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!

Ways you can have your money work for you

Investment.

Having an investment means you will be able to have an income that falls outside of the regular salary that you get from your nine to five job. Investment is usually a way for you to make passive income. This means that you will not have to exert very much effort for you to be able to gain income.

Many have the wrong notion that investment requires a lot of money. Many think that only the rich and famous can invest their money. The truth is it does not take very much for you to have an investment. The trick is looking for the right type of investment and making sure that your money is put in the right place to ensure a return on your investment.

Set up a small business.

Find something that you like doing and try investing time and money into that hobby to make it into a profitable business. If you enjoy baking, you can put up a small business that makes cupcakes for your friends and family. Start small. A successful investment does not need to be a big enterprise right away. Start small and set realistic goals.

Savings.

Having savings that accumulate interest for you can also be another way for your money to work for you. There are many ways by which you can have savings and enjoy the benefits. Bank products such as savings accounts and also investing in stocks can help make your money do the work for you.

Insurance policy.

One of the best ways on how you can invest and let your money earn passively is to invest in an insurance policy. Many are not aware that insurance policies can include an investment portion. The money you invest in an insurance policy can be set aside into many cash benefits that you can use when you need extra cash.

You can set up a cash benefit that can be a savings account. You will not be able to believe how much your initial investment will grow after just a few short years.

How does your money grow?

When you invest money in an insurance company, the money will be invested to make sure that your money will grow. Experts in the stocks industry will be the ones to invest your money in stocks and make sure that your hard-earned cash will be invested properly. This is how insurance companies make money and at the same time, can also assure policyholders that their money will grow exponentially in a short amount of time. 

How your insurance policy can work for you

There are many ways by which your insurance policy can be the one to earn passive income for you. Here are the most common ways on how it can help you attain financial stability.

• It has many cash benefits you can use.
• You can borrow against the amount of your policy when you need it.
• It can also act as a retirement fund.
• It provides an affordable way to invest your money.
• It offers an almost risk-free way to invest.
• You can use it as a savings account, especially if you have a hard time saving money.
• It is an affordable and offers a 100% return on your initial investment

What are you waiting for? Apply for an insurance policy today and you will be that much closer to attaining your financial goals.

What is term life insurance?

As the name suggests, term life insurance will cover a person and their family for a certain, set amount of time. Term life insurance packages can cover a person anywhere from one year to over 10 years. Depending on the inclusions of the plan as well as the amount of time for coverage, prices may vary per insurance company.

Many people wonder if investing in this type of life insurance is worth it. Since it can only offer coverage for a set amount of time, many people think it may not be worth it. We have compiled reasons why it may be beneficial for you and your family to invest in a term life insurance policy.

Advantages of term life insurance plans

Many advantages come with investing in a term life insurance plan. Many may prefer to get a whole life insurance plan, but there is a chance that you and your family may benefit more from term life insurance.

It is cheaper.

When compared with whole life insurance, term life insurance will naturally come cheaper because it only covers a person for a set amount of time. It is also easier to understand because when a person invests in term life insurance, they only have to decide on coverage duration, the amount of premium to pay and what is to be included in the policy.

It offers more flexibility.

Since it will only be valid for a certain amount of time, it is easier to customize it. With whole life insurance, it is very difficult to change an already existing policy. Even if needs change, it is very seldom that insurance providers will allow you to make changes to your whole life insurance policy. However, with term life insurance, you can be able to create a new policy when your old one expires. Depending on your needs, the term life insurance policy you create should answer all the needs your family has. No matter how many times the needs of your family might change, your term life insurance can change accordingly.

it is good for travelers.

If you will be traveling to another country for some time, term life insurance can offer good coverage for you while you are abroad. 

It is a good investment for growing families.

If your family is young and just starting, chances are you may still be financially stressed. You may still be paying for your first house or first family car. These expenses can put a strain on the budget and make it difficult to invest in more expensive whole life insurance. Term life insurance is a more affordable option that can cover you and your family until you will have enough money to invest in whole life insurance.

