LIFE INSURANCE| Affordable Life Insurance Plan

Are you looking to invest in a life insurance plan? We have made a guide for you to get the most affordable insurance plan for you and your family. 

What is affordable life insurance?

Take note that quality life insurance differs from family to family. It is not meant to be a one-size-fits-all solution. The life insurance policy of your friend may be a good investment that would be able to fit their needs, but the same life insurance plan might not be as effective to secure your family’s financial security.

Affordable life insurance should not only be able to the price. Before you decide to invest, you have to make sure that the policy you are getting will answer to the financial needs of your family. 

Things to consider

Do you have children or dependents?

If you have children or anyone who depends on you financially, you will need to have a plan for them just in case anything happens to you. 

Does your current job offer healthcare coverage?

If your current company does not offer any healthcare package, you might end up spending more than you should for medical bills and expenses.

Do you have a retirement plan?

The need for money will not suddenly disappear once you retire someday. It is good to plan for your retirement as early as now.

Life insurance is not a one-size-fits-all solution, but it can be one solution to fix many financial problems

Death and cash benefits

These benefits would be given to your family in case you pass away, or in case financial emergencies would occur, even while you are still alive. A life insurance policy will include a death benefit, and you can customize what kind of cash benefits your beneficiaries will need. You can have a cash benefit for your children’s college education, savings for your family and other uses.

Life insurance can also cover healthcare

Even if your current job has healthcare coverage, you can still include additional coverage using your insurance plan. Getting an insurance plan that has a medical rider would cut your medical expenses, especially your hospital bills in half.

Retirement plan

You may also opt to get a cash benefit that can be used as a retirement benefit. When you retire, it will be impractical to rely on your SSS or GSIS pension alone. When you retire, you will be older, your needs will be very different from today, and your financial needs might be too.

Getting an affordable insurance plan

You will pay for premiums for your insurance plan, the price of these premiums will depend on the frequency of your payments, you may choose to pay on a monthly, quarterly, semi-annually or annual basis. Choose which one would be most convenient for you, depending on how much you are willing to pay each billing cycle.

Another factor that will influence the price would be the riders you choose for your policy. Make sure that these riders are solutions to your family’s needs. Talk to your insurance adviser so that your policy will be finalized based on your financial needs.