Protect yourself with Insurance!

Insurance! I understand that when people hear this, they shy away and ignore this. It seems that many people are allergic to the word insurance. I would not blame you, there are factors why the word insurance in our country drove people away.

But let me tell you something, insurance is not something that we should ignore, insurance is truly important in our financial planning. No, I am not going to sell you any insurance so it is safe to read on. :)

I am going to talk about Life Insurance. Currently, we are offered different kind of life insurances generally these are Insurance with savings - sounds familiar? These are not bad, they are still there to protect you but if you are going to buy insurance, let us maximize the protection.

Firstly, what is the use of life insurance? Life insurance is for INCOME REPLACEMENT, meaning if the breadwinner goes to the other life, the family will be left with money and life still goes on for them.

There are 2 type of insurance:

1. Bundled Insurance
2. Term Insurance

Bundled Insurance - Simply this is an insurance bundled with savings/investment etc., so you are paying a part for Life insurance and a part for your savings/investment etc.

Term Insurance - is an insurance where you just pay the insurance value itself, nothing added, just the insurance itself.

What is the difference? The cost. The cheaper Insurance is the Term Insurance and just because it is cheap, it does not mean it will undercut you.

Let me give you an example, I purchased life insurance, I was 24 years old, for me to be covered 1 million pesos, I needed to pay at least 10, 000 Pesos a year with term insurance. If I purchased a bundled insurance, it would cost me twice, the price would be around at least 22, 000 Pesos a year!

I was also taught to buy term insurance and invest the difference, this is a strategy to maximize our money, our protection and our investments. You would be amazed by the results of buying term and investing the difference!

Once again, If I discuss it here, it will be like writing a book so I highly encourage you to join the IMG - Wealth Academy Program! Here you will learn all the financial strategies that you will need.

You can get more details here about Wealth Academy:

https://www.facebook.com/WealthAcademyProgramCebu

If you are in Cebu, you can catch Wealth Academy in 2nd floor, JY Square, Lahug. Every Wednesday and Saturday, 6:30PM.

If you are in Manila, you can catch this at 3rd Floor King's Court 1 Building, Pasong Tamo cor Dela Rosa St. Makati. Every Wednesday and Saturday, 6:30PM.

Cheers!

Picture is not mine, all credit goes to Sephiroth-Art from http://sephiroth-art.deviantart.com/art/Knight-275211602.