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Common Life Insurance Myths
Getting insurance while you’re young is like buying a VIP seat at a concert for a smaller price. Don’t let these common misconceptions keep you from securing your future.
- 2 mins read
Myth 1
"VUL is a scam."
The fund value of a Variable Universal Life policy fluctuates with the performance of the investment instrument attached to it, much like that of pure investment products, depending on prevailing market conditions. A temporary decline in fund value leads some people to believe their money is disappearing unduly.
It is actually a hybrid of life insurance and an investment. This gives your money the potential for much higher long-term growth compared to traditional plans.
Myth 2
"I’m young and healthy. I don’t need it yet."
In the life insurance world, being young and healthy works well to your advantage in terms of higher chances of approval and being charged a smaller premium, since it is calculated based on age and state of health.
If you wait until you are older, you may already have associated health issues that could work against you in relation to chances of acceptance and/or being charged with a higher premium.
Myth 3
"I have no dependents, so I don’t need insurance."
Insurance isn’t just for the people you leave behind; it’s a safety net for the version of you that might get sick or grow old (or may get into an accident)
Major illnesses like cancer or stroke can cost ₱1M–₱2M in treatments like chemotherapy or dialysis. Without insurance, those bills fall entirely on you, potentially draining your life savings before you even hit your prime.
Myth 4
"I’ll just worry about my future later."
Many Filipinos expect to work well past retirement, but lifestyle health issues are hitting people at much younger ages today.
Accidents, disability, or major illnesses can happen anytime, regardless of how careful you are. Starting now protects your future self and ensures you are better financially prepared to navigate through your life cycle stages.
Ready to start your insurance journey? Learn more below.