Financial security is always a top concern whether you’re just starting the workforce or a veteran in your chosen field. This is especially true these past few months. The country’s inflation rate saw a 14-year high of 8.1% in December 2022, which spiked further to 8.7% in January 2023. Food and beverage prices increased by 10.7% as a result.
Everyday goods are more expensive than ever. And yet, the recent numbers from the Philippine Statistics Authority (PSA) showed that the monthly basic pay of Filipino workers increased by only 0.6%.
The Importance of Insurance
A stagnant wage and expensive cost of living leave you with limited savings for your financial goals and emergencies. For example, a road accident injury could set you back around PhP 10,192.25. That’s more than half the salary of most employees in the country. If you want to protect your savings from unexpected injuries and illnesses, your best bet is to get insured.
There are many insurance products out there, but they all fall under two main categories: life and non-life.
What is Life Insurance?
Life insurance is a contract in which your insurance provider promises to pay your chosen beneficiary an agreed amount when you pass away. It has two subcategories:
- Term – This is the most simple life insurance plan to get. You pay premiums from 10 to 30 years, and your beneficiary gets paid upon your passing. If you are still alive after your term, you can renew your contract to continue your coverage and premium payments.
- Permanent – A Permanent insurance plan lasts as long as you’re alive. As such, it’s more expensive than term insurance. Coverage stops when you stop paying premiums, surrender your policy, or pass away.
What is Non-life Insurance?
Also known as “general insurance,” non-life insurance functions how it sounds. It covers everything that life insurance doesn’t. These include properties, cars, electronics, and even pets.
General insurance is our specialty here at Metropolitan Insurance Company Inc. (MICI). Here are some of the non-life products you can get at our online shop:
- Personal Accident Insurance – This compensates your beneficiary if you get injured or pass away in an accident. It covers:
- Permanent disability
- Accidental death
- Medical reimbursement
- Unprovoked murder and assault
- Burial assistance
- Pet Insurance – Pet insurance pays you for vet bills if your fur baby gets hurt in an accident or suddenly gets ill. MICI’s Dog PAWtection and Cat PURRtection cover:
- Pet Medical Cash Assistance
- Lost Pet
- Pet Burial Assistance
- Accidental Death and Permanent Disability of Pet
- Extended Personal Accident Insurance for Pet Owners
- Laptop Insurance – This covers you against costly laptop repair and replacement fees due to liquid damage, accidental damage, acts of nature, and theft.
- Desktop Insurance – This offers the same coverage as laptop insurance. However, it allows you to insure your computer’s whole system unit or individual components, like the processor, graphics card, or RAM.
- Phone Insurance – A phone insurance plan protects you from expensive replacement and repair costs if your device gets stolen or damaged due to an accident or spill.
- CTPL Insurance – Comprehensive Third Party Liability (CTPL) protects you from financial obligations if your vehicle damages another car or hurts another driver, passenger, or pedestrian in a road accident.
We also offer traditional insurance products like Comprehensive Motor Vehicle Insurance and Property Insurance.
What Insurance Should I Get?
Life and non-life insurance offer different benefits for you and your loved ones. So, consider getting products from both categories to cover what matters most to you.
Get policies for essential things in your life. For example, if you’re an avid cyclist or runner, a personal accident insurance plan can help you reduce costly hospital bills in the event of an injury. If you’re a remote worker, laptop or desktop insurance may save you from expensive fixes and replacements if your machine breaks down.
You may feel that you’re not getting the most out of your insurance, especially if you look after your health and belongings. However, accidents happen, no matter how careful you are. And these events usually come with expensive hospital, vet, or repair shop bills that can eat into your savings. Insurance prepares you for these unexpected moments, letting you or your beneficiaries bounce back financially.
Get Insured in Just a Few Clicks
Get insured without the hassle of long lines and redundant paperwork with MICI. We offer non-life insurance products that protect you, your loved ones, and even your fur babies. You can apply, pay, and make a claim on our website through your phone, computer, or tablet. Getting insured has never been easier.
Head to the MICI shop today to get your insurance policy online.
