Preparation is the best antidote for uncertainties.

[BIGMAN]

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CRITICAL ILLNESS



Freddie worked as an OFW for 20 years. During that time, her wife and 3 children lived a glorious life thinking that there will be unlimited supply of money. They didn’t even care to set aside savings for future use. They were spending money on buying things they didn’t even need.

One day at age 45, Freddie decided not to work abroad anymore and lived with his Php1,000,000.00 savings in his own bank account. But without Financial Education, the money was gone in less than a year. And Freddie was backed to being an employee again.

Freddie became an alcoholic. There was never a day that he’s not drunk. After 10 years of being an alcoholic, Freddie was diagnosed with liver cancer. His life was in critical condition. With so much intention of saving his life, his family borrowed money to pay his medication. But Freddie didn’t make it, he was terminally ill. And he was gone. The family spent almost Php300,000.00 in hospital bills and an added expenses for his funeral services. The wife had to find a job to support her 3 children.


COMMENTS:


During his prime years as OFW, Freddie could have set aside money for investments in stocks and bonds. Most especially, he could have bought a life insurance with critical illness coverage. He could have earned more than Php1,000,000.00 the time he stopped working as OFW. Given that his life could not be saved, his family would have paid the borrowed money through the proceeds of the critical illness coverage plus the life insurance proceeds. And his wife would have not suffered financially at his untimely death due to critical illness.

[four23]

the thread reminds me of the 7 P's..

[stitchibiz]

Good read...

[BIGMAN]

nice!!! we need to prepare fellow istoryans.

[BIGMAN]

PREMATURE DEATH

A mother of five lost her husband at a young age of 38. At the time of death of the husband, her eldest was just in first year college and the youngest was only two. She was a full-time housewife with no means of income as it was the husband who was the lone breadwinner. When the husband died, all sources of income were cut off instantly and abruptly. Within months, she had to give up her four children to relatives in faraway provinces as she could no longer provide for their subsistence. Only the youngest was left with her.

The story did not end there. Having no other means of livelihood, she was forced into a second marriage, if only to provide for the needs of her children. She married a 77-year-old foreigner. However painful, one can call it a blessing in disguise as, one by one, she was able to bring most of her children abroad where they eventually settled- but only after years upon years of separation.

That need not have happened if a safety net like a life insurance program was set up for the family. It could have been the bond that would have kept the family together, the balm that could have soothed and healed the emotional wound unexpectedly inflicted by the untimely loss of the breadwinner and the cushion that could have absorbed the impact of the sudden turn of events until the family shall have adjusted to the circumstances.

That’s why I am a firm believer of life insurance. In fact, I am probably insured for more than what my family needs. I prefer that I over-insured today, anticipating my family’s growing needs and higher standard of living in the future. God willing, and is taking advantage of my insurability today while I am still in good health.

In our lighter moments, I often kid my wife that she would be an instant multi-millionaire if the Lord decides to take me today. With the insurance money, my family will not have to adjust to a different lifestyle. Our children can continue to enjoy the blessings that God has richly given us. They need not leave their schools for another, if only to afford the tuition. They can continue pursuing their dreams without having to give up anything beyond the realm of what my estate can offer. Everything would be the same except my presence. My only request, I tell my wife, “Pretend to be sad.”

And just in case she decides to remarry, I gave her the license to do so provided that she marries not an octogenarian but somebody younger and more good-looking than myself.

Kidding aside, it is always good to be prepared even while at a stage when death is probably farthest from our minds.