Life indeed is a journey. There is always something new to learn and apply.

Before I got the chance to experience the insurance environment here in America, I was confined in the notion that life insurance is the only solution to manage life’s risk. Surprise surprise, I was wrong.

We are right when we think that death of a breadwinner provides the most excruciating financial hardship that families left behind have to endure. But the thing is, it’s not only the loss of a breadwinner that creates financial stress in our lives, loss of income is just one of the risks that we face in our everyday living.

Sickness/Health Insurance

A majority of us Filipinos are aware of the benefits of a health card. Basically, it provides coverage like free health check-ups, free hospitalizations, and others. Just imagine how financially stressful it is having to pay doctor’s fees and hospital fees while you’re sick and have no ability to earn income.

A health card in our pocket should already be a given. If you don’t have one yet, make that a priority.

Disability Insurance

Most of the time, when we hear the word disability, we imagine someone sitting from a wheelchair, unable to stand or tend to his/her own. And because of that, we  often think that those kind of things will never happen to us.

But what we don’t imagine is a scenario where we end up unable to work for an extended period in time. It is a great risk that will suck our financial resources with the fact that there will be not much income to be coming in considering an enormous cost for recovery.

The Social Security System (SSS) provides some coverage in the event of partial or total disability, but in today’s value of money, it won’t go that far.

Unfortunately in the Philippines, we don’t really have an option to protect ourselves should disability comes (or non that I am aware of). The best thing to do at this point is to self-insure yourself against disability by saving and investing as much as you can.

Protecting the things you own (Auto Insurance and Homeowners Insurance)

One of the major things that can drag our finances backwards are unexpected expenses that are brought about by damages on the things we own, especially those that we use heavily in living and in making a living – car/s and home.

The good thing about protecting the property you own with insurance is that you don’t need to setup a hefty sum of emergency fund knowing that if something unforeseeable happens, you have your property insurance to back you up.

With that said, instead of putting cash into emergency funds, you can position your savings on a longer term investment that will allow them to grow more.

Car Insurance (Auto Insurance)

Here’s the truth about accidents on the road, no matter how careful you are, there will always be drivers out there won’t give a sh*t. Accidents will happen.

Getting the vehicle you use in making a living should always be a top priority. One accident can bring you a lot of financial setbacks.

Home Insurance

To tell you the truth, when I learned about home insurance, I didn’t realized that it covers a lot of things, and not only from fire. Aside from providing coverage to the structure of the house, which may be damaged by a storm, earthquake, flood, etc…, it can also cover ther personal properties inside the home – your furnitures, appliances, and even jewelries.

Personal Liability Umbrella Insurance

One of the many things that fascinates me the most in the insurance here in the USA is the maturity of the industry, and their ability to provide coverage to almost every risks of our every day life.

Protection from legal liability for example (when someone sue you). Almost all non-life policies that I encounter have a built-in coverage protecting the insured from personal liability – be it an auto policy, a homeowners policy, heck, even a renters policy.

And when the coverage of those policies are maxed out, there’s even a policy to capture the excess liability, protecting the insured for whatever financial distress these things can bring. We call it Personal Liability Umbrella Policy.

I’m not sure if there is a kind of insurance in the Philippines that is similar to this. But one thing I’m sure, the insurance industry in our country still has a long way to go, and I’m pretty excited to be part of its growth.


Insurance plays a great role in securing that we keep the things that we own. There is a reason why developed countries and wealthy people manage a portfolio of insurance policies, while poor people ends up just thinking if they need insurance or not.

Let’s try to protect ourselves from the risks of everyday living so we can live a life free from major financial stress.

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