusive Church, can use the material to write his own document, known as an "apostolic exhortation".

HOPE FOR DIVORCEES

The synod document did offer some hope for the full re-integration into the Church of some Catholics who divorce and remarry in civil ceremonies.

Under current Church doctrine they cannot receive communion unless they abstain from sex with their new partner, because their first marriage is still valid in the eyes of the Church and they are seen to be living in an adulterous state of sin.

They only way such Catholics can remarry is if they receive an annulment, a ruling that their first marriage never existed in the first place because of the lack of certain pre-requisites such as psychological maturity or free will.

The document spoke of a so-called "internal forum" in which a priest or a bishop may work with a Catholic who has divorced and remarried to decide jointly, privately and on a case-by-case basis if he or she can be fully re-integrated.

"In order for this happen, the necessary conditions of humility, discretion, love for the Church and her teachings must be guaranteed in a sincere search for God's will," the document said.

Tally sheets showed that the three articles on the divorced and re-married were the most fought-over, reaching the two-thirds majority needed to remain in the document by only a few votes each. One passed by only one vote.

Progressives have for years been advocating the "internal forum" and some observers said the mere fact that phrase was included in the document was a victory for those promoting merciful change.

During the synod, some bishops said the Church should introduce welcoming and inclusive language regarding homosexuals, such as calling them "brothers, sisters and colleagues" in the document.

But Cardinal Christoph Schoenborn of Vienna told reporters many of the 270 bishops felt homosexuality was still "too delicate a theme" in their countries. During the meeting, African bishops were particularly adamant in their opposition to welcoming language toward homosexuals, saying it would only confuse the faithful.

At a preliminary meeting a year ago, conservative clerics made sure an interim report deleted a passage they thought was too welcoming to gays.

(Reporting by Philip Pullella; Editing by Mark Trevelyan)

source: www.abs-cbnnews.com

The silent struggle of senior citizens with debt

(The writer is a Reuters contributor. The opinions expressed are his own.)

NEW YORK - When Wanda Simpson reached retirement a couple of years ago, the Cleveland mom had an unwelcome companion: Around $25,000 in debt.

Despite a longtime job as a municipal administrator, Simpson wrestled with a combination of a second mortgage and credit-card bills that she racked up thanks to health problems and a generous tendency to help out family members.

"I was very worried, and there were a lot of sleepless nights," remembers Simpson, 68. "I didn't want to be a burden on my children, or pass away and leave a lot of debt behind."

New data reveal that Wanda Simpson has company - and plenty of it.

Indeed, the percentage of older Americans carrying debt has increased markedly in the past couple of decades. Among families headed by those 55 or older, 65.4 percent are still carrying debt loads, according to the Washington, D.C.-based Employee Benefit Research Institute (EBRI). That is up more than 10 percentage points from 1992, when only 53.8 percent of such families grappled with debt.

"It's a two-fold story of higher prevalence of debt, and an uptick in those with a very high level of debt," says Craig Copeland, EBRI's senior research associate. "Some people are in real trouble."

To wit, 9.2 percent of families headed by older Americans are forking over at least 40 percent of their income to debt payments. That, too, is up, from 8.5 percent three years earlier.

The only bright spot in the data? The average debt balance of families headed by those over 55 has actually decreased since 2010, according to EBRI, from $80,564 to $73,211 in 2013.

Still sound high? It is especially so for those heading into reduced earning years, or retiring completely.

The primary culprit, according to Copeland: rising home prices and the longer-term mortgages that result, often leaving seniors with a monthly nut well into their golden years.

Seniors are even dealing with lingering student debt: 706,000 senior households grappled with a record $18.2 billion in student loans in 2013, according to the U.S. Government Accountability Office.

It's not an easy subject to discuss, since older Americans may be ashamed that they are still dealing with debt after so many years in the workforce. They do not want to feel like a burden on their kids or grandkids, and so keep their financial struggles to themselves.

But financial experts stress that not all debt is automatically bad. A reasonable mortgage locked in at current low rates, in a home where you plan to stay for a long period, can be a very intelligent inflation hedge.

