What if you suddenly find yourself at the mercy of a windfall? What if years ago a relative died and no one knew about the insurance policy that was left for you?
When people think of life insurance, the most important things in mind are: providing money for loved ones in the event of death or covering expenses in the event of a medical emergency or illness. While this is all true and covers the most important uses of life insurance, what if these were already covered and you were now the unexpected recipient of a large sum of money? Beyond the basics, this insurance claim can possibly give you financial leeway for your needs and wants.
If you suddenly find yourself in this scenario and not sure what to use it for, you might want to check out these five practical ways to spend your insurance claims.
1. Use it to pay inheritance tax
An unexpected death usually leaves behind many financial problems, and among these, inheritance tax may be the biggest expense you have to deal with. Luckily, a windfall can help provide the resources you need to settle those taxes, so you can access any assets left behind.
2. Invest in real estate
This is your opportunity to create passive income for you and your family, because a good real estate investment only appreciates over time. Buy that land, house or condo and rent it out. A well-thought-out real estate purchase can help generate multiple returns on your investment.
3. Buy collectibles
Did you know that certain toys, watches, luxury bags or even sneakers can sometimes sell for millions? Collectible investing is buying something that (hopefully) will increase exponentially in value and be worth much more than its original sale price in the future. The item could be very popular with prices depending on the condition, rarity and uniqueness of the item.
4. Invest in yourself
Take the master’s degree you’ve always dreamed of or enroll in a certificate course that’s always been on your mind. Learn new skills, take up a new hobby. Whatever skill you decide to learn, investing in yourself can only bring you rewards. Whether it’s for personal use (like taking an MBA) or something you can earn (like baking), new knowledge will always come in handy.
5. Take out other insurance
Build your financial resilience. The good thing about life insurance is that it provides a handy safety net in times of uncertainty, and with insurance claims, you can use it to reinvest in a new insurance policy that will give you another set of benefits later.
You can choose from a variety of products depending on your needs – whether it’s protection against life’s many risks or something that will help you grow your money in the long term, like investing in obligations.
Find out if you have benefits to claim
Think you have benefits to claim? AIA Philippines (formerly AIA Philam Life) recently announced its search for thousands of policyholders who have unclaimed benefits ranging from policy maturities, reinstatements, claims, surrenders and even refunds. Despite efforts to contact its customers through registered mail, email, phone calls and their agents, there are still a large number of people to contact.
“We hope to reach customers – those with whom we have lost touch with changes in communications technology and who have purchased their policies under our former brand, Philam Life,” said Geegee Lopez, chief operating officer of AIA Philippines. ”We do this because we have a promise that goes beyond a passive response when our customers make a complaint. The promise to help our customers live healthier, longer and better lives involves ensuring that these hard-earned benefits reach their intended recipients. We are asking for everyone’s help in finding our clients or their beneficiaries so that we can pass on their benefits to them.”
If that sounds like you, you can check if you have any unclaimed benefits via https://bit.ly/AIAPH_CheckYourMoney. Simply enter the policyholder or beneficiary details and wait to be notified if you are eligible for a claim.
You can also visit the AIA Philippines AIA Philippines website on Facebook, email [email protected], or call (02) 8528-2000 to find out more.
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