Understanding the purpose of insurance
Insurance is for protection should anything happen to you. In the Philippines, people don't talk about insurance as much as they talk about investments. While insurance is not a fun topic, it is a critical part of your financial strategy.
Many people don't understand what insurance is
and so only few want to buy it. Even those who buy insurance don't actually understand it or appreciate its importance in building and preserving wealth. As a result, many people don't have insurance. If they do, the coverage is usually not enough.
Today, people have all kinds of protection. They insure their house, cars, phones, and appliances. They even buy travel insurance for their vacations.