Summer ushers in vacation time. And almost always, vacation time means travel time.
It is to no surprise that oil companies are jumping into the travel bandwagon with their slogans like “Lakbay Alalay” and “Enjoy the Journey”. But the centerpiece of these traditional slogans is the need to stay safe while on the journey to one’s vacation destination.
So whether it is spare parts, repair / towing services or the good old-fashioned air and gasoline, oil companies counsel travelers to stay safe. Part and parcel of staying safe is to plan ahead, which is why the oil companies hand out all sorts of advice from kicking the tires to catching up with oil change schedules.
Life is no different. There is a need to plan it and not wing it. Accidents, both major and minor can happen along the journey.
Atty. Caloy Ocampo, the co-author of my book entitled “Pwede Na! The Complete Pinoy Guide to Retirement and Estate Planning” always says that estate planning is not about planning for your death. Rather, estate planning is about enjoying life. He does not advice that a person scrimps and saves in order to leave a big fat inheritance but at the cost of living like a miser and looking all shriveled up.
And like estate planning, all of life’s other major events such as getting married, raising children, acquiring the family home and cars, and retirement need to be planned for way ahead to stay safe.
The Good Lord takes back people at a time that they least expect. And if by chance planning for these major life events had not been done and executed, a woeful financial life will be in store for those who will be left behind.
One of the ways to plan and execute is be to invest. Investing not only instills the discipline to save but also fosters the entrepreneurial spirit in everyone to reinvest such savings to grow wealth. However, investing does not come with a guarantee as all investments bear the risk of loss of either income or principal or both.
That is why before a person even ventures into investing he must protect his downside risks first. This is where life insurance plays an important role.
Again, as another lawyer friend, Atty. Ariel Martinez explains, life insurance is like life’s airbag. It expands at impact of the unthinkable event to protect not only the policyholder but also his beneficiaries.
For those of you who are reading this blog, your life’s journey has already started with you in the driver’s seat as soon as you began to earn. Shouldn’t you be planning and executing already how to have a safe trip? And if you have executed already, make sure that your level of protection is not outdated versus the life that you and your family would want to live should the unthinkable event happen.
Stay safe. Stay secure.
(Originally written by Efren Ll. Cruz, RFP at http://www.savingstips.com.ph)
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