LIFE INSURANCE

Life Insurance is a contract between an insured person and an insurer whereby the latter pledges to pay a sum of money to a specified beneficiary of the insured person in the event of his death, in exchange for the payment of premiums by the insured during his lifetime.  

Apart from death, other events like accidents, diagnosis of critical illnesses, disabilities, hospitalizations and medical procedures may also trigger payment of money to an insured person. 

Life Insurance is therefore a form of contingency fund for an insured person.  It is a form of protection for him and/or his family against uncertainties brought about by adverse events that may occur to him.

Who needs to secure Life Insurance?

ALL OF US need the protection of a life insurance policy at some point in our lives.  Why?  Because we do not exist in this world in a vacuum.  We all have loved ones.  Our loved ones need to be protected from any possible adversity that may come their way as a result of untoward and untimely things that may happen to us.  Securing a Policy ought to be done as soon as possible so that the insured can take advantage of lower premiums and greater chances of approval due to better insurability.

However, people who are heads of families, breadwinners, those with young kids, and those with relatives who depend on their financial assistance ARE IN IMMEDIATE NEED of securing a life insurance policy.  Unpredictable unfortunate events may occur anytime and the risks to our loved ones are significantly lowered if a life insurance policy is available to them anytime.


The Benefits of Life Insurance

(1.) To the Family of the Insured

• A Cash Payment that can be used to meet the financial requirements of the family left behind.
• A Cash Payment that can be used to settle the estate taxes on the assets of the deceased insured person so that these assets can be released to the family left behind.
• A Cash Payment that may be used to pay-off hospital expenses and other final expenses of the deceased insured person.

(2.) To The Insured (if the Cash Value is withdrawn)

• A Cash Payment that may be used as additional funds to be used for insured's retirement.
• A Cash Payment that may be used to support the educational needs of insured's children.
• A Cash Payment that may be used as additional living income of the insured and his family.
• A Cash Payment that may be used as additional savings of the insured person.

Types of Life Insurance Plans 

There are three types of life insurance plans:

(1.) Term Life Plans

• This is typically the most affordable of all life insurance plans.
• It provides life protection for a temporary period only.
• It may be periodically renewed.
• It incurs no cash value.

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(2.) Whole Life Plans

• This provides protection practically for life.
• Its premiums are payable for life and are typically fixed.
• It incurs guaranteed cash value that may be paid upon policy surrender or at maturity.
• It may distribute dividends which may be withdrawable.
• It may pay for such events as accidental death, total disability and diagnosis of critical illnesses.

(3.) Endowment Plans

• Similar to Whole Life Plans but these Plans add a periodic additional cash (usually lump sum) infusion on top of the guaranteed cash value. 

As you can see, Life Insurance is a type of contingency fund that acts as a protective buffer against danger that may befall a family at any given time.  

All responsible family members ought to get life insurance so that there can be some peace of mind in the thought that loved ones' futures need not die with the one who brings in the income.  

"If there is anyone dependent on your income - parents, children, relatives - you need Life Insurance." 
~ Suze Orman,
   Financial and Wealth Planning Guru

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Y O U R   P A R T N E R 

Edwin T. Bartolome
Financial Advisor 
and Certified Investment Solicitor 
Code # 090848
CR # 02-2013-08539

For inquiries, assistance and free consultation on Life Insurance and other Money Matters, you can reach him at:

Cellphone: 0908-863-4617
and E-Mail: [email protected]

Office Address:
Baobab New Business Office
Sun Life Financial
6/F BTTC Centre,
288 Ortigas Avenue
Greenhills, San Juan City
Philippines
Tel. No. 7-719-3958
Fax. No.7-719-3894

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I want to make a difference. I want to Be A Sun Life Financial Advisor

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