How many Filipinos are currently covered by any type of insurance?
The Philippines is slowly becoming immersed in the trend of getting insurance. People are slowly beginning to realize that getting a life insurance policy is important and can help a family reach financial freedom. However, there is still a large part of the population that remains uncovered by insurance. This article will talk about how insurance can benefit a person and their family.
How many Filipinos remain uncovered by any type of insurance?
Based on statistical data, only around 50 million out of the 100 million Filipinos are covered by insurance. This is only around half of the population. These are individuals that have gotten insurance coverage from private insurance companies.
Meanwhile, the government is hard at work to make sure that all Filipinos will receive healthcare coverage under PhilHealth, however, at the moment only around 50 million Filipinos are currently covered.
What happens to the population that does not have any type of insurance coverage?
If the person is not currently covered by a private insurance company and not under PhilHealth coverage either, these people would have to pay for any medical expenses out-of-pocket. These people usually have to deal with situations as they come. They do not have an insurance policy to help them with the expenses for the medical bills and other types of emergencies that may happen to them.
Insurance is designed to give a person and their family from financial crises that may befall them. More than 50 million Filipinos believe in the power of insurance, but sadly not all people have the funds to invest in any type of insurance.
Why people should invest in insurance
The need for insurance boils down to extra expenses that remain unaccounted for. Many people have so many expenses that they are unprepared for. Most Filipinos do not allot a part of their budget for emergencies. They usually rely on their meager income and savings to cover the costs of any emergencies.
Having an insurance policy will enable people to have peace of mind to be able to live their lives free from worry. They will have enough extra funds to face any kind of emergency without touching the savings they have in the bank.
Do you have insurance coverage?
If you are one of those Filipinos that still remains uncovered by any type of insurance, it may be high time to invest in insurance. Depending on the needs of your family the monthly budget you have and the amount of income that you receive every month, you should consider getting insurance coverage. Most life insurance companies can also offer health care coverage. Having a solid insurance plan can enable you and your family to reach financial freedom and security.
You will no longer need to touch your savings account every time you will need extra funds for an emergency. When a family member gets sick, you will not need to deplete your savings just to avail of treatment or a doctor’s appointment to get diagnosed. Your insurance policy can take care of that for you.
Even as our government continues to improve, medical insurance along with it, it is still wise for you and your family to invest in an insurance policy from a private insurance provider. You can never be too careful about the surprises that life can sometimes suddenly spring on you. Having an insurance policy will give you and your family the comfort to live your lives free from worries. What are you waiting for? Don’t be one of those Filipinos who are still uninsured in 2019! Get an insurance policy for you and your family today!