Invest in term life insurance now!

There are many good selling points of term life insurance. If you are looking for an insurance policy that is affordable, easy to customize and offers flexibility, go for term life insurance today. You will have peace of mind knowing that you and your family are covered and prepared to face all kinds of financial crises in the future. 

Investing in life insurance is the first step you and your family can take toward achieving financial freedom and stability.

However, vehicular accidents do not only cause harm to the actual cars and the people inside them. They may also cause potential damage to the car insurance premiums the car owners pay.

This article will talk about how much car insurance can go up right after an accident. Also, the article will tackle the topic of how you can reduce the impact that the accident will have on the number of premiums you pay.

Why does car insurance go up after an accident?

Car insurance premiums tend to go up right after accidents, especially when the person driving the insured car is the one at fault for the accident. Rates for premiums also tend to go up because of the type of insurance claims that are made in relation to the accident. 

How important is car insurance?

Having car insurance will protect the vehicle owner from spending too much on repairs during unintended instances, like if a tree falls on your car and ends up breaking the windshield. Or if your car gets stolen, insurance is made to provide coverage for that as well. 

Even if the rates for the premiums may change after an accident, insurance is still an important thing to have. It will safeguard your wallet from spilling out too much of its contents when you would need to repair damage to your car. On top of this, to get your car registered, you will also need to present proof that you had your car insured. 

How to get car insurance

Getting car insurance is easy. The insurance that is offered at the local LTO of your city is not too comprehensive, and if you would like to have more extensive coverage, you can go to private companies that offer insurance for this. 

For an affordable premium payment, your car can be protected from third-party liabilities, accidents that have been caused by the drivers themselves and accidents due to Force Majeure.

Get car your car insured today!

If you have a car, it is in your best interest to get it insured today. Even if car insurance may be quite expensive, it is still a better deal rather than you having to pay for the repairs out-of-pocket after an accident.

Also, even if the price may go up slightly after an accident happens, having car insurance will give you peace of mind knowing that no matter how many road-hogs there are on the Philippine roads nowadays, you will not have to worry about spending for the repairs of your car should you be in an accident in the future. Y

ou can never be too prepared for accidents, and car insurance should be there to help you in case you are ever in one.

As people get older, they get to be more in tune with what their priorities are. People need more time to be with family, they need more money to spend on their families and they would need to have a long-term plan to be able to keep their families happy.

Financial stability is one thing that many people struggle to achieve. How can one possibly achieve all these things, while still being able to maintain a happy life?

We have the answer for you. Getting life insurance is one way that can surely solve all your financial problems. 

We have developed a quick and easy way for you to apply for your life insurance policy. Since everything can now be done online, why not get your insurance online, too? The website epolicy.ph has made it possible for you to apply for life insurance using the internet as you logon from any gadget you have.

Advantages of getting your life insurance policy online

Getting an online policy can solve many problems that people usually encounter as they apply for their policy.

Artificial Intelligence.

Instead of talking to a live person as you apply for your insurance policy, you will be assisted by a bot that is named Sandy. This artificial intelligence has all the information about the insurance products in the database and it will assist you toward your final decision on which riders you would like to include, and which type of policy would work best for your needs in general. 

You would be able to make a better decision because you can be able to think about everything before making the decision. Sometimes, it is difficult to make an informed decision with a human financial adviser at the insurance company because there is the feeling of being pressured, so you will not get to think about everything you need.

Quicker approval.

The website promises a quicker approval time, there will be no need to undergo any medical tests, which are sometimes required by other insurance companies. You can be able to get your online policy in under five minutes.

No filing of paperwork.

Another added convenience that you can get from getting an instant policy online would be that you would not have to fill out piles of paperwork. You will provide all the necessary information to Sandy, the artificial intelligence bot, and then it will come up with the best policy to match the information you provided. After that, your policy will be generated, and you would be all set.

More convenient.

