There are a variety of reasons why Filipinos choose not to get insurance. Many think that insurance is a luxury that they do not need. There are a lot of Filipino families that choose not to get insured because they think that they are not going to be able to benefit from the insurance policy in the long run anyway. 

This is a mentality that has to change. However, before any sort of change can be brought about, we have to first look at the reasons why many Filipinos opt not to get any type of insurance.

Why don’t Filipinos get insurance?

Filipino culture.

Many parts of the Filipino culture contribute to why many people opt out of getting an insurance policy. The Filipino culture includes habits like being carefree, happy-go-lucky and the dreaded mañana habit. These all contribute to why many Filipinos are still uninsured even if it is the year 2019 already. 

Many people put getting insurance off until tomorrow, many totally forget about it because they have been procrastinating about it for too long. Others think that their problems are too petty and small to be solved by life insurance. Many have the “YOLO” or You Only Live Once mentality and choose to spend their money elsewhere.

People do not understand what insurance can do for them.

Sadly, many are still ignorant about the benefits of insurance. Many do not know that insurance can act as a savings account and can help families accumulate savings. Many others have heard many bad stories about past incidents with insurance companies, many of which are only isolated cases. They do not take the time to get to know what insurance can do for them, and only dwell on the negative things they hear. 

They think it is an expensive thing they don’t need.

Many Filipinos think that they can save money by not investing in life insruance. They have the mentality that they can just use their savings when they encounter emergencies. However, the sad part is that these people never realize that their savings are not enough to cover all the emergency expenses a family can incur.

Why Filipinos should be encouraged to get insurance

People are not getting any younger.

As people get older, they may lose their chance to get insurance. Some insurance companies do not approve policies for people who are over 60 years old. Others may be stricter when the person has been diagnosed with a chronic illness. Either way, if a person waits too long before deciding to get a life and health insurance policy, they may lose their chance of getting one.

Insurance can play a big part in attaining financial freedom.

Many people do not realize that they will be able to do so much more with an insurance policy. It can act as a savings account, retirement fund, education fund for your children, a medical emergency fund and so much more. Many do not know about all of these cash benefits that can be added to their insurance policy.

It is not expensive, and it can go a long way.

Many people do not know that the price of an insurance policy can be customized into an amount that a person can afford. The insurance agent or broker and the client will sit down and discuss how much the policy should be worth, and how much premiums will be required. Also, they will see which riders will be included in the policy. The price can be adjusted accordingly, the insurance broker will make sure that the client is amenable with the price.

Now that you know how much insurance policy can help you, invest in policy today!

You may have heard of endowment plans, but then again, you may have not. This article will talk about endowment plans, their advantages and how can you can create a good investment in your plan. 

What is an endowment plan?

An endowment plan is a type of insurance product that combines life insurance with a savings plan. 

It can also be a combination of a life insurance plan and an educational plan. After the fall of a major college plan provider a few decades ago, many people are skeptical when it comes to an educational plan. However, many benefits come with an endowment plan.

How a good investment can be made with an endowment plan

The idea of an endowment plan is to be able to leave a substantial amount of money to the people that a policyholder will leave behind when they pass away (or in some cases, when the plan reaches maturity). The benefits that the family will receive are the death benefit and the savings that have been accumulated in the years that the policy has been active. These are the cash benefits that can be received by a family with an endowment plan.

Endowment plans are designed to act like a savings plan. The best thing for a policyholder to do would be to concentrate on making their savings bigger. Although the amount in premiums will be a price that would be agreed upon beforehand by the agent and the policyholder, it is always possible to top-up and pays an amount that is bigger than the premium when the budget constraints allow it. By doing this, the amount for the savings being accumulated in the policy will get bigger and bigger.

Some endowment plans also allow for the coverage of critical illness. If the endowment plan will pay for the expenses during the events of illness, there will be some leeway left in the budget to put something extra into the savings portion of your endowment plan.

Things to consider when taking out an endowment plan

Consider the maturity date

When you will take out an endowment plan, you have to talk to your agent about what type if maturity the plan has. Will the policyholder has to pass away, or will the policy already be considered mature after several years? You will have to be wary of this bit of information if you want to know when your beneficiaries will have access to the money in the policy. There is a chance that you may still benefit from the cash yourself if the maturity date is after 15 years and you will still be alive by then.

