#SunLifePartnerForLife

Starting Fresh: Your Financial Journey Begins Now!

Hey there! So, life can throw us some curveballs, right? Maybe you’ve had a rough patch with money, made some not-so-great decisions, or just got caught up in some financial mess. But guess what? It’s time to hit the reset button and start your financial journey all over again. Don’t worry, you’re not alone, and it’s never too late to turn things around. So, let’s dive in and discover how you can restart your financial journey and get on the path to financial success!

Ms. Valerie Lagarde-Amora, Cluster Head, Sun Life Philippines

Step 1: Taking Stock of Where You’re At:
Alright, it’s time to face the music. Start by looking at your money situation. How much are you making? Your salary matters but earning a minimum wage shouldn’t be a hindrance. As ms. Valerie Lagarde-Amora, Cluster Head, Sun Life Philippines, says ” We should not limit our potential by putting ourselves down.

How much are you spending? And oh yeah, those pesky debts – how much do you owe? Take a deep breath and write it all down. This will give you a clear picture of where you stand financially.

Ms. Andrea de Guzman, Financial Advisor, Sun Life Philippines

Step 2: Time to Budget, Baby!
Now that you know where you’re at, it’s time to create a budget. Don’t worry, it’s not as scary as it sounds. List out all your income sources and then write down your expenses. Be honest with yourself, even if it means admitting you spend a little too much on takeout or those impulse buys. Once you have everything listed, figure out where you can cut back and save some dough. Remember, every little bit counts!

“There is always a plan for everybody,” as Ms. Andrea de Guzman, Financial Advisor, Sun Life Philippines says. A qualified financial advisor should be able to assist you in reallocating or prioritizing funds so that something important such as insurance is included. Get in touch with the motivated Sunlife experts that are willing to help you achieve your financial objectives. They’re here to share their knowledge and support you on your path to success, whether it’s insuring your future with the ideal insurance plan or developing a unique investing strategy.

Step 3: Bye-Bye Debts, Hello Freedom!
Debts can be a real drag, but it’s time to show them who’s boss. Start by tackling the debts with the highest interest rates first, like credit cards or personal loans. Make a plan to pay them off, whether it’s by making extra payments or negotiating with the creditors. Once you’ve conquered those high-interest debts, move on to the next ones. Slowly but surely, you’ll kick those debts to the curb!

Step 4: Emergency Fund: Your Financial Safety Net
Life loves surprises, and not always the good kind. That’s why you need an emergency fund. Start by setting aside a small portion of your income each month. Aim to save enough to cover three to six months’ worth of living expenses. Having that safety net will give you peace of mind and keep you from going into panic mode when unexpected expenses pop up.

Step 5: Invest in Your Future, Like a Boss!
Okay, now that you’ve got your debts under control and an emergency fund in place, it’s time to think about your future. Talk to a financial advisor if you can, and start thinking about long-term goals like retirement or buying a house. Learn about different investment options and find one that suits your goals and risk tolerance. Remember, investing is like planting seeds for your money to grow!

Step 6: Soak up some knowledge!
Listen up, my friend: financial knowledge is power. Take some time to educate yourself about money matters. There are tons of resources out there – books, online courses, YouTube videos – you name it! The more you know, the better equipped you’ll be to make smart financial decisions. Trust me, it’s worth the effort.

Step 7: Stay Positive and Keep Going!
Restarting your financial journey won’t happen overnight, so don’t get discouraged. Celebrate even the small wins along the way. And hey, setbacks happen to the best of us, but don’t let them knock you down. Be flexible, adapt your strategies if needed, and keep pushing forward. You’ve got this!

Conclusion: Alright, my friend, it’s time to take charge of your financial journey. Remember, you’re not alone, and it’s never too late to start fresh. Take stock of where you’re at, create a budget, pay off those debts, build an emergency fund, invest wisely, and keep learning. Stay positive, stay motivated, and keep moving forward. You’ve got the power to turn your financial situation around and achieve your goals. So, let’s get started!

Unlock health goals and safeguard your assets with health insurance

The COVID-19 pandemic has brought to light the crucial role of good health in our lives. As a result, many individuals are seeking to ditch old unhealthy habits and adopt new and beneficial ones.