Some people find the task of going to the physical location of the life insurance company a tedious task. You will be able to create your life insurance policy on your computer or phone, without having to leave the comfort of your own home. No need to endure traffic to get to the office. Your online policy can be available at the click of a button. 

The best affiliates

Epolicy.ph has teamed up with the best names in the insurance industry to be able to bring you the best quality life insurance packages available.

What are you waiting for? Getting an online policy is easy, convenient and it will change your life for the better. Once you have an insurance policy, your life will become much more worry-free. Grab your online policy today!

Life insurance is a need that people are aware of, but sadly only a few people have it. It would be easy to dismiss the need for life insurance while we are young and free from sickness. However, it is said that life is like a wheel. Sometimes you are up and other times you are down.

In those moments when you will be at the bottom of the wheel, you never know what may happen. This is why you need to have a life insurance policy. No matter what happens, you will be safe from any financial emergencies that life can throw your way.

• To cover burial expenses

Any life insurance policy will cover the death benefit and final expenses for the policyholder. They will take care of the venue of the wake of the policyholder, which would include most of what is needed for a decent funeral. It would be a very big convenience to have life insurance to take care of these arrangements because it would be difficult for the grieving family to handle them.

• To replace any lost income

Money is always a need, especially for a growing family. This need does not suddenly go away with the passing of a loved one. What if the policyholder was the sole breadwinner for the family? The family that they left behind would need to live on. Having a life insurance policy would make sure that it is possible because the cash benefit the family will receive from the insurance plan would make up for the lost income.

• To build cash value

If you choose a life insurance plan that would include an investment side to it, then it would be possible for you to build savings with your life insurance plan. In this day and age, there are so many temptations. Shopping has become so easy because we can do it online. This is why it is difficult to save money, but then life insurance will take away that problem because if you invest in a policy with an investment side, you will be prompted to save with your policy.

• To have peace of mind

One major element that life insurance will grant a person and their family would be the peace of mind. Having a life insurance policy would give you the reassurance that your family will be taken care of even after you pass away. You will be sure that your family will not go into financial hardship if you suddenly died. That is only for the death benefit. 

If you get a policy that includes a cash value, you will be able to borrow against that savings should you ever need the money. That is your money, after all. So you can take out some of the money you have saved, in case there would be an emergency. These are only examples of how life insurance can give you peace of mind.

• To ensure that your children can go to college

If you have children, you can choose to get an education rider for them. This would mean that part of the premiums that you pay would go toward saving for a college fund for them. 

Having life insurance is a way to make sure that you have a way to secure the future of your family. In many ways, a life insurance policy would grant peace of mind to people who choose to invest. At the end of the day, that is what everybody is looking for, to live a life free of worry and financial strain. Take out a life insurance policy today, and you will be one step closer to achieving that.

It is not uncommon to be interested in getting life insurance but then not know how to get started. This is why we have crafted this all-in-one guide for you, to help you get started on your life insurance policy.

What is life insurance?

Before anything else, we need to answer this question. Like insurance is more than just a simple cash benefit that a spouse will get after their significant other has passed away. Life insurance has come a long way from being just a death benefit. Life insurance can be a savings account, an investment, an emergency plan and so much more. 

What are your needs and goals?

The first step in getting life insurance would be to identify your goals, both short term and long term, for yourself and your family. Once you identify these goals, it will become much easier for you to decide what your life insurance policy is going to look like. 

Estimate how much those needs and goals will cost you.

The next step would be to make a budget that would show the total of all the goals you have identified. Estimating how much you would need would help you decide how much you should be getting for your life insurance plan. 

Talk to a trusted insurance adviser.

The next step would be to choose an insurance provider and talk to one of their insurance agents. There are many insurance companies that you can choose from these days, but then they would all offer similar packages, just with different names. Always make sure that you would be talking to an adviser who is affiliated with an insurance company.

It would be a good idea to talk about the details of your life insurance policy in the office of the insurance company, just to make sure that you are dealing with someone who is legitimately doing business for the company. In this day and age, you cannot just trust the word of people you meet, you will be paying for this policy, so you have to make sure you are dealing with an official member of the company.

