To those who can afford yet did not opt to get a life insurance, what are your reasons and what are your alternatives instead?

In personal finance, we understand the importance of life insurance, especially if you have dependents who could face financial hardship due to unforeseen circumstances like death, disability, or critical illness.

However, many, especially Filipinos, remain hesitant or haven’t considered getting life insurance. So, if money isn’t a barrier, what could be the reasons for not getting it? Do you have alternative practices or beliefs that you think are better than having life insurance? Why?

P.S. I dislike financial advisors who prioritize their earnings over assessing their clients’ needs. Unfortunately, this behavior discourages some from obtaining insurance

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These financial counsellors are so unpleasant that I truly can’t stand them. However, I think I’ll go ahead and purchase term insurance!

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I choose not to get life insurance for the following reasons:

I’m single, have no children, and my family is well-off enough that a payout wouldn’t have an impact on their daily lives. As a result, I don’t have any dependents who would require the money.

Rather, I would rather put my money into chances that will benefit me long after I pass away. I’m concentrating on equities for now, but I might research real estate later.

I do have supplementary insurance in case the HMO doesn’t cover everything, as well as an HMO from my employer. I decided to purchase health insurance because I can’t afford to pay an unexpected, potentially million-dollar medical bill out of the blue. Having insurance is a useful tool, and whether or not you use it depends on your own situation.

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How much do you spend on health insurance each month?

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