What Is the Role of Life Insurance in Today's World

April 27, 2020

In 2018, the insurance penetration in the Philippines was low and only 16 percent of the middle and upper class have insurance coverage. As the years pass, many people are realizing the importance of insurance in their lives especially now, with the ongoing pandemic. As of April 26, 2020, there are 7,579 confirmed cases in the country and thousands of people worldwide have already died from COVID-19 . Imagine the financial insecurities that you will be facing as you battle with life’s uncertainties. Life insurance guarantees you and your family’s protection and future losses. It is not for you but for your loved ones. 

We have listed down the roles and reasons why getting life insurance is essential nowadays.

1. Provides financial protection for your family 
COVID-19 pandemic is a threat to everyone, as it may hit anyone without notice. Buying life insurance may be one of the most important financial decisions that you have to make because it could save your family from devastation. If, for example, you are the sole-provider in the family, what do you think will happen to them in case you pass away? Who will take care of their daily household expenses and your child’s education? Getting life insurance is one way of protecting and securing a family's financial future from any unforeseen event. 

2. Replace lost income 
Life insurance covers your family from any financial disruptions and losses. Illnesses and death may lead to ultimate financial challenges. You wouldn’t want your loved ones taking drastic measures just to pay for medical costs while keeping up with everyday expenses. Life insurance safeguards your savings, pension and investments against loss of income. 

3. Pay off existing debts or settle burial expenses 
Your beneficiaries will receive a Life Benefit payout that can be used to pay any outstanding debt, remaining hospital bills including funeral and burial expenses. Terminal Illness coverage Some companies provide coverage for a terminal illness, apart from the death benefit, to strengthen the insurance policy. As we all know, treatments for a terminal illness are costly. Life insurance with Terminal Illness benefit assists your family to alleviate the increasing cost of medical treatments. The novel coronavirus (COVID-19) has been affecting our daily lives and giving us a tremendous amount of worries and stress. Amidst this challenging situation, we have to think of ways on how we can protect our families, at the same time prepare us at all times. 

Life insurance is important in Filipinos' financial plans. Paramount’s Guaranteed Life Plan offers an affordable life and accident plan that provides you and your family’s insurance needs. It grants your dependents with lump sum money of up to P2,000,000 that could be used to replace the lost income, pay your child’s tuition fees, pay off existing debts or settle burial expenses. On top of that, once you are diagnosed with a Terminal Illness, you will be provided with an additional benefit of about 50% of your Life Benefit or not more than P250,000 to assist you in your medical needs. 

When buying life insurance you need to check on the company’s stability to be sure that they can still be in existence when it’s time for your family to file a claim. 

Paramount Life & General Insurance Corporation has been in business since the 1950s. With over 70 years of existence, our company has shown its stability and served thousands of Filipino families since then. Given the challenges brought about by COVID-19, Paramount Direct, the marketing arm of Paramount Life, is open for business and taking applications. 

With the uncertainty of COVID-19 the more it is vital to be prepared and get life insurance. Application is easy. No medical examinations necessary.. Just visit www.paramountdirect.com to know more about the Guaranteed Life Plan and apply online.