Many people even celebrities succumb to major illnesses such as cancer even at a very young age. In this time where stresses and fast food have abound, the chances of having a cancer may get as high as 1 in every 2 persons or 50% chance of getting one.
For the lucky ones who have thought of protecting themselves before they get a major illness, receiving a large insurance claim say P5M after being diagnosed with cancer is a big blessing in disguise. But for those who didn't have get any insurance and get diagnosed by a major illness, it becomes a source of frustration and regret.
When I was a new financial advisor, I approached my father and told him to get life insurance. Unfortunately, he did not listen to me. After several requests, I decided to give up. In March of 2015, my father got into a terrible accident that resulted into stroke. We spent almost P1.5M for the hospital, doctors and rehabilitation. If only my father followed my advice just like my mother, he could have received as much as P5M.
In the past, insuring people with major illnesses such as cancer and stroke was not possible. The only way for them to be insured is through a single premium VUL which works much more like a mutual fund. The only drawback with this is that the insurance is only 125% of investment which is quite small.
Just recently Insular Life launched a new life insurance program that guarantees a person to be insured regardless of health condition. For a limited time offer, you can now insure yourself even if you were previously uninsurable.
To know more about this product from Insular Life, request for a proposal by clicking here or calling 0905-FINANCE (0905-3462623) or (02) 750-4946.