Monday, October 13, 2014

4 Reasons Why OFWs Invest in Variable Unit Link Insurance Policies

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Variable Unit Linked (VUL) Insurance Policies are investment products that have two components: insurance and investment. While the policy-holder enjoys the insurance benefits of the policy, he or she also has the ability to grow his or her money through it.

To know more about VUL Insurance Policies, check out these articles by the Insurance Commission of the Philippines.

1. They are proactive searchers of investment opportunities.

Overseas Filipino Workers (OFWs) are proactive searchers of investment opportunities available in the country. Have you heard of stories of OFWs sending money to their families in the Philippines to be used in purchasing a motorcycle, a carabao or selling items for the sari-sari store? Sadly, a lot of OFWs are still limited when it comes to knowledge in good investment opportunities. That is why they'd rather keep their hard-earned money in the banks or even in their personal cash boxes kept at home. I hope that more OFWs will open their minds and realize that burying their money "under their beds" won't help them in the end. Since they are in the best position to save and invest, VUL Insurance Policies perfectly fit their capacities and requirements.

2. Most of them are breadwinners of their families.

Knowing that most OFWs are breadwinners of their families, all the more that they are compelled to invest in insurance policies. Being away from the comforts of their homes and living in foreign lands filled with people they do not know allows them to think fast-forward and foresee what can happen if they (a) get sick, (b) become disabled or (c) die - God forbid. Is it really the end of everything? How will their families live? This, then, leads to a perfect discussion about insurance policies. In the past, it's very uncomfortable to talk about insurance. But right now, since the introduction of VULs, more people are made to become aware of its wonderful benefits.

3. They know how long they intend to work abroad.

In Pru Life UK, investors can choose from 5, 7, 10 and 15 years as the number of years they intend to pay for a limited or exact pay VUL insurance policy. If they intend to pay for 20 years or more, that's classified as a regular pay policy already. Some OFWs know how long they intend to work abroad. This is what makes them perfect clients for limited or exact pay policies.

4. Insurance policies cover the policy-holder wherever he or she may be in the world.

Except for some policy riders (or optional benefits), in Pru Life UK, all policy-holders are covered wherever they may be in the world. When I was starting as a financial consultant, this actually surprised me as well as some other clients to whom I was able to talk to. Indeed, there are so many things to know more about insurance.

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