Manila, Philippines

Goose with Golden Eggs and Money Machine: Why Get Life Insurance?

insurance is money machine
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Here’s my own rendition of a training material when I was still studying for the licensure examination (references available upon request).

Golden Eggs

What if you owned a goose that lays golden eggs? 

It lays eggs daily, which you sell and use the proceeds to finance your daily and monthly expenses. 
Phoenix's Egg
To what extent will you take care of the goose? Will you not feed it properly, keep it fat and happy, bathe it if need be?Keep it in a nice warm and clean ‘home’ (mind you home not cage), and ensure that the neighbor does not know about it, lest it be stolen for their own purpose, or worse kill it for pulutan?

Or if you find golden goose too fancy and unrealistic, how about the next story.


Money Machine

What if you came into possession a wondrous money-machine, one that prints legitimate Philippine currency (hush hush BSP might confiscate it). This machine allows you to print as much money as you need, and then some extra for your savings. But you cannot print too much money that you just give it away to others, or too much money that it already makes you greedy. Only up to an amount that’s just right for your needs (of course you don’t want to raise neighborhood, kidnappers, PNP, BSP and BIR suspicion right?)

Up to what extent will you protect that machine? Well-oiled and well maintained. Judiciously used such that it does not overheat and malfunction due to overuse. And maybe keep it safe and secure, away from robbers and thieves in the night.If we had these possessions, for sure we will guard them with our lives because chances are, our source of income and food on the table will come from the golden goose and the money machine. Our lives and the lives of our dependents will rely on the well-being of these income sources.

What if the golden goose and the money machine are in fact real? That they are in fact YOU? What if it’s you dear reader, you who’s earning for yourself, for your family and dependents, for your future family and dreams? What sort of protection will you give yourself?Aside from being careful, living healthily, working hard, etc, what else will you do to ensure that your income stream remains available as long as you need it, that you are protected in case of untimely sickness or death. Are you ready to leave those who depend on you? Will you leave them with problems or you will go forth the afterlife with some further peace of mind that things on earth have been settled to the best you can?

If our homes have fire and earthquake insurances, our vehicles have car insurance, even credit and loans and phones are nowadays insured, why not our greatest possession of all – our productive capacities, our time, our selves?

Sadly, some Filipinos even risk their life or worse, die in the course of taking care and depending their properties and valuables (e.g. in case of fire or demolitions, against thieves and carnappers, etc).  They do not see the value in the very lives that they are putting at risk, just to depend and preserve these lesser-valued properties.
Photo: “Phoenix Egg” by Jan

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 Filipino Personal Finance Investments For Filipinos

3 Responses

  1. Geri says:

    Hi everyone,

    Here's the link on Life Insurance vs Pre-need Plans. Thanks to Inquirer for the article too.

  2. Bagito says:

    This is a sad reality. Pinoys would rather take out loans or have huge card bills to buy temporal material stuff, but not to protect themselves for the long term.

    I think part to blame as well are recent news of insurance companies that collapse and unable to provide what they have promised. And maybe the previous harsh and traumatic experiences as well from pre-need companies, since Pinoy's don't have much knowledge on the differences of the two.

    Just like in Banking wherein many smaller banks used to close, but I would think now the banks have regained public trust and confidence, I hope we get to see regained public trust as well for the insurance industry.

    PS. I like your blog. 🙂

  3. pen_name says:

    Hi Bagito, I would say I agree with your observations. More public education will be the key to this enhanced trust.

    Now that you mentioned it, hope to write a post on life insurance vs pre-need plans.

    PS. Glad you liked it. Thanks!

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