Accidents are inevitable. As much as possible, Filipinos pray not to be at the receiving end of such tragedy. The worst thing about being involved in such misery is when it affects the earning capacity of a person. Not to mention if that person is the only provider or a family’s breadwinner.
Wouldn’t it affect not only the person’s capability but other lives affected by such occurrence? Imagine the mother who’s watching after 3 kids at home, risking her career and her capacity to work so that she can focus on tending to her family’s need. Or how about the oldest sibling’s goal to achieve tertiary education so that she can free her family from the tentacles of poverty? What would happen to them if the family’s means of living is hampered?
This article is written with the purpose of informing Filipino families that you can never know what happens next and being prepared and ready to face it is a must. There are a lot of health risks associated to the sedentary lifestyle of office workers, people involved in the BPO industries that are working night-shift to cash in a few extra, and persons engaged in physical labor like carpenters, drivers and many among others.
In light of this situation, Philkotse.com will discuss what disability insurance is, how it works, the advantage of having one and what the government’s intervention to such uncertainties is. Every working Filipino needs security and assurance, which every ounce of his efforts will not turn into something vain and useless.
This insurance aims to provide monetary compensation to an insured worker in cases where accidents occur, and it renders him disabled, thus incapable of earning, whether in a short-term or long-term period. There are incidents wherein disabilities might be partial or full ones. Various companies and organizations differ in criteria and conditions to which a person can obtain the claims.
This insurance aims to provide monetary compensation to an insured worker in cases where accidents occur
Now that you have an overview of what disability insurances are, it’s now time to tackle the advantages of having one at your disposal.
With disability insurance as your safety net, you can focus on gaining your strength and recovering to join the workforce again
Disabilities need some level of rehabilitation to be cured
For instances that a hardworking Filipino cannot spare money for expensive disability insurance, there are agencies in the Philippines that is dedicated to providing security for these types of incidents. People who are employed in the private sector have the Social Security System (SSS), and for those engaged in providing services for LGUs and government-owned/managed enterprises, there is Government Security Insurance System (GSIS).
As mandated by the law, all employers must register their employees and pay a portion of their contribution.
People who are employed in the private sector have the Social Security System (SSS)
To generalize the terms and conditions that will serve as an example, we’ll use the SSS scheme concerning their criteria for disability benefits.
There are 2 ways wherein a beneficiary claims his benefits:
A SSS agent shall determine this upon visiting their nearest branch and submit an application and necessary documentation as required by the agency.
The computation for the monthly pension is usually under the basis of the number of monthly contributions and how long is a beneficiary a member of the agency before the period of contingency. Payments are made to a member’s savings account with partner banks of the agency.
There is nothing more horrendous than a person who isn’t financially ready when a tragedy strikes. The least that people could do is to prepare for it. Risks and hazards are everywhere. With the added caution and working safety measures that a good organization implements, the impact of such incidents are mitigated. You only have one life. It’s as precious as a diamond and as fragile as a glass. No other person is responsible for its health and safety than yourself. Make sure you wisely use it and take care of it as you only have one life to live.