Financial experts recommend getting an insurance to protect yourself and your loved ones. But with many insurance providers offering so many different kinds of products in the market today, choosing the right one can be a challenge.
AXA Philippines, one of the leading insurance companies in the country, offers these tips to help you find the right plan.
Know your goals
There are different types of insurance—life, health, educational plans, savings and investments, and those to protect your assets like a car and home insurance. If you want security and protection for you and your family in case of untimely death, traditional life insurance is the answer; if you want your child’s education covered until college, then you might want to get an educational plan; if you worry about contracting a serious illness, invest in a health insurance.
Know your priorities and have clear goals so it is easier to choose the best type of insurance policy for you.
Before making any purchase, do research on the insurance company of your choice to know if it is reliable. You can read up on a company’s history, network, performance ratings, and testimonials from clients to know its track record on payment of benefits.
The research will make you better informed on pricing and insurance policy types that are within your budget.
Purchasing an insurance policy is a fixed, non-negotiable expense and, often, a recurring one. You may pay the full premium amount, or arrange for premiums to be paid monthly, quarterly, or annually, like your phone and electric bills or car payments.
Talk to a financial expert
Consult a financial advisor and get accurate answers to all your questions regarding insurance. They can also recommend the insurance policy suitable for your finances and lifestyle.
AXA’s financial coach invites those interested to undergo the Financial Needs Analysis to help them determine their requirements. A short version of this service can be accessed via www.axa.com.ph/efna.