In these challenging and unpredictable times, it is more important than ever to protect everything that is of value to us.
Fortunately, Filipinos have become more mindful in planning for both their short-term and long-term financial goals, and investing in what matters most, which includes insurance. A survey of insurance outlook among Filipino adults published by Statista.com in 2021, showed that 91% of respondents recognized the importance of insurance and 86% planned to buy new and additional insurance in the coming year. Data from the Insurance Commission supports that shift in mindset with a recorded steady increase in average individual insurance spending since 2021. In the third quarter of 2022, the average spending of an individual on insurance jumped by almost 50% to P2,525 from P1,704 for the same period in 2021.
Taking out an insurance can stop adversity from snowballing into unrecoverable financial ruin. Consulting a financial expert to guide you on the best insurance to invest in is highly recommended based on some general principles:
The ultimate goal of getting an insurance is to protect what you value. It should have sufficient coverage to sustain the quality of life after a loved one’s passing and to protect those left behind from crippling financial loss.
While life and health are top priorities, it is equally important to insure our hard-earned assets such as our homes, businesses, vehicles, and travels.
Getting insurance while you are still young allows for a more affordable premium and most optimal coverage.
Getting your insurance only from licensed financial experts who could give you the best advise on which policy is best for you.
As we go through life, our realities change and so do the things that matter to us the most. Therefore, a regular re-assessment of our financial needs must be done.
Lastly, it is important to trust an insurance company who will be your partner in every step of your life journey. AXA Philippines, a globally recognized insurance brand borne out of the joint-venture partnership between Paris-based AXA Group, Metrobank, and GT Capital, is now the only insurer you need to remember for your life and non-life insurance needs. With the completion of its merger with its former general insurance subsidiary Charter Ping An, AXA Philippines has become one of the biggest insurance companies in the country to be able to offer all kinds of insurance products under one roof: from life insurance, savings and investments, health plans, to car, home, and business insurance, among many others.
For everything that matters most to you, AXA Philippines has it covered. To learn more, go to https://www.axa.com.ph/.
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