Things you can spend your unclaimed (forgotten) insurance benefits on

What if you suddenly find yourself at the mercy of a windfall? What if years ago a relative died and no one knew about the insurance policy that was left for you?

When people think of life insurance, the most important things come to mind: providing money for loved ones upon death, covering expenses in the event of a medical emergency or illness. While this is all true and covers the most important uses of life insurance, what if these were already covered and you are now the unexpected recipient of a large sum of money. Beyond the basics, this unclaimed benefit can give you financial leeway for your needs and wants.

Here are five other ways to spend your insurance claims:

1. Use it to pay inheritance tax

An unexpected death usually leaves behind many financial problems, and among these, inheritance tax may be the biggest expense you have to deal with. Luckily, a windfall can provide you with the resources you need to settle those taxes, so you can access any assets left behind.

2. Invest in real estate

This is your opportunity to create passive income for you and your family. Buy that land, house or condo and rent it out. With a well-thought-out real estate purchase, it can generate multiple returns on your investment.

3. Buy collectibles

Did you know that certain toys, watches, luxury bags or even sneakers can sometimes sell for millions? Collectible investing is buying something that (hopefully) will increase exponentially in value and be worth much more than its original sale price in the future. The item could be very popular with prices depending on the condition, rarity and uniqueness of the item.

4. Invest in yourself

Take the master’s degree you’ve always dreamed of or enroll in a certificate course that’s always been on your mind. Learn new skills, take up a new hobby. Whatever skill you decide to learn, investing in yourself can only bring you rewards. Whether it’s for your personal use (like taking an MBA) or something you can earn (like baking), new knowledge will always come in handy.

5. Take out other insurance

Build your financial resilience. The benefit of life insurance is that it provides a handy safety net in times of uncertainty and with your potential benefit you can use it to reinvest in a new insurance policy which will provide you with another set benefits later.

You can choose from a variety of products depending on your needs – whether it’s to protect you against life’s many risks or something that will help you grow your money in the long term, such as investing it in bonds, you can never go wrong with an insurance policy.

Find out if you have benefits to claim

Think you have benefits to claim? AIA Philippines (formerly AIA Philam Life) recently announced its search for thousands of policyholders who have unclaimed benefits ranging from policy maturities, reinstatements, claims, surrenders and even refunds. Despite earnest efforts to reach out to its customers through registered mail, email, phone calls and their agents, there are still a large number to reach.

“We hope to reach customers – those with whom we have lost contact amid changes in communications technology and who have purchased their policies under our former brand, Philam Life,” said Geegee Lopez, chief operating officer of ‘AIA Philippines. “We do this because we have a promise that goes beyond passive response when our customers make a complaint. The promise to help our customers live healthier, longer and better lives involves ensuring that these hard-earned benefits reach their intended recipients. We’re asking for everyone’s help in finding our customers or their dependents to pass on their benefits.”

If this sounds like you, you can quickly check if you have any unclaimed benefits via https://bit.ly/AIAPH_CheckYourMoney. Simply enter the policyholder or beneficiary details and wait to be notified if you are eligible for a claim.

Plus, you could even be entered for a chance to win an all-expenses-paid trip for two to El Nido, Palawan! Check Out The Mechanics Here At https://tinyurl.com/ReuniteAIAPPHPromo for more details.

To learn more about AIA Philippines, you can also visit the AIA Philippines website and AIA Philippines Facebook pageemail customerservice.ph@aia.com or call (02) 8528-2000 to find out more. (Sponsored Content)