How Inflation Impacts Your Insurance Needs

"Inflation doesn’t just affect prices—it also affects how far your insurance coverage can go."

When inflation rises, the cost of living, healthcare, and even property repairs increase. While we often think of insurance as a fixed protection plan, its actual value can be eroded by inflation if not reviewed regularly.

1. Inflation and the Cost of Living
As prices of goods and services rise, the amount of coverage you thought was sufficient years ago may no longer meet your family’s current needs.

2. Impact on Health and Life Insurance
Medical treatments, hospital stays, and medicines are among the fastest-rising expenses. If your health or life insurance coverage isn’t updated, it may fall short in protecting your loved ones.

3. Property and Non-Life Insurance
The cost to rebuild a home or repair a car is higher today than it was 5 years ago. Without adjusting your coverage, you may end up underinsured when you need it most.

4. Why Policy Review is Crucial
Regularly reviewing your insurance ensures that your plan keeps pace with inflation, protecting you from unexpected financial burdens.

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References:

• Bangko Sentral ng Pilipinas (BSP) Inflation Reports
  https://www.bsp.gov.ph/SitePages/MediaAndResearch/PublicationsAndReports.aspx

• Philippine Statistics Authority (PSA) – Inflation Updates
  https://psa.gov.ph/price-indices/cpi-ir