Look into the riders you can add to the plan

Many riders can be added to an endowment plan. The agent will be able to advise you on the riders that can be availed of, such as a critical illness or education cash benefit rider. Decide what types of riders you will add to your plan depending on the needs of your family.

Thinking of getting an endowment plan?

This is a good way to make your family ready to face whatever tragedies and emergencies that life may throw at them. Getting an endowment plan makes you have peace of mind and be flexible about finances and your budget. Knowing that you have money saved up will give you the freedom to live your life as you please because no matter what happens, your plan will have you covered. Talk to an insurance agent today and find out what an endowment plan can do for you and your family!

When you are in the market to buy a life insurance policy, there are certain things that you need to look for before settling on a specific policy and putting down the first payment. Getting the most for your money is essential to investing in a life insurance policy. This article will teach you about the six most important things to look for in a good life insurance policy.

What are the things you need to look for in a life insurance policy?

There are certain things that you need to look for when you buy a life insurance policy. To make sure that you get your money’s worth, you have to make sure that your policy has these six aspects to them. We have made a list to make it less confusing for you.

Payout.

One of the most important things you need to check before you invest in a life insurance policy would be the payout. Before actually investing, you have to make sure that you can negotiate with your insurance agent about the payout. In most cases, you can be able to get payouts after around five to 10 years, but you can verify this information with your agent.

Affordable.

Check that you will be able to maintain paying your premiums over some time. The price that you will be paying should be an amount you will be ready to part with for around five to 10 years. Some people are only able to pay for the first few months of premiums and then end up having their policies lapse because they are unable to maintain paying the amount they originally agreed upon. 

The fine print.

You have to make sure that you read the specifics of your policy. Make sure that everything you and your agent agreed on will be in the fine print of the policy. 

Auto-debit payments.

Most insurance companies offer an auto-debit payment option. You can have the convenience of the amount being taken out of your account automatically. Since the amount of your premium will not change, it is alright that you have the money debited from your bank account instead of you having to fall in line at the bank or payment center.

Riders.

Many riders can be added to life insurance policies. These can make your policies more personalized. The ability for you to customize your plan is something that not all insurance providers offer. Some offer more insurance products, and this is something you should look into before you invest in your life insurance plan.

Benefits.

Also, check what kind of benefits your insurance plan can offer you and your family in the long run. Does the insurance company offer health care coverage on top of your life insurance package? What other addons and benefits can you get from your insurance package? Make sure to verify this with your insurance agent.

Final thoughts

If you are looking to buy your first insurance package, try to check what type of plan or set of products that your insurance provider offers and make sure that you choose the right products for you and your family. The insurance benefit you invest in should be tailored-fit to your family’s needs. 

Your policy for life insurance should be able to protect you and your family from a financial crisis. You will be able to have peace of mind if you invest in an insurance policy. Checking with your agent and getting the most out of your policy will make sure that this goal is reached. Do your research and invest in a life insurance policy today!

Financial problems in the Philippines

The economy of the country has come a long way in the past 50 years. However, it still has a long way to go. 

• People do not know how to invest their money.

Many people have the notion that only the extremely rich part of the population can make investments and gain passive income. This is a wrong notion that needs to be changed. There are many ways by which people can invest their money wisely and expect passive income in return.

• Most people have a job but no savings.

Although many people have stable jobs, not contractual ones, and yet there are still many people who do not have any savings. It may be because of all the ways people can spend their money nowadays, or because it is so easy for people to shop online, but many people have a very difficult time accumulating savings.

• People are not financially ready for emergencies.

Because most people do not have savings, it makes it very difficult for them to be ready for emergencies. Many people have a small amount of money set aside as savings. However, this money will be drained, most of the time, when a financial need will occur. This is often just a cycle that happens, over and over again. 

A life insurance policy can be a solution to all these problems.

In more ways than one, a life insurance policy can be the answer to many financial problems. 

A life insurance policy can act as an investment.