"I always suggest clients consolidate it in the form of good debt, like a mortgage on your primary residence," says Stephen Doucette, a planner with Proctor Financial in Sherborn, Massachusetts. "You are borrowing against an appreciating asset, you don't have to worry about inflation increasing the payment, and the interest is deductible.

As long as this debt is a small portion of your net worth, it is okay to play a little arbitrage, especially considering stock market risk, where a sudden decline could leave older investors very vulnerable.

"A retiree who has debt and a retirement account with equity exposure may not have the staying power he or she thinks. The debt is a fixed amount; the retirement account is variable," says David Haraway, a planner with LPL Financial in Colorado Springs, Colorado.

It is important not to halt 401(k) contributions, or drain all other sources of funds, just because you desire to be totally debt-free. Planner Scot Hansen of Shoreview, Minnesota has witnessed clients do this, and ironically their good intentions end up damaging years of careful planning.

"But this distribution only created more income to be reported, and more taxes to be paid. Plus it depleted their retirement funding source." he says.

Instead, take a measured approach. That's what Wanda Simpson did, slowly chipping away at her debt with the help of the firm Consolidated Credit, while living off her Social Security and pension checks.

The result: She just sent off her final payment.

source: www.abs-cbnnews.com

Adultery no longer a crime in South Korea

SEOUL - South Korea's Constitutional Court on Thursday struck down a controversial adultery law which for more than 60 years had criminalized extra-marital sex and jailed violators for up to two years.

The nine-member bench ruled by seven to two that the 1953 statute aimed at protecting traditional family values was unconstitutional.

"Even if adultery should be condemned as immoral, state power should not intervene in individuals' private lives," said presiding justice Park Han-Chul.

The decision saw shares in the South Korean firm Unidus Corp., one of the world's largest condom manufacturers, soar by the daily limit of 15 percent on the local stock exchange.

It was the fifth time the apex court had considered the constitutional legality of the legislation which had made South Korea one of the few non-Muslim countries to regard marital infidelity as a criminal act.

In the past six years, close to 5,500 people have been formerly arraigned on adultery charges -- including nearly 900 in 2014.

But the numbers had been falling, with cases that ended in prison terms increasingly rare.

Whereas 216 people were jailed under the law in 2004, that figure had dropped to 42 by 2008, and since then only 22 have found themselves behind bars, according to figures from the state prosecution office.

The downward trend was partly a reflection of changing societal trends in a country where rapid modernisation has frequently clashed with traditionally conservative norms.

Public views 'have changed'

"Public conceptions of individuals' rights in their sexual lives have undergone changes," Park said, as he delivered the court's decision.

Reading the dissenting opinion, Justice Ahn Chang-Ho insisted the 1953 statute was a key protector of family morals, and warned that its abolition would "spark a surge in debauchery."

Under the law, adultery could only be prosecuted on complaint from an injured party, and any case was closed immediately if the plaintiff dropped the charge -- a common occurrence that often involved a financial settlement.

The debate over its future had simmered away for years, bubbling over from time to time especially if a public figure fell foul of the statute.

Such was the case in 2008 when one of the country's best-known actresses, Ok So-Ri, was given an eight-month suspended sentence for having an adulterous affair.

At that time, Ok unsuccessfully petitioned the Constitutional Court, arguing that the law amounted to a violation of her human rights in the name of revenge.

The court had previously deliberated the issue in 1990, 1993 and 2001, but those moves to strike down the law had failed to gain the support of the six judges required.

Ok's 2008 petition had come close with five judges deeming the statute unconstitutional.

Improving gender equality

The law was originally designed to protect the rights of women at a time when marriage afforded them few legal rights, with most having no independent income and divorce carrying enormous social stigma.

But even socially conservative civic groups who had supported the legislation in the past acknowledged that times had changed.

"Adultery must be censured morally and socially, but such a law is inappropriate in a modern society," said Ko Seon-Ju, an activist with the Seoul-based civic group Healthy Families.

