Covered with Insular Life
The life insurance coverage mom got for me when I was still in high school is too small — P300,000 (approx. $6,500). But the funny thing about it is, we are still paying for its premium up to this day. It’s crazy! I have been convincing my mom to just drop it, she still did not like to.
You see I was able to get better life insurance coverage for P500,000 and I was done paying in 5 years! While with this particular Insular Life coverage, we have been paying since forever. This is probably one of the first type of life insurance that was offered during that time. Despite the fact that it apparently accumulates dividends, which are minute by the way, I still do not like Insular Life, because of this. They should at least give an option for these kinds of coverages an option to end the paying process. We tried to negotiate with them but we will end up losing all the money we have paid for premiums. I know that insurance companies offer better coverages, but how about clients who have availed of their old schemes, right?
Anyway, Insular Life just announced its centennial celebration. I automatically am included in the raffle. If I ever win one of those monthly P100,000 cash prize, then it might just be all worth it.
