Philippine Insurance: Pillar To Lean In Times Of Hardship And Trials

But the big question is that, are most Filipinos believed in having insurance?

Well, maybe the well educated ones do, because there are several Filipino people who don’t have any insurance. In fact most of them only have the social security system insurance which is mandatory for every person who is employed. Registered businesses in the country always have the SSS membership of their employees paid. Some employees also pay contribution to Home Development Mutual Fund or better known as Pag-Ibig, InsularLife and more for their employees. While some people choose to have their insurance paid with a self-employed membership status if they are earning money without being employed in any company.

Here are the different Philippine insurance offices that you have to know so that you will be able to fully understand the importance of having it:

1. Philippine Health Insurance Corporation – this insurance office assist its members at times when one of their family members is confined in the hospital. Suffering from sickness has no time, in fact no one can tell when you will be hospitalized and most importantly no one can tell how much will your be spending during the time that you are hospitalized. Whereas if you are a holder of this insurance then you don’t have to sell some of your properties or worry about where you can get the money that you will use in purchasing all the prescribed medicine of your children, spouse of parent since it is covered by your health insurance.

2. Pag-Ibig Fund Insurance Company – this insurance company is for people who wish to have their own house in the future, some offices also pay for the contribution of their employees in this insurance companies but it is not mandatory for them to get it paid. In fact some companies let their employees decide whether they would like to pay their contribution in this insurance office or not.

3. Philam Group of Companies – this company offers a wide variety of insurance and financial services in the Philippines from life and general insurance, health care management, mutual fun investments, property and casualty insurance, pre need plans and more. This company is one of the top Philippine insurance companies that offer almost all types of insurance.

There are lots of insurance companies in the Philippines where you can invest to have financial freedom once you get old. Investing in insurance is more likely investing in business; the only obvious difference is that you are not obliged to do something so as to have your money back. Philippine insurance industry becomes more and more developed nowadays since there are more and more Filipinos who already believe in being a member of various insurance companies.

Only that there are still some who do not believe in having any insurance that is why there are several Filipino citizens who dies without being insured so their last resort is the pity of other people. Its good thing Filipinos are hospitable and pitiful so they are doing their best to help someone that are in need. Like for instance, their friend pass away but he or she don’t have any insurance so Filipinos will find the best possible ways to assist people that are in need by soliciting to their friends at the same time as donating an amount that they can donate.

You also have to know and understand first the insurance policy before you pay your contribution, you have to settle on the terms of payment, familiarize yourself with the policies of the insurance, who are the people that are covered with your insurance, and who are the people who can become your beneficiary instead of your legitimate family. Keep in mind that you have to settle first all the important details in your Philippine insurance membership so that you can avoid any trouble once you have to claim for something.