How much Life Insurance do I Need? Your Basic Guide

Having life insurance is a path to sound financial planning and should also be an essential part of life. Most people may not consider it until some unexpected circumstance occurs. It is important to start early with life insurance because there are serious benefits that apply when you are young. The bottom line is it can be a better way to lessen financial worries.

If you are thinking of buying life insurance, don’t wait! It is advisable to get it early as it becomes progressively expensive as you age. It can be almost twice as expensive if a 40-year-old decides to buy insurance as compared to a 30-year-old.

But if you’re wondering how much life insurance you need, you should know first that aside from age, the cost, and the availability of life insurance, it will also depend on your health, the type and the amount of insurance purchased. So, you should analyze your financial situation and determine how much money you need to accumulate in order to maintain the living standard of your beneficiaries. With this, you will know if you can meet the qualification in the policy, and if you’ll be able to afford it.

Usually, you need to have between 7 and 10 times your annual salary before you get covered. That will probably increase if you have kids, debts, or a business. For example, if you're making Php 360,000 a year, you should consider buying life insurance of around Php 2,520,000 to Php 3,600,000. Moreover, identify the term that best suits you. Seek a financial advisor to help you understand your financials before deciding.

After identifying the insurance, you need to, consider your options of where to buy life insurance. There are various insurance companies that have their own products--some have better products than others. But again, you should ask a financial advisor to assess your situation and guide you towards the policy that will fit you.

Allianz PNB Life can make it easier for you, as it is one of the best insurance companies in the Philippines. They offer products that will help you grow and live a worry-free life, helping to secure your future.

Future policyholders can avail of the Allianz Well! plan even until they are 70 years old. You can enjoy the health benefits that this plan brings even at your late stage in life.

Allianz Well! Is a health plan proffering a wide range of benefits like cancer treatment, kidney dialysis, organ transplant, and fully covered for inpatient hospitalization during COVID-19. It can give you access to the best health facilities and medical providers. Furthermore, you can receive necessary medical treatment here and abroad. In the event of medical evacuation or return, it will even cover the costs of transportation of your companion.

This product has an annual plan limit of Php 100 million, so you are assured of sufficient protection whenever you need medical attention. In addition, you can enjoy wellness services to keep you strong and healthy. Health screening and dental services, physical activity programs, and nutrition counseling are also included under this plan. Saving the time, money, and energy of the insured is important, which is why it includes expanded coverage for telemedicine services and access to second medical opinion from various experts in their respective fields.

Make the most out of your life by being healthy with Allianz eAZy Health. This plan will cover you up to 5 years, providing enhanced critical illness coverage. It will help you future-proof your health as it covers not just existing illnesses but also serious conditions that may occur in the coming years. Included in this product are critical illness, life, accident, and disability benefits that will lessen your financial burden.

Should you remain healthy after 5 years, you can also claim a health bonus equivalent of 30% of your premiums paid which you can use to renew your Allianz eAZy Health plan.

Allianz eAZy Health provides 4 options so you can choose the best protection coverage that suits you.

Get this insurance benefit for Php 800 monthly or Php 8,000 a year. This will ensure a coverage of Php 500,000 for critical illness, and another Php 500,000 for accidental death, disability, and dismemberment. Aside from this, get as much as Php 14,400 after 5 years from Php 150,000 of your life insurance benefit.
By paying Php 7,087.50 semi-annually or Php 13,500 annually, you can get this insurance benefit. Under this plan, you will receive Php 1,000,000 coverage for critical illness and accidental death, disability, and dismemberment. You can also get Php 300,000 worth of life insurance benefits and a health bonus of Php 21,262.50 at the end of 5 years.
You can have Gold insurance benefits by paying Php 3,520.00 quarterly or Php 12,800 yearly. This includes Php 1,500,000 for both critical illness and accidental death, disability, and dismemberment. You may also enjoy Php 450,000 as your life insurance benefit. In addition, you can earn as much as Php 21,120 at the end of 5 years.
For as low as Php 2,130.00 monthly or Php 21,300 annually you can get the Platinum insurance benefit with Php 2,000,000 for your critical illness and accidental death, disability, and dismemberment. Moreover, your life insurance benefit is worth Php 600,000, and can earn back as much as Php 38,340 after 5 years.

This product puts more money into well-managed investment funds for millennials. It will help your money grow faster to ensure your family needs. You’ll have the freedom to switch your plan investment up to 4 times a year with no charges.

AZpire Growth has a minimum annual premium of Php 30,000. You can choose to pay it on a monthly, quarterly, semi-annual, or annual basis. Furthermore, you can receive an additional 2% on your regular premium provided that all your premiums are paid with no withdrawals in 6 to 20 years.

Planning your finances can be overwhelming and complicated to understand. Just give yourself time to do some research and to be familiar with the products offered by insurance companies. Also, don’t be afraid to seek help from a professional you trust and can ask questions from.

For more information, visit Allianz PNB Life at www.allianzpnblife.ph. You may also reach us via email at info@allianzpnblife.ph, or to these numbers:

  • Customer Helpline: 8818–4357 (HELP)
  • Head Office Trunkline: 8818–5433 (LIFE)
  • FAX: 8818-2701
  • Domestic Toll-Free Number: 1-800-10-818-4357