5 reasons for getting an insurance

 

By Bo Espiritu

 

As a freelancer, anything that entails spending money requires much thought. The inconsistency of the source of income compels the self-employed to give a purchase much careful thought because projects and income do not always come as much as a full-time employee.

 

As I reach my 40th year still single with no kids, I had to reconsider where I am at and what I have covered thus far in all the decades of shifting careers and where I had put my money in.

 

While others were blessed with the wisdom to consider saving for the future at an early age, I only started considering what future I might have if I were to continue at the rate I’m going in terms of income.

 

With only a few more thousands left in the bank, I took the plunge and opened an insurance account. Here’s why:

 

1.     Insurance provides an emergency source of funds in the event of critical illness. Let’s be honest. We will all get severely sick one day, if an unfortunate accident does not kill us first. As someone single with no spouse to help me survive the financial burden of falling sick, knowing that a six-figure return will be made available to me when I need it the most.

2.     Insurance is a safety net in case of severe physical injury caused by an accident. Imagine what would happen if, on the way to work the vehicle I am in would meet an accident causing me to lose a limb, if not my life. I understand these scenarios are things we would rather look away from. But denying the reality of such events does not make them go away.

 

3.     Disability benefits. Some insurance plans consist of disability benefits on top of the initial benefit that one may get for the medical attention required in the case of an accident. Strong insurance companies can extend coverages on monthly payments if one gets unemployed for being unable to continue working because of severe injury.

 

4.     When you die—as we all do—the premium would have accrued many times over out of the years of consistently paying it and this could be the estate you could leave to an immediate relative or nominated beneficiary, which I could never have been able to accumulate as a freelancer. They might even be surprised at what you left when most of my life I was struggling to make ends meet.

 

5.     A healthy sense of security. Knowing that I have a shield from life’s unpredictable turns gives me peace of mind that somehow, somewhere, I have something to use in case there is no one else to turn to for financial assistance, or when I am just financially incapable of saving that amount during my self-employment.

 

 

Having no full-time employment is not an excuse for not getting insured. In fact, the more reason that one must get insurance. It’s a matter of financial intelligence and a different perspective into the present and the future.

 

 

Like us in Facebook

Features

Latest News

Govt’s cash use hits 97%

    By Rose de la Cruz   While the previous administration opted to under-spend—thereby sacrificing basic social services and infrastructure... Read More...
New law to make financing more inclusive, says Pernia

      By Rose de la Cruz   Socioeconomic Planning Secretary Ernesto Pernia said government has put in place interventions to address financing... Read More...
Bong still unsure of Senate run

Should he stay or should he go?  This is the question that Special Assistant to the President Christopher “Bong” Go is trying to answer and... Read More...
IMAGE In the know: Solar Philippines

Solar Philippines is currently the country’s – and Southeast Asia’s – largest solar-energy company. Founded in August 2013 by Leandro... Read More...
Stupid Name Giver and Other Laughs

Stupid Name Giver Late one night, a burglar broke into a house. While he was sneaking around he heard a voice say, "Jesús is watching you."  He... Read More...
Confession Code and other laughs

Confession Code AN old priest who became sick of all the people in his parish who kept confessing to adultery said one Sunday, in the pulpit,"If I... Read More...
IMAGE DISIPLINA SA BORACAY

MARAMI na ang nagaabang sa muling pagbubukas ng Boracay Island sa mga turista ngayong darating na Oktobre 26. Bagamat marami ang umangal noong unang... Read More...
IMAGE SALAMAT SA MGA OFWs

PATULOY ang pagtaas ng inflation rate sa bansa na base sa pagtataya ng mga eksperto ay maaari pang sumipa ng mas mataas ngayong buwan ng Setyembre... Read More...

Our Guests

Today239
Yesterday743
This week5337
This month15887
Total1076454

Visitor Info

  • Your IP: 54.198.212.30

Who Is Online

27
Online

Saturday, 20 October 2018
© 2016 OpinYon News Magazine Online. All Rights Reserved.

Please publish modules in offcanvas position.