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Does the word “insurance” make you want to run the opposite direction? That’s unfortunate because it’s one of life’s essentials. Here’s are the different kinds of insurance, explained in simple terms.
Unlike most life essentials like food and water, you’d only see the value in insurance when the need arises. This is why people often discount its importance. But as many have already attested, insurance can help you cover high costs, save lives, and provide for your family.
Insurance has this basic premise: Pay a small amount now so you can be protected in the future—either from paying a huge amount or providing for your family.
It is a life essential. You just need to know what to buy, when to buy, and which company to buy it from.
Here are the different kinds of insurance that you may need.
1. Life Insurance
What: This is a product that protects your family financially, ensuring that they have money for the basics, should anything happen to you. Your family will get the lump sum amount on the contract plus the additional earnings of the insurance plan if you chose the one that has an investment option.
What your family can get: lump sum money based on the contract
2. Health Insurance
What: This is the kind of insurance that covers the cost of hospitalization, medical check-ups, and other medical requirements. Here in the Philippines, we have the PhilHealth card. But since it is not sufficient to cover medical costs, some private companies supplement this with other health cards as part of employee benefits. Some insurance plans cover specific medical conditions like FWD Life Philippines’ Fight Plan, which protects people from cancer.
What you can get: Free medical check-ups, free medical tests, discounts on hospitalization and operation. It all depends on the plan.
3. Car Insurance
What: This is perhaps the most availed insurance in the Philippines as all automobiles are required by the government to have a car insurance upon registration. This type of insurance covers your car and the car you damage from accidents. Some insurance even cover damage caused by natural disasters.
What you can get: payment for repair and damage costs
4. Travel Insurance
What: Travel insurance covers medical and emergency costs when you are abroad. Some plans even cover your lost luggage.
What you can get: payment for hospitalization and medical costs when abroad, lump sum when accidents happen, money in exchange for lost luggage, etc.