“I already have life insurance.” One of the most common rejection lines life insurance agents receives.
But, are you sure you are really covered enough?
According to statistics, only 4 out of 100 Filipinos have certain form of Life Insurance in the Philippines. And of all those who have Life Insurance, only 1 out of 10 is very much well covered. Meaning, almost all are underinsured.
How would you know if you are really covered enough?
Financial experts all over the world suggest that should be:
Meaning, if you are earning 1M a year x 10, your life insurance coverage should be 10 Million pesos.
Statistics show that on the average, Filipinos’ life insurance coverage is only around 750,000 pesos. This is not even enough for a minimum-wage-earner, who needs about at least 1 Million Pesos life insurance coverage.
No wonder, many are underinsured.
Now it’s time to do it for yourself. Answer this:
How much is your need? YOUR ANSWER
How much do you exactly have right now? (Is what you already have now.) THINK HARD!
How much is the gap? If there is? (SUBTRACT WHAT YOU HAVE NOW TO WHAT YOU NEED)
I would like to end this post by telling you a story which I heard from the last MDRT conference I had attended in Canada just this June 2014.
Pebbles to Gemstones by Michelle L. Hoesly, MDRT President
This is an Old story about the traveler who’s going to far away land. A young man is walking along the road, when he noticed this elderly woman on the side of the road and he was concern, so he leaned over in offer to help her.
But she said, “No, I’m okay, but in gratitude for your offering to help, I’d like to share some advice, “Pick-up as many stones and pebbles as you can as you go along the journey and before you cross the Great River. If you do this, tomorrow, you will be both happy and sorry.”
The young man was confused so he tried to get her to tell him more, but she wouldn’t. So he went on his journey, as he was walking along he picked up a few pebbles and put them in his pocket. And after he cross the great river the next day he happened to reach in his pocket and he was amazed to find that the pebbles had turned in these wonderful sparkling gemstones. And then he remembered the predictions of the kind elderly lady, that — “he will be both happy and sorry.”
He was happy he picked up the pebbles, but he was sorry he hadn’t picked up more.
“This is us. Too often there are opportunities that come our way and at the time they seem like worthless stones maybe even burdens. But these opportunities, these pebbles becomes the gemstones of our lives.” —- Michelle Hoesly
This story is also like LIFE INSURANCE.
Can you imagine yourself in your deathbed? What would you be telling yourself by then? Would it be?
“I am happy I have life insurance, but I am sorry I did not had enough. I wish I have taken in more.”
Or would it be:
“I am glad I have enough Life Insurance, now, I may be going, but the dreams of my loved ones will not end along with me.”
So, the next time you tell to a life insurance agent, “I already have life insurance.”
Please do your math first.
Wishing you succeed in all your financial plans,
For a more comprehensive, accurate computation and more information, see this posts:
How much life insurance do you exactly need? Here is how to compute.
Latest Top 10 Life Insurance in the Philippines, The most updated and most unbiased review
The most frequently asked question before buying a LIFE insurance
Any other questions and concerns? click here!
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