A lot of us may have heard, read, or known the concept of love languages developed by Dr. Gary Chapman in his book, The 5 Love Languages: The Secret to Love That Lasts. He describes the five unique ways of expressing and receiving love: words of affirmation, quality time, receiving gifts, acts of service, and physical touch. While these languages are essential, most of them will only leave a sweet memory. These won’t give protection and financial security to our loved ones when we’re taken out of the picture. This is where the importance of learning a new love language comes in, the language of life insurance.

What is Life Insurance?
An insurance policy is a written contract between the insured (policy owner) and the insurer (insurance company). It is where the insured agrees to pay a set amount at definite times while the insurer assures monetary benefit upon the passing of an event as specified in the contract.

What are the Types of Life Insurance?
There are two types of life insurance in the Philippines. First is Traditional life insurance which centers on guaranteed death and/or living benefits. The second is Variable life insurance, investment-linked insurance providing the insured a probable higher return on their living benefit while also having a death benefit. But, the values you get in variable life insurance depend on market performance, thus making it non-guaranteed. 

What are the Types of Protection Life Insurance Can Give You and Your Loved Ones? 
There are three types of protection Life Insurance can provide you and your family:

Lifestyle Protection 
Your life insurance allows you to quickly recover after experiencing a catastrophic event such as theft, fire, earthquakes, etc. which can affect all the things that you’ve worked hard for. 

Health Protection 
Having life insurance that serves as Health protection eases the burden of the expensive cost of treating illnesses and provides for yourself and your loved ones when you’re no longer able to work as a result of illness or injury.

Income Protection 
One of the main purposes of having life insurance is to help your loved ones continue living comfortably even when you’re no longer around. It will also ease the financial burden of having to cover final expenses, debt payments, and other obligations you may leave behind.

What are the Benefits of Having Life Insurance?
Life insurance provides you financial preparedness and peace of mind when the unexpected happens. Securing your and your loved ones’ future is priceless. You can receive the benefits in any of these forms:

1. Lump-sum payments that may aid in your financial needs;
2. Payouts that will serve as your income, which are usually tax-free;
3. The guaranteed living benefits or cash value for your traditional life insurance products or your variable fund value for investment-linked variable life insurance products, which you can use for your retirement, your child’s education fund, or financing health expenses.

What’s Next?
And now that you’ve known about the sixth love language, it’s time to think about what life insurance suits your financial needs. You can spend more time doing research online and exploring this on your own. OR you can also take the easy step today from the comfort of your home and talk to a Financial Coach for your life insurance needs. ♥