Be prepared! Have a health and life insurance now.

4:33:00 PM

Whenever we hear the words health and life insurance, we tend to feel uninterested. Well, this is true to a lot of people because talking about these topic can make you feel depressed. Thinking about you or your family members getting sick or even worse (death) can be very saddening that is why most of us never really like to discuss this type of insurance. But the reality is, health and life insurance is very important since it covers an individual from conception, immunization, health till death which should actually be everyone's priority.

A lot may say that this is not really something that you should invest in, especially those who are working, since we already have our Phil. Health, but did you know that this is not really something you should depend on especially in worst case scenarios because:

-there are only 1857 hospitals under Philhealth
-there are only 12 beds for every 10k population
-there is only 1 physician for every 1k patients
-it only covers an average of P10,000 deduction to your hospital expenses

Without health and life insurance, how do you plan to pay the expenses that wasn't covered by your Philhealth? Unfortunately, people tend to pay for these through their spouse's income, relatives' income, children's income, own savings, moneylenders or through their HMOs. What's even difficult is when you had to pay for sudden emergency expenses for diagnoses such as Acute Heart Attack, Stroke or even Lung Cancer that can cause less than a million pesos for the treatment and rehabilitation.

Thankfully, I was able to attend the second to the last session of Sun Life Financial's #Money4LifeChallenge (Thanks to sir Arnel Bautista for the invite) as Sir Aya Laraya of Pesos and Sense discuss the steps on how to choose the best health and life plan for you and your family.  

1. For a health plan, you must first undergo a comprehensive physical check up. For a life plan, you must talk about it together with the members of your family.
2. Decide which plan you really need, whether you are single or with kids.
3. Check your budget
4. Shop for the plan that will suit your need and budget
5. Never forget to read the fine print. Every plan has exclusions so make sure you were able to take note of these things. (For example, smokers tend to have a higher cost in health and life plans compared to non-smokers.)
6. Time to buy!

As for life insurance, which is usually thought for as cash that you can provide your family, may it be for education, consumables, etc once your time has come, it is also the best possible solution to paying for the "inheritance tax".

This is a very important thing to settle prior to receiving all the cash and properties (car, house, land, stocks, jewelry, paintings, livestock) that your loved ones has left for you because once he/she is dead, his/her assets will all be frozen, then you must first pay the "inheritance tax" which is not very cheap, prior to transferring it to your name.

To make your life easier, without dealing with illegal deeds such as withdrawing a dead person's money or "fake sales" after the death of the legit owner, one must have a life insurance to settle all the necessary taxes at the BIR. 

There are still a lot of things that you must talk about when it comes to Health and Life Insurance and we must definitely get rid of bad habits as to why we don't want to seriously discuss these types of topics because despite it being depressing and considered as "taboo", it is more important that we always plan ahead and be prepared for our own and family's sake.

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