According to the Philippine Health Insurance Corporation (PhilHealth), the average cost of hospitalization in the Philippines increased by 9.72% from 2015 to 2018 Meanwhile, the typical hospital stay reached PHP 25,000 in 2018. The cost of medical services and treatments has also increased. At the same time, the consultation fee with a specialist rose by 11.1% over the same period.
As a millennial, I never thought about life insurance. My mindset back then was different. I’m still young and healthy, so I don’t need it yet. Just like you, I’m living the now; millennials call it YOLO (You Only Live Once), and others call it “carpe diem” (seize the day). But whatever term we use, what’s certain is that we tend to focus on the present and little about the future, right?
Today, I’ll be sharing a comprehensive review of Sun Maxilink Prime. It is one of the best-selling life insurance and investment plan from Sun Life. However, even if you know, or have talked with an agent, it may not be enough to convince you. So you might be asking yourself, “Is this the best plan for me?”
So here are a few reasons why it is the best plan for you.
Sun Maxilink Prime is a VUL plan from Sun Life, payable for at least ten (10) years. It has the combined benefits of life insurance protection and an investment component that helps your money grow over time. Making it the best-selling VUL plan of Sun Life.
The Philippine economy has been expanding steadily for several years. However, some signs indicate that inflationary pressures may be building up in the economy. Inflation affects everyone, from consumers to businesses and investors alike, because it makes borrowing more expensive. Thus, inflation can slow down growth if not addressed properly. It means keeping prices stable over time without causing too much or too little economic activity (jobs created or lost).
The COVID pandemic made us realize the importance of preparedness in health, finances, and job security. The SSS pension, for example, is one of the most sought-after retirement packages for Filipinos. Many rely heavily on their SSS pension, which is why it is a common topic for discussion between peers. Thus, it makes sense to ask, “How to maximize the SSS pension?”
8.7% or more than 4 million Filipinos are unemployed as of April 2021. On the other hand, the underemployment rate rose to 17.2%, equivalent to 7.45 million. The growing need for life insurance, especially during this pandemic, opens great opportunities to unemployed and underemployed Filipinos.
Credit cards are a double-edged sword. On one hand, they can be useful for building credit and making small, regular purchases that you wouldn’t have the cash for otherwise. On the other hand, having too much available credit makes you spend more. Fortunately, there is no right answer when it comes to credit cards and their financial benefits or drawbacks; it’s completely up to you. The trick is knowing whether you fall into either of these categories. Do the downsides outweigh the upsides in your situation? Read on to discover if you are indeed a victim of your credit cards.
SSS retirement benefit or pension as we normally call it is one of the few benefits employees are entitled to receive when they retire. So before you empty your savings by joining the YOLO, you will only live once, and FOMO, fear of missing out, craze you may want to consider how much you’ll be getting from SSS by the time you’ll retire. Are you ready to know how small it will be?
Unit Investment Trust Fund (UITF) is a pool of investments from various investors like you. It will let you invest with little capital. It’s a good investment vehicle for those starting to invest but with a busy lifestyle. UITFs are offered mainly by banks. On the other hand, insurance companies offer mutual funds. They are almost the same but with different advantages.
DISCLAIMER: This website reflects only the views and opinions of the author, Federico Suan, Jr., and is not part of any official communication tools of any life insurance and investment company. The author has no responsibility against the comments posted by visitors. Necessary actions will be done accordingly as the website has no intention to malign its readers from factual information. Constant efforts is done by the author to bring precision in every post.