X
theAsianparent Philippines Logo
theAsianparent Philippines Logo
EnglishFilipino
Product GuideSign in
  • Building a BakuNation
  • Becoming a Parent
    • Trying to Conceive
    • Pregnancy
    • Delivery
    • Losing a Baby
    • Project Sidekicks
  • Ages & Stages
    • Baby
    • Toddler Years
    • Preschool Age
    • Kids
    • Preteen & Teen
  • Parenting
    • Parent's Guide
    • News
    • Relationship & Sex
  • Health & Wellness
    • Diseases & Injuries
    • Allergies & Conditions
    • Vaccinations
  • Education
    • Preschool
    • K-12
    • Special Education Needs
  • Lifestyle Section
    • Celebrities
    • Contests & Promotions
    • Home
    • Travel and Leisure
    • Fashion
    • Fitness
    • Wellness
    • Money
  • Become a VIP
  • COVID-19
  • Press Room
  • TAP Recommends
  • Shopping
  • Awards
    • Parents' Choice Awards 2023

A Safety Net For The Future

3 min read
A Safety Net For The Future

Which parent does not want to provide the best for his/her child? To keep the children safe within a glass prism that aids in education and emergencies.

Which parent does not want to provide the best for his/her child? To keep the children safe within a glass prism that aids in education and emergencies.

need and importance of insurance

A Safety net for the future

This glass prism, also known as an insurance plan, is no longer a ‘should have’ but has become a ‘must have’. However, confusing insurance plans, persistent insurance agents and the looming question of just how much to put aside, are enough to drive any parent into a state of frenzy.

Need and importance of insurance: But we’ve got CPF and independent savings!

That’s where most people fall into the trap of not planning earlier. The misconception that independent saving will benefit you in the future has many older people now wondering if perhaps they should have gotten a financial planner when they first started earning. Rather than just putting a little bit of your salary away in your bank for a rainy day, watch it grow through investment that branch out into plans that cover medical insurance, education (for the children) and retirement.

Also, when you take into account the law of averages, the fact is that at some point you or your child may well get ill, or get burgled or your flight will lose your luggage or your car will crash. You don’t want to be caught off guard when that happens. At worse, insurance ends up just becoming an additional savings account, at best, it ends up saving your life!

Okay, I am sold. But where do I start?

According to Mrs Phyllise Er, a financial planner, there are two things to consider before signing up for a financial plan. Firstly, understanding exactly what the plan you are interested in offers, i.e., the benefits that you will receive in the long run.

Secondly, the relationship you have with your adviser. “It is important to have a planner who not just offers you a detailed explanation on the investment plans available but also regards your happiness as utmost importance. A good planner should constantly review her client’s plans and come up with better options for improving the current plans,” she says.

Got it. But Insurance seems like so much work. Is there a plan that binds all?

theAsianparent Image
A Safety Net For The Future

Yes. Such a financial plan is what Mrs Hwa Hiang Cheng and her husband, parents of two primary school boys have signed for. A plan that puts them at peace when issues such as the boys’ education in the future, illness, sudden hospitalisation and even for luxury items from time to time.

“Sometimes we get caught up in the numbers game. But at the end of the day, It is not the number of plans that you have that matters but rather what all those plans cover,” says Hwa.

Echoing her sentiments, Er adds, “While it is great to have an extensive plan, if you can’t afford it, do ensure that you have basic coverage. You can always tie your old plans to new ones later. My advice to all parents is not to wait until a certain amount of time is over. Regardless of how small your salary is, putting aside for a rainy day should be your number one priority.”

Partner Stories
Parents, here's what you should do when your child sees you and your spouse fighting
Parents, here's what you should do when your child sees you and your spouse fighting
#SendLoveWithBebeBata
#SendLoveWithBebeBata
13 Must-haves for Your Online Baby Checkout Checklist
13 Must-haves for Your Online Baby Checkout Checklist
This Mommy Welfare Month, Absolute Gives Back The Love to Moms #SelfLoveIsBabyLove
This Mommy Welfare Month, Absolute Gives Back The Love to Moms #SelfLoveIsBabyLove

Got a parenting concern? Read articles or ask away and get instant answers on our app. Download theAsianparent Community on iOS or Android now!

img
Written by

tirlOrdit

Become a Contributor

  • Home
  • /
  • Parenting
  • /
  • A Safety Net For The Future
Share:
  • How can moms claim child support in the Philippines?

    How can moms claim child support in the Philippines?

  • Parent's Guide: 5 tips to boost your child's self-esteem

    Parent's Guide: 5 tips to boost your child's self-esteem

  • 5 tips for a responsible parenthood you should know

    5 tips for a responsible parenthood you should know

  • How can moms claim child support in the Philippines?

    How can moms claim child support in the Philippines?

  • Parent's Guide: 5 tips to boost your child's self-esteem

    Parent's Guide: 5 tips to boost your child's self-esteem

  • 5 tips for a responsible parenthood you should know

    5 tips for a responsible parenthood you should know

Get advice on your pregnancy and growing baby. Sign up for our newsletter
  • Pregnancy
    • Baby
    • Breastfeeding & Formula
    • Baby Names
    • Delivery
  • Parenting
    • Parent's Guide
    • Advice for Parenting Kids
    • Relationship & Sex
  • Lifestyle Section
    • Local celebs
    • Celebrities
    • Money
    • News
  • FAMILY & HOME
    • Couples
    • Weekend & Holiday Guide
    • Health
  • Building a BakuNation
    • More
      • TAP Community
      • Advertise With Us
      • Contact Us
      • Become a Contributor


    • Singapore flag Singapore
    • Thailand flag Thailand
    • Indonesia flag Indonesia
    • Philippines flag Philippines
    • Malaysia flag Malaysia
    • Sri-Lanka flag Sri Lanka
    • India flag India
    • Vietnam flag Vietnam
    • Australia flag Australia
    • Japan flag Japan
    • Nigeria flag Nigeria
    • Kenya flag Kenya
    © Copyright theAsianparent 2023. All rights reserved
    About Us|Team|Privacy Policy|Terms of Use |Sitemap HTML
    • Tools
    • Articles
    • Feed
    • Poll

    We use cookies to ensure you get the best experience. Learn MoreOk, Got it

    We use cookies to ensure you get the best experience. Learn MoreOk, Got it

    theAsianparent heart icon
    Nais naming magpadala ng notification sa'yo tungkol sa latest news at update sa pag-aalaga ng baby at kanilang kalusugan.