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A lawyer friend always tells me that one of the most lucrative business is insurance. Specifically, he states that non-life insurance is shortchanging us from the premium that we pay them for well, insurance. He simply doesn’t believe in the system and if not for the requirement by the government for compulsary third-party liability for cars, he wouldn’t get one. Actually, CTPL is one of the cash cows of insurance companies all over the world and most especially here in the Philippines. Just look at the number of fly-by-night insurance companies and you’ll understand. Though I agree with some points raised by my friend, I do not completely agree. For high-risk- high-value items, I would still choose to insure them so that in times of disaster, I can get something in return that I may be able to use to start over.
But pre-need and life insurance plans are different. It offers return of your investment after an agreed time not like the usual non-life insurance wherein after your policy period, premium paid is all gone. I’m not sure about Health Insurance, though. A friend terminated his policy after paying large amount of money for several years without receiving nothing in return. He realized that he’s paying for something that he doesn’t need. Honestly, I feel the same but at the same time, the benefit of my mother’s Health Insurance is more than worth everything she paid. So it’s really a case to case basis.
Mind sets shared by my lawyer-friend to ordinary people does not really help in educating Filipinos regarding insurance. Unlike in the western countries where a majority of citizens have various insurance, Filipinos lack the knowledge on its importance. You may find it odd for a person who works in an insurance company like me but I admit that I don’t have my own life insurance yet. The only insurance that I have is the coverage provided for by my employer. Of course, I have plans to buy one. For now, it’s not yet my priority. Maybe I have to take Insurance 102 module as the 101 did not convince me enough.
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When you get older, it is really natural that you think about your insurance. You begin to read about Insurance plans pros and cons and begin to think about what’s best for you and your family without breaking your budget. In this dire times, I really need to think about things I can cut from my monthly expenses.
As part of a near term strategy to cut the bills, I’ll cancel my comprehensive insurance for my car. With that I’ll save money on insurance premium. Yeah, it wouldn’t be really a nice idea but since I have plans to leave the country, I think it would still be best if I just get the compulsory TPL. I will be driving less and less and the participation amount for every claim would deter you for claiming for any accident. And I drive a 12 year old car, so comprehensive insurance is less and less important to me.
But if and when I leave my current employer, part of the things that I’ll be missing is the Employee Benefit Package that includes an accidental death/disablement insurance that is equivalent to 40 times my current basic salary. Not that I want to die or be disabled for the rest of my life just to get that money, there’s a feeling of reassurance that when I die, my family will get something that they can use to continue life without me. Hopefully, my would-be employer would offer the same benefit. Otherwise, I’ll have to buy a new policy. As a matter of fact, I’m currently reviewing the quotes that was given to me last year. Sure enough, Life and Pre Need plans are more expensive my comprehensive insurance. hehe…
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Late last year, my friends and I were thinking of putting an online store for an airsoft community. It was all set(the store, the goods, etc) until we realized we needed Visa and Mastercard Payment Solutions. At first, we wanted to use GCash and SmartMoney but it’s not really widely used and most airsoft enthusiasts are professionals with credit cards.
Finding an Internet Credit Card Processor is crucial for online stores especially if you are in the Philippines. Paypal has just started to provide full service in the country and the penetration is still very low. That could have been a very good candidate. Another candidate was a local online payment processing company but their charges are too high. With very little markup, profits will only go to payment of charges.
So for now, we are doing it the hard way. That is, the client will deposit the payment in a bank, email the bank receipt to us and then we’ll send the goods to them. Pretty jurassic, huh! But it works since the volume is not that much. Hopefully, we’ll find an online merchant solution that will suit us best. Actually, you can Click Here for Merchant Accounts. That’s one of my prospects right now.