"It used to be an effective legal tool to protect female rights, but equal rights legislation has improved," Ko said.

"Adultery is an issue that should be dealt with through dialogue between the partners, not by law," she added.

While the adultery law may have been ruled out of existence, social disapproval of marital infidelity remains potent.

In April last year, South Korea blocked the newly launched Korean version of the global adultery hook-up site Ashley Madison, saying it threatened family values.

source: www.abs-cbnnews.com

Bring financial order to your life in 2015

MANILA, Philippines - Have you ever felt that you are always at the mercy of circumstances where money matters are involved? For instance, are you always running out of cash? Do you feel that your bills are always piling with no reprieve in sight?

Perhaps, it’s time to bring financial order into your life. Financial order, in a nutshell, means being prepared to face your financial obligations without getting stressed to the point of anxiety. Although money matters are not exactly the easiest to think about and may cause you a measure of stress, they should not overwhelm you completely.

Financial order is important. At the very least, it gives you peace of mind. It also keeps you out of trouble and helps you avoid unnecessary expenses and losses. For example, if you missed funding a check you issued by only one day, you could be paying as high as P2,500 in penalties. Same thing holds true for credit card bills.

Creating financial order in your life is possible, but it entails careful analysis of your financial standing, your consumption and spending patterns, and your personal goals. It is both a process and a goal. You have to continuously work to keep financial order in your life, and you should always aspire to achieve or keep it.

Here are some concrete ways to achieve financial order:

Keep records.

By keeping records, you will be able to keep an eye on your bills’ due dates which allows you to plan accordingly. Over the longer term, your records will allow you to monitor your spending and debt levels. There are programs available online to help you do this. If you prefer to keep records the old way, you can get a large envelope where you can file your receipts, bills, credit card and bank statements. It would be helpful to organize these regularly.

Manage expenses.

Are you going overboard with too many expenses? If you keep financial records, you will be able to pinpoint areas where you can cut back or where you can better manage your expenses. Look at areas where you may be incurring unnecessary expenses like paying for too many cable channels you hardly tune in to or gym memberships you hardly have time for.

Have a savings plan.

Once you are better able to manage expenses, you can have a savings plan. Commit to saving a fraction of your income and to add to this regularly. As much as possible, try to allocate funds for savings before you spend your regularly monthly earnings.

Pay debt.

Try to keep your debt level to a level that is comfortable. To know how much debt you currently have, calculate your monthly disposable income. This covers your take-home pay, bonuses, and all other income coming from other sources. Next, compute your monthly payments on all loans. Then, divide this amount by your monthly disposable income and multiply by 100. This will give you the percentage of your disposable income that goes into debt payment.

Protect your income.

One source of financial stress is the fear of leaving your family and loved ones vulnerable if you pass away. This is why it helps to take out a life insurance, especially if you have young children or if you are the breadwinner in your family. Insurance will also protect your assets. If you own a car, consider getting an automobile insurance. If you own property, home insurance is a worthwhile purchase.

Know your net worth.

This is an exercise that everybody should do, regardless of economic status. To know this, add up the value of all your assets (property, stocks, etc.) and income. Deduct the amount of your debt from this amount. The resulting number is your net worth. Note that this may change every year, depending on the value of your assets (e.g. share prices may change) and the amount you owe.

Once your finances are in order, you will be better able to forecast your fiscal activities, and you will be able to create realistic goals that will lead you, eventually, to financial freedom. It’s never too late to start – and 2015 is as good a year as any.

source: www.abs-cbnnews.com

Pope Francis speaks out vs 'confusing' family values

MANILA - Pope Francis on Friday urged Catholic leaders in the Philippines to resist powerful forces that are tempting youth with "confusing" versions of sexuality, marriage and the family.

The 78-year-old pontiff delivered his message in a sermon to priests and nuns in the centuries-old Manila Cathedral, on the first full day of a trip to the Catholic Church's Asian stronghold.

