It will also be wise to get additional coverage on accident insurance. Cost of Accident Insurance is relatively cheap. We had taken an accident insurance for the entire family that covers us for a million pesos, and we only paid about five thousand (5000) pesos. We get this on top of the travel insurance we get every time we travel outside the country. It is really much better to be prepared for any eventuality. The peace of mind is priceless.
The problem with us Filipinos in general is that we do not believe in Insurance. Sometimes we even use an excuse using our religion saying we need not worry about our future for God will take care of us. Among the Asians, we probably are the least insured. In many other countries, when people die, the family benefits from the instant money they get from their insurance. Thus, they maintain their lifestyle and survive even without the bread winner. In our country many die penniless, and in fact leaves a lot of debt and do not get anything for most are not insured. Please check the statistics of how many of the 100 million Filipinos are insured and how many of the insured knows and have gotten what insurance they need. This is the basis of our claim above.
Next topic will be my favorite...DEBT Management....
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