Withdrawal from Insurance Company

I made a serious, terrible and unfortunate decision in my life!

I have decided to withdraw all of my remaining funds and hereby terminating my insurance policy contract that I have been religiously paying for four (4 ½ ) a half years. The good news is: I can withdraw my funds. The bad news: I’ll be getting half of the amount I have invested that is Php 52,000.00 now it is Php 26,000.00 (it’s a big loss!) in check payment, according to the insurance agent I called earlier.

The PRU Life UK insurance that I have applied for belongs to the Life and Health Bracket, wherein I am covered with basic sum over P500.000.00 Pesos ready just  in case I get sick or something less unfortunate caused by unforeseen events ever happen. Payments are done semi-annual this means I pay P6,000.00 Pesos on the first month of the year on January and on the sixth by June or July (payment schedule for these months or days may be moved depending when you pay in advance.)

An Insurance is indeed a good investment to some individuals and entities,

You are covered and ensured of health and accident benefits that you can withdraw any amount of your choice anytime when you reach a certain maturity period of your contract lets say 8-10 years maturity? while others find a nightmare “The money invested suddenly went down to drain for some reasons like – company went bankrupted, none payment or delays can cause possible forfeiture of benefits and other awful stories and customer testimonials.

Now, most of you might be thinking why  did I do it, or make such a move? here are my enumerated answers (I know some of you may not agree with me –  so please don’t make an argument or harsh criticisms..)

• I don’t want to keep on worrying on the semi-annual payments which I have to settle, so on so forth.. (money figures are circling around my head.. I see dead figures..)
• Thirty percent (30%) of my salary savings that I set aside goes to the bank are used to pay up my insurance, in short – there’s nothing left in my bank savings, plus other basic and emergency needs.
• I have moved to a new home which belongs to my aunt in which I’m temporarily managing and staying (Honestly, I’m an white collar office employee by day and a caretaker by night when I come home from work), so it’s 2-3 rides away from my work.

Anyways, good friend advised me to deposit money it right away to a bank. Good luck to me!

(Disclaimer: logos, images, texts, etc. are copyrighted to their respective owners)

Credits: PRU Life UK Philippines, Sustainable Property UK for the logos