Why Sea-Based OFWs Also Need Insurance
Sea-based OFWs need insurance or premiums just as much as the rest of us do. There are even moments when they need it more. Not only do they have to endure with homesickness (and sometimes loneliness) while working abroad, but many of them also have jobs that entail one form of danger or another. But if you still can’t see the point in getting insured, below are reasons to convince you otherwise.
Your Family Needs Financial Protection
Let’s get the most important reason out of the way, shall we? Most OFW families rely significantly on the remittances sent by their breadwinner. So imagine how much they’ll suffer should anything unexpected and unfortunate happen to you. By paying for quality premiums, however, you’ll be able to guarantee your loved ones’ financial safety even if you’re incapacitated or you experience an untimely demise.
Many Overseas Jobs are Dangerous
Though it’s not always the case, working abroad can leave you prone to various job hazards. And this isn’t just true for Pinoy seafarers, but for OFWs who are working land-based jobs as well. If unchecked, it would eventually lead to an unhealthy lifestyle, which can increase your chances of getting hospitalized and crippling your finances. By getting a good life insurance, you’ll be able to cover any expenses necessary to keep you safe and healthy while out of the country.
Philippine Recruitment Agencies Require It
According to the Migrant Workers and Overseas Filipinos Act (Republic Act 10022), recruitment agencies require everyone wishing to work overseas to get compulsory OFW life insurance before they get deployed. To put it simply, if you’re not paying premiums, no recruitment agency would consider sending you off abroad.
It’s an Opportunity to Grow Your Money
These days, financial institutions offer VULs. VUL or Variable Universal Life Insurance is a permanent life insurance policy that has a built-in savings component. In other words, it acts both as an insurance program and as an investment tool. By investing in VULs, you’ll not just get yourself insured, but you’ll also grow your money.
It Increases Your Chances When Getting a Loan
Lastly, having insurance increases the likelihood of your loan application getting approved. Many financial institutions look at a loan applicant’s credit score when considering their application. However, some also have a knack for checking whether or not they’re insured, since for some reason, they believe insured individuals are more financially trustworthy than those who don’t have premiums.
While not every OFW will find themselves in life-threatening situations, it still pays for our kababayans to have insurance. By paying premiums, you’ll be able to provide yourself and your family a nice financial safety net in case the worst happens.
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