I was so amused to discover that there is now a song entitled “Selfie Song” written and performed by Filipinos. If you want to be equally amused with the song, watch it on https://www.youtube.com/watch?v=iFFeAAo4ZK4.
Basically the song talks about how some people would prioritize taking pictures of themselves even before performing the necessary personal hygiene tasks in the morning; and how they would first take pictures of their food before they take the first bite despite being hungry. The song goes further to say that it seems that selfies provide documentation of all their actions just to share it with the nation.
The interesting thing with this selfie phenomenon is that people can skip the more basic needs in Maslow’s hierarchy of needs just to satisfy the higher ones. In the case of selfies, they can prioritize social (belonging) and even esteem needs over safety and physiological ones.
The same is true with life insurance. Safety is a need just above physiological needs. And yet in the Philippines, the ratio of insured to the insurable population is a very low number. Life insurance agents tell me that their clients are more willing to invest than to protect their downside. This is because people are focused on the cost of insurance and not on its benefits. With selfies, the focus is more on the higher need for documentation for the nation (belonging).
People are proud of their assets and anything associated with them, including their activities. And they are only proud to announce to the world how valuable their assets are to them.
Some performers push the envelope by insuring the body parts that they think would cut short their career if such body parts were damaged. According to Gawno Magazine, singer Rihanna, model Heidi Klum, actress Jamie Lee Curtis, singer Tina Turner and singer Mariah Carey reportedly had their legs insured for US$1 million, US$2.2 million, US$2.8 million, US$3.2 million, and US$ 1 billion, respectively. Singer Rod Stewart had his voice insured for US$6 million. Singer Tom Jones had his chest hair insured for US$7 million. And the list goes on.
Here’s the thing: selfies take pictures not only of their face but of their entire body as well. If they could only realize, just like the stars that their bodies can produce huge sums of income for them or what I call human capital. How much? Let’s just say that the amount can run into the multi-millions. I will talk about how to compute human capital in the next blog.
So if a selfie’s face, body and mind are worth multi-millions, he or she should document them for the nation by insuring them for at least their combined monetary value, just like the stars. Such insurance can come in the form of accident, disability, dismemberment, hospitalization and life insurance.
Human capital can only be high if the physical assets are functional. Insuring these physical assets will ensure income replacement should such physical assets be damaged, especially beyond repair.
(Originally written by Efren Ll. Cruz, RFP at http://www.savingstips.com.ph)
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