5 smart ways to spend your unclaimed insurance claims

Image owned by AIA
Image owned by AIA

What if you suddenly find yourself on the receiving end of a windfall? What if years ago, a relative died and no one knew about the insurance policy left on him?

When people think of life insurance, the most important things come to mind first: providing money for loved ones in the event of death, or defraying costs in the event of a medical emergency or illness. While they are all true and cover the most important uses of life insurance, what if they are already covered and now you are the unexpected recipient of a large amount of money? Beyond the basics, this insurance claim can give you financial leeway for your needs and wants.

If you suddenly find yourself in this scenario and you’re not sure what to use it for, you can check out these five practical ways to spend your insurance claims.

1. Use it to pay estate tax

Unexpected death often leaves many financial loose ends, and among them, estate taxes may be the biggest expense you have to deal with. Fortunately, a windfall can help provide the resources you need to pay off those taxes so you can access any assets left behind.

2. Invest in real estate

This is your opportunity to create passive income for yourself and your family, as a good real estate investment only appreciates over time. Buy that land, house or condo and rent it. A carefully thought out real estate purchase can help 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 involves buying something that will (hopefully) increase exponentially in value and be worth much more than its original selling 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 wanted or enroll in a certificate course that’s always been on your mind. Learn new skills, take up a new hobby. No matter what skill you decide to learn, investing in yourself can only bring profit to you. Whether it’s for your personal use (like taking an MBA) or something you can earn from (like baking), new knowledge will always come in handy.

5. Take out another insurance policy

Strengthen your financial resilience. The great thing about life insurance is that it provides a handy safety net in times of uncertainty, and with insurance claims, you can use it to reinvest in a new insurance policy that will give you another set of benefits later on.

You can choose from a variety of products to suit your needs, whether it’s protecting yourself from life’s many risks or something that will help you grow your money over the long term, like investing in bonds.

Image owned by AIA
Image owned by AIA

Find out if you have benefits to claim

Do you think you have benefits to claim? AIA Philippines (formerly AIA Philam Life) recently announced their search for thousands of policyholders who have unclaimed benefits ranging from policy expirations, reinstatements, claims, redemptions and even refunds. Despite efforts to contact their customers through certified mail, email, calls and their agents, there are still a large number that have not yet been contacted.

“We look forward to reaching customers, those with whom we have lost touch due to changes in communications technology and who purchased their policies under our former brand, Philam Life,” shared Geegee Lopez, COO of AIA Philippines. ”We’re doing this because we have a promise that goes beyond passively responding when our customers make a complaint. The promise of helping our customers live healthier, longer and better lives includes making sure these hard-earned benefits reach their intended recipients. We are asking for everyone’s help to find our clients or their beneficiaries so that we can provide them with their benefits.”

If that sounds like you, you can check for unclaimed benefits by visiting https://bit.ly/AIAPH_CheckYourMoney. Simply enter the policy owner or beneficiary details and wait to be notified if you qualify for a claim.

You can also visit the AIA Philippines website AIA Philippines on Facebook, email customerservice.ph@aia.com, or call (02) 8528-2000 for more information.

NOTE: BrandNews articles are promotional features from our sponsors and not news articles from our editorial team.

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