When To Start Planning Your Life?

While others were making the most out of the extra day for this year, someone has breathed his last.

At the age of 49, Wenn V. Deramas, a Filipino TV and film director, passed away last February 29, 2016 due to cardiac arrest. Celebrities and fans mourned for his early death. He left a mark not only in the showbiz industry, but also in the hearts of the Filipino viewers. His masterpiece brought us to tears and laughter.

And one thing that his life taught us is, “We never know when God will call us home.”This is one of the uncertainties of this world. This is beyond our control. No one can ever tell how, where, or when he/s he will die. “Are we going to live too long?” or “Are we going to die soon?” are questions that are not for us to answers, but for us to prepare and plan for.

But why do we need to plan? Because this is not only for ourselves, but also for our love ones. We plan simply because we love.

If we live too long, does our retirement fund enough to sustain our lifestyle without putting the burden to our children and grandchildren? Are we prepared financially to give our children the best education they need? Do we have enough medical funds so that our love ones won’t worry anymore on how to pay our hospital bills?

If we die too soon, will our family still live comfortably for the next five to ten years after our death? Will our wealth be distributed properly to our family?

Wishful thinking is not enough to answer these questions. We need a concrete financial plan to address these uncertainties.

Stop wondering “When will we die?” and start answering “When will we start?” The best time to start planning your life is NOW.

Teach us to number our days that we may gain a heart of wisdom. Psalm 90:12

Why Young Professionals are Never Too Young for Life Insurance

“How do you see yourself five to ten years from now?”
This is one of the most common job interview questions every young professionals will hear from employers. This question is as easy as pie for most of us because our answers will be based on our own vision, aspirations and goals may it be in career or in other areas of our life.  And I bet, none of us would answer the following:

“I’ll have a cancer ten years from now.”
“After five years, I would not be able to work because of a car accident.”
“Ten years from now, maybe I’m lying comfortably six feet under the ground.”

Sounds silly, right?

But the point is we are eager to talk about our dreams but never about uncertainties despite the reality that these are the certain things of this world. That is why life insurance is quite a strange idea for some. Who loves to talk about death especially when you are young and free?

I got myself a life insurance policy when I was 22 years old. And I discovered, as young professionals, we are never too young to have life insurance because:

This is not for us; this is for our family.
Whether we are a breadwinner or not, single or married, we need to get one for the benefit of our love ones. This might be something that we cannot enjoy tangibly, but our family will benefit a lot from it. Will they grief for our death or for the burden that we left?

It is not as costly as we think.
Some shy away from the concept of life insurance because they think it as a major expense. But think about this. Your latest gadget won’t give you regular income in the duration of your permanent disability. Your branded clothes won’t replace your income for your family in case something happens to you. It may entail cost but the benefits are worth it.

We will never know when we might need it.
Our employer, through a group insurance policy, insures us during the tenure of our service.  However, according to the PwC study, 38% of millennials do not expect to stay at a job for more than nine years. In practice, most of the young professionals of this generation stay at a job for less than three years. We lose our insurance coverage every time we change jobs and we will never know when we might need it.

How do you see yourself five to ten years from now? You are never too young to start thinking about the future. You are never too young for a life insurance.


Originally published at Why Young Professionals are Never Too Young for Life Insurance (www.financeph.com)





Sarah Grace N. Esteban, CPA is a financial advisor at FinancePh and the Director of Publications and Communications of the League of Young Financial Educators (LYFE), a non-profit organization which seek to help young individuals to be financially literate. Aside from her advocacy, she loves to write because she believes in changing the world, one reader at a time. You may reach her through her personal blog www.sarahgraceesteban.com.