Maintaining good health shields you from financial ruin, particularly in the Philippines, where the surging cost of medical treatments can wipe out the savings of an average wage earner.

Prevention is always better than cure, however, there is no foolproof way to ensure a life free from illness and disease. The next best thing for you to do is to get a health insurance plan that will protect you and your loved ones from the escalating cost of medical care.

Here are some things you should know and questions to ask yourself before getting a health insurance plan

Is getting Health Insurance during medical inflation worth it?

According to Francesca Tolentino, Affinity Partnership Manager, Health & Accident Team of Sun Life “It’s now a fact that medical inflation is a part of life”.

These days, a medical emergency can quickly deplete your resources due to soaring medical inflation. In addition, medical expenses could not end with your stay in the hospital. Therefore, having health insurance is a crucial financial precaution to take in the event of unanticipated medical emergencies.

In addition to providing coverage for medical expenses, purchasing a health insurance policy has a number of other advantages that can protect your finances, such as tax advantages, cashless claims, and more.

Benefits of Having a health Insurance

Expenses for inpatient care and medical expenses are covered

Hospitalization bills, can be a significant financial burden. A medical emergency can deplete your savings and even lead to debt. However, a health insurance plan can cover hospitalization and other medical bills, depending on the policy you choose. This enables you to receive necessary healthcare without worrying about the financial strain.

Depending on your provider, you may get access to medical consultations, tests, and preventative care services without spending from your pocket. Providers often have a network of affiliated doctors, clinics, and testing centers that they directly pay for.

Preventive measures for future illnesses

Health insurance also offer protection from future ailments, particularly those that could be fatal and become more common as you age. When you become ill later in life, you might not be able to buy an inexpensive health insurance coverage.

Emergency assistance is provided

Health insurance policies frequently cover emergency services, sparing you from the high costs of ambulance and emergency room treatments. You can get quick medical care without worrying about the cost until you’ve recovered fully.

Back up protection

Having your own health insurance plan gives you additional security outside of your HMO, even if the majority of workplaces offer health benefits to their employees through group insurance policies. It also comes in handy when you’re no longer employed.

Factors That Influence the Price of Health Insurance and Is Health Insurance Expensive?

Garett Maralit, Muti-awarded Financial Advisor and Sales Manager of Sunlife said “If we want to fix our finances, we have to go back to the basic – budgeting,”

Having insurance will cost an arm and a leg is the biggest misconception people have about insurance. Many people have put off purchasing insurance because they believe it will be more expensive than the protection it will provide.

Listed are some factors that will impact the prices of your premiums

Age of the Insured

There are certain diseases, disorders, and other health issues that people are more likely to develop as they age. Thus, they end up utilizing more healthcare services than younger individuals. As you get older, it’s likely that your health insurance rates will climb as a result of the insurers’ expectation that you’ll need more medical attention.

Type of Plan Chosen

Not all insurance policies are created equal; some could have more expensive rates. As a general rule, your out-of-pocket costs will be lower the more expensive the premiums are. Your premiums will rise if you add extra benefits and riders.

Additionally, some insurance products come with investment options included. Take some time to research your options because investment-linked policies can cost more or less than traditional or guaranteed policies.

Duration of policy

Your total premiums may increase the longer you are under your policy’s protection. The rise in healthcare costs as well as other economic concerns may be crucial. Policies that provide coverage beyond the age of 60 are likely to have higher premium prices since older persons are often regarded to be more prone to illnesses and other medical issues.

Pre-existing medical conditions

Risks for various chronic illnesses and other forms of disorders will vary depending on a person’s health status. Pre-existing medical issues will be taken into account by insurance carriers when calculating the premium costs for each policy holder.

You could be forced to submit to medical exams when enrolling for a health insurance plan, as well as to divulge any pre-existing ailments or a family history of specific illnesses.

Conclusion

When you do your research, finding the best health insurance plan is simple. It may appear pricey at first, but it is a priceless investment that will protect you and your loved ones in difficult times. At the end of the day, purchasing a healthcare plan is always a wise decision.

To know more about Sun Life Philippines, visit: https://www.sunlife.com.ph/en/