Last Wednesday, I decided to make a purchase. Since I avoid impulsive spending, this purchase was something that I've thought about and discussed with my spouse for a couple of weeks. I bought term insurance, with myself as insured, and with my family as beneficiaries.
When I texted my husband that I was at Insular Life paying for my peace of mind and my family's financial security, he replied, "Bakit mo ba iniisip na mamamatay ka?"
I answered, "Hindi ko naman iniisip. Pero what if, di ba? Mas okay na 'yung prepared."
Besides, why wouldn't it cross my mind? I am a mother of two very young kids, aged 5 and 1. My husband is still on residency training, with three years before he graduates and more years before he could establish himself as a surgeon. I support my parents, too. I wanted to be sure that they will be okay, at least financially, even after I am gone.
In addition, just this year, I have a colleague who was a victim of terrorist bombing while he was at work, accompanying a doctor in a convention. And very recently, we lost a good brother in our division from a dreaded disease which he was diagnosed with less than six months ago. He was just in his early 40s. These instances were wake up calls for me telling me to do something about it -- while I still can.
I immediately went to my financial advisor/mentor, asked for a quotation for my term insurance and decided to buy security for my loved ones. Since I work in the field and I am on the road most of the time, buying term insurance provided me with that much needed peace of mind.
Term insurance is very cheap. At 31 years old, mine costs an annual premium of Php5,320 for a Php1M life insurance coverage. If you are getting it at a younger age, it can be cheaper.
With money coming in (and out unnoticed) every payday, I encourage you to make wise purchases and make the most of your hard-earned money.
Buy insurance while you are still insurable. And develop that habit of setting aside an amount for your savings and investments.
Take those financial baby steps, regardless of how old or how young you are today. And in the years to come, you will look back and be grateful that you did.
Be very blessed!
P.S. Interested in getting a life insurance policy? Want to start investing for your long term goals? Do you want to know the options for growing your money? Email me at financialplanningforpinoys@gmail.com.
