Life insurance offers loss of income protection to your loved ones upon the death of the insured person or the policy holder.
If you pass away the named beneficiary of the insurance policy will receive a lump sum of cash to help with the sudden financial changes. Money monster helps you compare and find the best life insurance quotes that are suitable for you and your family. We search and compare plans, benefits and premiums of the leading life insurance providers in the Philippines to save you money and help you choose the best life insurance policy that gives you what you want.
Benefits of life insurance plans
The purpose of life insurance is to give financial security to families. In the event of your passing the insurer will make a cash payment to your family to help with their financial affairs, depending on the agreement this might mean the insurance company continues to pay the mortgage or housing loans and other financial obligations or give a cash lump sum, depending on what type of policy you have taken out. With some insurance plans, events such as critical illness or terminal illness of the policy holder might also cause a payment to be made to the family.
Compare life insurance plans
As people have different requirements and insurance companies offer different benefits, it’s important you compare life insurance quotes from several different providers because some might not be suitable for your situation, depending on how many dependants you have and your current financial situation. If you’re currently making monthly housing loan payments for the property that you and your family live in you need to consider what would happen to your home in the event of your death. If you want life insurance that covers your home loan payments when you die, you need to make sure this is offered in the policy and to what amount as their might be a limit to how much the insurance provider will pay.
When choosing the right life insurance policy remember that your health and age you effect your premiums, generally speaking the younger you are with fewer health risks the cheaper your premiums will be.
Find life insurance quotes.