How many are insured in the Philippines?

Out of the 106 million Filipinos residing in the Philippines, not even half are covered by insurance. There are many reasons for this. This article will talk about the many opportunities people miss out on if they do not invest in some sort of insurance policy. 

Why do Filipinos hesitate to invest in insurance?

There is a wrong notion that life insurance – or any type of insurance for that matter – is an unnecessary expense and a waste of money. Many Filipinos think that they would be better off just setting the money aside instead of investing it in insurance. 

Many people refuse to invest in insurance, whether this is health or life insurance because they feel that they will be able to handle the expenses that accompany each financial emergency as they arise. Many do not realize that insurance is meant to be a solid backup plan that can act as a buffer system when financial situations present themselves.

Filipinos have a  really bad “mañana” habit. Many people procrastinate and put things off until the last possible minute, oftentimes being too late. This is one of the reasons why many people remain uncovered by insurance. Some people know that investing in life insurance is important, but then they choose to put off buying life insurance. They always think that there is still a chance for them to invest later on, but many people are unaware that insurance is cheaper if it is gotten earlier in life, rather than later.

Why insurance can be helpful

Instead of thinking of insurance as an added expense, people should think of it as a way to make sure that people can be ready for whatever financial emergencies will come their way. While it is true that it is an added expense that will have to be included in the budget every month, the benefits of having an insurance policy will surely outweigh the cons.

Insurance will come in handy during emergency situations. Especially if a person and their family have a difficult time accumulating savings, this can be a good way for them to be able to retain whatever savings they have in the bank and not touch that amount every time an emergency situation presents itself. 

How to invest in insurance

Investing in insurance is the first step to having financial security and gaining peace of mind. Buying insurance is easy! There are many options that a person can choose from on how to apply for an insurance policy.

You can go into the office of a life insurance provider and apply for life insurance. Your questions will be answered by agents who work at the company, they will also give you advice as to which of their policies will work best for your needs. Some companies will require you to get a medical test before they approve your policy, but others will not be as strict.

There is also the option of now buying your insurance online. By just logging onto an insurance website, you will be able to get insured in less than ten minutes. This method is the preferred one for very busy individuals who want to invest in insurance but do not have the time to go out to do so.

What are you waiting for? Do not be a statistic. There are only around 34 million Filipinos who are insured. Only 34 million have financial security. Invest in insurance today and reach your financial goals in the process.