WHAT WE ALL GOT WRONG ABOUT LIFE INSURANCE

In the hypothetical scenario of being the primary provider for one's family, the sudden occurrence of a debilitating illness, a serious accident, or the untimely death of the breadwinner could lead to significant financial strain.

- By RENATO A. VERGEL DE DIOS

The resulting expenses, such as medical bills and funeral costs, may compel affected families to incur debt, liquidate assets, or seek government aid. Life insurance is a critical safeguard against economic hardship in such circumstances.

Despite the common perception associating life insurance with affluence, it is an indispensable asset for middle-class individuals, particularly those shouldering the primary financial responsibilities within their families. Just as fundamental as food, shelter, and clothing, life insurance should be regarded as essential to ensuring a family's future.

The middle class encompasses diverse individuals striving to improve their circumstances. This demographic comprises urban officeworkers, overseas Filipino workers supporting their families through remittances, and hands-on entrepreneurs striving to establish and nurture their businesses. These individuals embody the roles of providers, visionaries, and familial cornerstones.