Depending on how you build your life insurance policy, you can already include an investment side to your policy. How does it work, you ask? Part of the premium payment you make will go toward being invested in the stock market. Experts in the stock market who are affiliated with the insurance company will make sure that your money is properly invested in such a way that when you look at your accumulated funds after only a few short years, the amount will have multiplied exponentially. The investment that is made through a life insurance policy is very low-risk because the return on investment is almost 100% sure to return.

It can also act as a savings account.

If you are having a difficult time saving, getting a life insurance policy can help you. A portion of the premiums you pay will be set aside in various cash benefits that you choose to include in your policy. You can borrow against these cash benefits in case you need extra cash. Just like a savings account in a bank, the money that is accumulated in these cash benefits is yours. You can choose how and what you spend it on.

You and your family can be prepared for any financial emergency.

In case you and your family encounter any financial emergencies, your life insurance policy will be there to break your fall. You can include an education fund for your children, a retirement fund for when you’re old and all sorts of other funds that can be used for a specific event in your life. Even for unforeseen emergencies, life insurance can be the buffer system you need to be ready for any financial situations you might encounter.

Getting a life insurance policy in the Philippines is not difficult. It will benefit you and your family in more ways than one. Get insured today and face any financial situations with your head held high!

Are you looking to invest in a life insurance policy? Many insurance companies can help you out with what you need. Life insurance is a way for you and your family to be ready for any financial emergencies that are thrown your way. 

Manila Bankers Life Insurance Corporation is a company that offers quality life insurance products that are customizable depending on the needs and preferences of their clients. They have many products and riders that can customize the policy you invest in, making sure that you only pay for what you need. Nothing more, nothing less.

Where can we find an office of Manila Bankers Life?

Manila Bankers Life or MBLIFE’s main headquarters is located in 11/F VGP Center, 6772 Ayala Avenue, Makati City. They have made sure that they have branches that are located in each group of islands in the Philippines, to make sure every Filipino has access to a satellite office they can visit in case they have inquiries.

The contact details of the main office of Manila Bankers Life are listed below:

Trunklines: (632) 8810-1072 / 8810-1040 / 8810-1051 / 8815-1004
Facsimile: (632) 8813-3647
Business Hours: 8:00 am to 5:00 pm
Email: customercare@manilabankerslife.com

Here are the offices that are outside of Makati, along with the person in charge of that specific location:

• Lucky China Town, Binondo, Manila
• Look for: Annie Galin
• Units CS3057 – CS3059, Lucky Chinatown Annex B, Calle Felipe II corner La Chambre St, Brgy. 23, Zone 28, Binondo, Manila
• Contact No: 8230-3396
  • Business Hours: 9:00am – 7:00pm

• Robinsons Galleria Mall
• Look for: Michael Angelo Oseta
• Lower Level – 00185 Robinsons Galleria, Edsa corner Ortigas Avenue, Quezon City
• Contact No: 8521-1290
  • Business Hours: 9:00am – 9:00pm

• The Linden Suites, Pasig City
• Look for: Jessie Dan
• Unit 503 The Linden Suites, 37 Sn Miguel Avenue, Ortigas Center, Pasig City
• Contact No: 8634-9483
  • Business Hours: 10:00am – 7:00pm

Outside of Metro Manila, they also have these locations:

• Cagayan De Oro City
• Look for: Kathy L. Nunag
• 3rd Floor, Grand Central Building, Hayes Street, Barangay 4, Cagayan de Oro City
• Contact No: (088) 858-0911
  • Business Hours: 9:00am – 6:00pm

• Cebu City
• Look for: Maria Lenelyn Carcueva
• Unit 601, 6th-floor JESSA IT Center, No. 90 Gen. Maxilom Ave, Cebu City
• Contact No: (032) 254-7750
  • Business Hours: 9:00am – 6:00pm

• SM City, Bacolod City
• Look for: Crystal Mae De Lima
• Ex 230 SM City Bacolod Reclamation Area, Barangay Poblacion, Bacolod City
• Contact No: (034) 342-3722
  • Business Hours: 10:00am – 9:00pm

• SM Dasma, Cavite
• Look for: Joyce Ann Nina Paga
• CP049, Lower Ground Floor, SM Dasmarinas, Cavite
• Contact No: (046) 416-5012
  • Business Hours: 10:00am – 9:00pm

What if I do not live near these locations?

