During our Investment Planning class with Mr. Randell Tiongson, I asked him whether I should get another insurance policy aside from what's offered in our company. I'm single and have no kids. I'm not the bread winner in our family, but I contribute every payday. I know insurance is important because I want my family secured in case, you know, I die and go to heaven. :)
Our company's Group Life Insurance Plan's basic coverage is equal to one-year's salary against death until the age of 65 (at full cost to the company). To maximize this benefit, I added a contribution so that my coverage will be equal to my salary for six years. This additional contribution is deducted to my salary every payday. Aside from that, we also have our medical insurance plan and disability insurance.
Mr. Tiongson said that right now, I should stick to mutual funds and UITFs since I'm still single and really don't have any dependents. Though he added that I should think about it next time if I have a family of my own.
I'm happy to hear this answer because I was really considering getting another insurance policy from outside (perhaps Sunlife), but I'm also concerned because this means additional expense (since I have to pay for the premiums.) His advice actually makes sense. Though I know my family will be sad when I die, I am confident that they will still be secured since my dad is still working and we have a small taxi business on the side (plus my company insurance where my mom is the beneficiary). I might still consider getting one next time though.
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