Life Insurance for Non-Breadwinners

[jesuspleasesaveme]

Would just like to ask if getting life insurance is beneficial for those (like me) who don't really plan on having a family? I know I don't control the future and baka naman I find the right person to start a family with... But as for the immediate future, it isn't really my plan to get a partner and have kids.

Thanks for the input. Cheers.

 

[juaner]

@jesuspleasesaveme Go after living benefits. I suggest HMO first. If you can still afford, get a critical illness insurance as well.

 

[jesuspleasesaveme]

@juaner I'm currently employed. Upon regularization (in three months), I'll be given HMO. Will this suffice?

 

[juaner]

@jesuspleasesaveme The minimum amount you'll need is 100k hospitalization cover per year. If you will be having this upon regularization, great.

In the meantime, build your emergency fund.

 

[jesuspleasesaveme]

@juaner Got this. Will ask my employer tomorrow about our HMO coverage. Thanks! Also starting my emergency fund. The goal is to have an EF that can cover 3-6 months worth of expenses, right? Or is there a more ideal amount?

 

[juaner]

@jesuspleasesaveme The subreddit has a lot of posts about emergency funds. The short explanation is that it's good to have at least 3x your monthly salary, placed where you can easily withdraw like CIMB bank, as cold cash, or money market funds.

 

[resjudicata]

@juaner Which sub?

 

[juaner]

@resjudicata My bad, I meant r/phinvest

 

[crabbysummers]

@jesuspleasesaveme HMO is already provided when you’re employed and the payments go higher every year. Get CI insurance and you’re covered 10x HMOs can for the same price and premiums doesn’t go up.

 

[pentecostal1ness]

@jesuspleasesaveme Focus on yourself for the mean time. Invest and prepare for your retirement and future.

Insturance-wise, focus more on policies that provide health related benefits. Like /@juaner said, look for HMO/hospitalisation and critical illness plans. If your young, this might something that you want to look into first.

Morbid as it sounds if you want to prepare for post-death arrangements, you may explore memorial plans also.

 

[jesuspleasesaveme]

@pentecostal1ness I'm actually game for getting memorial plans. Had a recent death in the family and we scrambled a bit for cash to pay for the service. Didn't know it was so expensive to die (morbid as it sound). This one's a great suggestion. Thank you!

 

[pentecostal1ness]

@jesuspleasesaveme Your welcome.

 

[mihitt]

@jesuspleasesaveme Ang maganda sa walang dependents ay investments at long-term-healthcare.

Ang insurance ay actually hindi para sa iyo.

Ito ay para sa dependents na maiiwan kug kunin ka ni Lord.

Kung para sa iyong kinabukasan, ang bagay at investments gaya ng mutual funds at long-term-healthcare.

Kung life insurance, kunin mo ang may health protection riders, kagaya ng critical illness benefit. Ito ay benefit na ipnagdarasal mo na hindi mo makuha, dahil para makuha kailangan mayroon kang critical illness. Pero if you do get critical illness, you'll be happy you had the foresight to get the plan. Ito ang proteksyon mo "if you die, or get critical illness too soon"

Ang investments at long-term healthcare ay ang mga para sa plano mo "if you live too long" para magamit mo in your old age. Ang invesments ay para magamit sa maski anong future plans mo. Ang long-term-healthcare ay para magamit mo maski kailan ka mangailangan ng healthcare. The later you use it, the bigger the value.

 

[crabbysummers]

@jesuspleasesaveme Not getting insurance because you don’t have dependents is complete bullshit.

You depend on yourself. CI insurance is the right way to go, since your gut is thinking about getting insurance, get it already for peace of mind that whenever something happens, you won’t be asking people for money.

If you have doubts in insurance, feel free to ask us about it.

 

[resjudicata]

@crabbysummers OP is asking about life insurance. You don't need it if you don't have dependents.