Your Basic Guide to Life Insurances in the Philippines

Posted on: Jul 26, 2020 Publish By: funerallink
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It’s the universal truth; we are all marching towards our untimely exit from this world. And, when that time comes, we aren’t in a position to identify whether we are ready or not. However, if there’s one thing that we can all do, it’s to prepare ourselves for the inevitable.

But how? The best way to do it is by buying insurance. After all, life insurance protects you from any fortuitous events like injuries, disabilities, illnesses or even death. If you want to learn more about life insurances and how it can protect you, read on below.

senior life insurance

What is Life Insurance?

Life insurance is one type of insurance wherein the policyholder agrees to pay the designated beneficiary a specific amount (monthly, quarterly, or annually) and the insurer, in return guarantees a monetary benefit upon the holder’s death.

Depending on the stipulated agreement, the payment of life insurance may result from retirement, illness, disability or death.

What are the Benefits to a Life Insurance?

The most significant benefit of life insurance is the monetary payment the beneficiary receives as stipulated in the agreement. Of course, no amount of money can replace a life but having a financial aid is more significant than nothing at all.

Other than the monetary payment, life insurance offers the following benefits as well:

What are the Common Types of Life Insurance?

Life insurance is a broad matter to discuss. The good thing about this is a person can choose from other classifications of life insurance that will suit your needs. Ready to learn the most common ones, read them below.

  1. Term Life Insurance

As the name implies, this particular life insurance policy adheres to the term you and the institution have agreed upon. If by an unfortunate event, the policyholder passes during the time of an active policy, the beneficiary will receive financial aid.

When compared to other life insurances, term life insurance is more affordable because of its time limitations. Plus, if the term covers your passing, this is the most significant financial support you can provide to your family.

  1. Whole Life Insurance

Unlike the first type of life insurance, whole life insurance covers the person’s death just as long as the policy is active. What’s more, a percentage of your premium serves as payment to capital.

Although whole life insurance covers the policyholder up to 100 years, it is quite expensive. Considering that this is the safest policy term, and it provides moderate returns, whole life insurance is ideal for new families.

money insurance

Final Note

Insurances are one of the most significant investments you can have for yourself and your family. When the time comes that an individual least expects it, you are assured that you have a secure financial blanket that your family can benefit. Talk to your reliable insurance institution now and get started to prepare for your future.

 

Photos: Pexels.com

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