*Disclaimer: I am not a financial consultant nor an insurance expert. This is not a sponsored post too, I just wanted to blog my thoughts and experience in getting insurance for our family*
When I was thinking about our financial goals for this year, one of the priorities I’ve set is increasing our insurance. Being the paranoid mother that I am, I always worry about my children and our family not being insured enough. This paranoia is partially triggered by posts I see in social media about crowd-sourcing for medical funding; especially those posts of precious little kids needing a huge amount to foot their increasing hospital bills or fund their surgery. Aside from that, I felt that this is the best time for us to increase our VUL (variable universal life insurance) investment since both Michael and I want to get the college girls’ education covered.
We decided to get Michael another policy with critical illness rider. I already have myself covered and I thought that it’s high time that Michael gets one for himself. Both of us have already variable life insurance but his doesn’t have the critical illness coverage. We considered getting from Sunlife again but we also wanted to see what other insurance providers can offer. My sister introduced us to James Peralta from Manulife Philippines, who was her agent/financial planner when she had herself insured. James provided us with different proposals and he was very patient with all of the questions we have. He addressed all of my questions and concerns (from how to claim, how to pay, etc.) explained the products clearly and provided excellent advise without being too pushy (this is very important to us!).
I compared all the proposals he gave with my current insurance policy and studied which one suits our goals and needs. It took us more than a month to finally decide since we wanted to make sure first how much of our monthly income we can invest. James gently followed up with me, again without being pesky or overly persistent! I’m really glad that we got to know him and let him handle our insurance.
We eventually decided to get a product that suited us. I really felt it was a good decision and Michael and I are both happy that we invested in this product. It was also a bonus that Michael got a MISFIT fitness tracker! Super nice and I wanted one for myself too. The tracker was delivered to him and he had to enroll to the MOVE program – this means if he reached a certain average steps he could get as much as 10% discount on next year’s premium. Will save us as much as 5K! This is enough motivation for Michael to up his game – and get moving. Ang galing! 🙂
Here are some tips in “shopping” for insurance
- Set your goal and budget – You need to determine how much you are willing and able to invest. It’s also best that you have a goal for this investment (think retirement, college education, vacation fund, etc).
- Research – It pays to research. Read books, blogs, articles online. There are a lot of information available online so be sure to read about the product or the insurance company first.
- Do not “copy” – Just because someone got this particular product, you’ll get the same! The product you should get must suit your risk appetite, needs and goals.
- Choose an agent you are comfortable with- Very important!
- Do not be shy to ask! Ask, ask, ask. The more you know, the more you’ll be able to get the right product for you. Plus you would be more comfortable in investing your hard-earned money since all your doubts will be answered.
I am really an advocate of insurance – I especially encourage parents like myself to get insured. I hope more parents (and those with dependents) consider getting insurance for their family’s sake. It’s something you think you didn’t need until you REALLY need it.
If you want to get started, you can speak with our Manulife Financial Planner:
James Peralta Jr.
James is very nice, he’s very easy to speak with, so please do not hesitate to contact him for your insurance concerns!
We also recently got the kids Sunlife PH’s Fit and Well plan for the kids. it’s an insurance with medical and critical illness for the kids. Based on my research, only Sunlife offers this type of product (critical illness coverage for kids) here in the Philippines (I’ve inquired at BPI Philam and Manulife only- there may be others though). I will blog this separately. Keep posted!