If you do not have a branch that is convenient for you to visit, it is still possible to apply for an insurance policy with Manila Bankers Life online. You can visit epolicy.ph and apply for an online insurance policy. You can apply for your policy, pay for it and be insured in under 10 minutes! 

If you need to speak to a specialist that is associated with Manila Bankers Life, you can use the contact information listed above to send an email or call the numbers to speak to a live person. The specialists who work at Manila Bankers Life are more than happy to assist you and answer your questions about life insurance and the company.

Who is the Manila Bankers Life Insurance Corporation?

Before we go into the nitty-gritty of which policy would work best for what you need, you have to get to know the company that provides the products.

Manila Bankers Life Insurance Corporation has been providing quality life insurance products since the 1960s. They strive to provide great insurance products that cater to all the needs of clients, whether they be individuals or large groups. Manila Bankers Life is also known as MBLIFE insurance, and they have consistently been ranked in the top ten best insurance providers in the past years. 

What are the different MBLIFE products and how can they be useful for you?

Money Saver.

This type of insurance is meant to be used as a way for a client and their family to save money. Various cash benefits can be included as riders in this insurance package and the client can borrow against these cash benefits whenever they need extra cash.

Life Shield.

As the name of this policy implies, this would protect a client’s life by providing products such as a cash benefit for accident or disability, increased life protection, compensation in case of loss of income because of hospital confinement. MGLIFE understands that these things do happen, and they want to provide client protection when they do.

MPower.

This type of product can put a simple life insurance package to shame. MBLIFE clients who invest in this type of policy will have the standard death benefit, but will also have some added riders and benefits such as an After Life Pension that will provide income to the family of the policyholder even after they pass away.

MB Life Plan.

This is the life plan that is offered by MBLIFE. This policy has everything to make sure that the family of the policyholder does not go bankrupt just because of the final expenses when the policyholder passes away.

Personal Accident Insurance.

Accident insurance offered by MBLIFE is a yearly renewable policy that includes a death benefit in case of accidental death. The benefit starts at 20,000 pesos and can become higher depending on the need of the policyholder. 

Group Life and Health Insurance.

This type of policy is meant for companies that are looking for a way to provide life and health insurance for their employees. This is a very effective way for an employer to show their employees that they are valued.

Creditors Life Insurance and Micro-Insurance

This is a type of insurance that a person who is into the lending business can get to safeguard the agreement between debtor and creditor. We have to be realistic and know that not every debt is paid right away. This type of insurance will make sure that the investment of a debtor in this kind of industry is not wasted.

Taking out an insurance policy is more than just a death benefit. Manila Bankers Like Insurance Corporation wants to help everyone get insured. They have customizable insurance packages that can cater to the needs of both an individual and a company. Get a life or health insurance policy from Manila Bankers Life Insurance Corporation today. Logging on to epolicy.ph can get you an instant DIY policy within minutes.

The management of finances is a big part of successful budgeting. If you are having trouble managing your finances, we have constructed a guide that can help you be more effective at it.

How to successfully manage your finances in 2019

Here are a few tips on how you can make sure you can manage your finances. 

Analyze your financial situation

This means knowing your net worth. This would enable you to know if you would need to gain more funds, if you are doing fine or if you have a lot of extra funds.

To know your financial situation, you list down all your financial assets and liabilities.  Assets are things that have a cash value and would add to your net worth. Liabilities are expenses, bills and anything that would take away from your net worth. Once you come up with your financial situation you will be able to better see how you can manage your finances.

Make a budget and stick to it

A budget is a means to track your income and expenses and how much savings you have at the end of each month. You can also use your budget to set financial goals for yourself. 

Manage your debt

This is something that many Filipinos have a hard time doing. Many people tend to lose track of debt, forgetting that they owe money to a friend, colleague or financial institution. Managing finances would include taking debt into account. Having minimal to no debt would be a positive indication that your financial situation is good.

Find a good place to invest

Investing your money is a crucial part of managing your finances. If you can invest your money successfully, your money will be the one to earn for itself. Meaning, you will be able to see returns of your investment even with minimal effort. Start a small business, invest in stocks and bonds, find a way to make your money work for you, instead of the other way around.

