They say that getting life insurance is a must and the best time to get one, is during the first time you have a job but why do you need life insurance? What are the things you need to watch out for when getting one?
Allow me, Your Sincere Financial Adviser, to guide you in this important event of your adult life.
What is Life insurance?
Life insurance is a policy that you will buy to certify an agreement, between you and the insurance company, that if something were to happen to you, you will definitely get a monetary benefit stated in your policy.
Ganyan kadali ang life insurance. Life insurance is not an investment, there is life insurance that has investment components but if you are seeking to get an investment only, VUL, Variable life insurance, is not the way to go.
I understand that other financial adviser makes it look that VUL or Variable Life insurance is the way to go, but trust me, that is wrong, I will write a different blog about it.
How much does life insurance cost?
Life insurance cost varies and it depends on many things. The older you are and the more vices you have the pricier it can be and of course, if you want to have a huge coverage, that costs more too.
It is important that when you meet with a financial adviser, that you do a financial needs analysis to allow you to know how much coverage you truly need. That way, the financial adviser can create a policy that will address your needs while considering your life situation and of course, your budget.
What are the things my FIRST policy should have?
This is my pet peeve, ang daming financial adviser na basta nalang maghahain ng policy sa client tapos when the client approaches me to see what is in their policy, magugulat ako, walang critical illness. Accident lang and then ang pinaka pinipilit ibenta ng agent is the death benefit as death is the only possibility. Like seriously, antayin nyo muna mamatay yung client bago makakuha ng money?
It is true that death is real, but also, we have needs and goals. What if your policy lacks critical illness and then ang issue is that nagkaron ka ng critical illness? San ka pupulutin? Know that you can only get death benefit when you die and you do not want to die first para lang makakuha ng benefit.
Make sure that your FIRST POLICY has critical illness and accident benefits so that way, maaksidente ka man or magkasakit, you know that you and your family are going to be okay.
Know that we are dealing with the consequence, not the probability. The chances of you getting or not getting critical illness is unknown, but you should always be prepared rather than regret then suffer.
These are the basic things you need to know when you are considering getting life insurance.
You may want to know more, and that is normal. Feel free to send me a message for more questions or, book an appointment to meet up with me so I can answer them and personally help you in getting one.
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