There are several benefits of having life insurance, and these benefits extend beyond the peace of mind that it provides.
One of the most significant benefits of life insurance is that it can provide financial security for your loved ones.
The payout from a life insurance policy can help your beneficiaries pay off debts or loans, cover final expenses, maintain their standard of living, and continue to chase the dreams that you have for them.
Life insurance can also be an essential component of estate planning.
With a properly designed life insurance policy, you can ensure that your loved ones receive the financial support they need to carry out your wishes in case of your death
Additionally, a life insurance policy can help your beneficiaries pay estate taxes and avoid having to sell off valuable assets to pay for them.
Another benefit of life insurance is the tax advantages it offers.
The payout from a life insurance policy is generally tax-free, which means that your beneficiaries won’t have to worry about paying taxes on the payout.
Additionally, some life insurance policies can provide savings growth on the cash value or investment component, which can help you save for your retirement.
In AIA Philippines, insurance policies can have additional riders that will give you Daily Hospitalization Allowance, Accident Reimbursements, Disability Coverage, and even exclusive Health & Wellness Rewards for simply living healthy!