8 Tips for Finding Affordable Life Insurance in the Philippines

Introduction

Finding affordable life insurance is important for ensuring that your beneficiaries are protected without overburdening your budget. Here are eight tips for you to land on cost-effective life insurance coverage in the Philippines, gathering insights from Wealth Arki and Ready To Be Rich YouTube channels.

Determine Your Insurance Needs.

Before you start shopping for life insurance, assess your coverage needs based on economic obligations you owe to others, living expenses, and even future goals, like education cost for your children. It is only when you know the exact amount of coverage you need that you can safeguard against over-insuring, which any time is money. Wealth Arki advises taking thorough needs analysis to determine the amount of cover that would be appropriate.

Opt for Term Insurance

The concept of term life insurance is pure, unlike whole or universal insurance, and is hence a lot cheaper. It is because it offers coverage for a given period as opposed to covering your entire lifetime. This makes it financially possible and favorable, especially for the average breadwinner. Ready To Be Rich says that term life insurance can offer huge coverage for a small fraction vis-à-vis what the same amount would cost under a permanent policy.

Compare Quotes

Shop around and obtain quotes from several insurance companies to get the best prices. Using online comparison tools or working with an independent insurance broker might be the best strategies to win yourself a variety of quotes, thus allowing you valuable time to make a comparison of the best coverage against the most affordable policies. It would be best.

Wealth Arki advises setting time aside to research and compare policies so you get the best deal.

Prepare to Undergo a Medical Exam

Some insurance policies that do not require a medical exam, such as simplified issue policies, tend to be on the higher side in premiums since the insurer takes a higher risk in insuring the client. If you are healthy, getting a policy that requires a medical exam may translate into lower premiums. Ready To Be Rich cites that consider a medical exam that can reduce your costs on insurance is a plus.

Find Group Life Insurance

Group life insurance is a benefit that many employers provide. It’s typically cheaper than individual policies because the risk is spread among many people. If your employer offers it, take advantage of group life insurance for cheaper coverage. Wealth Arki states that it’s important to check the extent of the coverage, and if it doesn’t fulfill the requirements, consider supplementary individual policies.

Carefully Review Policy Riders

Riders add benefits to your policy, such as critical illness or accidental death. But they also come at an added cost to your premium. Make sure to review and decide if you really need such a rider to dovetail with your financial goals. Ready To Be Rich advises that while some riders are helpful, there may be others you don’t actually need and you can exclude from your policy to keep your costs down.

Stay Healthy

Your physical state greatly affects how high or low your insurance premiums will be. Staying healthy can greatly lower the risk of you facing various types of illnesses, as well as tragic accidents. The ways insurers gauge your health are usually through medical exams and health questionnaires. None of these tests reveals something the other doesn’t. Wealth Arki points out long-term savings through a healthy lifestyle.

Pay Annually

Paying your insurance premiums annually instead of monthly is often cheaper. Insurers may provide a discount for an annual mode because it reduces their office costs. Ready To Be Rich suggests inquiring with your life insurance provider if they offer discounts for a once-a-year payment, and try this if it still falls within your budget.

Final Thoughts

Wealth Arki and Ready To Be Rich gave insights into finding affordable life insurance in the Philippines. By evaluating coverage needs, choosing term life insurance, requesting and comparing quotes, considering a medical exam, looking for group life insurance options, checking policy riders, living a healthy lifestyle, and opting to pay annually, you will be secure with a low rate of coverage for your family. The use of insight from Wealth Arki and Ready To Be Rich will to a greater extent help one make informed decisions to secure the financial lives of their family members.

A multi-award-winning blogger and advocate for OFWs and investment literacy; recipient of the Mass Media Advocacy Award, Philippine Expat Blog Award, and Most Outstanding Balikbayan Award. Her first book, The Global Filipino Bloggers OFW Edition, was launched at the Philippine Embassy in Kuwait. A certified Registered Financial Planner of the Philippines specializing in the Stock Market. A recognized author of the National Book Development Board of the Philippines. Co-founder of Teachers Specialist Organization in Kuwait (TSOK) and Filipino Bloggers in Kuwait (FBK). An international member of writing and poetry. Published more than 10 books.  Read more: About DiaryNiGracia