On this post, while I'm sure you had a better understanding on the importance of having an Insurance, you might get overwhelmed with the options available today. Even when I was about to pick what type of insurance I'll be getting, seeing new types got me more and more confused.
Anyway, here are the most common types of Insurance that are available in the Philippine Market.
Just remember that I won't be specifying any provider here and I will not go technical here so as not to overload you with information (those stuff would be reserved for later as I need to do a lot of readings too)
1. Traditional Life Insurance
Also known as ordinary life or straight life, this is a type of insurance that provides coverage for your entire life. This kind of policy is sometimes described as plain vanilla insurance.
These includes Term Life Insurance, Whole Life Insurance, Endowment Life Insurance among the most common in the Philippines.
2. Non-Traditional Life Insurance
This is usually linked with investments. For instance, unit linked insurance plans allows the insured to choose between equity, debt and mixed market investment vehicles.
Depending on the risks involved, the insurance plans will differ for every customer. The premiums for these plans also differ. You should be aware of this information before investing in these plans.
I told you, I'll just share the most common types of Insurance here in the Philippines. While there are a lot more to choose from, that would be all for now.
See you soon. And please do comment if you wish to add something or share something.
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