I just found out.

But first, the back story. On the year I sold my house in Cavite, I bought life insurance coverage for my daughter. It was an endowment type of insurance, one that I would have to pay for 5 years. According to the plan, the sum insured would almost double (x 1.8) on year 3 and my daughter will start receiving money on the 8th year and every other year after that. I thought it was a great plan and a great investment and a wonderful beginning for my insurance business. After all, I get a commission, which means I get to have a good discount. I forgot that I had to pay premium for 4 more years. (pained grin here)

And then I read an article that insurance for children is not really recommended. After all, the purpose of insurance is to replace the income of the person living. Children have no income. Parents provide for them and not the other way around. Life moves forward.

But it was too late. I already bought it.

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When is enough, enough?

We have medical insurance. Of course, we have medical insurance. But it was your run-of-the-mill type with a per person limit of up to $2,000 in one year. A lot of people do not even make a dent in that amount because they never get sick. Well, for the years that we have had it, we usually use up (if any) only $400 annually – some for check-ups, others for laboratory tests and procedures (blood tests, colonoscopy) and annual medical exams, for our daughter’s hospitalization (twice these five years) – an amount that is more or less equivalent to what we have paid for it. But this year was different. Hubby has about depleted all of it with all of the tests he had to undergo for his heart.

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Something bothered me.

I was looking at my financial duties for 2010, staring as far out as December, when the imminence of what I have to pay struck me: huge life insurance premiums.

Do you have the thought that sometimes you may have bitten more than you can chew?

Years ago, when I bought those policies, business was good and was not yet bogged down by recession woes. I felt I could do anything – be anything, buy anything. My financial planner convinced me of the wisdom of obtaining life insurance (my second attempt at it). For peace of mind, she said. And I did have it. I remember thinking while driving one day that my family will be okay if… But now, that same thing that gave me peace of mind is shattering it.

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Not all insurance are created equal. While appearing equal, most appear to be bloody sharks, feeding on the murkiness of our ignorance. And sometimes, this is what they actually are, devouring the unsuspecting. But an enigma too, because their “numbers” could, at once, become flexible as if by magic. If you ask nicely. Okay, forget nicely. If you ask. There is something about knocking that opens doors.

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