Insurance Myths In The Philippines

In the last 2 decades, Filipinos became more conscious about investments and insurance. But when it comes to insurance, some people are reluctant to avail for themselves because of some beliefs that they have.

One of these is that they think that when they get an insurance plan that they have to pay monthly is that they are only spending money for something that they may or may not use.

Myths
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Aside from that, here are some of the health insurance myths in the Philippines.

It’s more expensive to pay your premium

Some people think that if they just wait for something to happen and then pay for it, it is going to be cheaper than having to pay premiums monthly. Well it’s not, you can look at it in a way where you are safekeeping your money so that you won’t have to spend your savings or emergency fund when something happens. You even have a bonus that a portion of the expenses will be paid by the insurance company too.

Insurance is too expensive

Considering all the benefit you can get from a health insurance, plus the fact that it won’t be too expensive for you because your financial advisor will tailor fit your premium to your income, a health insurance is really a good buy. Thinking about the long-term benefit, it will not be too expensive.

Insurers deny claims so they can earn

Insurance companies do not earn when they deny a claim. Denied claims are those that are really not eligible for claiming. As companies who are committed to helping people in times of need, they have guidelines that they follow when they consider a customer’s claim. When the customer does not reach the requirements, the denial of their claim has nothing to do with what the company will earn.