The pope urged them to counsel young people, who may be confused and despondent living in a corrupt society, on traditional values.

"Proclaim the beauty and truth of the Christian message to a society which is tempted by confusing presentations of sexuality, marriage and the family," Francis said.

"As you know, these realities are increasingly under attack from powerful forces which threaten to disfigure God's plan for creation and betray the very values which have inspired and shaped all that is best in your culture."

His comments come amid a struggle in the Philippine Catholic Church between a conservative hierarchy and many followers living lives more in line with some modern Western values.

Aside from the Vatican itself, the Philippines is the only state in the world where divorce is illegal, while abortion and same-sex unions are also banned.

However the Church in 2012 lost a 15-year battle on birth control, as Congress passed a law allowing the state to hand out free contraceptives and teach family planning at schools.

Hundreds of thousands of Catholics also have illegal abortions each year, while many are pursuing live-in relationships without marrying.

Many Filipinos had hoped a visit by Francis, seen by many as being a surprisingly bold reformer, would nudge Philippine Church leaders away from some of the their most conservative positions on social issues.

Francis received a rapturous welcome when he arrived in the Philippines on Thursday for a five-day visit that is part of the Catholic Church's drive to attract more followers in Asia.

The Philippines is the Church's bastion in Asia, with Catholics making up 80 percent of the former Spanish colony's 100 million people.

source: www.abs-cbnnews.com

Marian Rivera wants to be a mom right away

MANILA – With just weeks before her much-awaited wedding to Dingdong Dantes, Marian Rivera revealed another reason why she is excited to tie the knot.

In an interview with ABS-CBN News over the weekend, Rivera said she is extremely excited yo have a baby as both of them are eager to start their own family.

“Sabi ko nga agad agad [kami magkaroon ng baby]. Pagka ‘I do’ 'yun 'na yon. Sana bigyan kami ng Panginoon na magkaanak talaga dahil ang anak ay blessing talaga. Hindi pwedeng gusto mo, mangyayari na sa 'yo. Kusang ibinibigay sa iyo yan ng Panginoon,” she said.

Asked if she prefers to have a daughter or a son, the actress said: “Kahit ano basta healthy.”

Rivera, however, clarified that this does not mean she will be leaving show business. According to Rivera, she is already set to work on new projects in 2015.

Rivera and Dantes are set to tie the knot at the Immaculate Concepcion Cathedral in Quezon City on December 30.

But before this much anticipated event, the actress said she is looking forward to spending Christmas with her loved ones.

Rivera said she will be celebrating Christmas with Dantes’ family on the December 24, while both of them will be with her family on December 25.

source: www.abs-cbnnews.com

Pope launches review of Church teaching on family, marriage

VATICAN CITY - Pope Francis on Sunday launches a major review of Catholic teaching on the family that could have far-reaching implications for the Church's attitude to marriage, cohabitation and divorce.

An extraordinary synod, or meeting, of nearly 200 bishops from around the world and a sprinkling of lay Catholics will, for the next two weeks, address the huge gulf between what the Church says on these issues and what tens of millions of believers actually do.

Addressing tens of thousands of believers in St Peter's square on the eve of the synod on Saturday night, Francis said the synod could open the door to a "renewal of the Church and society."

Since becoming pontiff just over 18 months ago, Francis has repeatedly highlighted the "wounds" caused by family breakdown in modern society, while suggesting the Church needs to adapt to this new reality.

"The wounds have to be treated with mercy. The Church is a mother, not a customs office, coldly checking who is within the rules," he has said, in an allusion to the many divorced people, cohabiting couples and single mothers within the ranks of the Church.

Francis underlined where he stands last month by personally marrying 20 Roman couples, some of whom had been "living in sin" prior to their weddings.

- Deep divisions within Church -

In his 18 months in the Vatican, the 77-year-old pope has already taken steps to overhaul the way the Vatican bank and administration are run and has sent out strong signals about the determination of the Church to deal with the issue of clerical sex abuse.

But a reform agenda on social issues could prove much harder to implement because of deep divisions within the Church, Vatican experts say.