Take out a life insurance policy online

Taking out a life insurance policy is a very effective way to invest your money. It is a good investment for beginners because there is little risk that you will lose money in the process. You can now take out a life insurance policy online.

The website epolicy.ph would have packages for healthcare and life insurance that will help you manage your finances well because you will not go broke trying to stay healthy and during emergencies.  Insurance will help you manage your funds because it will give you the security of knowing that you have money set aside that is outside from your savings account. You can use this money in times of need and when you would need extra money during an emergency.

The best thing about it is, you do not need to wait in line or wait too long to get insured because you can do it online at epolicy.ph!

Plan for your retirement

This is another aspect you need to plan out very well. Now that you are working and have the funds available, you should think about how to save for your retirement. You cannot be relying on your family when you are old. You will need money on your own. Your life insurance can include a benefit for retirement, and you can also take out several bank products for this too.

Managing your finances is easy, as long as you take some time to sit down and think about your financial situation first. IF you see that you would need more funds, stop spending on things you do not need for a while and only focus on needs. When you will have more money to spare, you will thank yourself for having the discipline to resist the temptation for a better financial future.

Millennials are now finding out that “adulting” can sometimes be difficult. Although there would be some millennials, as in any generation that would be flung into their family businesses, not everyone would be lucky enough to be born with a silver spoon in their mouths. This is why investing would be an important tool to use in the quest to getting richer.

Investments that millennials can consider

The millennials generation is a very adventurous one. They would be brave to travel to new places, sometimes alone. They would eat at every new restaurant, trying new fare and not be afraid to spend their money on those gastronomic adventures.

However, when it comes to investing, millennials are sometimes hesitant because they would not know where to put their money. After all, eating at the newest restaurant in town is not so much a financial gamble when it is compared with investing in a business. Here are a few ideas for where millennials to invest their money in.

Take out an insurance policy

It would be wise to get a life insurance policy. This would give you peace of mind to face any kind of emergency that life would throw at you. Your money would be invested well with life insurance because there would be some policies that would include an investment side to them. These would be good investments that would not require any effort from you once you start paying. It would be a good idea to list down the needs of your family before investing in this, so you can customize your policy based on those needs.

Bank Products

Bank products would be savings accounts, checking accounts and time deposit accounts. Even if you have a payroll account with your employer, it would still be wise to open a personal bank account for you to put savings in. Little by little, you will see your account accumulate an amount that will grow over the years if you religiously put money in without taking any out.

Small businesses

If you would be particularly brave about investing your money, a small business would be the right choice for you. Choose something that you like doing and start small. Maybe sell baked goods to friends and family, and then watch as your business will grow. Word of mouth will be the key to having this kind of business grow. More people will hear about your products and buy them if you keep the quality high without raising prices too much at first.

Stocks

Investing in stocks is a good idea, but this would require that you have a little knowledge about this first. It would be a good idea to consult a financial adviser before getting started with this. However, once you get the hang of it, the gains can be substantial, if you are lucky.

Bonds

Bonds would be similar to stocks but would have fewer risks. If you are not ready to invest in stocks, you can choose to invest in bonds instead. 

Real estate

You can also choose to invest in real estate if you have the extra cash to shell out. Buy a property and use it to earn extra cash for you. Rent it out so it can become self-liquidating.

Retirement fund

It would be wise to invest in a retirement fund, no matter how young you are. This fund will provide security for you when you eventually stop working. You can have this added to your insurance policy if you invest in one.

Seminars

It would be a good idea to attend seminars that would be relevant in what type of investment you plan to have. There would be seminars about stocks, bonds, and other types of investments.

Invest in yourself

Go back to school, better your knowledge in your craft, to gain higher chances of getting promoted. Whatever you do, make it worth your time and money.

It does not take so much to invest, it would only require that you know where to put your money, the time to devote to study what you will invest in and also the capital to start. If you have all of these three, consider starting an investment today to earn extra income. You will thank yourself later.

Many people now appreciate the need for life insurance. But then again, a big part of the population would still say they do not need it. Let us answer the question now, once and for all. Why do people need life insurance?

