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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