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Insurance needs for people in their 40s and up

Let’s say dumating ka na sa point na nakatapos na sa college ang mga anak mo; may mga trabaho na sila; and wala ka na ring mga utang na binabayaran. In short, wala ka nang dependents. 

Ngayon, gusto mo nang mag-save o mag-invest para sa pagtanda mo. and you’re wondering, okay bang kumuha ng Variable Universal Life (VUL) insurance? 

Term insurance

Hindi advisable na kumuha ng VUL. Investment na may kasamang insurance ang VUL. Instead, term insurance dapat kunin. 

When you get a term insurance, hamak na mas mura ang babayarang premium compared to VUL. Maraming charges ang VUL such as premium charge, insurance charge, policy charge at kung anu-ano png charges a na kailangan mong bayaran. Mas mapapamahal o dadami pa lalo ang babayaran mo with VUL.  

Kung  kailangan ng life insurance, best na gawin ang tinatawag na Buy Term Invest the Difference (BTID). Mas marami tayong options kung saan puwedeng iinvest ang pera through BTID. 

Kunin ang term insurance na may kasamang accident insurance. 

Health insurance

A more important insurance protection at this age, that everyone should have, is health insurance. Kumuha ng comprehensive health insurance – yung may parehong preventive and emergency care, dahil mas mapapamura tayo doon. 

Makukuha ang preventive health care sa pamamagitan ng health maintenance organizations. Pero dahil mas focused ito sa out-patient medical services, hindi enough ang emergency care benefits nito.

Kaya dapat ay kumuha ng health insurance na covered ang lahat ng medical emergencies. Hindi yung limited lang to a few critical illnesses. We never now what kind of illness or accident we may get into, correct? 

Memorial plan

You can also choose to get a memorial plan. Bakit hindi, e lahat naman tayo mamamatay? 

It is alright to invest for a memorial plan kasi mas mura pa ‘yan sa ngayon na magbayad habang malakas pa. Dahil kapag dumating ang oras na lilisan na sa mundong ito ay hindi ka pagpapasa-pasahan ng mga kamag-anak mo. Walang gusto’ng umako sa gastos. Kaya mas mainam na prepared tayo.

Insurance for protection

Always remember that the purpose for insurance is protection not investment. Mura lang ang insurance at hindi dapat iniinda ang premium na babayaran.

Treat insurance as an expense at magpasalamat kung hindi natin napakinabangan ang ibinayad natin. Dahil ibig sabihin niyan, walang masamang nangyari sa atin.

Ang pagyaman, napag-aaralan at napagtutulungan!

USEFUL RESOURCES

Sources of information and practical tips on money management

Different kinds of investments

Preparing for retirement

How are articles on retirement

  1. 10 Commandments of retirement
  2. Mga kinakatakutan ng retirees at paano ito paghahandaan
  3. Magkano ang matatanggap mong SSS pension upon retirement
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