Friday, February 6

The Importance of Being Insured

Last Christmas, my gift for my husband was Francisco J. Colayco's books "Pera Mo, Palaguin Mo!" I gave him both the two books and the workbook. It was actually my gift for the both of us since we resolved to further increase our savings this year.

I have started reading the first book and one of the most important concepts of savings that I have learned is the importance of having an insurance plan. Colayco writes that insurance is needed only when you think that there is a possibility of unbearable financial loss. The kind of insurance that you will get (either term life, medical, or accident) and how much you will invest will depend on who will suffer just in case you die or how much income is needed by your family for them to survive without you.

We already have a medical and accident insurance but I have yet to find a term life insurance online. It is unusual in our typical Filipino culture to talk about preparations for death but we prefer to be prepared than be sorry in the end.

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