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Reconsidering your Life Insurance Policy

Posted September 7th, 2016 in Articles by Corporate Communication

 

So you just purchased your first life insurance policy, ever. Congratulations! But there are things about it that you do not fully understand and now you’re reassessing whether or not you actually need it. That’s OK, going through buyer’s remorse is natural. Before you make any final decision, here are some things to consider about being covered by a life insurance policy:

 

No one is too young for life protection

 

Maybe you think you don’t really need it because you’re young and healthy. But each day we all get a little older and our bodies a bit more vulnerable. Most of the time, we tend to forget that we can’t always be in the same state of wellbeing as we are now – that we won’t be young forever. What’s more, people have a general preconceived notion that life insurance is costly, when in fact; it is considerably less expensive when you purchase it at a young age. In general, younger folks in their 20’s compared to people who are at the ages of 50 and above, are assumed to be in a good health condition and are not usually obligated a medical exam to be able to purchase a policy. It’s undeniably more effortless and this is why it is advisable to purchase a life insurance policy as early in life as possible.

 

Learn about financial discipline and committing to the future

Life insurance is a commitment — a 2-way commitment at that. It promises to take care of what is yet to come. At the same time, when you commit to this kind of arrangement, and dutifully take care of your policy by paying premiums on time, you simultaneously develop financial discipline. The best part is, you learn to better manage your finances without having to completely give up leisurely things—like taking a vacation or buying a new pair of shoes.

 

Being able to help dependents in times of need

 

If you have family members who financially depend on you, they may end up absorbing your financial liabilities in case you figure into an accident or (knock on wood) bite the dust unexpectedly. A life insurance policy can help save your family the trouble of finding the resources to pay off debts after you have passed. There are also life insurance products that offer hospitalization benefits that can help cover your expenses in case of emergencies and sickness.

 

Take care of accidental and burial expenses

 

One never expects to die any time soon, especially when you’re young and healthy. But death is an inevitable part of life and can oftentimes occur without so much of an announcement. This is most especially true when accidents are its cause. Having a life insurance policy can help your family take care of the hospital and burial costs, sparing them further grief at a difficult time. Additionally, life insurance policies with accidental death benefit usually pay out double the life benefit for deaths caused by accidents.

Live a comfortable retirement life

 

Remember the tale of the ant and the grasshopper? The ant learned about the value of preparing for the rainy season by “saving early”, enabling him to reap what he sowed when the rainy season came. Everyone dreams of retiring comfortably and happily—but not all get to live it. Availing of life insurance is one way of preparing for the rainy season, as some life insurance products, like endowment plans, offer maturity benefits that can be received at a certain age and period, before or after retirement. This benefit, together with your pension and / or your savings, can help you continue with the same (or even better) lifestyle when you retire.

 

If you’re still undecided about your life insurance policy, here are a few steps you can take:

1.)     Visit the nearest Philippine Prudential office nearest you. We are located in different strategic locations nationwide. Click here or a list of our sales offices.

2.)    Look for a Branch Services Associate or a Customer Service Representative and inform him or her about your concern.

3.)   For other inquiries, give us a call at (02) 902-2300 or email us at mypolicy@philippineprudential.com and let our friendly customer service team address your queries.

 

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