Expats Guide: Applying for life insurance
The world we live in has changed dramatically. Done are the days when all you needed to survive after retirement was a certain amount you’ve put away in the bank. It could still work, but it won’t be long before you exhaust all of your hard-earned savings.
BETTER THINK ABOUT THIS NOW. Life goes by really fast. If you’re not prepared, you may be left with nothing. (Image grabbed from JPhotostyle.com)
Life insurance is considered by financial experts as the best way of securing you and your family’s future. It’s an investment that should start early in life. We at Primer know it can be a big decision, so allow us to help out with help from LifeInsuranceHub.ph:
1. Understand what you need/want. Getting life insurance isn’t like shopping for clothes. You have to know and understand what you really need/want from it, since it’s a life-long investment. You’ll need to do the following before looking for your insurance plan:
a. Have an inventory of your assets.
b. Understand how your money moves (i.e. list down your expenses).
c. Know how much you can set aside from your budget.
d. List down your financial goals.
e. Identify how much coverage you need.
f. Allot a specific budget for each goal you have.
2. Select a life insurance company. Once you know where you are financially, it’s time to select your life insurance company. There are a whole host of them out there, but these are the ones we recommend:
c. Insular Life
d. Philam Life
3. Look for a financial advisor. No matter how prepared you are, it’s always best to get a financial advisor to look after your financial needs. It’s good to know someone who’s a financial advisor, but you can always ask for help from any of the companies we mentioned. It’s best to think of these when looking for one:
b. Visibility and Accessibility
d. Shares their knowledge
4. Once you have your financial advisor, make sure you discuss your current financial status with him/her. Your financial advisor should ask you a lot of questions which should help you both in deciding the program best suited for you.
5. Choose the best proposal. After talking to your financial advisor, he/she will lay out the best plans based on your needs/wants. Choosing between the best won’t be an easy task, but it’s best to go with the one that meets your objectives, which you should have laid out in Step 1.
After these, everything else is paperwork: application forms, discussing modes of payment, government IDs, etc. Missed all that? Here’s a handy infographic from LifeInsuranceHub.ph: