1. Getting a life insurance plan. You vowed to be there for your spouse for better or for worse—prepare for any future challenges by getting a life insurance plan. Enjoy lifetime protection for as low as P2,100 per month with BPI AIA’s Life Ready Plus, which provides coverage as much as 30 times your yearly payment. The earlier you start, the earlier you can have peace of mind that your family will be protected no matter what.
Aside from getting life insurance, you can earn rewards for living a healthy lifestyle with this plan. Life Ready Plus is integrated with the AIA Vitality Program, which provides an upfront additional coverage of 20% to your policy and any add-ons. These add-ons, which boost your life and health protection, include accidental and health rider, early-stage critical illness, enhanced critical illness, waiver of premium, and hospitalization.
2. Changing beneficiaries. Updating your beneficiary information in your insurance with savings and investment components will make things easier in the future should the need come up. Remember to do the same for your will, and if you don’t have one yet, it’s a good time to have one drawn up. Make a note to update your beneficiary information if you have kids in the future.
3. Merging your financial goals. Building a life together means being upfront about your financial status so that you can both work towards your money goals. Do either of you have any loans to pay off? How about properties you can monetize? Are you still contributing to your parents’ or siblings’ living expenses? What are your future goals—career, home, travel, etc.—and how can you fund them?
When discussing your goals, it’s important to set a timeline to make each one more concrete and prioritize the more pressing ones. Your goals may change as time goes by, so make it a yearly habit to discuss and make changes to improve your quality of life now and in the future.
4. Creating a joint budget. Having a plan in place for the future has a positive impact on planning for the present. If you have an idea of how much to set aside for savings, loan payments, and other big picture matters, you’ll be able to better budget for daily expenses like food, rent or mortgage, utilities, transportation, etc.
Discuss how you want to fund your expenses: do you merge your income or do you set a specific amount for each one to contribute to every paycheck? Do you split everything 50/50 or only the major expenses? Everyone has different earnings, needs, and money values, and it’s up to each couple to figure what system works for them.
5. Splitting payment responsibilities. Now that you’ve ironed out your daily budget and financial goals, it’s important to assign a point person for each type of payment. Does one person take care of the monthly billing statements while the other manages major or yearly payments? Do you take turns? Create a plan, plug it into a joint online calendar like Google Calendar, and set multiple reminders, so that nothing falls through the cracks.
Availing of BPI AIA's Life Ready Plus is an ideal start to building a solid financial foundation for newlyweds. By ensuring lifetime coverage and financial protection for your spouse, it's no doubt a great act of love that will sustain your marriage for years to come.
Find out more about how Life Ready Plus can help you as you embark on this great journey. With BPI AIA, you can get insured easily, even amid the COVID-19 crisis. Learn more and schedule a virtual appointment with a Bancassurance Sales Executive today.