Dependents. If you have a family, the first and most important reason to even consider taking out a life insurance policy would be because of your family. You would want to make sure that you can be able to have something set aside for them, just in case anything were to happen to you.

In case you are no longer able to work, in case of an emergency, in case you would pass away. A life insurance policy would safeguard your family from any financial trouble.

Financial stability. In line with having a savings account for your family, you will also have an investment. For most people in the Philippines, having financial stability is an unrealistic dream for most people. People live from paycheck to paycheck without being able to save or invest anything.

A worker would receive their salary and seemingly in the blink of an eye, the money will have disappeared. Paying a small premium each month for life insurance would be as good as investing. You would be setting that money aside and then in the future, you would be able to reap what you sow.

Medical needs. This is one of the things that makes saving so difficult in the Philippines. Whenever we think we would have some savings leftover in the bank, a medical emergency would arise and that small amount of savings would be depleted, and in some occasions, it would not be enough to cover medical expenses.

Medicines and doctors’ fees alone would set you back thousands of pesos. A life insurance policy would already include a medical benefit. You would be paying a certain amount in premiums per month but then the payouts you would be receiving would be much higher than the premiums you pay. It would be worth every peso invested.

Invest while you have the means. If you are a young adult who earns an income, should start investing in a life insurance policy. It would be easy to allocate around Php3000 to Php4000 every month into your budget, to ensure that you will have something set aside for you and your family in the long run.

It might seem like another useless expense at first, but as the value of your policy would slowly increase, you will see that your hard work and investment would pay off. While you still have a steady cash flow coming in, you should seriously consider getting a life insurance policy. The value of your policy would also be bigger if you choose to invest earlier.

These are only a few of the reasons why investing in life insurance is a need. 

The bottom line is that there will always be expenses that you will need to pay. Life insurance can be considered part of your budget, but then it is the only part of your budget that will ensure that you have something set aside for your future.

In the year 2019, start investing in your future today! You will thank yourself in the future when you will have the financial freedom you are dreaming about today.

This is to safeguard them from future financial problems and take care of grim obligations (such as one’s death and memorial service) so that their family will not have to worry about such things.

However, just diving right into a sea of unlimited information can be overwhelming, this is a complete guide to buying life insurance. 

Step by step guide to buying life insurance

There is no right or wrong way to invest in life insurance, mainly because it is something that has to be tailor-fit to each person. However, we have streamlined a process that can apply to anyone who is buying life insurance.

• Know your needs and wants

The first step to getting a life insurance policy would be to know what your needs, wants and goals are. It is also crucial at this stage to know how much you can afford to pay for life insurance.

Consider if you are looking to create wealth using your life insurance policy, or are you looking to have lifetime protection? It all depends on what you would need. It would be a good idea to list down all your future goals on paper and discuss this with your life insurance agent later.

• Do research

This is where it gets tricky. Since there are many life insurance providers in the Philippines, this is where you can get lost in all the information. Research to find a company that can meet your needs. There are many companies out there that have a diverse set of choices and would offer many types of policies to meet all needs. Manila Bankers Life Insurance Corporation is one of these companies.

• Find a licensed insurance agent

You might have a friend who works for one of these insurance companies as a financial adviser. Then again, you might not. You can just easily walk into the office of these insurance providers and they will have advisers and agents there to help you get a life insurance policy.

• Find out what the requirements are

There would be different requirements, but they would not be requirements that are difficult to acquire. Most would only need a valid ID, and you would need to sign some papers. However, some companies would require you to undergo a medical test. This would be for them to verify your health status. The general rule is that the healthier you are, the lower you will pay in premiums. 

• Apply

When you will be happy with all the information and you will have chosen the policy and riders with the help of your insurance agent, you can now apply for the life insurance policy.

• Provide more information

Based on the information you provided at the time of application, there might be some information that would need verification. Your insurance agent might ask you follow-up questions about the information you initially provided.

• Receive your policy

At this point, you will be on your own. But then your adviser will still be there, should you have any questions in the future. Be happy because at this point you will be insured!

Life insurance does not have to be complicated. There is just a lot of information involved, but if you know what information to look for, you will be all set. Go and start the process and get insured today! The sooner, the better, so that you can be ready for any curve balls life might throw your way.