For most people, the word insurance is synonymous with a
lifesaver. When life turns upside down like a roller coaster,
insurance serves as a safety net to prevent repercussions such
as financial burden, emotional distress, and even serious ones
like loss of a life.
It’s true that having an insurance in these crazy times is
the smartest decision. Having an insurance is more than just a
financial decision—it's a necessity. However, some Filipinos
think twice when it comes to getting an insurance either due to
misconceptions or lack of knowledge about its benefits. In this
article, we’ve got you covered on some of the most important
things you need to know about insurance, and why it is crucial
to get one today.
What is an insurance and why should you care
An insurance serves as a financial support for Filipino families
as it provides assurance in the event of the policyholder's
untimely death. As time passed, insurance has evolved to cover a
variety of life’s unpleasant events. From covering medical
expenses due to a chronic illness, growing your money through
investment, or adding savings for your retirement, an insurance
provides the most economical method of achieving financial
security especially during life’s emergencies.
Invested already? Here’s where you can get started
Before you start calling your preferred insurance provider, know
what you need first. Do you want to safeguard your health, your
life, your property, or even your latest gadget? Different kinds
of insurance cater to different needs. Health insurance covers
medical expenses, life insurance gives financial assistance for
your loved ones, and gadget insurance, such as Home Credit
Device Protection, protects your valuable purchases such as
phone in case of damage. Before you start applying for an
insurance, consider your lifestyle and priorities.
Your Do’s and Don’ts when getting an insurance
**Do: Consider your budget**
An insurance is an investment in your future, but that
doesn’t mean it should break your bank. It’s important to find a
policy that provides the coverage you need without adding
financial burden on your end. Home Credit Protect, for example,
offer flexible payment plans for various needs that offer the
flexibility and protection without sacrificing your other
financial goals. When getting an insurance, always find the
right balance between coverage and affordability.
**Do: Review your insurance policy carefully**
Before signing anything and starting your insurance
journey, make sure you understand exactly all the benefits of
your insurance plan. Coverage limits, exclusions, special
conditions, and claim procedures are all outlined in the policy
section. If you skip to the signing part without understanding
the policy, you might encounter an issue in the future.
**Don’t: Forget to Ask Questions**
We’re all beginners at some point and in this phase called
adulting, it’s important to ask all the relevant questions you
need to know about insurance. A simple trick is that if
something isn’t clear, ask! Whether you haven’t fully understood
the coverage limits, or claiming process, make sure you ask all
of these to your trusted financial provider. Good insurance
providers, like Home Credit, will be happy to help you
understand everything so you can make the best decision for your
future.
When you think about the future, security and convenience
should always be top priority. While having an insurance won’t
guarantee you a stress-free life, it is an essential supplement
to secure yourself and your loved ones in times of
uncertainties. Remember, insurance isn’t just about paying for
something you don’t want to use ever—it’s about attaining peace
of mind.