Ways to Get Low Cost Insurance to Protect Your Family

How to access low cost insurance is a common concern of average income families. Even if you don't have a big amount of money, you can still become a hero when you die! There are simple and affordable insurance benefit package which ordinary families can take advantage of.


Be responsible to find ways to leave something for your family to fend for themselves when you are gone. Don’t die without leaving money to your dependents. Death is inevitable, thus, we have to prepare for the reality. The benefit package may not be as much but it can be of substantial help until such time they have adjusted to life without you.


Consider the following tips and strategies:

Pay yourself first.

Start setting aside a regular amount for financial protection and your family’s financial future. A peso a day is 30 pesos a month and 30 pesos is 360 pesos a year. If you set aside 10 pesos a day, this amounts to PhP3,650 a year. This involves discipline and commitment. Do not accumulate things you do not need. Give priority to financial stability.

Join group insurance.

If you are a member of an association, league, cooperative and similar groups, you can avail of affordable group accident insurance for as low as PhP100 annually. Chartis Insurance, an international insurance company and an affiliate of IMG provides a variety of insurance products including group accident insurance.

Voluntary SSS membership.

The Social Security System (SSS) caters to private sector workers. Even if you work for government, you can still become a member under the voluntary membership category.

Get healthcare with term insurance package.

Get healthcare when you are still young and healthy. You’ll get cheaper, much better terms. Kaiser International Health Group provides a wide range of plans and benefit package. Choosing the cheapest package still afford you with ample long term health care protection.

Get term insurance by all means.

Do not be enticed by insurance agents on whole life insurance. It is much more expensive and not practical.Learn how to choose the best insurance.

Invest in mutual funds.

You only need to shell out PhP5,000 as initial investment. The succeeding investments will only require you PhP1,000.00 each time you add to your portfolio.

Sustain/continue your PAG-IBIG contributions.

Both government and private employees are mandated to become members of Home Development Mutual Fund (HDMF) or popularly known as PAGIBIG.

You have the option to continue your membership even after your employment. It is a better savings program than depositing your money in the bank since your money earns 5% interest rate annually. You still gain if inflation rate is lower than that amount. As of this writing, 1st quarter of 2012, Philippine inflation rate is at 2.6%. Your money declines in value by 2.6% per month.

PAGIBIG contributions is withdrawable when you reach age 60. If you die before 60, your dependents can claim your PAGIBIG contributions with the accumulated dividends/interest earnings.


Implementing the suggested affordable, low cost insurance strategies needs utmost discipline to save and manage cash flows.