For many Filipinos, life insurance isn’t a top priority. Between daily expenses, tuition fees, and unexpected emergencies, it often gets pushed aside. But according to Randell Tiongson, a Registered FinancialPlanner, this mindset could put families at serious financial risk.
“Life insurance ensures that in the event of the breadwinner’s untimely death, the financial needs of these dependents are addressed, thereby preventing significant economic hardship,” Tiongson explains.
Why Filipinos Hesitate to Get Life Insurance
Many people associate life insurance with death, making it an uncomfortable topic. Others believe it’s too expensive or that they’re too young to need it.
But Tiongson points out that delaying coverage can be a costly mistake. Younger and healthier individuals can secure lower premiums, meaning it’s actually more affordable when purchased early.
“The earlier you get life insurance, the lower the premiums you pay and the easier it is to qualify,” he notes.
Another common concern is that insurance companies take too long to pay out claims. While this may have been an issue in the past, many providers have streamlined their processes.
The Hidden Risks of Not Being Insured
Filipinos are known for their strong family ties, often supporting not just immediate family but extended relatives as well. But without life insurance, dependents can be left struggling if the breadwinner is suddenly gone.
This is especially true for Overseas Filipino Workers (OFWs), who work dangerous jobs abroad to provide for their families.
“Life insurance is crucial for these workers as it provides financial security for their families in the Philippines in case they face life-threatening situations abroad,” Tiongson explains.
A Smart Investment for the Future
While life insurance isn’t an exciting investment, it’s one of the most practical. It ensures that loved ones aren’t left in financial distress.
As Tiongson puts it, having life insurance isn’t just about preparing for death—it’s about protecting the people who depend on you the most.
This article includes quotes from an original piece by Randell Tiongson, published in the Philippine Daily Inquirer.
