Money and insurance

Think you don’t need insurance? 5 reasons you should reconsider!

Does insurance make you automatically think of death? Do you put off getting yourself insured because it depresses you? Getting insurance doesn’t have to be such a gloomy task. It can be insurance for your future. Here are five reasons that prove having insurance is more than you think.

By Sher Bautista

Insurance is a sore topic for some people. A common misconception about insurance is that you're saving money for your eventual demise. It isn't exactly the most pleasant conversation to have. This concept of insurance, however, is outdated. With the ease of internet research and proliferation of plan options today, it's become easy to understand how investing in insurance works.

Getting insured is a smart, practical thing to do for you and your loved ones. Read on and get your facts sorted out.


Insurance is an investment.

Look at insurance as money you're laying out for the future instead of an expense. You may not need it right now while you are young and in the pink of health, but having it is a good form of security for you and your loved ones in the future.

Think of it this way: you bring an umbrella to work every day for emergencies. You don't have to use it, but it can be incredibly valuable in case it rains. 

Some policies return your money in as short a time as five years. Products such as FWD’s Set For Life or Manifest, which has a VUL component, are good examples to check out.


Get access to preventive care.

Don't think of insurance as simply a safety net in case something goes wrong. Some health insurance plans not only cover emergency room care and hospitalization cover, but they also provide preventive and wellness services. Getting access to, and showing up for yearly doctors’ appointments can help catch any health problems early while they are still easy to treat. As a responsible adult, your health should be a priority, and making sure you have access to primary care should be on the top of your list. If you don’t have basic coverage yet, get to it!


Protect the people you love.

Let’s be honest: some insurance only comes into play after some major life event—either sickness, disability, or death. This kind of insurance makes sure that your loved ones are not negatively affected by these events. If you are the head of the family or the principal breadwinner, having insurance means that your family is taken care of ii=f anything happens to you.

You can give your family time and options to figure out other streams of revenue without immediately having to worry about basic things. Save them the anxiety of relocating to a smaller home or taking extra jobs just to cope with the sudden loss in family income.


Use it as a buffer for life’s curveballs.

There’s nothing wrong with being prepared for the worst. Suddenly being diagnosed with an unforeseen illness can put a heavy strain on any family’s finances, depleting savings, and often putting the burden on other members to find other sources of income to cover doctors’ fees and hospital bills.

While the government offers PhilHealth, it only covers about 30% of your medical expenses. Private insurance companies can offer better and more comprehensive coverage, depending on a couple of factors (age, health, lifestyle). Check FWD for a health plan that complements your lifestyle.

Insurance doesn’t have to be depressing. Look at it as an investment. It can give you the freedom to live a full life without having to worry about suddenly falling ill while traveling, or leaving your family in the cold, should anything happen to you.