Presidential Proclamation
11th Life Insurance Consciousness Week
The Philippine life insurance industry celebrates the 11th year of the Life Insurance Consciousness Week (LICW) from October 1 to 7 with an intensified media campaign designed to raise public awareness on the importance and value of life insurance. The LICW is observed yearly by virtue of Presidential Proclamation No. 1059 issued by former President Fidel V. Ramos.
The LICW celebration brings into focus the role of life insurance as it provides Filipino families with services and benefits for financial protection in times of need and peace of mind when the families’ income earners pass away or become incapacitated. In addition, the life insurance industry is a major contributor to the social and economic development of our country, particularly in our government’s thrust to generate meaningful long-term savings.
The theme for this year is “Life is Good! Insured Kasi!” An all-media promotion, as worked out by the PLIA’s Marketing Committee, through the website, various TV guest appearances, a tree planting activity, print ads, press releases, public fora and merchandising has been lined up for the week and for the month of October, as follows:
- Newspaper: October 3, 2006
- Whole Month of October
- 30 Banners: Boni and Cubao Station
- 4 Billboards: Cebu, Davao, CDO and Pampanga
- 1000 pcs. Posters
- Media Fora
- Bulong Pulungan: Sept. 26, 12:30 pm at the Philippine Plaza
- Media Roundtable: Oct. 3, 12:00 nn at the Century Seafood Restaurant (near century Park Hotel)
- Televised Mass: October 8, 2006, Sunday
- Venue: RPN 9 Studio, Broadcast City
- Note: Co-sponsor with Red Sto. Niño Catholic Group
- TV & Radio Guestings/Interview
- ANC, Channel 27 – CONFIRMED
- Program: ANC Business Nightly, Monday, Oct. 2
- Live Guesting – Studio 6 ABSCBN
- PLIA Guest: Mr. Bobby Madrid
- Topic: Business forecast for RP Life Insurance Industry
- SUPER RADYO NATIONWIDE (DZBB) – CONFIRMED
- Phonepatch: Mr. Peter Coyiuto, Sept. 30, Saturday, 7:00 am
- Duration: 15-30 minutes interview
- Host: Mr. Francis “Kiko” Flores
- Topic: Life Insurance Consciousness Week
- ABSCBN, Ch. 2 – CONFIRMED
- Program: Magandang Umaga Pilipinas
- Guests: Mr. Peter Coyiuto and Ms. Chiqui Roa-Puno
- GMA, Ch. 7 –TENTATIVE
- Status: Agency to negotiate with GMA Marketing Dept.
- STUDIO 23, Ch. 17 - TENTATIVE
- Date: First week of October
- Note: No guestings, only mentions of host about LICW
- QTV 11, Ch. 24 – TENTATIVE
- Date: First week of October
- Program: Agency to discuss with QTV on possible shows for guestings/mentions
- ANC, Ch. 27 – TENTATIVE
- Date: First to second week of October (Priority 1st week)
- PLIA Guest: Mr. Peter Coyiuto
- ABC 5 – TENTATIVE
- Date: First week of October
- Program: Mommy Academy of Chiqui Roa-Puno
- PLIA Guest/Interviewee: Mr. Peter Coyiuto
- Topic: Importance of Life Insurance targeting/speaking to mothers then segue to LICW thrust
Saving During Tough Times
Life has many ironies. We now have to deal with the higher cost of living and there is a general perception of financial difficulties. Yet it is also during these times that people actually desire to save more money. The reality of the diminishing level of disposable income makes the desire to save even more urgent because of the fear that the future may even be less secure.
Let us examine how a person normally saves. The money he manages to set aside will often find its way into a bank account. Bank deposits are indeed popular tools for saving, but they have certain limitations. It is just as easy to take out as it is to put in and it only accumulates a small amount of interest so do not expect to see a faster accumulation of savings. You will therefore always put in more than you will earn.
There is nothing wrong per se about savings. Most people will agree however, that during tough economic times, saving money in this usual manner is not enough.
Is there another way?
THERE IS! And it is by creating long-term savings through life insurance. Think about it. Much of the need to save during tough times is not borne out of worry to face today’s cost of living. The greater concern is how to save up for tomorrow’s financial needs, such as:
- Your children’s college education
- Payment of unexpected medical expenses
- Accumulation of capital for a future real estate purchase
- Establishing a business
All of these needs are actually long-term savings goals that can be addressed over time. The question however, is how much time?
That is the problem with time, chances are, the item you were saving for cost so much more when you finally have the money. An even more dreadful thought is this: what if you ran out of time to save, because of death or disability? What is there to show for all your efforts?
What you need therefore, is life insurance, or more life insurance if you are already insured. Why? If you view savings through life insurance as your main strategy to accumulate funds for your long-term needs, you will then appreciate life insurance’s unique features as a saving plan.
With life insurance, you do not strain what is left of your disposable income. Life insurance premiums represent a fraction of the total coverage you are accumulating. Therefore, it is like buying a valuable asset on installment at very easy terms.
