Money and insurance

‘It’s for old people’ and 5 other misconceptions about insurance

Does the term “insurance” either bore or freak you out? You’re not alone. Insurance is often underrated but is one of life’s essentials—definitely something every person should have especially if you’re looking to protect their family and assets from risks and losses.

Insurance helps pay for expenses incurred during emergencies, unforeseen events, medical treatment, and hospitalization. Unfortunately in the Philippines, not many people realize its worth until it’s already too late. Charge that to a lot of misconceptions about insurance.

Here’s the truth about these misconceptions.

1. It’s for old people.

This is one myth that is truly unfortunate because it robs young people of the chance to start getting protection or investing early. Insurance is not for old people. In fact, when it comes to getting one, the younger you are, the better because you will pay less amounts and you will have more time to pay for it. Plus, more time to grow and enjoy your money when you invest!

2. It’s not important.

People tend to discount the value of insurance, thinking they don’t really need it at all. But the truth is, it’s important in safeguarding your future and your family. We live in uncertain times now and it’s important to have your future covered. FWD Life Insurance has a variety of products for investing, life protection, and health insurance like the FWD Vibrant Critical Illness Plan, a complete health insurance where you also get cash to pay for your health screenings. This is payable every two years up to your 10th policy anniversary, as long as you haven’t made any major critical illness claims. FWD Vibrant also gives you Up to 6x Claims for Major Critical Illness, Health Supplement Benefit, and Minor Critical Illness Benefit.


3. It’s about death.

Most people think that life insurance is synonymous with death. Well, yes, your family will receive the benefit amount in case something happens to you. But life insurance is more than this—it’s all about freedom, preparedness, security, and peace of mind.

FWD offers more than life protection. With FWD you can also invest and grow your money. Take for example FWD Manifest and FWD Set for Life, both plans protect you and your investment while giving you the opportunity to grow your wealth and achieve your financial goals.

4. I’m already covered.

Some people think that just because they already have insurance from their companies that their coverage is already enough. Wrong. You can never really have too many insurance plans because this is your security blanket for a secure future.

5. It takes too much time.

Getting an insurance plan can be full of paperwork, which can turn a lot of people off. Thanks to digitization, technology, and innovation—it’s not as tedious as before. There are also financial advisors who will assist you in completing your requirements. Remember, you need to complete the requirements to avoid the hassle when you claim.

6. It’s expensive.

It can be expensive but it shouldn’t be. You just have to find the best deals and what suits you best according to your plans. FWD, for instance, offers affordable insurance products that cater to your personal goals. If you’re looking for insurance products for your life and health protection, visit our online shop and check out Set for HealthKanMendKanLive, and KanGuard. Or you may schedule an online meeting with our FWD financial advisors for a free consultation.