So, you are a single, unavailable and with no dependents attached. Your sail through life may be smoother that most since great job and great opportunities are at your grasps, no one to hinder your way.
Do you really need a life insurance since you don’t support anyone else and your parents are quite capable on their own?
Before going any further. We all must agree that we can die anytime, anywhere, right? If it is your time, it’s your time. Even if you are just riding a bus in the expressway or even if you are merely sleeping. Waking up may not happen someday. Well, I’m not scaring you now. These are just realities in life we all must face, unless you consider yourself an immortal.
Below are the reasons why you need one:
1. You have an existing debt.
- Be it a car loan, a housing loan, credit card debt or a debt you owe a friend. Those are still debts you need to pay. But what if you expire while you still have debts? Who is going to compensate all the debts? Your aging mother? Your siblings that have families of their own? Be responsible enough not to leave them hanging and need to shell out some money to pay your debts.
Ok, fine, you don’t have existing debts. Lucky for you, the second reason might be applicable for you this time.
2. You don’t wish to burden your family in paying your Final Expenses.
What are the Final Expenses? Those are the funeral and memorial expenses, estate tax dues (if applicable) and last hospital bill you will incur before you actually say goodbye world. Please be considerate to your parents. They have brought you up to where you are today, don’t burden them with these final expenses. You might not know it, but, what they will sell out might be part or whole of their retirement money. What that would leave them for the remainder of their lives?
3.You are just too kind to leave a legacy behind.
You want to give 2M pesos to your parents who took care of you or to the special person in your life that helped you thru thick and thin. Or to your favorite charity that you’ve been wanting to support, but doesn’t sustain the large amount of money to commit when you are still holding out. You can make them your beneficiary. This might even accelerate your journey to Heaven.
If above reasons do not ring a bell for you, because you just don’t like others to benefit on your untimely departure.
4. You might want to take a life insurance to protect your one and only SELF.
Yes, you heard it correctly. You can protect yourself by acquiring a life insurance with all the LIVING BENEFITS you can generate. Like, Critical illness insurance, disability insurance, accident insurance and you can even invest your life insurance and increase your investment portfolio and get the fund value that could be used for your retirement. In all those I mentioned, all are for you, since you can get all the benefits, while you are still alive.
And finally, the final reason is…
5. You are just being responsible enough for your future family.
Thinking ahead and thinking of your future family (even if you are single) is a very good indicator of how responsible you are as a person. And, reality check, once you will have family of your own, a pour-in of added expenses (wedding debts, pregnancy, new child, new house, new car), thus, will oftentimes overwhelm you, hence, you will always put aside getting a life insurance. If you started early, even before having a family, then at least you are well ahead of getting your finances straight and will avoid the initial mess of a young family life.
If you check any of the above reasons, then, you really need a LIFE insurance.
Those are just the reasons on why you still need to get a life insurance while still single and no dependents to start with. Below are just added perks:
The advantages of getting Life insurance early in life:
- It is cheaper. Mortality goes higher as we age. The same goes with premiums/payments for an insurance policy. The older you are, the more expensive it is. Since, they consider that you are nearer to your death. Mean!
- You might still be in perfect health. You might still don’t have diabetes, hypertension or other chronic diseases you might probably have given a few years’ time, well, that is based on your family history.
In saving, and financing always remember the earlier the better. Time is money. Time is better than timing. So don’t wait. Get a life insurance now. While you still can. If you worry that it is too expensive. Here is the link to the cheapest insurance you can get!
When it comes to planning your future, NOW is always the best time to start. To learn more about Life insurance or if you need help with your financial plan/ goals, I will help you make it happen. Feel free to contact me.
Protect Yourself,
Read More for Your Financial Health:
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The Top 10 Life Insurance Companies in the Philippines The Most updated and Most Unbiased Review 2014
-
AlDub and Philippine Tax Reform
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Credit Card: The Bad, the Ugly and the Good
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Should I invest Before Election?
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Be a Part of a Family Financial Boot Camp!
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Thanks for this great article! 🙂
Yep, I agree! Having a an insurance (may it be life or term) is really a form of forced savings. Besides, there are already types of insurance these days, that the insured can also enjoy his investments. 🙂
Yes, I beg to agree with your statement because for me you need to leave with your own feet especially when your getting older. I love it
Great article! I hope more Filipinos will realize how important it is to invest for the future.
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This is a very informative post. I totally agree with this, better be safe than sorry! 🙂 I have an insurance now even I am 21 years old though I am still looking for another insurance with investment.
That’s great. Being single is not an excuse not to have one. If you need help in finding one, feel free to contact me. 🙂
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Wow, thank you. I hope its been worth your while. Will be posting more soon. 🙂
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Thank you much. Will be posting more. I’m just taking a break now in Vietnam. 🙂
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I could not refrain from commenting. Well written!
Dra hello, from your fellow dra too. Your website is so refreshing and informative. Just finished fellowship training this year and Im in the early stages of my practice. Sobrang laking tulong ng site mo so I can wisely handle my newly hard earned money. Thanks again dra! Looking for a financial advisor actually, might contact you soon.
Hi dra Gina, will expect your call. Or you can contact me here: docpinky@myfinancemd.com or 09258895433
Hi Ma’m 🙂 Good day po.
I wish to be clarified with point #1.
When I die, are my family members and dependents required to pay my credit bill? Yun naiwan before ako mamatay? Thanks po.
Yes if you don’t have the credit shield they offer in your card.
Yes, they will get first with your existing assets, if none, your immediate family members if you don’t have the credit shield they offer in your card.