Bought More Insurances for Family Members

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Had a recent chat with my life insurance agent about some changes I want from my policy. I wanted to add two more policies on top of my existing ones. It wasn’t a difficult chat, I buy more of their stuff and they earn more from commissions, that’s life. What did spark my interest was the small talk prior to getting down to business.

Technically I didn't buy an insurance for myself but for some family members who are expected to be needing it a few decades from now. Being the most financially literate in the family means having the most social responsibility to spare the others from a difficult financial situation later on. Besides, I think of it as a shrewd deal considering I'm expected to pay the bulk of the expenses when something unfortunate does happen to them.

While the expenses in the short term sucks, my future self would probably be thanking me right now for bothering. Health care is costly, dropping dead isn't the end of the problem, and maintaining a respectable quality of life while getting old has it's costs. On top of this I also plan on setting up some crypto wallets for them for added measure.

My insurance agent talked about the local Philippine Stock Exchange, the Russian invasion, and crypto trading. They weren’t invested in crypto because it was unregulated. Now I practiced this several times in the mirror not to reflexively raise an eye brow at such remarks. Forget about the returns I generated from bothering with crypto for the past years being more than what I earn from stocks for the same amount, none of those matter to this financial expert.

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This is a chart (monthly) showing the 7.2% drop today. The large drop was back in March 2020 where the pandemic was just getting started and then the market slowly went up to a slow recovery. It’s a turbulent time to be in the market right now because of the elections, a 6-year trend of poor economic growth even prior to pandemic, and the global events that also influence the influx of foreign investments. Around the time the pandemic hit, the Philippine Stock Exchange had a slow crawl to where it is now while crypto’s BTC was pumping to all time highs.

None of this is financial advice of course but I don’t see any harm trying to study both markets and picking out which one you want to bet on.

I appreciate the difference in perspective though. If you’re someone who is at the top of their game earning several figures like it’s pocket change in stuff related to traditional finance, it’s probably difficult to take crypto seriously as an investment given how the tech has been screaming decentralization and lack of security to things they are familiar with. At the back of my head, I doubt this guy would entertain being onboarded on Hive so that settles that.

But I do like his spirit and advocacy for financial literacy for everyone. He was selling me products but was vocal which ones weren’t going to give me the best yields so that’s more than enough to win me over. It’s the same person that inspired me to become financially literate in traditional finance and apply some of the concepts on crypto.

The problem with I have with crypto-enthusiasts and those grounded with traditional finance is a group think where one side thinks their side is the winning side. Having friends who are firm believers at opposite sides of the spectrum can have enlightening discussions. At the end of the day it’s still just going to be your call where to park your money for retirement and wealth building.

If you made it this far reading, thank you for your time.

Posted Using LeoFinance Beta



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9 comments
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The people doing V2K want me to believe it is this lady @battleaxe Investigate what she has been up to for 5 years. Its the next step to stopping this. Make her prove where she has been for 5 years or where she is now. She is involved deeply with @fyrstikken and his group. I cant say she is the one directly doing the v2k. Make her prove it. They have tried to kill me and are still trying to kill me. I bet nobody does anything at all. Make @battleaxe prove it. I bet she wont. They want me to believe the v2k in me is being broadcasted from her location. @battleaxe what is your location? https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism

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Now I practiced this several times in the mirror not to reflexively raise an eye brow at such remarks.

I would practice this as well for such remarks. Only that most friends say I'm already expressionless. So no need.

Glad you weighed in on both crypto and trad finance worlds. Got me re-assessing my previous idea of continuing investing on traditional channels too, esp with regards to insurance and retirement. I'll get this sorted out once all the house troubles are gone.

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From how the orientation went down, having a policy for yourself is a minor inconvenience compared to the amount of headache you can potentially have with chronic disease, untoward accidents and other health issues may arise in the coming years.

If you're still healthy, you still get to keep your money in as an insurance and if not, well you wouldn't leave people around you grieving while they incur the expenses for the funeral. I know it's a morbid take on the subject but that's one of the motivators I got while applying for the policy. Many don't have that security for their loved ones so it just takes one hospital admission to make a middle class be poor and when would a breadwinner be if they get sick and can't work?

Get one soon while young, the costs really stacks up a lot when you're old.

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True. I'm planning to get the health insurance/investment hybrid type before my next birthday. I used to have excellent healthcare coverage for me and my parents provided by my employer. So I didn't bother with it before.

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Yep, being the only or sometimes the senior financially literate person in the family means additional responsibility of saving others from the burden that they might face in the future. It's wonderful that you are taking that responsibility like you care.

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Well, whether I care or not, any untoward circumstance will still get me obligated to shoulder the burden as it's a social responsibility as a family member. I just made things more convenient for both parties involved.

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You deserve respect for that, no doubt. Stay blessed 😇

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Sanaol... my life insurance.

Me:

  • breadwinner
  • raised and supported my two younger siblings till they can get on both their feet.
  • supported my parents (till now): Dad is dead now due to cancer of the throat... may his soul rest in peace.
  • Sent my wife to school (graduated but got sick)
  • No matter how smart I am can't get myself back into college while doing all of the above, I am stuck being a vocational graduate.

Only started getting things done during my early/mid 30's... when dad died and the youngest graduated. I was trying in my teens but have too much responsibility.

well, anyway... I really don't mind where to get the finances whether it be traditional or decentralized or anything else as long as it is logical and I can get away with it.

update:

I am opening up a small shop (with someone else's money)... then try to buy a small house with the profits gained from it. If all goes according to plan tho.

I should seriously think of getting real insurance.

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