How millennials can secure their future

It’s never too early to start thinking ahead

Isabel Salvosa

1:47:50am July 21, 2017

3:6:19am July 21, 2017

MANILA, Philippines – Millennials are generally branded as a flighty generation.

They’ve been called impractical – only thinking of present wants and not paying heed to future needs.

But arguably, they’re only seen as such because they’re not afraid to pursue their goals head-on.

They dream of the future too, and have the guts to go after what they want. They don't focus on what could go wrong; instead, they look forward to the payoff when everything goes according to plan.

This characteristic is seen in Sun Life’s short film “Waves,” which tells the story of Marco and Amanda, a millennial couple trying to make it work long-distance.

As with every relationship, they encounter waves of ups and downs.

But when Marco passes away, it seems as if any future they could have had together died along with him.

But what Amanda doesn't know is that Marco had planned ahead. He named her the beneficiary of his personal accident insurance – which reveals how eager he had been to pursue a future with Amanda.

Sun Life brand ambassador Matteo Guidicelli

Sun Life brand ambassador Matteo Guidicelli

“Marco was smart. He was really forward-thinking,” brand ambassador Matteo Guidicelli observes in a reaction video he made with some friends.

The unpredictability of life was also brought up. Julian, a physical trainer, says, “Nakaka-panic watching the movie, because I would never really think about investing. Parang I don’t think I would die anytime soon.” 

Chanel, a mom of one, stresses the need to be prepared, pointing out, “We can’t predict when accidents will happen.”

One way of preparing for the unexpected is with the Pro Family Plan Personal Accident Insurance. A millennial can make a one-time payment of Php 6,405 for a year’s coverage.

In case they pass away during the period of coverage, their assigned beneficiary will receive a benefit amount worth P2 million – just like what happened with Marco and Amanda.

Abigail, a Sun Life financial advisor, adds that a significant other can be named the beneficiary even if the couple is not married. The beneficiary simply needs to present a Certificate of No Marriage issued by the NSO when they claim the benefit. “It’s a new concept, but it’s now acceptable,” Abigail explains.

Anyone is allowed to be a beneficiary, provided they are not guilty of adultery or concubinage. 

But even if they’re aware of the importance of insurance, choosing among the many products available can feel overwhelming for millennials.

“I’m 22, a fresh grad, what plan can I get?” asks Amara, a makeup artist.

Sun Life offers Sun MaxiLink Prime, which is an insurance tailored based on one’s age, gender, and lifestyle.

For example, Amara, a 22-year-old female non-smoker, can get an insurance by paying an annual premium of P43,110 for at least 10 years.

On the other hand, Julian, a 25-year-old male, will have to pay an annual premium of Php 50,250 for at least 10 years.

The total amount or cash that their assigned beneficiary will receive in case of death is worth at least P2 million (based on P1 million face amount).

Millennials can choose to pay annually, semi-annually, or quarterly.

The premium amount differs per person. The older you get, the annual premium gets higher – and that’s why it’s best to get an insurance early.

Aside from insurance coverage, Sun MaxiLink Prime also offers investment options. “You’re hitting two birds with one stone. While you’re living, you get yourself covered, and you’re invested as well,” says Abigail.

Meanwhile, millennials interested in more investment options but confused about the complexities of the financial market can also try investing via mutual funds.

“Mutual funds – this is what's so cool about it. Sun Life made it accessible to even ordinary people like us,” Matteo says.

Millennials can start with an initial investment worth P5,000. Sun Life Asset Management will then serve as a professional fund manager, working to create an investment portfolio that will the investor’s hard-earned money.

Chanel adds, “And we get a higher potential return compared to if we put our money in the bank!”

Preparing for the future

While following passion-fueled paths for the future, millennials should also start preparing for what could go wrong.

Life isn’t all about the ups. Prepare your loved ones for the downs, too.

And preparing isn’t all about saving extra cash. It’s ideal to set aside a specific amount every payday for insurance or investment.

How prepared are you for the future? How far ahead have you planned life? –Rappler.com