Another Financial Challenge Accepted

Getting a life insurance is not on my goal lists as I think the need for it is not necessary for an individual like me who does'nt have kids yet.
But almost 6 years ago our company took a BPI Philam life insurance with a 200k coverage payable for 8 years. Half of its premium is automatically deducted from our salary (only P 172.81 / payday) while the remaining half was paid by them.
Last month, our company informed us that they can no longer pay half of its premium since they are having hard time with their collectibles as most of the clients are not paying their dues in time. I hope they consult a lawyer now so they will know what appropriate legal moves needs to be done with those delinquent clients who aren't bothered with their credit dues.
Would you imagine "Ilang milyon ang pautang & kung ilang taon na hindi sila nagbabayad"? Oh well it's their problem, I'll just pray that those who are in position will seriously work for a solution -- but my problem now is they gave us the billing last month & handed us the full responsibility of paying it & we have until December 2 to settle it. Should we decide to continue the policy or not, it's up to us.
Yes, I need to pay that P 2,073.68 in full and though my focus is to save for my mutual as a I have a target goal for this year but then I need to take some considerations in deciding what needs to be prioritize.
Some of my colleagues here we're saying "pag nakautang na ko dyan di ko na itutuloy" while some says " aanhin pa ang damo kapag patay na ang kabayo, di ko na babayaran yan." As I have told them, "hindi naman para sa inyo yan para sa anak nyo yan, mabuti ako wala pa akong anak." but still I plan to continue it even if it's not on my budget list. As I have told them, "sayang naman naka 6 yrs na tayo, just 2 years only fully paid na ang policy & we're already insured for life with an accident insurance as an added feature".
Good thing I have set aside my two months earning (P 1,350.00) from lending though it was intended for my equity fund, & the company profit sharing (P 430.00) I received last month, plus a little sacrifice from my daily allowance ( P293.00) and finally I was able to pay my life insurance in full yesterday.
It's easy for me to ignore that life insurance plan but then it is "sayang" if I just give it up considering the pros & cons it gives.
And though mam jill says that plan is a bit expensive still that remaining two years of payment (total of P 16,584.44) compared to a P200k coverage for life insurance has a big difference right?


Have a great day guys!!!


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6 comments:

  1. Izza GlinoNovember 27, 2014 at 3:50 PM

    What a coincidence Ms. Grace! The company where I work too is also experiencing the same thing. We have a lot of collectibles that our clients didn't settles so sadly we are experiencing a delay in the bonus and 13th month pay.

    Pero I still believe in the company and I know 2015 will be better. I agree 100% that you paid for the insurance dahil malaking sayang yan. Hope things go well! :)

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    1. graceNovember 27, 2014 at 8:16 PM

      Filipino kasi ang boss ko ngayon, masyado mabait nakaasa lang sa mga may hawak ng accounts ng client, di katulad ng previous company pinasukan ko (chinese ang may ari) may lawyer talaga na nag aadvise.

      Sa amin din wala pa 13th month, I hope magkaron ng magandang collection ang accounting para mabigay ng buo pati paluwagan namin.

      Thanks ms izza :)

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  2. edelweizaNovember 27, 2014 at 7:06 PM

    Galing, nagawan mo ulit ng paraan! Korek, sayang din yan Grace. 2 years na lang naman, a little sacrifice will go a long way. Malaking pera din ang 200k ah. Need ko rin ng term insurance, tingin tingin pa ako san maganda ngayon. At parang gusto ko na rin ng mutual funds, hmmm... :)

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    1. graceNovember 27, 2014 at 8:26 PM

      tnx ms edel, sabi ni mam jill of frugal honey, meron sya term insurance na kinuha 700/month & 1M daw ang coverage ng insurance pro di ko natanong kung saan.

      takot pa kasi akong pumasok sa stock investing kaya mutual fund muna ako , let the fund managers do it for me, hahah :)
      And mas maliit ang initial investment P 5k lang :)

      Delete
  3. FlorlinNovember 28, 2014 at 4:30 AM

    Okay lang even if you can't add to your mutual fund as long as you pay for it na. Insurance is very important, but not a lot of Filipinos believe in it, because it's sooooo far away pa. Not everybody thinks way ahead like you do. Good job! I wish they pay you na and I wish you'll be able to complete your goals. Goodluck!

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    1. graceNovember 28, 2014 at 6:26 PM

      Thanks ms. florlin :) yes it's important din esp. you got family & kids.

      That's the good thing about mutual fund - it's not obligatory to pay monthly (babawi ako this December, heheh).

      Go for the goals pa rin tayo. God Bless!!!

      Delete

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