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Tag: Insurance

What Makes Insurance Different From Savings

Financial freedom is different to different people. For some, this can only mean not being able to work their entire lives. For some, this means having to buy all of their heart’s desire. While for some, this means having to enjoy life to the fullest through the comfort’s provided by stable finances.

While financial freedom is approached differently by different-minded people, at a practical level, most people rely on two financial movers to achieve financial freedom, these are savings and life insurance.

But, any of these options are really the answer? What makes these two different? Let’s find out.

Both are Must-Have

Let’s face it. Insurance protects you in the long run. While savings, on the other hand provides you a financial blanket for immediate and long-term financial woes. Their functions differ as savings is more liquid while the other requires regulatory processes and documents that you must comply with. But, there is no doubt that you’ll need both to progress in your dreams of financial freedom.

Benefits of Saving

As mentioned earlier, saving money provides you with immediate and long-term financial blanket in cases of emergencies or impulse purchases. Your savings are all yours to control. Whatever you put into your account remains the same.

Your savings can protect you against unexpected losses (in cases of business operations). Your savings can help you purchase a new luxury item. Your savings can fund your next out-of-the-country trip and more. With your savings, you can pretty much do anything without having to worry about your next inflow.

Benefits of Insurance

There are insurances that are mandatory to your lifestyle, business or properties. For example, your newly-built house must be paired with a comprehensive insurance in the instance of unforeseen natural disasters. If your house requires massive repairs, your savings won’t cover for the expenses. Your insurance will.

For a newly-bought car, purchasing an automobile insurance will help you from the overwhelming expenses of repairs and maintenance should the need arise. Also, one insurance policy that you must purchase is a life insurance. You can protect yourself against the hefty amount of expenditures you’ll incur from life-threatening diseases, disabilities, and even untimely death.

Benefits of Combined Approach

Most financial experts would agree that saving and purchasing an insurance would provide you the best financial protection from unexpected expenditures and provide you the best quality of life you desire. Make sure to speak with an insurance agent to avail the best possible policy you’ll need to suit your lifestyle and choose the best saving instruments that will give you most convenient access in times of need.

Photos: Pexels.com

July 12, 2021
Purchasing Pre-Need Plans: What to Consider

In the country, talks of death or loss is considered as taboo topics. However, the cost of not preparing for one’s demise will eventually overcome the need to evade an otherwise sensitive issue. Filipino families take pride in sending their beloved deceased in an honorable manner that often, expenses becomes an issue.

Without a pre-need plan, a death may cause unprepared and overwhelming amount of expenses to the family left behind. A pre-plan provides a family a financial cushion from an otherwise inevitable expenses associated with death. At the same time, it is not only a practical decision to undertake but a concerning act for the family left behind.

Here are some things you need to consider before getting one.

Assign Focal Family Members

Buying insurance or a pre-need plan is the wisest financial decision you will ever make. A pre-need plan shields immediate family members from expensive funeral costs. Plus, it provides them piece of mind while grieving a loss. When purchasing a pre-need plan, it is important to choose a beneficiary and a person who will be delegating the task for the memorial or funeral. This person is responsible for the accomplishment of requested activities for the funeral.

Decide Between a Burial or a Cremation

Every pre-need plan allows a buyer to decide whether he’s opting for a burial or a cremation. There are caskets or urns that is available for the buyer to choose along with the inclusions of the package. You can choose between the simplest materials for a casket or an urn.

Purchase a Memorial Lot

Depending on where you’d want to be buried, memorial lots about five square meters costs around sixty-thousand to a hundred thousand. At the same time, you’ll have to decide whether you want to personalize your area by constructing a mausoleum. You can also opt for an apartment-style resting place in public cemeteries.

Calculate Costs of Transportation for Visitors and Family Members

Does your family have private vehicles? If not, then walking from the church to the cemetery is the usual practice of Filipino families when going to the resting place of the deceased. Most families would include visitors on their transportation expenses and hire a private vehicle big enough to accommodate everyone.

Plan for Refreshments and Food

Filipinos are naturally hospitable when it comes to their visitors. They’ll offer food and refreshments to those who come and offer their condolences and prayers to the deceased and the grieving family. Allow a considerable amount for this expense.

Decide on Length of Viewing Service

The length of the wake ultimately decides the budget set for the refreshments and the transportation allowance for visitors. Unless you plan to have an intimate wake with your family that is also possible, you can expect the wake period to last from seven days to a maximum of two weeks.

Choose Flowers and Other Décor

Flower arrangements are also available to the prepackaged pre-need plans you are looking to purchase. You can always ask for inclusions and special requests as most funeral care providers will be glad to cater to your wishes.

