03/06/2023
Do you have P1,000,000?
Let's say that you do. Do you want to use that P1,000,000 to pay for hospital bills?
If you ask me, ayoko. But if placed in a position where I have to do it, assuming that I don't have insurance, I will.
Now, what if you don't have P1,000,000? How will you pay for your hospital bills?
I've asked this to over a thousand people already. And they always say the same things and follow this order:
โ
Ubusin ipon, kung meron man.
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Ubusin ipon ng family, kung meron man.
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Mangutang sa relatives, kung may mauutang man.
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Magbenta ng gamit at ariarian, kung may bibili.
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Magpost sa Facebook at humingi ng donations.
Then I ask them...
"What if there's a way para hindi mo siya kailangang gawin?"
Of course they get excited.
Then I show them that they need to pay around P2,500 to P5,000 a month. Ayun, magsisilabasan na ang...
โ Ay, di ko naman yan priority.
โ Marami pa kaming gastos ngayon eh.
โ Ahhh... ok lang, di naman ako magkakasakit. Wag muna.
Okay. I stop there. After running all possible scenarios, if someone doesn't want to avail, I don't push for it too much anymore.
Pero ilan sa kanila ang bumabalik sa akin pag nasa ganung sitwasyon na?
Marami.
And how many of them get benefits when there's already a need for it?
ZERO. WALA. NADA.
You can't get life insurance when you need it already. You can only get it when you don't need it yet, hoping you won't need it ever.
(NOTE: Before I proceed, just a quick disclaimer that the sample below is just that - a sample.
Let's say you're young and your policy costs P2,500 a month.
For P2,500, you will get:
๐ P2,000,000 in wealth inheritance (for your family)
๐ P1,000,000 in critical illness benefits (to be paid for hospital bills)
๐ P1,000,000 worth of other benefits
So, you're paying P2,500 / month for a total of P4,000,000 in benefits, right?
If you pay, for example, from age 25 to 65, you will pay a total of P1,200,000. Your benefits? P4,000,000.
If you pay, for example, from age 25 to 40, you will pay a total of P450,000. Your benefits? Still P4,000,000.
If you don't get one and place the money in the bank instead for 3 years, you will get to save P90,000.
If you need P1,000,000, congrats! You can now wipe out your savings of P90,000 and find the remaining money somewhere else. Hirap noh? ๐
If you can't imagine doing it for yourself, then imagine mo na lang doing it for your car.
If you have car insurance, the company will shoulder the expenses for car damages.
If you have life insurance, the company will shoulder the expenses for your personal finance damages.
That's it.
Insurance simply protects your money. Simple. Wag na nating gawing komplikado.
โโ
Ctto. Nomad Finance Girl
