Stories about overseas Filipino workers are usually a mix of happy and not-so-happy ones. On the one hand, working abroad is a lucrative occupation because the salary is quite high. Plus, there are many work opportunities that are available for Filipinos. This gives you the means to more easily provide for your family’s financial needs back home.
On the other hand, the cost of being separated from your loved ones isn’t that hard to ignore. You can’t be with your family all the time, even on important or special occasions. Neither can you personally witness your children growing up because you need to make the sacrifice of being away from them.
Based on a recent survey we did, even if OFWs were saving P14,000 more or less each month, OFWs would need at least 18 years to get their family savings to an ideal level. This means OFWs no longer have to go abroad to work but instead, they can live comfortably together with their family.
The tips below describe ways on how you can protect yourself and your family from having the same financial challenge. The goal is for you to work just long enough to save up, go home with your target savings, be closer to your family, and live a better life with them.
Tip #1: Get a life insurance plan that covers you and your partner (or a loved one)
Sad as it is, it’s not uncommon for OFWs to get sick and suffer from critical illnesses. The reasons may be varied—from not having enough time to prepare healthy meals, failing to exercise, or not being able to beat the blues of being far from home. It doesn’t help that OFWs will endure hard work even though they’re not feeling very healthy. For many OFWs, family needs come before their own.
In case of sickness, your life insurance will be able to ease your burden, knowing that you won’t need to dip into your savings to pay for hospitalization bills or the cost of medicine. At the same time, life insurance can protect your partner or dependents since they’ll be able to use your coverage benefits for other family expenses. If worse comes to worst, death benefits from your life insurance policy will allow your loved ones to continue living a comfortable lifestyle despite your loss.
Tip #2: Consider getting life insurance with investment to grow your retirement fund
No one wants to be away from their loved ones for too long. But since financial security may take time to achieve, what you can do is to use your earnings from working abroad toward financial products that act both as life insurance and wealth builder. Hit two birds with one stone, so to speak.
A life insurance with an investment option allows you to use your investment gains to start building and growing your retirement fund. Having that peace of mind of having enough money tucked into your retirement fund can make it easy for you to make the decision of coming home to spend time with your family and make up for the time you couldn’t be with them.
Tip #3: Choose a life insurance that lets you leave behind a legacy for your family
Many Filipinos are motivated to work in foreign countries to improve their family’s life, or to give their family a better chance of having the things that they themselves couldn’t afford in their growing or adult years. It could be their dream car, house, or business.
With a life insurance, it’s possible to give your family a home that they can call their own. As you build your estate, you’re leaving your family an important legacy for them to keep for the rest of their life no matter what happens.
In the event of your passing, your loved ones could use your life insurance benefits to cover your estate taxes and prevent your hard-earned investments from going to naught. Most of all, your family could continue living the life you’ve always wanted to give them and make them feel as if you're still around.
Ready for Your Homecoming
To your family, the sacrifices you make as an OFW are incomparable. Yet just like you, they’re eagerly awaiting the day when you’ll be home and stay with them for good.
Prepare for this momentous event by putting your money affairs in order. With the right financial strategy and life insurance products, you can maximize your earnings and secure your family’s future sooner rather than later.
Find the best life insurance for your family’s protection.
Ask from a Bancassurance Sales Executive at any of the 900 BPI branches.