Make your first payment on your policy.

Once you would be settled with the particulars in your policy, you will now be ready to start making payments. Your adviser will inform you how you can make the first payment, usually, it will be done over-the-counter at an affiliated bank, but then companies have different ways of accepting the first payment. 

Continue to make payments on your policy.

You can choose whether you will pay monthly, quarterly, semi-annually or annually. You will decide this at the beginning with your adviser. You can make payments at the bank or online, whichever you would prefer.

At this point, you will be ready for anything that life throws at you. Your life insurance policy can help you overcome financial problems such as emergencies and any unexpected expenses you might incur. Depending on the type of policy you have, you may be able to borrow against the amount that you have already saved, to pay for any unforeseen emergencies that come your way.

You can use life insurance as your ticket out of a bad situation. As long as you analyze what your needs are, you will be able to plan for your future well and be ready for it because of your life insurance policy. The first step is realizing that it is a need, for you and your family. Once you realize that it would be beneficial for you, follow the steps listed in this article and you will be on your way to a better and more secure future.

In the Philippines, it is not uncommon for people to think of retirement when they reach senior citizen age. This would be at 60 years old. But then is there really a right time to retire? Do you have to retire at 60 years old? Or can you retire before or after that age?

Some people would retire too early and end up outliving all their savings. On the other hand, many others would retire too late and by then, they would be too old to enjoy any of the money they had spent all their lives working for. So is there an age or time that would be just right for retirement?

Are we supposed to base our retirement on age or the amount of money we have in the bank? All these questions might be running in your head, and this article aims to calm your mind by trying to give a logical answer to all these questions.

Is there a right time to retire?
Society will urge people to retire at 60 years old. However, it is alright to retire a little earlier or later, depending on your situation, both financially and physically.

If you are regularly getting sick, feeling tired all the time and just physically unable to do the things you used to, it may be high time to consider retirement. Your financial status would also tell you if you would be able to retire earlier or not. If you already have enough money to spare, even before the age of 60, you can retire earlier. 

How life insurance can help you decide when to retire

Life insurance can be a big factor in providing a good retirement benefit. If you choose to invest early in your life for a retirement plan, you will already have enough money set aside for you to retire. There will be no need to worry about your finances because your life insurance policy would take care of that for you already.

Come your 40’s, your family responsibilities would already begin to be winding down, because all your children would typically be finished with school by this stage in your life, and they would probably be starting families of their own. This would be a good time when you can already start considering retirement. Look at your finances and health and use those to decide if you can still continue working until you are 60 years old.

When you reach your 50’s, you can retire already if you are financially ready. These would be called the “reward years” of your life, so you have to make sure that you have enough money to live a comfortable life even if your income would already stop coming in.

Having a pension plan would be a good investment because you would be able to receive a monthly cash benefit after you retire. If you have also been covered by SSS or GSIS by your work, you would have your pension plan to add to this. These cash benefits would replace the salary you will no longer receive.

You may also have saved enough money and time to be able to invest in the stock market when you choose to retire. No matter what age you choose to do so, as long as you have enough money, you will be able to live comfortably. There is no wrong or right age for retirement, and if you invest early in your life in a life insurance policy that includes a retirement plan, you need not wait for the age of 60 to think about retirement because you will have enough money to retire earlier.

Filipinos are getting more keen to invest in life insurance in 2019. Many people are quickly coming to the realization that life insurance is a need. However, many people do not really know why.

What is life insurance?

The most basic part of any life insurance plan would be the death benefit. This would be the compensation that your family would receive when you die. This component is present in any type of insurance plan. But what more does it have to offer?

Life insurance should be put in place to ensure that the surviving relatives and beneficiaries will be able to continue life free from debt and financial strain even after the policy holder (who is most of the time the sole breadwinner) dies.

Life insurance will allow the family members to grieve in peace, because they will not be worried about where to get the money for a decent funeral and memorial service for their lost family member.