Conservatives in the Church hierarchy have already made it clear they will fight any dilution of traditional doctrine.

The Church's view of marriage has come to be seen as increasingly outdated by many in a world where, in some developed countries, nearly one in two marriages ends in divorce and where the notion of the institution itself has been challenged by the global trend towards the legalisation of same-sex weddings.

The bishops gathered in Rome are certainly not about to embrace gay marriage and few Vatican observers expect much, if any, change on questions such as contraception, another area where Catholic teaching contrasts with the daily practice of millions.

But with Francis on the side of reform, the feeling is that the synod process could lead to some highly symbolic changes when it finally reaches conclusions, which is not expected to happen before 2016 at the earliest.

The most notable of these could be a change in the rules to make it possible for Catholics who divorce and then remarry to receive communion.

That has been banned for centuries but critics say the Church's stance is ludicrous given that individuals who have declared their repentance from more serious breaches of the Christian code, including murder or involvement in organised crime, can take communion.

While the Church may not yet be ready to take a step that would amount to a de facto acceptance of divorce in certain circumstances, the discussions could result in steps to make it easier for failed marriages to be annulled.

Another area in which the Church could send out a signal of compassion is by making it clear that priests should be ready to baptise the children of same sex couples, regardless of the doctrinal disapproval of their parents' union.

The synod will also discuss how priests and parishioners can practically help to shore up marriages within their community. Among questions to be addressed on that score is whether the easy availability of pornography in modern society is a factor in family breakdown.

source: www.abs-cbnnews.com

Can you afford a baby?

MANILA, Philippines - A baby’s arrival into a family is always marked by great changes. The peace and quiet that once reigned in the home is suddenly disrupted by the baby’s laughter and cries; new furniture, toys and accessories are suddenly strewn everywhere in the house; mealtimes now include milk and cereal; and just about everything will begin to revolve around the new family member.

As a member of your family, your baby will be part of everything you do—from grocery visits to holiday vacations—and will influence every facet of your life, including your career, business, and even your choice of home and car. Expectedly, there will be both big expenses such as tuition fees, child care, and health care costs, as well as many small ones like purchases of toys, entertainment, clothes, and gifts, to name a few.

Needless to say, a baby’s arrival has lifelong financial implications that parents should prepare for, starting from childbirth all the way to adulthood. If you are planning to have a baby soon, or have recently had a new one, expect to make adjustments to your lifestyle and finances.

Here are some areas you need to look at closely to make sure no surprises for your budget:

Your date with the stork.

Your first major expense will be the cost of childbirth. Find out how much your chosen obstetrician will charge in professional fees so that you can set aside funds for this. Many hospitals offer a package that includes the doctors’ fees, hospitalization charges, regular check-ups, and other related fees. Compare and choose from among your options to come up with something that works best for you. If you have medical insurance, find out if this is covered. Check out and update your Philhealth coverage as well.

Time off to nurture.
When the mother gives birth, she will have to take a break from work. Philippine law provides for 60 calendar days off for a normal pregnancy and 75 calendar days off for birth by caesarian section. For some working mothers, this disruption might mean less or no income, so take this into consideration when planning your cash flow.

If you are working, check out your benefits and fill up forms that you might have to attend to in advance. Some companies give paid maternity leaves, and SSS also gives a maternity benefit. Fathers, on the other hand, are entitled to a paternity leave under the law. If you are employed, be aware that realistically, you will probably be taking some days off from work every so often to attend to unforeseen needs of the baby, which will be heaviest in the first 2 years of life.

If you used to make a good sum from doing overtime work, also expect that realistically, you may not be able to render as many hours in overtime work while your baby is very young.

Cost of Child care.

When the baby is born and when he is still young, you will need to make arrangements for his full-time care. Some mothers leave the work force to become a full-time stay-at-home mom, either permanently or for a short period. Alternatively, many working mothers employ the services of a full-time nanny (yaya). Others ask relatives to care for their children, while others leave their children at a day care center.

