Questions to Ask Yourself Before Getting an Insurance

Getting oneself insured has been a mainstream practice lately. If we look around, we’ll realize that there are actually several services who offer comprehensive insurance fit for different needs.

We are also not new to the fact that insurance services offer different packages, some of which may not work on the kind of lifestyle and income we have. Still, it’s also true that the service comes in handy in terms of emergencies. Should you need immediate medical support, your membership in one could help you be admitted immediately without necessarily using your stash cash at home.

If you’re now thinking of enrolling yourself to one, then be sure to be prepared by asking yourself the following questions.

What specific areas do I wish to be covered by insurance?

Most of the services available here in the Philippines cover similar issues like the basic ones. However, there are some who do not include advanced medical problems like major surgeries. Before saying yes to any deal, try to first make a list of your own expectations.

What area of healthcare would you like to be insured in?

How much budget do I have for the initial pay?

It’s standard protocol that you pay a specific fee at the start of your membership. Of course, this could vary depending on the kind of package you choose. For starters though, it is best to be aware of your budget and work on finding an efficient company that’s within or near that range.

You will be paying for it after all. It will be difficult if you get something that is beyond your pay grade.

Who are the most trusted insurance companies in my locality?

Do a quick search online to find out the names of insurance companies. Most, if not all, of them already have their websites that you can readily visit to get the initial idea on the service they offer. From there, you can then work on reading reviews or asking some of your friends and trusted colleagues for any recommendations.

If the company receives more positive reviews from their clients, chances are, they are really a reliable entity.

What are the advantages I’ll get when I enroll myself and my family to one?

We all look for something that we would get when we enroll to insurance. After all, we are paying for it. As you work on narrowing down your list of companies, do take time to think of the benefits you would get when you go for this and not that.

Do not hesitate to call the insurance company and ask for a consultation if need be. Surely, their agents would be more than willing to assist you in your concerns.

What about the risks?

Since you have looked into the benefits, don’t forget to balance it by eyeing the risk. There are various types of risk. For instance, you might be unwilling to invest in a company that is still new and is not yet established.

Another reservation would come from the negative things you might have heard about a company. Investing on ventures with a bad reputation puts you and your money in danger.

Which company offers the most efficient package fit for my overall needs?

Don’t forget to think about the type of package too. Enrolling yourself alone to an insurance service will cost differently when you get a full package for your family. Coverage will likely differ as well. Get the details of the packages and see which one works for you best.

Feeling safe is a natural need. And since there is no telling when emergencies happen, we always have to have a backup plan that would facilitate smooth processes in our medical admissions. Choose the best insurance company that offers you the efficient service you deserve!

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Education is Expensive – Get a College Educational Plan NOW

To continue with my previous post about educational plans, I strongly believe that even when our previous experience was not a good one there is still a virtue in preparing for your child’s future. That’s why my husband and I decided that it is time for our elder daughter to get her own educational plan.

Come the time that she needs to go to college, we might have to shed at least ₱100,000 per year. Really, education is so expensive here in the Philippines. In 2014 alone, the Commission on Higher Education (CHED) approved 6 to 14% increase per unit for 287 private colleges and universities.

We have so many choices, but based on what we’ve read, there is no best educational plan. It’s up to you what you deemed best for your child and for us, that’s Paramount Direct with its Dream College Plan. Its plan includes Plan 100, Plan 300, Plan 500 and Plan 1000. I think the basic differences of these plans are the monthly premiums and, of course, the benefits. More on this below.

We chose the Plan 100. Good thing you can apply online because we have no time going to the office and talking to an agent. Here’s how it looks.

apply online paramount direct

Beneath the ‘Apply Now’ button are fields where you can choose the product and the plan and input your birthdate (mm/dd/yyyy). Next, click the ‘Check Premium‘ button.

Below is another version where you only need to choose the product and the plan before clicking the Apply Now button. Don’t be confused, though; they are basically the same. This is just for the sake of showing you two ways to apply through the site. We used the second version.

second version online application paramount direct

So, again, we chose the Dream College Plan (product) and Plan 100 (plan). There are about four pages to fill out. The first page is the Personal Information of Payor.

first page online application college plan paramount direct

The second page is the Contact Information.

second page online application college plan paramount direct

The third page is the Employment Information.

third page online application college plan paramount direct

The fourth page is the Other Information. This includes the Personal Information of Scholar, Beneficiaries, Non-Forfeiture Options, Health/Medical Information, Declaration on Existing Policy(ies) and Additional Benefits.

fourth page college plan paramount direct

Click the ‘Submit Application‘ button.

Upon clicking the button, you will a confirmation that your application is already received.

confirmation email from paramount direct

An email will be also sent to you, which you also need to confirm.

another confirmation email from paramount direct

The email you will receive details the application. It will also include information on the Schedule of Benefits. See below.

schedule of benefits college plan paramount direct

As promised above, these benefits are for the Plan 100 with the monthly premium of ₱1,245.95. Multiply it by 3 for Plan 300 (₱3,735.95), by 5 for Plan 500 (₱6,225.95) and by 10 for Plan 1000 (₱12,450.95). It’s not exactly that amount, but these will put things in perspective.

For the record, we are still in Step 1. But, we will proceed to Steps 2 and 3 in the coming days. Anyhow, at the second version of the online application, there’s a note below saying, “We will mail the Policy Contract for your review after a few days. If everything is in order upon reviewing, you can complete your application by paying your initial premium so we can activate your policy as soon as possible.”

What I like about this company is it offers various methods for paying your monthly premiums. Here they are:

  • Mail – check or postal money order, the official receipt (OR) will be sent to your address
  • Branch offices – premium billing notice, you will be issued a provision receipt (PR), the OR will be sent to your address
  • Any BDO branch – cash through bills payment slip, you will receive a validation slip
  • Any LBC, bayad center or SM Bills Payment – premium billing notice, you must ask the teller a copy of the notice and receipt aside from the validation slip
  • Credit card – you must fill out and send the Credit Card Authorization Form back to Paramount through email or fax (TeleFAX Number +632 772-9264)
  • Post-dated check – post-dated check with the name and policy number at the back, you will be issued an acknowledgment letter and the OR will be sent to your address

How convenient! With all these, you have no excuse not to pay for your monthly premium.

Of course, while paying for the monthly premium, you still have to save. You shouldn’t think of having a college educational plan as a way to slack, thinking that your child’s education is covered. Well, we are just talking about the tuition fees and there are many other expenses. The price of each book alone, depending on the chosen course, can go as high as ₱1,000.

So, being prepared is the best way to combat the surge of educational expenses in the future especially if you have more than one child.