4 Essential Insurance Products that you need right now.
By: Geno B. Manihilot
October 27, 2020
Buying an insurance policy for yourself can sometimes be confusing, Nowadays we see a lot of insurance products in the market that offer comprehensive coverage at a very competitive price.
But what exactly are the essential insurance products that we really need? Life insurance? Well what kind of life insurance exactly and is it enough to just get a life insurance policy?
Here is my take on what I believe are 4 essential insurance products that you need to have right now.
This is the most popular insurance line but also the most important one, as it covers human life. In fact, there are a lot of life insurance products you can choose from depending on your budget and needs. From Traditional life to a VUL insurance. The greatest benefit that we can also get from this insurance product is that it entitles you to leave something behind for your loved ones; This is especially important if you have a family that is dependent on your salary to pay the bills.
Due to the rising cost of hospitalization and healthcare, Statistically speaking we are just one illness away from being bankrupt. In the Philippines, the cost of hospitalization is so high that for some, it equates to a month's worth of salary. And those reasons alone should be enough for you to get a health insurance policy.
For some employers, health insurance is a company benefit that their employees enjoy. But not all companies offer this. So If you don't have health insurance through an employer, what you can do is to check for affordable health insurance and purchase it yourself. There are a lot of health insurance products that you can choose from that can be tailor fit to your needs but at the same time very affordable.
As the saying goes, “No one knows for sure what the future holds” What we can do is to prepare for it. Same can be related to Accident insurance, with this type of insurance you get to have coverage for, out-of-pocket medical and non-medical costs from an accident or injury. Accident insurance provides lump-sum cash benefits that are paid directly to you, and not the doctors and hospitals, on an indemnity basis. There are also a lot of accident insurance products that you can choose from. One of which is the family accident insurance, it is a comprehensive accident insurance with medical reimbursements for sickness and accidents as well as hospitalization benefits.
COVID -19 active cases are still on the rise, with this, we need to also prepare and get the correct insurance coverage to make sure that we are financially protected against this pandemic.
Here’s the best COVID-19 insurance products that you can get:
1. Insular and Philcare ER cards - These emergency cards can be activated and used when you have a medical emergency which includes COVID-19 related emergencies for confirmed and suspected cases.
2. Medicash Dengue and Leptospirosis Insurance - when you get both insurance coverage you are entitled for a free 3 month ICU coverage worth 10,000 Php for COVID-19 CONFIRMED CASES
3. GIBCO LIFECARD+ - Get an affordable life insurance policy that covers all kinds of death including death due to COVID-19. You can get this insurance for as low as 129.00 Php
4. PNB Allianz Well - For those who are looking to supplement their HMO plans, then this insurance product is for you. Get 100 million coverage for hospital confinement which includes both inpatient and outpatient care, treatment against dreaded diseases including cancer and dialysis and many more. COVID-19 is also included for suspected and confirmed cases.
To know more about these products, feel free to sign up so that we can discuss your options.