Our 2015 goals include two very important things: life insurance and heath cards. These are non-negotiables. The hubby and I have to get them this year or never. We’re actually very late; we should’ve gotten them a long time ago. But you know, we weren’t as prepared then as we are today.
How come we are invested in various instruments (e.g. stock market, UITF, and RTB) and yet we don’t have life insurance and health cards? I don’t have a very clear answer for this. Perhaps, we procrastinated. Or maybe, we just felt we didn’t need it just yet (I know, how foolish!). Or I guess, I’d justify it by saying we needed enough time to think as to which life insurance and health cards suit our needs.
The hubby is going to be 35 while I’m turning 32 this year. We’ve been weighing our options since last month. For life insurance, there are term life, VUL, and permanent life to choose from. After a lot of research (by yours truly) and some recommendations from well-meaning friends, our life insurance company of choice is now Sun Life Financial. We’ve already been keeping in touch with an advisor who happens to be the hubby’s officemate.
We are getting a term life insurance. We prefer the one with critical illness benefit, accidental death benefit and total disability benefit, if possible. Now, why term life insurance? Because aside from the fact that it’s cheap, it suits our needs (and future goals). I also agree with some of the reasons mentioned by personal finance advocate Fitz Villafuerte in this post on why you should not get a VUL or whole life insurance.
Just to be clear, I don’t have anything against those who prefer VUL and permanent life insurance. It’s your money and it’s your call where to put it. We also have different needs and purposes why we get life insurance (or any kind of investment) in the first place. Different strokes for different folks, as they say.
As for health cards, we’re looking at the emergency health cards of Maxicare and PhilCare. I specifically told the hubby that I prefer PhilCare’s ERVantage card because I’ve had a pleasant experience with them during my Ob-Gyne consultation last year. Yes, we’re not getting full health plans, just an emergency health card that’s valid for a year and good for one-time use only. What’s best about PhilCare’s ERVantage card is that it provides not just emergency care, but also emergency care leading to admission where you get covered up to P80,000 in hospital expenses (available for the highest premium of P1,300). It’s the only one of its kind offered in the market at present (correct me if I’m wrong).
We plan to buy these emergency health cards every year or as needed. Malaking tipid ito, ha. No need to pay a full health plan that ranges from P14k to P20k per year. We thought that since we’re getting a term life insurance with critical illness benefit, we would still be very much covered if ever we get diagnosed with a dreaded disease (knock on wood).
That’s it. I hope we take care of everything before the first quarter of this year ends. I’ll update you guys soon!