Nowadays, Filipinos are becoming more finance savy. You'd see a lot of people coming up with different ways to save money such as PISO a day, the invisible money syndrome, and applying the 50/30/20 process.
However, it seems that when it comes to insurance and investment, Filipinos are still not that knowledgeable about it.
"This was revealed in a nationwide study of 1,200 respondents conducted by Kantar Milward Brown and commissioned by Sun Life Financial Philippines ("Sun Life”).
According to the study, 68% of Filipinos were concerned about saving for emergencies, 62% on securing their family’s future, and 57% on retirement. In order to address these priorities, 62% said they are managing their finances while 54% are spending only on things that are planned. Only 39% replied that they were investing their money in order to fund their goals.
Many pointed to their financial situation as a reason for not availing of life insurance or mutual fund products, where an average of 44% said that these products are considered as added expenses rather than tools to be financially secure. Moreover, it appears that lack of knowledge was also a factor, where 16% admitted they knew little about life insurance, 15% confessed to not knowing much about accident insurance, and 17% felt the same way about health insurance."
So, why should you insure and invest?
Life
The reason you need to have life insurance in my opinion is not for yourself but for the people you will leave behind. If you are working for your family, kids, or someone you love, YOU NEED TO GET INSURED.
It's never too late as well. I got my first life insurance only this year. I'm 38. I'll be done paying when I'm 48. It costsPhp2000 a month which in reality is just 10 Starbucks Venti Drinks.
Health
If you can get health insurance, then so much better. If you get gym memberships, you should have health insurance. Getting sick without insurance is so scary because medical bill can really kill you.
Wealth
If you can get started with investment, do so. You don't need to take big risks. You can be a conservative investor and that's totally fine. What matters is that you invest and let your money grow. What matters is that you start saving money.
”Life, health, and wealth are the essentials of a brighter future, but one can only achieve them if they save and invest for the future,” Sun Life Chief Marketing Officer Mylene Lopa said. ”This is possible with the right partner, tools, and products, and these are what we would like to highlight this Financial Independence Month.”
This little guy is my future. He is the reason why I finally got my act together. One of the things I learned during the SunLife talk was that it is never too late.
When you finally do these three things, then you can start living a better life.
Some options available for you to ponder on are the following:
1. Life Insurance Calculator. This would help one assess how much life insurance he would need to properly cover the needs of his loved ones, giving him a clearer goal to pursue. The digital tool can be accessed via bit.ly/SLlnsuranceCalc.
2. SUN Smarter Life Classic is a protection plan that provides double life insurance coverage throughout one's lifetime. Available in flexible premium payments, it also offers benefits that he can use in case of emergencies or immediate need for cash.
3. SUN Fit and Well, a new generation wellness plan that offers comprehensive life and health protection. It covers the whole health Journey from prevention, diagnosis, treatment, and rehabilitation, offering comfort and peace of mlnd should a serious illness strike.
4. GoWell, Sun Life's wellness community, has also expanded its tie-up with Fitness First to offer club benefits and preferential rates for Sun Life clients, advisors and employees.
Up next on my to do list is to invest in Mutual Funds and get the Sun Fit and Well. What are you looking to have?