Photos: Pexels.com

March 7, 2021
Body Parts that Are Insured

If there’s one thing that this pandemic has taught every person in this world, it’s the importance of insurances and savings.

When the economy is on the brink of collapse, you cannot possibly rely on your friends and family. Plus, there’s no assurance that the government will aid everyone.

The government will prioritize those who are in dire need. As we talk more about insurances, let us discover the unique manner where celebrities utilized their insurance policies.

We’re going to talk about celebrities and their insured body parts.

Kim Kardashian

The reality star queen and member of the Kardashian clan had her backside insured for $21 million. Although there is no telling as to why she did it, it would certainly be a bummer if anything happens to her bottom cheeks.

David Beckham

Legendary football star, model and public figure David Beckham had his legs insured for $70 million. A true testament on how his legs are critical to his career and life.

Julia Roberts

Whenever you look at her, the beauty of her smile captivates your gaze. At first, others admitted that her smile seems full and too much. However, the more you look, the prettier it gets. Roberts’ trademark smile is insured for $30 million.

Taylor Swift

This country turned pop singer is known for her heartbreak songs. As she began to be a global phenomenon, she insured her legs for $26.5 million. Considering that she always have sold-out concerts and tiring events, her legs need to keep going.

David Roth

At the prime of sex and rock n roll, life was a breeze and full of parties for David Roth. However, this does not mean that he’s free from paternity allegations. To protect himself from going broke from reckless actions, he insured his sperm for $1 million.

Heidi Klum

Supermodel and Halloween queen, Heidi Klum admitted that her legs are insured for a whopping $2 million. In an interview, she added that her left leg isn’t worth as much as her right because of a scar from a fall.

Holly Madison

Who could’ve thought that a natural D-cup breast would be worth $1 million? Of course, when you ask Holly Madison, she insured the pair as protection of her assets.

Bruce Springsteen

The iconic man with a golden voice that will shake you down, Bruce Springsteen insured his voice for $3.5 million. It wasn’t disclosed as to when Springsteen signed the policy, but rumors have it that he had the plan since 1988.

Depending on the state or region, insurance conditions may apply if you plan to have your bodily assets insured.

The best thing you can do now is to ask your reliable insurance organization or agent. Also, better inquire about insurance packages that can help you save up for the future.

Images: Pixabay.com

August 9, 2020
How to Decide if Burial Insurance is Right For You
As one grows old, the inevitability of death approaches fast. Most adults would have agreed that purchasing life insurance focuses on paying for burial expenses. However, burial insurance is only a portion of what life insurance can be. If you want to prepare for the inevitable and couldn’t decide if burial insurance is right for you, read on to know more.

What is Burial Insurance?

Most of the time, burial insurances are marketed towards senior members of the family as it protects their loved ones from significant expenses. Also, burial insurances are affordable geared towards members of the family who don’t earn a living (senior or disabled members of the family). Last but not least, getting one is as easy as 123.

How Does Burial Insurance Work?

Burial insurances can be granted to an individual with or without a medical exam (may depend on insurance provider). Moreover, the terms of burial insurance may vary from one provider to another. For this matter, it’s crucial to understand the benefits you’ll gain and the situations wherein your payouts are deemed, qualified.

How Much Does a Burial Insurance Cost?

You’ll be surprised to discover that the most basic burial insurance costs around 500-1,000 PHP (depending on provider and package inclusions). If you need an affordable yet comprehensive burial plan, you may want to check out the Angelica Life Plan. For starters, the Angelica Life Plan costs you PHP 540.00 only per month!

How Much Do People Have to Spend for Burial and Funeral Expenses?

In an average, burial costs in the Philippines go up to PHP 150,000. If you don’t have that amount before finally saying goodbye, it would be quite the bother to your family, especially if they’re already struggling.

However, this PHP 150,000 amount can still go down and be customized according to the individual’s need.

Is Burial Insurance Right for Me?

There are two major classifications of burial insurances which an individual can choose from. First one is the simplified issue burial insurance. And the other is guaranteed issue burial insurance.

Depending on the terms of the insurance, the graded benefit works best for individuals aged 40 to 80 who have health concerns or impairments. The payouts may differ, so it is important to read on the terms of the insurance.

How to Choose a Burial Insurance for You?

Before finally settling in on burial insurance just for you, we have compiled the following tips to make your decision beneficial for you.
- Estimate how much you’re able to pay for monthly premiums.
- Assess whether you need burial insurance or not.
- Request quotes from three insurance providers.
- Ask on the inclusions of the packages you’re about to choose.
Final Notes

Although death is inevitable, there is only one thing you can do to prepare for its imminent occurrence. We can prepare for its financial burden by alleviating the worries of expenditures from our loved ones and family members. Burial insurance is a possible method for a financial cushion.

Photos: Pexels.com
July 13, 2020