Studies show that 90% of Filipinos does not have and don’t believe in Life Insurance. At first, I didn’t believe in that statistics and so I conducted my own study. I asked my friends, co-workers and relatives to confirm the percentage.
I asked around 200 participants and 85% of them don’t have Life Insurance while the remaining 10% didn’t bother to reply and 5% believes that it is necessary.
Some bother to ask and even gave their reasons why and the top 3 of them is this,
It’s not theirs to spend
I was perplexed that this is one of the reason why they don’t get insured. In fact, some of them are family person and a percentage of that has children. Some of them are single parents and breadwinner.
Imagine sending them to school, children still at young age, you accumulated lots of debt, you are the only source of income and what if something happens to you?
That is the only question you have to answer and should be anticipated. It’s not a matter if you get the money for yourself. You will never get the money for yourself if it is insurance and you should be thankful for that because that only means you are still alive.
Some percentage are honest that they have less. Their income is less than what they are spending. Since a big percentage is a breadwinner, they’re more of saving for their family’s emergency. What I do want to recommend to these people is to assess their strategy on being a provider and of course the question again, can you outlive them all?
A certain percentage believe that if you get insured, you’re sentencing yourself to death. Just like what most telenovelas show Filipinos ever since (rich person has insurance and families will try to kill the bida and will not succeed, ended up in prison). So that became our thinking that if you get insured, your family or spouse will try to kill you so that they get the money and live happily ever after – wrong!.
Whether this is true or not, you are just being responsible by continuing to provide for them whatever happens to you at any moment.
Insurance is not just for the rich, it is for anyone who has the responsibility. It is you providing for them even after death. We have decisions in life that we can’t undo, be it debt in house loan, car, consumer, etc. Some of them might be tragic for your family if you don’t plan it well. Also, you might have been very responsible and accumulated so much wealth that is subject for an estate tax, and what better way to pay those off is by having proper insurance.
In IMG-Wealth Academy, we provide a strategy in owning an insurance. Common misconception is that Life Insurance will cost much. Not really, if it is a Group Life Insurance, and that is what we provide. We teach a Buy Term Life Insurance and Invest the Difference Strategy because you can save so much more than buying in a regular insurance company with investment attached. But that is for another article.
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