For the longest time when I was working, I did not invest in insurances. Didn't feel the need for it. Then I got to the point when I said, hey, if I will stop working I will need to have something for my future. I started paying Social Security and Pag-Ibig Fund as a voluntary member.
Then I got insurance. Tri Life Insurance is my second insurance policy with PhilamLife. My first policy included hospitalization but I thought the face amount was too small (after some second thoughts). But I could no longer top up my policy so I had to get another one.
Tri Life Insurance is a policy that could be payable in 10 year years. After three years of annual payment, the policyholder gets some dividend. But if you don't claim your dividend, the payment period is shortened. Then after 20 years, you get something every year and a lumpsum when you reach retirement age.
The face amount of my insurance is not much really but that is just what I can afford to pay. I am just thankful that I decided to get one. I think I am already in my 4th year, so it won't be long and it will already be paid up.
And with PhilamLife, no problem with the claims. As long as the payments are updated, you get your claims in no time.