In my old article I've discussed about what made me decide to get a Life Insurance. I've also shared about the Investment that's included in the Insurance Policy that I've availed. You may check it if you haven't read it yet, tho it's not necessary coz you will still be able to understand my article today since they are not totally connected.
Normally in the family, there are not much expectation from the youngest when it comes to financial support. It's always the burden or responsibility rather by the eldest to help in providing the needs of the family, specifically if the parents are no longer working. In my case, I am the youngest but my elder sister and I are helping each other to sustain our daily living expenses. My 2 eldest brother are not living with us for years now, one has his own family and the other decided to live in our province, while my Dad doesn't have a job anymore.
My sister and I now hold the responsibility to provide for the 3 of us. As we started to work years before, our combined salary was not that much. It would only suffice for our food, transpo, utility and rent expenses. As the time our income increased, our expenses as well increased coz we decided to purchase a pre-selling condo unit. We've experienced different financial difficulties because of some unexpected situations and also because we'd lack of financial planning.
Experiencing challenges and difficulties back then had made me better. It made me realized the importance of financial preparedness. I wanted to be and my family financially prepared when something unexpected happens again.
At the time that I got my Insurance and Investment Policy, I told about it to my sister. I shared and discussed to her what I've learned and realized that made me apply for an Insurance. I also convinced her to get one someday. I feel that she's trying to comprehend everything but she cannot totally absorb what I've said because she's not yet interested. We have are own personal expenses, She paid her own bills and I paid mine. I completely understand the situation that as of the moment she can't afford to have an another expense.
Year 2018 when I got my Insurance and Investment Policy. I always remind my sister to get her own too whenever I got the chance or whenever I remember it. I always told her that we are not getting any younger and we will not be forever healthy, but she still not ready yet.
Last year, she resigned and applied for a new job. Gladly, she was able to get a better career and opportunity. She's receiving more benefits and compensation. Before she turned 31 y/o last November 2021, I asked her again to consider getting an Insurance Policy. She seems to be interested compare from few years ago. I told her that I'll contact my Financial Advisor whenever she decided already.
Few weeks ago, I asked my sister once again. Finally, she's now ready to get an Insurance and Investment Policy. I immediately contacted my FA, then he send me a Sample Policy Proposal based on the amount of premium my sister can pay. I have some knowledge and understanding of the Investment and Insurance Policy so I discussed to my sister all the things that I knew, so whatever question she has she can ask it during the zoom meeting with the Financial Advisor.
My FA scheduled a zoom meeting, I am also present during the meeting so I can also learn something new. I takes us almost 2 hours, but it's worthy and informative presentation. The FA really helps my sister to utilize her premium payments. My sister's policy is now approved and she started paying the 1st 3 months premium payments. She opted to a quarterly payment of P9k (P36K annually that is equivalent to 700$ per year). Her premium payment is higher than mine because it cover much benefits. But you know what, if you are the same age of my sister you can get a basic Life Insurance for P19k only per year and that will be P1.5k (29.20$)per month. If you are a bit younger you can avail at much lower cost. Honestly, her policy is more better than mine, it covers alot of benefits and investment is included as well. I am planning to avail an additional policy once I'll have a regular job again.
I am happy that I was able to help my sister to be prepared financially. She'll now have an investment that she can use for her future, whether it's for retirement or for other purpose and a Health and Life Insurance on top of that. Life is short, we will never know what will happen tomorrow so we should always be ready at all times. The older we get the higher the Insurance Premium Payment is, so if you have the means to get an Insurance, do it now. Like what the Financial Advisor usually say, the best time to get an Insurance is Now.