‘Tis the season of Christmas bonuses and Christmas shopping.
I’m sure a lot of you are planning to get that much-awaited upgrade. Upgrade to the latest smartphone? The latest Smart TV? The latest digital camera? The latest Mac?
Maybe quite a few will think of upgrading their life insurance coverage. And just a smaller portion of that population will actually DO it.
When I purchased my first insurance policy, I have to admit that it was farthest from my mind to add more coverage. After all, I was covered by our Group Life Insurance plan.
(Check this out: My First Life Insurance Policy)
After I resigned from my corporate job to become a full-time housewife, that’s when I started to consider the idea of buying another plan.
(Check this out: Are you Dependent on your Employer-Provided Life Insurance Coverage?)
A former high school classmate invited me once for a presentation. She’s a Financial Advisor of Sun Life. She offered me a life insurance product that has an investment component.
It looked really promising, but because my young family was living on a single income then, I was hesitant to add more to our growing monthly expenses.
But I kept the proposals given to me and made a mental note that I will review it again, perhaps after a few months.
That “few months” stretched into a few more years.
A road mishap brought me back to my senses.
My husband was on his way to Bicol for a business trip when a provincial passenger bus suddenly rammed into his Toyota Innova from behind.
Thank God, my husband escaped the accident unscathed. It was his car that bore the brunt of the impact.
After that incident, we seriously considered buying more life insurance policies. The existing coverage that we had then was simply not enough to sustain our family’s finances if one of us (or both!) is suddenly taken out of the picture.
My husband went ahead to buy a bigger coverage for himself. As for me, I went a step further and applied as a life insurance agent (or as a Financial Advisor, as more commonly used now) of Sun Life.
Higher Premium Cost
I felt a bit sad that I couldn’t afford yet to purchase a bigger coverage. Premium cost increases with age. If more than a decade ago, I was paying about P600 per month for it, the cost now has doubled. I only have a part-time job, so I needed to be more realistic with our expenses.
But I was happy nonetheless that my application got approved, considering that I was not as healthy as I was 15 years ago. Health is a big consideration when getting a life insurance plan. I’m thankful that I only have a few medical conditions now and for that, I’m still insurable.
Had I chosen to delay the application for a few more years, I’m at risk of either being charged a higher premium cost, or my application getting declined.
I’m sure you’ve read and heard this many times, but I will say it just the same: Get yourself insured as early as possible, and while you still can.
We cannot stop the time, so yes, we will grow a year older every year, like it or not. Premium costs will increase accordingly, like it or not.
We may consider ourselves very much healthy today. But can we predict our health next week, next month, or next year? Are we 100% sure that we can be healthy enough to be considered insurable any time in the future?
If you have the resources NOW to purchase your first life insurance plan or add more to your portfolio, please do not hesitate anymore.
Do not wait anymore for a near-death experience or a life-changing event to shake you to your core before you finally decide to sit down and discuss your plans with an insurance agent.
Instead of rewarding yourself with gadget upgrade this Christmas, why not make the brighter choice of getting yourself insured today?