It’s painful to lose all your investments when you suddenly get diagnosed with a critical illness. That’s why experts keep reminding everyone that a well-planned financial journey starts with a savings basket, emergency fund, and life and health insurance. Once this foundation is solid and secure, you can then build your investment portfolio and fulfill your dream business. 


Financial advisor Camille Mina learned this firsthand. “Based on my family’s experience, HMO will not be enough to cover your medical needs so you’d really need a concrete health insurance plan. The funds from variable unit-linked insurance (VUL), on the other hand, would easily deplete when you get sick. I personally have health insurance, two VULS, and mutual funds, and I still want to get another traditional plan with endowment in time,” she tells Female Network.

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As you grow old, you also increase your net worth, and so does inflation. “The insurance product you got in your early years may not be enough because, through time, your personal value, goals, and investments increase,” says Raul Joseph Barrozo, a certified wealth and estate planner.

And once you have built independence and confidence in your 20s and early 30s, you may now be moving up and prioritizing your family above all. By this time, income protection and your personal health will be as important as your children’s education fund.


As early as now, it's wise to start saving for your retirement and future life milestones. It’s also never too early to think about leaving a legacy and estate transfer.

Did you know that insurance is the surest way to free your family from paying the inevitable estate tax when you die? Think of around 6% of all your assets and that’s the amount they would need to unfreeze your financial accounts. 

Estate planning is greatly looked over by many Filipinos, either business owners or individuals. We’ve heard stories of families fighting over an inheritance, one or two relatives feeling they were not loved because of unequal division, a house left to the estate while two relatives fight as one wants to sell the property while the other one wants to develop it, etc. But where would the family get the amount needed to transfer the assets to their name?” explains Barrozo.


“That’s where insurance comes in. It can be used as an equalizer, a safety net for tax implications, or as protection for the younger generations of the family.”

There are three basic kinds of insurance: term insurance, which BTID followers prefer; insurance with savings, the traditional ones with dividends, such as health and endowment policies; and insurance with investment, or better known as VUL.

Personally, I would recommend getting traditional whole-life health insurance and separate mutual funds. You may also add an endowment plan because it’s guaranteed and fixed, and will generate continuous income long after you’re gone in this world. 

May Dedicatoria is a writer and financial advisor. For personal financial coaching, email her at

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