How do you know if your current insurance coverage is enough?
Does it really make sense to have multiple insurance policies?
Why should a Professional Financial Adviser help you review your insurance coverage?
If you are reading this post, it may mean that you already have your personal insurance policy. Congrats!
(Don’t worry if you don’t have insurance coverage yet, I can help you get started now.)
Having life insurance and health insurance is one thing, but having adequate coverage is another.
That’s why it’s very important to regularly review your insurance coverage.
Let’s have a look at the 11 Reasons Why You Should Review Your Insurance Coverage:
Reason #1: You got promoted or you switched jobs
Congratulations on your new job or your promotion!
You should review your life insurance coverage now because your current coverage might not be enough to cover your increase in income.
What do I mean?
For example, you were previously earning 10,000/month and your current insurance coverage covers a total of ten years worth of your income (just a rule of thumb).
That means you have 10,000 x 12 months x 10 years worth of insurance. A total of 1,200,000.
When your income increases to, let’s say, 15,000/month that means that you already have a protection gap.
We need to bridge your protection gap with additional life insurance.
These “gaps” can only be seen when you decide to review your insurance coverage.
Don’t worry because it’s very common for insurance policy owners, like you and me, to forget their coverage values.
Reason #2: You got married or you are getting married
Congrats and best wishes!
Now that you are going to the next level in life, it’s time to take your insurance coverage to another level as well.
When you were single, you may have assigned your parents or siblings as insurance beneficiaries.
This time, you can now assign your wife/husband as your beneficiary!
It’s time to show them your love through life insurance.
How much would you like to leave to your spouse when your time comes?
Reason #3: You (or your partner) are expecting a baby
You’re going to be a parent!
Did you know that a typical Filipino child is dependent on his/her parents until they are around age 23?
If your life insurance only protects your income for 10 years, that is not enough!
Having a child is one of the most important milestones to prompt you to have a look at your existing insurance coverage.
You would want to make sure that you can support your family even if ever something happens to your capacity to earn income, right?
Reason #4: You want to make sure that your children’s education fund is secured
You have growing kids and you want them to have a great foundation to have an awesome start in life.
Education is ranked high for a parent’s list of priorities.
Adequate life insurance coverage can make sure that your kids will have the fund to enroll in whatever college or university that they want.
What makes it special is that the college fund will automatically be created if something unfortunate happens.
Do you want me to show you how that is possible? Contact me here.
Nothing beats peace of mind especially when it comes to your children and their future, am I right?
Reason #5: You are planning to acquire a real estate property
Three words. Mortgage Redemption Insurance (MRI).
Have you heard of it?
Banks require MRI when you want to take out a home loan.
You have an option to get your own life insurance to be used as an MRI for your loan.
What does it do?
Essentially, it’s a layer of security for you and your bank.
If the loan borrower meets an untimely death during the term of the loan, the MRI will pay for the rest of the loan in full.
This means that your family will no longer be burdened with paying for the home loan and will now be the owners of your liability-free property.
Insurance is a very powerful and wise investment, is it not?
Reason #6: You don’t own insurance with Critical Illness benefits yet
Stroke. Heart attack. Cancer.
These are the to
p three critical illnesses that strike us, Filipinos.
Getting treated and recovering from those dreaded diseases costs a lot of money.
Give yourself and your family a fighting chance to get the best medical attention that you deserve.
Critical illness insurance will create an instant health fund to help you focus on your recovery.
It’s one of the insurance plans that will safeguard the assets that you have built over time.
Your family will have an extra layer of financial security so that they won’t get buried in debt due to mounting hospital bills.
Guess what? You can only get this type of insurance when you are healthy.
Review your insurance coverage if it has enough critical illness benefits.
Let me know if you need help in owning this type of coverage.
Reason #7: You want an insurance plan that will replace your lost income while you are confined in a hospital
Are you aware of an insurance benefit that gives you thousands of pesos for every day you spend in confinement?
Yes, it exists!
I understand that you might have a health card that covers your hospital expenses.
Your daily income that is lost during the days that you were confined, however, will not be covered by your health card.
Take a look at your insurance coverage now and check if you have that benefit.
Reason #8: You are not satisfied with your current medical benefits
Your company’s typical Health Maintenance Organization (HMO) cards cover around 75,000 to 250,000 per year, right?
Did you know that you can complement your current HMO card with an insurance plan that has a minimum of 500,000 worth of HMO card benefits?
There is an existing insurance plan that gives you the benefits of an HMO card, life insurance coverage, hospitalization income replacement, and savings all in one plan!
So, if you are looking to augment your medical benefits coverage so you can have more peace of mind when it comes to your health, send me a message now.
Reason #9: You don’t want to burden your family with taxes and fees
Throughout our lives, we may have acquired assets such as real estate, paper investments, and businesses.
When we pass away and before our family members inherit these assets, it gets taxed.
The taxes for inheritance may have been relaxed but there are other expenses that should be considered such as fees for the transfers, fees for a lawyer, or fees for an accountant.
If you want to take care of the final expenses like burial or cremation costs and paying off your outstanding debts and obligations, then these costs should be incorporated into your insurance coverage amount.
It’s much better to let them grieve and not think about the money when your time comes, don’t you think?
Reason #10: You want to leave a lasting legacy for your family
Life insurance is Love insurance.
Do you want to be remembered as a good provider or a bad provider?
It’s true that you can never have too much insurance especially if your family depends on you.
More than the bills that you pay and more than the food you provide on the table, you make your dreams and your loved ones’ dreams come true.
Whether you like it or not, these dreams have a price tag.
Wouldn’t it be nice to make sure that those dreams come true?
Adequate life insurance and health insurance will help you and your family achieve those dreams.
Those dreams that came true will be your legacy for your family.
Doesn’t that put a smile on your face? 🙂
(BONUS) Reason #11: You want to live a healthier, longer, and better life
We have redefined life insurance and health insurance.
You no longer need to get sick, suffer an untimely death, get disabled, or get hospitalized before reaping the benefits of your insurance plan.
Just by choosing to do healthy habits consistently, we can enjoy exclusive benefits!
Enjoy benefits that you can get weekly such as free coffee, free mobile credits, free movie vouchers, free grocery vouchers, and even vouchers good as cash!
Aside from that, you can also enjoy exclusive discounts on partner establishments such as hotels, gyms, and theme parks.
To top it all off, your healthy choices and actions will increase your insurance coverage and increase your discounts and perks!
If this piques your interest, then let’s talk more about how you can live a healthier, longer, and better life with Philam Vitality.
So, there you go!
These are the 11 Reasons Why You Should Review Your Insurance Coverage.
You only need one reason from all that I’ve mentioned above to set an insurance coverage review with me!
I’d be happy to help, message me now or simply comment below 🙂