Work out an arrangement that is most suited for your circumstances. Whichever alternative you choose, expect child care costs to account for a major portion of your baby-related expenses.

Health is wealth (and expensive).

A new baby means many visits to the pediatricians. If you are lucky, these visits will just be for the administration of routine vaccinations. However, most children go through many illnesses in early childhood–respiratory tract infections, viral illness, diarrhea—that will require you to make a quick trip to the doctor. If you are employed and have health insurance or coverage from a health maintenance organization (HMO), find out if your baby may also be covered. Learn about the procedures to avail of these services.

Protect your future.

Now that you have a baby, you will have to think of ways to manage life’s uncertainties, like how to provide for your family’s needs in the unfortunate event that you pass away early or get disabled. This may be an opportune time to consider taking out a life insurance policy which is always cheaper to purchase when you are younger.

Invest in education (yes, this early!).

It is never too early to prepare for your baby’s education. At around 4, he will begin to attend preschool, and will continue to be in school for the next 15 years or so. Needless to say, the cost of education will account for a substantial part of the family’s budget, so it is something that you should begin to anticipate and plan for as early as you can.

Since the arrival of the baby heralds major changes in your life, it may be time to think about your life plans. Think of your life goals, the timetable with which you want to achieve these, and set up a financial plan to make this possible, taking into consideration the needs and wants of your now expanded family.

In the meantime, enjoy your bundle your joy!

source: www.abs-cbnnews.com

10 New Year's resolutions and how to make them work

MANILA – It’s that time again when people start making resolutions for the New Year. But how many of these are maintained and fulfilled?

Here are ten of the most common New Year’s resolutions and how you can make them work.

Resolution #1: I will lose weight.

How to make it work: Be more specific. How much weight do you want to lose? What is your time frame for reaching these goals? The more specific you are, the more likely you will be able to reach them. More importantly, make sure that you have a specific diet plan to fulfill this resolution. Here’s an example: “I will only eat half a cup of rice per meal and more vegetables.” The next thing you know, you are already two sizes smaller.

Click here for some safe weight loss tips.

Resolution #2: I will go to the gym.

How to make it work: Feeling guilty during the holiday binge, some people tend to sign up for gym memberships only to end up wasting them. If you have never stepped foot in a gym for the past six months, chances are it won’t change this coming year. There are plenty of ways to exercise outside the gym, from trying a sport to following fitness videos. If you don’t have time for both, you can start with this resolution: “I will take the stairs at work or when I’m out and about.” That will definitely burn some calories.

Click here for some exercise tips to kick start your day.

Resolution #3: I will save more money.

How to make it work: It’s easy to say this at the start of the year, but not when you are faced with a beautiful pair of shoes, or while you are hanging out at your favorite coffee shop. Skip the items you don’t need and watch your savings grow. Here’s a resolution that you can make: “I will drink coffee at home instead of buying that expensive latte.”

Read finance guru Suze Orman’s take on “latte expenses” here.

Resolution #4: I will never be late again.

How to make it work: This resolution requires breaking a habit by replacing it with another one. Make concrete steps -- sync your watches and clocks to follow the Philippine standard time. Sleep early. Set your alarm an hour earlier than you intend to wake up, and make this resolution: “I will stop hitting the snooze button.”

Resolution #5: I will keep my house clean and organized.

How to make it work: If you have always been disorganized, chances are you will have a hard time fulfilling this resolution. Start small by telling yourself: “I will organize my closet this Saturday.” Continue by cleaning other parts of your room until you finish the entire house.

Resolution #6: I will stop smoking.

How to make it work: Going cold turkey is not the most effective way for most people who want to stop smoking. Take baby steps instead – if you usually smoke two packs of cigarettes a day, reduce it by half. Here’s an example: “I will only smoke one pack of cigarettes a day.” After a few weeks, take it a step further by cutting the number of cigarettes you smoke daily to half a pack. The next thing you know, you won’t even miss it.

Resolution #7: I will spend less time on Facebook, Twitter, etc.

