Managing Life’s Milestones with Insurance

Financial issues are a reality in every Filipino household. Our desire to give back and provide a comfortable life to our loved ones has always been a struggle. It is just not in our nature to work only for oneself. This can be traced back to our family-oriented nature and our close family ties. Such traditional values create a sense of filial duty among breadwinners to provide for their families. Unlike in other countries where a person can choose to live away from his family upon turning 18, extremely close Filipino family relationships tend to remain intact for most of their lives.

On one hand, such family-oriented natures can serve as motivation for one to work really hard and go to great lengths to earn enough money to cover their family’s needs; on the other hand, letting oneself put the needs of everyone else before their own can be draining. This is not to say that we should just abandon familial responsibilities entirely. but we have to recognize the fact that some Filipinos end up spreading themselves too thin trying to provide for everyone. We do have our own personal aspirations as well, but how are you going to balance between your own needs and your responsibilities?

Giving back and providing for loved ones is admirable, but without proper planning and a sound strategy, defeat is a certainty. Fortunately, many financial experts have a sound game plan, and it is not impossible for breadwinners to be financially independent. In fact, if you tread carefully and take advantage of every life stage and milestone, success will surely come.

There is no better feeling than landing your first job right after graduation. At this stage in life, you are ecstatic and are still relatively carefree. You are starting to experience earning money on your own and you’re probably enjoying the fact that you can now buy things you normally couldn’t afford. This is normal. It’s only natural for you to enjoy the fruits of your hard work. It’s also normal to give yourself a treat from time to time. However, it is also good to start saving on the side.

Most young professionals at this stage do not really see the importance of buying an insurance plan or saving in general. They fall into the trap of thinking that it’s too early or that they still have so much time in the future. However, the thing about delaying savings is that financial emergencies don’t come with a warning. You just wake up one day and realize that you don’t have that much time anymore. Either you’re suddenly faced with a financial emergency or you become entangled with some unexpected expense.

Don’t fall into a false sense of security. Getting insurance should not be seen as limiting your spending power. Insurance should be seen as having a sense of security. Not only are you saving a portion of your salary, you are also getting added protection benefits. The earlier you start saving, the better for you.

At this life stage, it is best that you get limited pay life plans. Limited pay life plans allow you to get lifetime protection that is payable for a limited time only. In this way, you can expect your savings to accumulate in a set number of years as indicated by the policy. If you get a 5-year plan, you can expect to get your accumulated savings after 5 years. This is great especially if you have something in mind in 5 years’ time like a car or a small business.

Owning a business is a dream that most people have. With the influx of information on the internet on how to become an entrepreneur, many are set on building a business someday. Whether as a full-time or a side business, if done correctly, having a business can provide a solid source of income. Besides, it is common knowledge that you can no longer depend on a single source of income.

While this is common knowledge, building a business is not a walk in the park. It takes a lot of time, commitment, dedication, and resources to get it started. You might even have to go through days, months, or even years before you can make a nice and consistent profit. It will also take a certain degree of discipline for business owners to keep money from the business as reinvestment.

So, to make money from all your hard work is a milestone. At this stage, when you are making extra profit, it is only fitting that you start securing your financial status and business. What can help you is a sophisticated investment plan that can help you grow your money faster. This is important because, based on experience, unexpected events can greatly affect the health and stability of any business. However, an investment plan can give you and your business an extended financial safety net to help you hold out in such a crisis. Investment plans can give you access to potential dividends, savings, or insurance policy loans.

Nothing can make a heart feel more whole than having a family of your own. Everyone must have dreamed about this, but what they don’t think about is the part where they pay the bills, do the groceries, do the laundry, buy milk and diapers, and pay for tuition fees.

Every parent has gone through the experience of trying to meet the demands of a growing family. However, the pain of financial stress cannot be compared to the pain of having the family bread winner pass away. With that in mind, your family will most certainly benefit from a whole life insurance plan and an educational plan. A whole life insurance plan secures the future of the policy owner’s family in case of his or her accidental death while an educational plan secures your child’s future through an educational fund.

Premier Life is the best choice in ensuring your family's future. Click here for more information.

Likewise, Achievers is an insurance plan that can help your child achieve everything he can imagine. More details here.

At last, you can retire, and you now have time to relax and enjoy a break from the stress of work. But will your savings be enough?

They say that one of the biggest decisions you will make is when to retire; however, the second biggest question is how much money you’ll need to live comfortably for the rest of your life. Retirement will either be drinking fine drinks under a tree by the beach or blatantly depending on your family. You wouldn’t want it to be the latter, would you? Given these two scenarios, it is only safe to assume that retirement is something you plan for. If you’re expecting to receive a lump sum from your company, you should know how to spend it wisely and carefully. If you aren’t receiving any lump sum, you should have a different plan in place years prior to your retirement.

Investing in a unit-linked insurance plan can be the best for you. Unit-linked investment plans offer protection and a savings plan as well as investment options that offer potential yields. Meanwhile, if you’re receiving a lump sum, an endowment participating plan will be most useful. Endowment plans enable you to get the protection you need and allow you to receive maturity benefits when you outlive the plan.

Intensify! is an endowment participating plan with dynamic guaranteed cash payout. Learn more here.

No matter what stage in life you are in or no matter what milestone you are chasing, you’re always just a step away from securing your life and finances. If you’re feeling stuck, please be reminded that there’s always a way out and that you don’t have to compromise. You can help your family and still be able to meet your own personal needs.

If you're wondering which product is best for you, you may check out Allianz PNB Life's Financial Needs Analyzer here.