04/08/2022
Getting a life insurance is quite essential but it doesnโt really appeal much to most Filipinos. According to a study, less than 20 percent of financially-capable Filipinos are insured as most of them consider insurance as an additional expense rather than as an investment.
โBakit ako kukuha ng insurance, eh hindi naman ako ang makikinabang dyan. Dagdag gastos lang โyan.โ
It is true that the benefits of a life insurance do not aid the insured directly, because in order to claim the entire insurance coverage, the insured individual must, by the lack of a more tender word, die. But due to an innovation in the insurance industry, this dilemma has already been solved. Alas, the variable universal life insurance was designed.
For those that are unfamiliar with variable universal life insurance or more commonly known as VUL, it is an insurance product that has a fund value invested in different financial instruments. It is a mix of insurance and investment, and a mix of protection and capital appreciation.
Now if youโre hesitant to get an insurance just because it wonโt benefit you directly, here are reasons why you should get a VUL insurance:
1. FOR SINGLE & YOUNG PROFFESIONALS, instead of impulsively spending your money on unimportant and superficial things, getting a VUL can be a tool for you to make sure your money is safe from your bad habits.
Unlike savings account with ATM cards, your VULโs fund value is relatively illiquid in a sense that you canโt just withdraw it in an impulse. Whatโs more amazing is that your VULโs fund value actually yields more than your savings account do since it is invested in higher yielding instrument such as bonds and equities.
You might still be hesitant. Being young, you think you still have a long life ahead of you, itโs still too early to get an insurance. But we never really know what may happen. Thatโs why being prepared is never a bad idea. Besides, if nothing happens, youโre fund value is all yours to take. And the good news is, if you start earlier, the bigger your fund value could potentially grow. Instant retirement fund.
2. FOR BREADWINNERS, you know how great your value to your family is. Without you, your family might not be able to go on just like the way they are doing now. Being stressed at work and of worrying how to support your familyโs need, increases the risk of getting sick and in worst cases, it leads to untimely death.
Getting a VUL can be a good fit for you, as you are covered in case of unwanted events, you can also grow your fund value for future purposes, as well. It wonโt matter if you die (death benefit) or not (fund value), when your children go into college, they will have the freedom to choose whatever program they like in whichever school the want.
3. FOR RETIREES, it may be late for you to build your retirement fund through VUL since now you only have a little time, but if you donโt want to burden your children upon your death, the benefits they would get from your insurance will help them grieve care-free and tax-free!
You can actually get a VUL to cover your burial expenses and the estate tax. Imagine how your children and grandchildren would feel knowing that you have prepared for these beforehand because you thought of them and cared for them deeply. In the end, you did not leave them with grief, you left them with love and peace. What a legacy!
Insurance has lots of potential, it's just that most of us don't know how to maximize it.
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