How to make it work: This is another tricky resolution to make, especially if you already have the habit of checking your social media pages throughout the day. Try this resolution instead: “I will not check my Facebook, Twitter and other social media accounts when I’m outside the house, unless it’s really important.” If this is too much for you, start with keeping your phone during meals. Less screen time will help you cultivate and maintain relationships with the people around you.

Resolution #8: I will be more concerned about the environment.

How to make it work: You don’t have to be a vegetarian to express your concern for Mother Earth. All you need is to change a few habits, from turning off lights and appliances that are not in use to using recycled items. Here’s another example to help you get started: “I will bring my own water bottle to work or school.”

Click here for more eco-friendly tips.

Resolution #9: I will start dating other people.

How to make it work: You cannot just decide to go out and date the first person you meet. It is not only dangerous – it will also make you look desperate. Make this resolution instead: “I will go out and make an effort to meet new people.” Making yourself more “visible” will boost your chances of finding a long-term partner. If it doesn’t work out, you still end up having more friends.

Resolution #10: I will spend more time with my family.

How to make it work: This may be hard for career-oriented people to fulfill. Free up some time to spend with your family by making this concrete resolution: “I will have dinner at home with my family every Sunday.” This will lessen the chances of you working overtime or accidentally scheduling a night out with friends.

source: www.abs-cbnnews.com

Dolphy's family reunited in Vegas

LAS VEGAS -- A year after the passing of Philippine comedy king Dolphy, his children, along with the actor's long-time partner Zsa Zsa Padilla, were reunited once again. This time, in one of Pidol's favorite destination: the entertainment capital of the world.

"Love naman niya ang Vegas talaga. Masaya, memorable. Marami syempreng memories. The fact na nadito 'yung family ko gustong-gusto niya 'yung mga hotels kasi 24 hours bukas ang Vegas," Padilla saod.

Dolphy's son Eric Quizon said that although they see each other in Manila, "it's very rare that we see our brothers in Burbank and New Jersey na magkakasama-sama kami together."

Daughter Zia Quizon added: "We are spending a lot of time sa Padilla side namin dito sa Las Vegas so it's nice to see the Quizon din."

Padilla said Las Vegas was home to Dolphy. "Not only because of the neon lights but the best of the best in the world in terms of stage shows and the international far-fame notable restaurants and buffets are all Sin City," she said.

But the singer admitted that she also feels lonely when thinking about the placed they used to frequent in the Nevada city.

"Hindi ako pumupunta sa mga lugar na talagang favorite niya nakakalungkot eh," said.

Epi Quizon noted that Christmas 2012 was the first Christmas they spent without their father.

"Ngayong Christmas na ito, first Christmas ito na bumalik ang daddy ko. Virtual na nga lang so magkakasama ulit kami," he said.

When Padilla is asked about Dolphy's National Artist recognition, she said, "Nakaka proud naman pero sana nga mangyari maghintay na lang kami.”

Padilla, along with her two daughters Nicole and Zia, will be spending their holidays in Vegas, while the rest of the Quizon brothers will be spending it with their respective families in the US.

source: www.abs-cbnnews.com

Counseling important for those testing for AIDS

MANILA -- It is not easy to psyche yourself to get tested for HIV-AIDS.

That's why Dr. Regina Berba and Dr. Ronald Elepano of The Medical City's I-React Clinic stressed the importance of counseling for those who want to be tested for HIV-AIDS.

In celebration of World AIDS Day on Sunday, ABS-CBN's "Salamat Dok" invited experts from I-React Clinic to discuss the disease.

"Hindi madaling lumantad at pumunta sa isang clinic for HIV testing," explained Elepano, noting that there is also a stigma associated with the illness, especially since it is a sexually-transmitted disease.

In the Philippines, 491 new cases of HIV-AIDS were reported in October with majority of the new patients between the ages of 15 and 24.

The two experts noted that hormonal surges are at its peak between these ages, which may be a factor in the increase of HIV-AIDS cases.

