“It is health which is real wealth, and not pieces of gold and silver”. – Mahatma Gandhi
HEALTH IS WEALTH. This is a very old and popular saying yet it gives a large meaning to our life. Health is one of our most important assets. Having good health helps us enjoy and get the most out of life. Losing health, on the other hand, can lead to loss of all happiness.
We all have our personal goals /dreams in life and we work hard every day to achieve them. However, it is a reality that there are uncontrollable events such as unexpected illness that can hinder us from achieving our financial goals.
Think about what would happen if a critical illness struck you today. Don’t you want to be financially prepared?
Many times, we get into a state of denial about such financial disaster. “We’re so healthy, we don’t need medical insurance.” But, the possibility of a serious illness is a reality that we all have to face. It can happen anytime to anyone, regardless of one’s age and status.
Living a healthy lifestyle does not really guarantee that we will never be hit with critical illness. We can do something about our diet and exercise to reduce our risk. But it is still a fact that most diseases (e.g cancer) arise because of the complex interactions between our genes and environment. This is something beyond our control.
It is also not true anymore that only elderly people can be diagnosed with critical illnesses. According to NSO survey, more and more young people are afflicted with critical illness such as heart disease mainly due to unhealthy lifestyle.
In the Philippines, a lot of sick people die not because there is no medicine or treatment available but because they doesn’t have money to pay for these cost. It’s good if we have HMO or Philhealth, but we have to understand they may not be enough to cover our needs.
If ever you are inflicted with these dreaded diseases, ask yourself: “Are you financially-prepared? Do you have enough savings and investments to help you recover?”
Having an illness can be truly devastating – both to physical health and family’s finances. When unprepared, one may have no choice but to sacrifice their savings or borrow from family members and compromise the hard-earned funds which is set aside for their family’s goal and dreams
Imagine if you be unable to work due to failing health, you will be left with no choice but to exhaust your savings to recover and survive. Worse, it may not be enough to pay for your medical bills. When this happens, your family suffers and your future life goals will go down the drain with your illness.
How can one be financially prepared when a serious illness strikes?
The bright choice is to have health protection plan which can help you pay for the care you need, when you need it, without draining your hard-earned funds. A health insurance provides a safety net against health-related setbacks. It pays lump sum money which can be used to pay for your medical bills, protect your savings and sustain your family’s way of living.
Let me share with you a sample proposal of a Variable Universal Life (VUL) plan with comprehensive health protection. Mrs. A, 30 years old female decided to get Sun Flexilink VUL, with health protection riders, annual payment of Php 36k and will pay for 15 years for total investment of only Php540k. The following are the guaranteed benefits:
- Life Insurance / Death benefit – P1M plus fund value
- Total Disability Benefit (TDB) – Waiver of Premium
- Accidental Death, Dismemberment & Disablement Benefit (ADDD) – Php 1M
- Hospital Income Benefit (HIB) – daily hospital allowance of Php 2,000 will be given in case of confinement due to any illness or injury for up to 1000th day. Mrs. A can use this money as an alternative source of income when she is unable to work and to pay for costs not covered by her HMO.
- Critical Illness Benefit (CIB) – worst-case scenario, if she is diagnosed with any of 36 listed critical illness 90 days after she got her VUL policy, this rider will then give her a lump sum cash benefit of Php 1M, which she could use to pay for costly treatment, medical bills, family’s daily expenses or even, for personal leisure.
Note: Client is only covered with Hospital Income Benefit (HIB) and Critical Illness Benefit (CIB) until age 60 and 70, respectively.
With this VUL policy, Mrs. A is protected against all odds of life including life-threatening illnesses. Aside from that, she has a growing investment-linked fund which remains intact even if cash benefits due to hospitalization or critical illness have been paid out.
- Projected fund value at 10% at age 60 – Php 1,535,943 – Suppose no withdrawals are made, she will be able to accumulate this money and use it to pay for health care needs in the future when she need it most during her golden years. She can opt to use this for retirement or any life goal as well.
Get yourself protected today!
You never really know if and when a serious illness will hit you. The best thing to do is to be prepared and have a strong will to act today while you are young, healthy and still insurable. A gentle reminder my dear friends: no life insurance company will let you get a health coverage when you’re already critically-ill. You must get it before you need it.