Top 10 Benefits of Life Insurance

Say, just in case something happens, we won't have to pay the hospital bills because we have someone to call. What if, God forbid, the breadwinner disappears? Who will pay for that monthly amortization? Videos that will make you wealthy and debt-free. Are you planning to get your own protection or life insurance? Are there people who are begging you and forcing you to get one? If that's your question and you want to know, this is the episode for you. Hi there, this is Chinky Tan, your Pambansang World Coach. It's really an honor and pleasure to serve you every day at 8pm. So, if you haven't subscribed yet, this is the channel for the online and rich people. So, please do subscribe. Today, we will talk about benefits of life insurance. If you missed my first episode about the three types of insurance that you should know before you buy, please watch it on the link in the comment section or in the description section. Okay, what are the benefits? There are people who say that they don't need life insurance. Again, if you are not a firm believer of life insurance, you should not watch this video. Skip this. You're wasting your time. But if you want to know what benefits will come to you, keep on watching. Number one, you will have financial security, especially for your beneficiaries. In other words, this is protection. This is protection for the dependents. You will have what we call peace of mind. Just in case something happens to the breadwinner, the family can continue to live the lifestyle or can support whatever plans they have in their life. I would rather have something rather than nothing. I will ask you, how many of us experienced when there are elders, grandparents, or parents who left us with obligations? That's what I would say, especially hospital bills. You're paying for it. It's better if, let's say, just in case something happens, we don't have to pay hospital bills because we have what we call life insurance. That's better, right? That's number one advantage. Number two, people always complain about the high cost of living. But did you hear what we call the high cost of dying? What about funeral expenses? In reality, if you lost your loved one, and during that moment, your mind is in a mess, you can't think properly, sometimes, there are some people who take advantage. So, let's say, you have to pay a high price for the wake, for the funeral, everything that you don't know about. You don't have a choice, you just have to pay. But if you have life insurance, or if you have plans, it's better if it's covered, right? You don't have to think about it anymore. You just have to think about sharing, right? That's number two. Number three, it's also better if we have life insurance. You can also use this to pay off your debt. When you say debt, it's not death, it's debt. Especially, just listen to me carefully, especially our fellow OFWs, breadwinners here, the house that you're paying for, or if not, the car that you're paying for, my question is, you're earning now, what if, don't let the Lord take it away from you, the breadwinner will be gone, who will pay for that monthly amortization? Especially if it's 20 years to pay. Of course, if you can't pay anymore, what will happen? You'll die. So, what happened to your payment before, that will also be gone. Did you know, there's an insurance called MDRP, Mortgage Debt Repayment Plan, MDRP. What will happen with MDRP, it means, just in case the breadwinner goes, the balance of the car and the house will automatically be repaid. How is that? If you want to know, talk to your friendly neighborhood F.A. Hey, Chinky said that MDRP will automatically pay for my debt. How is that? Talk to them, okay? And then, it's also good if you have insurance and protection, a potential source for savings and investment. Huh? Really? Yes. Because now, there are insurances that are called VUL, 2 in 1. You have protection, you also have investment. While you're earning money, your interest is higher compared to the bank. And how is that VUL? Again, talk to your friendly neighborhood. Again, Spiderman, friendly financial advisors. Number 5, the number 5 benefit of life insurance. This is called, you'll have an income replacement fund. What is this income replacement fund? Just in case the breadwinner goes, automatically, the family can inherit the amount of money that they want to inherit and that they want to live on for the rest of their life. Woo! Wow! What is that? You know, I'm a breadwinner myself, so I have already designed a program for myself. Just in case something happens to me, my family will be covered for the rest of their life. And of course, before we continue, let's greet Aisham, Sai Ken, okay? Ruel, okay? Thank you so much. And number 6 benefit, you can pay off your educational fund of your children. You don't have to worry about anything. That's why it's the best. Use insurance as a leverage. Especially, this is my tip for you. Let's say, you already have a project until college. How much insurance do you need to cover the educational fund of your children? The term life insurance is only paid annually. Because to be honest, once your child graduates, you don't have any responsibility anymore. It's like you don't need that insurance anymore. And if you want to know why I'm teaching that, I will reveal it to you later. Last but not the least, this is really the best. Why do we need life insurance? It's because of what we call as business protection, inheritance protection. What does it mean? Especially if you already have properties, we have what we call as inheritance tax or estate tax. If you have a property, you will transfer it to the name of your owner. It needs money. What if you don't have money to cash it? What will happen? The government will not transfer it. And there will be a contestability period. And within the contestability period, if you don't pay it, the interest will accrue. And if it expires, what can happen? The government can share the property. It will be lost to your child and will be transferred to them. The good news with life insurance, once you have protection, it will cover your taxes, you won't have to think about anything, and you will be able to pay your loved ones. Now, did you learn a lot? Please type what you learned.