Getting insurance was the best decision that I made this year.
A few years back my Ate Zhairra and I were really into investments that we’ve joined different forums and read about the basics of investment online. Of course, we’re just curious and researching at that time since we don’t have the money to do the real thing. Eventually, we’ve come across this group about UITF and the thing that boggles me then was that a lot of people keep on telling newbies that after setting aside an emergency fund it’s best to invest in life insurance before investing in the stock market.
When I think about the stock market it is always about the bonds, units, big companies, etc. It’s always about the growth of the money. I already understand that there are risks and that the risk level of a person is based on their investing appetite. In short, I was thinking that no matter what kind of an investor you are, your money will grow eventually.
But life insurance before investing? Of course, my teen self can’t grasp the idea that the members of the group were saying because I was focused with the need to make my money grow and although I still don’t have the money at that time I was trying to learn the ins and out.
My thinking was, I have to grow my money first before I buy additional protection because the profit that I’ll be getting from my investment will be used to finance my other leisure expenses and insurance belongs in that category before.
THE TIME I DECIDED TO GET AN INSURANCE
Well it started last year, 2019. I’ll be lying if I told you that I was the one who took the initiative because I didn’t plan to get insurance yet in 2019. A colleague approached me and one of my co-workers and asked us if we already have an insurance policy. I can still remember it vividly, Kuya Jet, whom I know from college because of student politics, created a proposal for us and he discussed it. Back then I was half-heartedly into it, sorry Kuya Jet but it was actually a fact haha.
I was notorious when it comes to money and some part of me was saying it’s a waste of money and that Kuya Jet was only in it for the commission (sorry again Kuya Jet but it was my old thinking naman and it’s already proven that you were really looking out for me). Also, another factor was that I was healthy and I had savings at that time. I mean, I don’t splurge on stuff and I have an emergency fund so I thought life was good, I’ll just have a business in the near future.
Yes, I rejected Kuya Jet’s policy proposal. One of the rejections that he got while being a Financial Planner was from my 2019 self, but I took the initiative this 2020 and messaged him and I feel that it’s not just him who won, I was also a winner in this one.
WHY I DECIDED TO GET AN INSURANCE
As I’ve said earlier, one of the reasons why I opted not to get an insurance policy are the facts that I know that I am healthy, I have a secured job that pays the bill, and also because I have an emergency fund.
Well, my thinking shifted when our Lola got hospitalized just last year (and our mother the previous year) which I shared vaguely in a post, vaguely because it’s so hard to talk about it.
Before Lola’s hospitalization, she was strong as a carabao, that’s why we weren’t prepared to see her so weak. Also, in terms of money my sisters and I were fortunate enough to be employed at that time that’s why we were able to pay her bills without having the need to get a loan, also Mama’s Philhealth benefit helps a lot.
Those events were eye-opening for me. I started viewing life differently. I saw how important an emergency fund is, but I also realized that it’s not enough.
Imagine, you save for it for months and then you’ll just spend it for a week’s worth of hospitalization, and the aftercare expenses weren't even part of the computation.
I consider myself an independent woman and I have views that aren’t traditional, some are even cultural norms cardholder breaker. I decided that I want to be prepared. I don’t want to be sick and hospitalized and stress out because I was thinking of my bills, which happened to Lola. She was sick and yet wanting to go home because she was thinking about her bills.
I guess that’s how Filipino family was stereotyped. And although, if, in the future, my parents were to undergo the same circumstances I, together with my sisters will still be there no matter what we’re family.
It’s just that for me, since I have the chance and the means to prepare for my future I decided and gladly took the initiative and do the necessary thing because in the end it’s not just my family who will benefit but also me.
HOW DO I CHOOSE THE BEST INSURANCE FOR ME?
This is how I knew Kuya Jet was really looking out for me.
When I approached him I was still clueless about how insurance works. I browsed Sun Life’s website and it’s information overload for me.
In my message I told him that it’s time and that I’m 100% all-in. So I asked him for an updated proposal and he gladly sent me, the first of many versions that I asked for.
He asked me what I was preparing for and I told him that it’s for early retirement and savings, hence he gave me the proposal for Sun Life Maxilink Prime.
Sun Life Maxilink Prime is a 10 year limited pay insurance policy which covers you up until the age of 88 and has an investment component.
We discussed it over the phone and at first, I wasn’t stoked about it. I was actually looking for protection for critical illness and hospitalization. I told him to hook me up with a policy with that but with an investment component as well. Since I was notorious about spending my money I did my research and found out different kinds of riders online so I told him to put this and that.
But he stopped me. In all fairness, he did not shove his opinion but rather he made me realize that there are other better options if specific protection is what I wanted.
Of course, he did an updated proposal for Maxilink Prime with an additional critical illness rider that I wanted but he also introduced me to another product which is Sun Fit and Well Advantage.
Sun Fit and Well Advantage is a traditional life insurance product that covers 114 critical illnesses up to the age of 100 and is payable for 10 years only.
Seriously, Kuya Jet could have just set a certain product according to what I was asking for because I was determined to get an insurance policy no matter what but he really went beyond by popping out ideas to quench my queries, I had so many questions because I wanted to learn and share these learnings with other people as well. I actually forgot how many times he explain all the revisions that he did for me.
Did I regret not taking his proposal last 2019? At first, I regretted it because my premium changed from last year’s proposal because I aged but I was still happy now because I know better.
THINGS/TIPS TO KNOW BEFORE GETTING AN INSURANCE
I think the most important thing is to not think of insurance as an additional expense but rather a kind of savings.
Life insurance is not just for the rich. If you have insurance it doesn’t mean you have to be rich, because there are a lot of products that can cater to your needs.
Find a good financial advisor because you will be communicating with her/him for the rest of your lives. (Shameless plugging, Kuya Jet got me on his team to be an advisor so go send me queries and I’ll gladly answer them.)
Always share your worries and status with your advisor, don’t be scared to share your opinions so that we can serve you well and better.
Getting an insurance policy is scary, but not having one is more scary. Having one makes you at ease, trust me.
If you are a breadwinner of your family, it’s high time you think of getting one to safeguard not just yourself but your whole family.
If you are single and healthy, you still need to think about getting an insurance policy because you will never be that healthy for too long. And that’s a fact.
