Philam Life's guide to protecting your future
LIFE INSURER Philippine American Life and General Insurance Co. (Philam Life) has come up with pointers on how to make sure you are financially secure for the future, which seems like a daunting task for those who have too many things on their plate.
"With the number of bills that need to be settled, the amount of debt that need to be paid off, coupled with steadily rising expenses, you may find it overwhelming to deal with your many financial concerns," said the company.
Established in June 1947, Philam Life said it might seem difficult but it need not — or should not — be the case for the rest of your adult life.
“Simplify the process to building up your savings by making a habit out of it and knowing who to talk to. Small steps go a long way to get you in the right mind- set and spending behavior to secure your future,” said the insurer, which serves almost 600,000 individual policyholders and over 2,200,000 insured group members.
With that in mind, here are tips to make it easy for you to protect your future:
1. PAY YOURSELF BEFORE ANYTHING ELSE
When it comes to saving, it is important to take money off the table by setting aside a portion of your income before spending anything else. Your expenses should be made to fit in whatever’s left and not the other way around. It helps to set up various accounts where you can sign up for auto debit so you can easily channel your funds to a specific bucket, whether it be for savings, traveling, or emergency. That way you can segment your income and ensure regular savings in the process.
2. MAKE YOUR MONEY MAKE MONEY
Don’t let your money sit idle if you can make it work for you. Consult experts who can help you figure out how to maximize your money’s growth. One good way of doing it is by investing in assets that will give you potential returns. This will give you an alternative source of income, which will ultimately get you closer to your financial goals.
You can also explore investment products with insurance component, which can make your money grow while at the same time ensuring that your family is protected. Talk to a financial advisor who can help you figure out your priorities and find the best insurance product to address it.
3. THINK HARD ABOUT YOUR PURCHASES
It’s always helpful to make a shopping list when you need to shop and stick to it to keep yourself from spending on things you don’t need. When it comes to online shopping, consider letting items sit on your cart for a while before checking out to give you more time to decide if you really need it. The longer you contemplate, the better your chances of overcoming the urge to spend.
4. SET ASIDE FUNDS FOR INSURANCE
Many find the concept of insurance complicated, or even unnecessary. The thing is, it is much simpler than you think, and you definitely cannot deny its importance in everyone’s lives. As you build up your finances through savings and investments, ensure that you are securing your future and assets in the process. With a slew of digital innovations and tailor-fit benefits that address your priorities, insurance is now easier and more necessary than ever.
5. ASSESS YOUR CURRENT FINANCIAL HEALTH
Discover what it takes to reach your goals by assessing where you are in your financial journey. Evaluate how much you need to save and plan out how best you can achieve your goals. You can talk to experts or access easy to use tools like the Philam Life Financial Needs Calculator at philamlife.com, which can help you stay one step ahead in saving up for your future.
With P249 billion in total assets as of last year, Philam Life is a member of AIA Group Ltd., the largest independent publicly listed pan-Asian life insurance group.