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10 reasons why millennials should get a life insurance

As millennials, we tend to believe we don’t need life insurance because we’re young and healthy. Most of us are career-driven, and it’s true that we can be busy trying to save up for our future and our growing responsibilities that it might sound too early to think about death.

But when it comes to planning for the future, it’s when we need insurance more than we think we do, especially when faced with responsibilities. If you’re thinking of getting one, Frances Chua, one of the longest platinum qualifiers in 2021, gives 10 reasons as to why you should go for it:

1. Everybody needs protection — young or old.

We might think we are young and healthy now, but no age is immune to accidents and illnesses. Like how the saying goes: prevention is better than cure. We need protection just as much as older people do.

2. It’s more affordable.

Being young means we are considered low-risk customers, which can also mean lower costs, and it can be more beneficial if we are living a healthy lifestyle. This is more fitting to be applied on insurance premiums because the application is settled without rating.

3. Protection and investment: hitting two birds with one stone.

As we work for our future, we tend to prioritize investment over protection — but we can do both. Insurance protects us and our assets, but it can also be a form of investment.

“Plans like VUL funds from Sun Life is a good starting point because it provides both,” suggests Chua, “Or you may opt for the Fit and Well plan, which is more affordable. It covers critical illness even if you’re young and healthy.”

4. Insurance is our spare tire.

Imagine you’re driving somewhere with your car, but you have no spare tire. When you get a flat tire, there will be more obstacles before you get to your destination such as more costs from service and the like. This is what insurance represents — it helps us reach our goals despite unpredicted troubles that might come along the way.

5. Become 10 steps ahead when planning for the future.

As career-driven people, we tend to become competitive and eager to reach our goal. With an insurance policy, we are already 10 steps ahead. Our future is secured, and at the same time, we accumulate more savings.

6. Life insurance also caters to low-income groups.

If we are balancing with familial responsibilities partnered with insufficient income, it can be difficult to consider spending money. But insurance doesn’t have to be a burden in our pockets. Companies like Sun Life offer whole life plans where premiums remain the same, or term insurance that is best suited for low-income groups. So worry not — we all have the right to be protected.

7. A backup from your company insurance.

You may be an employee with a covered insurance, but sometimes it can be insufficient. And when you quit your job, you won’t be able to take the benefit with you. Hence, it’s best to provide a backup.

8. Avoid expensive funerals.

We know that burials and funerals are a part of Filipino tradition we can never dismiss, but they’re also getting expensive. Insurance gets this covered. Whether you have dependents or not, when worse comes to worst, it’s better to spare your family from funeral costs.

9. Spare your family from debts.

As we work hard for a secured future, debts are unavoidable, but so are accidents. Should anything happen to us, insurance coverage can prevent our debts from piling up on our family’s doorstep. If we are to pass away, we can give our family time to grieve without burdening them with our financial debts.

10. Secure your family’s lifestyle.

Some of us are breadwinners and some of us build our own family young. When we pass away, we take our income with us. Presence matters more, but when they are financially dependent on us, it is also vital to consider their future. The right insurance coverage can take care of expenses and maintain our family’s lifestyle in case we are no longer there to provide.

Regardless of whether we are young and healthy, or whether we have dependents or not, planning our future should be an utmost priority. “If one is responsible, and he loves his family, and he has dreams for his loved ones, then you know he is a candidate for insurance,” Frances Chua says.

Frances Chua is an IQA certified Sun Life Financial Advisor.

For more information and inquiries, visit the Sun Life website at

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