Insurance can be a confusing or intimidating subject
because of the technical terms as well as many misconceptions about it. AXA
Philippines, one of the country’s leading insurance providers, dispels some of
the popular myths about insurance by giving basic facts to help you make an
informed decision.
Myth 1: Insurance is expensive.
Fact: Insurance products are designed for different needs
and therefore, vary in costs depending on the coverage. Online calculators and
speaking with a financial advisor can help you figure out the right plan for
your needs and budget.
Myth 2: Young people do not need insurance.
Fact: Getting insurance while you are young is ideal since
premiums will be much cheaper. You are also usually less prone to develop
medical conditions that can drive up premiums. Policies will be more expensive
the older you get and the longer you wait.
Myth 3: Poor health makes you unqualified for coverage.
Fact: Some insurance companies like AXA can cover a range
of health conditions that may be excluded in other health plans. AXA’s health
coverage can include minor illnesses as well as critical conditions like heart
attack, stroke, and cancer.
Myth 4: The group life insurance or HMO coverage provided
by your employer is enough.
Fact: While company insurance can be a great help, it might
not be enough to cover your family in the long run. Your employer might get you
a life insurance equal to 1-2 times of your annual salary, but you could lose
it if you leave your job. Having your own personal insurance policy can help
ensure that you and your family will be sufficiently provided for financially.
Myth 5: It’s better to save my money in the bank than to
buy an insurance policy.
Fact: You can always do both. With insurance products, you
can ensure that your loved ones will be protected in case something happens to
you. Some life insurance products, like AXA’s MyAmbition, even allow you to
invest your one-time payment so your money can grow. Best of all, it’s
available online!
Whatever decision you make regarding insurance, it’s always
good to be well-informed. Talk to a financial coach who can answer all your
questions and can also recommend the product that best suits your needs.
Connect with an AXA financial advisor via www.axa.com.ph/appointments.
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