The importance of insurance planning in your 40s

You’ve worked hard to be where you are today. You’ve built a successful career. You’ve accumulated assets. You may have started a family while taking care of aging parents. Now is the time to be strategic about preserving your wealth and legacy. The earlier you start, the more affordable and flexible your options, but it’s never too late to build the protection your family deserves.

The importance of insurance planning

Insurance isn’t just a financial product—it’s an important component of your financial planning for yourself and the type of legacy you want to leave. It offers protection and security in an increasingly unpredictable world.

• Wealth preservation — protect the assets you’ve worked hard to accumulate.
• Legacy planning — ensure your family’s financial security and your children’s future.
• Retirement preparation — supplement your retirement plans for a comfortable future.
• Health security — guard against health issues that could impact your peak earning years.
• Business continuity — if you’re a business owner, ensure your enterprise continues even in your absence.
• Estate planning — facilitate smooth wealth transfer to the next generation.

Building your legacy

There are different types of insurance policies. When choosing one, some factors to consider include your budget, the policy’s payment terms, coverage of the insurance, and your goals and lifestyle.

The best insurance policy is one that protects what matters to you most. Note that there are some policies that can be customized to meet specific needs. 

Health: global protection with best-in-class international healthcare

At the peak of your career, your health is paramount, and you deserve the best health insurance. AXA’s Global Health Access, for example, offers comprehensive health coverage that includes access to top-tier medical care anywhere in the world, perfect for frequent travelers. 

This particular plan offers coverage of up to PHP 175 million for inpatient as well as outpatient treatment, with the option for US coverage. It also already has critical illness coverage including cancer, heart attack, and stroke, plus emergency medical evacuation and repatriation services. Plus, it offers coverage for mental health consultations and treatments, and optional enhancements for dental and optical care.

This plan ensures that your health—and by extension, your career and wealth—is protected at the highest level. Whether you’re closing deals in New York, attending conferences in Singapore, or managing your business in Manila, you’ll have peace of mind knowing you have access to world-class healthcare.

Maximizing your peak years while securing the future of the next generation

Some policies, like AXA AllShield, offer a blend of protection and investment opportunities. These customizable insurance with investment plans not only provide life coverage but also the opportunity to build a portfolio to help support your long-term goals. They also offer flexibility to adapt as your needs evolve. 

Although premiums may be higher if you get life insurance in your 40s. It will cost more to get insurance in your 50s. Still, a policy offers valuable benefits. These may include providing financial support to your beneficiaries, covering outstanding debts like mortgages, or leaving an inheritance for your children, if something untoward happens to you.

If you have a child approaching the college years, MyLifeChoice can also be enhanced through a rider that, in the event of your untimely demise, will provide yearly lump sum payouts for your child’s tuition fees.

For a single-pay insurance option, you can also check out Asset Master. It’s an insurance with investment plan that allows you to grow and preserve your wealth to provide security to your loved ones so they can keep living well. It helps you plan your estate and seamlessly transfer your wealth to your loved ones.

It’s not too late for insurance planning

Insurance is an important component of your overall wealth management and legacy planning strategy. By implementing a comprehensive insurance plan now, you’re not just securing your own future, you’re ensuring that the success you’ve worked so hard for benefits the next generation.

• Optimal timing — you’re at your peak earning potential, making it the ideal time to secure comprehensive coverage.
• Wealth protection — safeguard the assets you’ve accumulated over your career.
• Legacy planning — ensure your family’s financial security and your children’s future.
• Tax efficiency — utilize insurance products for potential tax benefits in estate planning.

Your insurance needs are unique and complex, and it’s best to get a plan that is tailored especially for you.

As Metrobank’s official insurance partner, AXA offers a wide array of insurance plans available for your different needs. You can visit axa.com.ph to know or book an appointment with an AXA Financial Executive to consult on which protection solution best suits your needs. 

Get more guides on financial planning, credit management, insurance, and estate planning essentials here on lifebanking.ph

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Financial decisions should be based on your own research and personal circumstances. Consider consulting with a qualified professional before making any financial decisions.