Life insurance will also cover the income that was lost because of the death or sudden disability of the breadwinner. Many people do not account for these costs and if there is no life insurance plan in place, the results of this miscalculation can be grave.

Families could lose their house because they are unable to continue paying for rent or payments for their housing loan. They could put themselves in serious financial risk because they would need to borrow money because the breadwinner would be gone. These are the small reasons why life insurance would be very important for a family.

Tips on getting the most out of your life insurance investment

Check your health. 

The trick to getting a good price for your premiums (these are the incremental payments you pay for your life insurance policy) is to start your investment while you would be healthy. Insurance companies would put a much more expensive price on your premiums if they know that you have an illness.

This is why you would be starting your investment while you are healthy would give you much more value for your money. Bear in mind that once you have started paying for your policy, should you suddenly be diagnosed with an illness later on, your premium price will not go up.

Note: insurance companies sometimes refuse to take in clients who already have a chronic illness at the time of starting the investment.

Get a policy you can afford. 

Some people agree to very high premium prices at the beginning only to find out that they will not be able to continue to make payments later on because they cannot afford it in the long run. 

Note: It is more advisable to sign a policy that you are sure that you can continue paying for, and if you would like to “top up” or add to your premium payments when you have the extra money to spare, you can do so. But it is important that you start with an amount that you can continue paying for 

Pick your riders according to what your needs are.

Many policy riders will be available for you to gain the most out of your life insurance policy. Riders like waiver of premium, accidental disability, and education assurance would be available. Just ask your insurance agent about all the available riders so that your insurance will cover everything you need (and everything your family needs in case you die.)

Note: You can customize your riders, most people just rely on what their financial adviser will tell them. But it would be a good idea to do advance research to see what your family needs, what kind of lifestyle you currently have and make a list of all of these so that you can discuss with your life insurance agent or financial adviser to see what riders would be the most advisable for your family.

They say that in this world, nothing is constant. The only constant thing is change. This is why, with your ever-changing life, there will come a time when you would need life insurance. This will be for your financial security and the security of your family as well.

Top signs you would need life insurance

You are a parent

The main reason why people would need life insurance would be because they are the breadwinner of the family. In the olden days of life insurance, people would only get a life insurance package because they want to be able to provide a cash benefit to their family in case something happens to them.

Nowadays, you can get so many additional benefits with your life insurance policy. You can get a benefit that can go toward paying your child’s tuition fee.

You have had an increase in income

Another reason why people would get life insurance in the Philippines would be because they would use the cash benefit to replace their income in case of their death or disability. If there has been a significant change in your salary, especially if you have taken out a life insurance policy before, check that the cash benefit will be enough to cover the changes in your salary in case anything happens.

You have bought a new home

In 2019, more and more affordable housing schemes are coming out. This means that more families are now able to afford to buy their own homes. The rent-to-own scheme is something very popular nowadays. If you have just started paying for your own house, you need to have a life insurance policy in place to prevent your family from being evicted in case anything were to happen to you.

You have had a change in lifestyle

In connection to the salary, upgrade comes lifestyle changes. You might be spending so much lately, going on vacations and buying new gadgets for your family. Check that you have a life insurance policy that can still cover this kind of lifestyle in case of any emergency.

You can also update your existing policy if you have one. If your insurance company will not allow changes to be made to the policy you already have, it would be possible to buy a supplementary insurance policy to cover the changes.

Your family has a history of chronic illness

If you are aware that your family has a medical history of chronic diseases, while you are young, healthy and able, you need to take out a life insurance policy as soon as you can. Insurance policy premium prices would shoot up the moment you are diagnosed with a disease and would usually come cheaper for healthy people. 

These are the most common reasons why you should get a life insurance policy. We would never know when the next change in our lives would be. It is just best that we are prepared for any emergencies that might happen.

A life insurance policy is the best way to make sure you and your family are financially ready to face any of these problems. Whatever you choose to do, take all the necessary precautions to make sure that the people you love are taken care of.