The Importance of Insurance

Unlike the usual scenario of hiding from insurance agents, my case was the opposite. I was the one who actually hunted my agent. After reading several books about financial planning, the urge to have an insurance quickly came into the picture. Maybe because before, I am not aware of the real importance of life insurance. Maybe because before, my impression of life insurance is something that you can only get when you die, so I won’t really benefit from it. In which case, you didn’t really get any unless you pass away. And maybe before, it was just an expense on my part.

InsuranceBut after I got married and now soon to be a daddy, everything started to make sense. I now feel that I really need get a life insurance. Why? Simply because, I need to protect my family. Let me elaborate on that. Insurance from the word itself is the assurance that you can still provide for your family in case anything unexpected happens (when you die to be specific) especially when you are the breadwinner.

My Case

Let’s take my case. As a soon-to-be father, it is my responsibility to assure that my child gets to school and have a good education. As long as I’m working and earning, that’s not a problem. But that would suddenly change if in any case something happens to me. Not only will my wife cry for my loss but also for the fact that she has to shoulder everything on her own. But with insurance, life insurance in particular, that scenario is no longer a problem. In case of death, an instant cash will be provided by my insurance policy, therefore my wife only need to cry once. Their future is covered and can easily continue at the loss of the income earner.

Here’s a real story that I myself had sadly witnessed.

Jerry was a well-off man. Having a wife and a daughter who is in high school at that time. He is a top agent in one of the non-life insurance company and you can easily say, at the top of his game. Money is not a problem. He got cars and even his own chauffer (driver).

In his mid 40’s,  the unexpected happened. Heart attack struck him and that cause his death. The least that you can expect, he wasn’t able to secure a life insurance of his own. Now, his wife worries coz as a plain housewife, she doesn’t know anything about business or at least work. Plus the fact that her daughter will soon enter college. Yes, they may have the property that can be liquidated for the temporary survival. But If only he got himself a life insurance, an instant cash will be provided by the insurance company. Then life can easily continue. It would have been enough to at least cover for her family’s expenses for a year or more so, their lifetime.

Always prepare for the unexpected. In life, only 3 things are constant – change, tax and death. We just don’t know when and how.

Get a Life Insurance now. Check my preferred life insurance policy –  Sun Maxilink Prime – Insurance with Investment – and get a FREE Quote.

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Garry Zaldy de Castro is an advocate, Financial Advisor, Certified Investment Solicitor (Mutual Fund Representative), blogger, IT practitioner, husband to Aileen and a dad to Jacob and JohnD. He started Financial Planning Philippines in 2008 just to share his financial learning to friends, relatives and anyone who wishes to be financially independent.

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