Health and Life Insurance: Is it Important?
I have been introduced to life insurance when I was in college and during that time, I am one of those who never gave interest. I never realized how important it is to every one of us. Here in the Philippines, there are still a lot of people who are not aware of how important it is to our lives. Same as health insurance, some of us are not interested and afraid to know about it and how it would really help when the time comes that there is a need for health assistance. It's a taboo in the Philippines to talk about health especially death. When are we going to willingly open our eyes to the fact that we need to be ready when the time comes? I am not saying this to frighten anyone.
My mom is a licensed Doctor of Optometry and believe it or not, she used to sell Educational Plans and Memorial Plans. It was her who told me when I was still young that we have to be ready because we don't know what's going to happen the next day. When my dad passed away nineteen years ago, everything is ready because my mom made it a point to prepare for it. My mom made me attend an insurance seminar when I was in my 20s and I wasn't really that interested because I was still young and don't think of it seriously. Now, I know I made a big mistake.
Two years ago, my husband had a terrible accident that he needed an immediate ankle surgery. Since we didn't have health insurance, it was a struggle for us where to get money to pay for the operation. Even the government hospital doctor was asking for us to prepare at least P45,000. Crying isn't the solution to our problem. If only we had an insurance, it would never be an obstacle for us.
During the free talk with Sun Life's financial adviser, Aya Laraya, it made me comprehend more about insurance. Insurance can take care of our family, provide cash, replace income, or even for child's education. There are so many things that we need to learn about insurance. It can even cover for our property tax, inheritance tax, estate tax, possessions, and more. Everything you see or own around you are taxable (e.g. cash, house, land, car, jewelry, painting, stocks, livestock). Even the candies we eat have tax.
If you're thinking about buying a lot, condominium, or an apartment to give your children as investments or as a legacy it is still taxable. Any inheritance is taxable and it can't be transferred to anyone without paying the tax. "For a sale to be legal, the buyer has to be capable of buying. It is illegal to buy it for your children if they are not capable to buy, they call it washed sale. When the property was sold when the owner just died, it is illegal, because it is executed upon death of the person," said Aya.
Preparing is exactly what we all need to do. It's time for us to think about insurance. I do not sell insurance, but I know for a fact that everyone should have it and have to be aware of it's value in our lives. Talk and discuss it to the whole family, begin shopping and list down, have a budget for health or life insurance, choose what you want, see what fits your needs and budget and always monitor. If you want to learn more, you can set an appointment with a financial adviser.
Take my advise, discuss it now with your family. Make your children understand the importance of insurance. It's better to be early than to be sorry.
If you need more knowledge about insurance visit Sun Life Philippines website:
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