100 Ways to Become Rich - No.1 is to Get an Insurance?
By Eppie2010
@Eppie2010 (509)
Philippines
June 23, 2012 11:01pm CST
Before, I used to avoid life insurance agents because I feel that I don't need it. And maybe because that's the way most Filipinos think, my parents don't have one, why should I? The only time I got insured was when I availed of a housing loan.
But after attending a couple of financial awareness seminars, I began to realize the value of insurance especially if you have a family or a business. Now I have two life insurance - a traditional plan and a variable life plan.
I think many Filipinos are still unaware that life insurance products have considerably changed a lot for the last decade or so. Today, you don't have to die in order to receive benefits from it. Insurance plans has become a very valuable financial product that every income earner MUST have.
My question is Do you believe in life insurance? Why or Why not? and Do you own one?
2 people like this
5 responses
@squallming (1775)
• Malaysia
5 Oct 12
There may be many ways to become rich in this world. But number one is definitely not insurance. Many successful business people had managed to earn the most not based on their business but the property tradings. Anyway, insurance can earn you some money today but definitely not going to make you rich.
I do agree with you that insurance today would not need your life be taken in order to pay your family the money. They have many new concepts such as saving concept which after like twenty or thirty years, you would get your total monthly investment back with some additional dividend.
@Eppie2010 (509)
• Philippines
9 Oct 12
Hi Squallming... actually insurance as the no. 1 way to get rich, is something I just read from a book (I forgot the author :)). I agree that today it's not the no. 1 way but it's the easiest and surest way to get rich, but of course it will take time as investing in insurance is like investing in stocks and bonds - it has to be long-term in order to benefit more from compounding interest.
Credit card companies uses compounding interest to make their companies earn millions, and it can work both ways, as investments in insurance can also be doubled, tripled or even more with the use of compounding interest. As Albert Einstein put it - compounding interest is the 8th wonder of the world. :)
Thanks for sharing and have a nice day!
@Eppie2010 (509)
• Philippines
14 Jul 12
Hi Ybong, that's good to know. If you're getting one inquire about Variable life plans (insurance linked with investment). Remember, the earlier you avail insurance, the cheaper. Have a nice day! ^_^
@sid556 (30959)
• United States
24 Jun 12
HI Eppie,
I do beieve that insurance is important...all types but unfortunatly, I just can't afford it at the moment. I do have auto insurance and I do have health coverage on my daughter but none for myself and no life insurance. Hopefully in the future, I will be able to afford it.
@Graceekwenx (3160)
• Philippines
24 Jun 12
Hi Eppie! Of course i believe in insurance! In fact, i work in one hehehe! The good thing about life insurances is that your beneficiaries are left with something should you pass away. I do find it practical.
@dreamie_belle (94)
• Philippines
14 Jul 12
In the same situation with sid556, I belive in life insurance and would like to get one but I just don't have the capacity yet do it for myself and neither for my husband. I had one when I was still working in the corporate world and failed to continue it when I availed of my early retirement. At that time, I wasn't quite sold of the idea yet of having one. I was just forced to buy it because the agent begged for my help. But now that I realize its importance, it seems hard already for me to get one.