Unlike your bank account, your premium payment represents the interest and the face amount of your policy is the principal. Thus you have a situation where you are paying the interest and the insurance company is setting aside the principal for you. If something happens to the insured, the insurer pays the entire coverage amount.
Life insurance plans are available today for specific long-term saving goals like education, capital accumulation, tax payments, and retirement planning. Why try and save these huge amounts yourself when you can actually have an insurance company assume that obligation for the smaller consideration of premiums payable either annually, semi-annually, quarterly or even monthly?
Financial Planning Prepares You For Life
Excerpts of the article of the same title written by Larissa Josephine C. Vila, Researcher of the Business World, from an interview of Mr. Jose L. Cuisia, Jr. The article was published in a Special Supplement published by the Business World on June 21, 2005.
Risk and uncertainties are part of life’s great adventure. They are built into the workings of the universe, waiting to happen. So the question is: Are you ready for life?
There is probably no area in life that we spend more time thinking, worrying, planning, working for, counting, allocating, budgeting, paying bills, investing, borrowing and spending than in our individual, family and business finances. Yet while most Filipinos dream of financial independence, only a few actually achieve it. What have they done differently? In most cases, they saved faithfully, lived within their means, invested wisely, and in the majority of cases worked 20 to 40 years developing their career and accumulating financial resources. Overnight success is popularized in the daily press, although the reality for most achievers is that it took many, many years to develop, with several challenges and disappointments along the way. The key seems to be persistence, consistency, conservative spending and a targeted realistic growth plan that is built upon and nurtured, one day at a time.
Yes, a plan. While life is full of surprises and uncertainties, a plan will minimize the shocks, double the blessings, and prepare you for more of them. No matter what one’s net worth is, a financial plan, when implemented, will give you and your loved ones financial security and protection.
Financial planning is the process of meeting one’s life goals through the proper management of finances. Life goals, which usually involve necessities of life, can include buying a home, saving for a child’s education, planning for retirement or estate planning.
Undoubtedly, financial planning provides direction and meaning to one’s financial decisions. It allows anyone to understand how each financial decision affects other areas of his finances.
FINANCIAL PLANNING STRATEGY
A financial plan summarizes one’s earnings, expenses and what will be done with the excess, or the savings.
But even before the plan, it is necessary to first identify one’s needs. Your plan provides for your needs, so that is the foundation. By doing a needs analysis, not only is one able to budget his finances, but also prioritize his needs and see where his earnings can take him.
As most people go through broadly predictable stages of development in their adult lives – from young adulthood to building a family, reaching the peak of a career, and retirement – their financial goals and needs also change.
It is easy to identify what one needs in each stage of his life. Education, health, protection and retirement are the primary considerations. What makes it tough is the struggle to have these needs while dodging the blows of life – thus, the need for a plan that will provide for these necessities and even allow one to have more in the future.
Unfortunately, many Filipinos have yet to discover the benefits of financial planning. Filipinos have to learn more about finance management, overseas Filipino workers especially, many of our OFWs come back and use all their savings for consumption. That is why we are encouraging them to save more of their funds for the rainy days.
It is true that the journey to financial security is not a smooth one. But the right preparation should take you from where you are now to where you want to be in the future.
Setting goals and objectives is the first step of any financial planning process. If you do not know where you are going, how can you know when you get there, or even decide which route to take? Setting goals and objectives should lead to a sound financial plan. Keep in mind also that heading in a general direction will not guarantee success in reaching your final destination.
Then, you have to re-evaluate your financial situation periodically, since financial goals may change over the years due to changes in lifestyle or circumstances, such as an inheritance, marriage, or change of job status. Financial planners advise that you revisit and revise your financial plan as time goes by to reflect these changes so that you stay on track with your short and long term goals.
Third, be realistic in your expectations. Financial planning is a common sense approach to managing your finances to reach your life goals. It cannot change your situation overnight; it is a lifelong process. Remember that events beyond your control, such as inflation or changes in the stock market or interest rates, will affect your financial planning results.
Another step to make financial planning work is to realize that you are in charge. If you are working with a financial planner, be sure you understand the financial planning process and what the planner should be doing. Provide the planner with all the relevant information on your financial situation.
And finally, it is always better to start planning as soon as you can. Do not delay financial planning. People who save or invest small amounts of money early and often tend to do better than those who wait until later in life. In the same way, by developing good financial planning habits such as saving, budgeting, investing and regularly reviewing your finances early in life, you will be better prepared to meet life changes and handle emergencies.
With the help of some personal finance software packages or self-help books, one can actually do his own financial planning. However, in many instances, a professional financial planner is needed. If you need expertise you don’t possess in certain areas of your finances, or if you have an immediate need or unexpected life event – a professional financial planner is simply the answer.
TRUSTED FINANCIAL PLANNER
In choosing your financial planner, one sound advice tops everything else: get somebody to trust. Trust is basic requirement in insurance business.
Trust is not difficult if you are financially prudent. When people entrust their hard-earned money to you, they expect that when they need the money, it will be there. When they are told no money is available, that is a betrayal of trust.
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