They pointed out that it is mandated by law for all HIV-AIDS clinics to conduct pre-test and post-test counseling for patients undergoing AIDS testing, whether they turn out to be HIV negative or positive.

"Mahalagang maintindihan nila na hindi hindrance ang HIV sa pagpapatuloy ng work o studies nila," Berba said, stressing that it is important to remember that not all patients with HIV will end up having AIDS.

The experts advised those who will undergo testing to bring their family with them, as they are an important source of inspiration and hope for the patient.

Elepano, for his part, stressed that acceptance is important for a person with HIV to live a normal life.

"Kinakailangang tanggapin ng isang tao na mayroon siyang ginawa sa kanyang past na naglagay sa kanya at risk of HIV-AIDS," he said.

The two experts said that in order to prevent infection, it is important to avoid multiple partners and to always practice safe sex.

source: www.abs-cbnnews.com

Protecting your income: How much life insurance do you need?

MANILA, Philippines - At one point or another, you've probably been approached by an insurance specialist offering products designed to protect you and your family.

Before making a choice, a good question to ask would be if you actually need one. Life insurance is something that is usually paid out upon your demise to answer for the needs of your dependents, as well as cover debts you have left behind and even funeral expenses.

Following this logic, those without any dependents and those without any debts may not have a need for it. Remember, though, that your needs change over time. You may not have dependents or you may have no debt now, but how sure are you about how things will be ten years down the road?

If you have dependents, then there is no question about it: you definitely need life insurance.

Note that there are two kinds of products offered by insurance companies: whole and term insurance. Whole life insurance is in force for the lifetime of the insured and needs to be paid yearly. In the Philippines, arrangements are often made for the policy to be paid up in a number of years.

Term insurance, on the other hand, covers you for a specific period — from a year to up to 5 or 10 years. Think of it as something like car insurance. Once it lapses, you will need to get a new one or your coverage expires. Since its coverage is much shorter and is defined, it is much cheaper than whole life insurance.

One thing to remember about insurance is that it is much cheaper to get when you are much younger. If you’re 25 years old, you will be paying far less insurance premium for the same coverage than a 45-year old. For this reason, you may consider purchasing insurance even if you are still without any dependents.

If you have decided that it is time to get insurance, your initial question would most likely be how much insurance you should get and which of the variants out in the market will be best for you.

The amount of insurance that each person needs is an individual matter — what person A needs is different from that of person B. You will have to do an honest assessment of your current needs and project your future requirements to come up with an estimate of how much insurance cover you should get.

A simple way to do this is to look at your monthly expenses. List down everything that you have to pay for — food, utility expenses, household expenses, children’s tuition expenses, transportation, entertainment expenses, dues, rent, and amortizations. Assume that your monthly expenses come out to, let’s say, P30,000. That is the amount that your insurance will have to cover on a monthly basis. In other words, your family will need at least P360,000 a year in the event of your demise.

Most experts say that you will need insurance coverage of at least 10-12 times your annual earnings. This should provide for all your liabilities and represents your future earning potential.

If, in the above example, your expenses equals your earnings, then you will need insurance coverage of at least P3.6 million. Theoretically, this amount should, if invested, fetch a regular income for the surviving members of your family so that they are able to maintain their current lifestyle. More specifically, if the P3.6 million is invested, then it should fetch an amount that can tide your family, until the time comes when they are financially self-sufficient. Assume that this amount will earn 10% per annum, or P360,000 a year. This should be sufficient protection for your family.

Note, however, that your lifestyle will change as years pass. In all likelihood, your cost of living will go up as your family grows and as your income increases. This means that you should revisit your insurance coverage regularly to know if it is still realistically enough to cover your needs. Do this every time there is a life change — when you marry, when a new kid is born, when you have acquired property. In fact, do this every year as a matter of habit.

Remember to consult with financial experts in determining your insurance needs as well as in assessing your financial status. By constantly evaluating your financial status, you will be more enlightened on your needs as they change throughout your life.

source: www.abs-cbnnews.com