Buy Lotto or Buy Life Insurance?

People line up to buy lotto tickets esp if the stakes are high. I know some people who have been buying for years. I must admit that at one point in my life, I was a regular bettor too.

Why do we buy lotto ticket? Simple. We want to get rich quick. We want to buy those things we can’t afford to buy. Funny, whenever I hear someone asks what will he or she do if she wins the grand prize, the usual answer would be no. 1. Put in the bank 2. Give to charity.

To get rich quick is certainly appealing to Filipinos. But this is not exclusive among Filipinos. This is human nature. The love of money can certainly appeal to our senses. We all want money and we want it the easy way if we can afford it. But what does the Bible say about get rich quick schemes?

Wealth from get-rich-quick schemes quickly disappears; wealth from hard work grows over time. – Proverbs 13:11-13 (NLT)

History would show that hardly anyone stays rich after winning the big lotto prize. Instead, what you see, read or hear are sad stories – similar to the prodigal son in the Bible who squandered his wealth and is worse off than a pig. (Luke 15:11-32)

If you will think about it, buying lotto is more of an expense and nothing else. A high risk gamble but a subtle one at that. You don’t realize that you are throwing away money at all.

In one of the many financial talks that I have attended in the past, I have learned that you will have greater chances of getting hit by a lightning than winning the lottery. The point, it is mathematically impossible for you to win the lotto. And yet, many still gladly gamble on lotto. Why? Because people lack the financial education they need to hear and apply in their lives.

Now compare the amount of money you spend on lotto and the amount of money you will spend in buying life insurance. They say they don’t need life insurance. People say it won’t happen to them anyway – stuff like dying young, getting hit by a major illness, etc. And yet, it will happen anyway sooner or later.

living benefitsBut life insurance is more than about dying. It also now about saving for the future. Consider the living benefits you will earn in a lifetime if you start buying them early. Think unit-linked products or variable life.

By buying variable life products, you can look forward to 1. a retirement benefit ; or 2. The life insurance company can pay you x amount of money (depends on the coverage you get) if you get hit with a critical illness.

Did you ever realize that it’s more prudent to buy life insurance than wasting your money on lotto? Death is a certainty and by buying life insurance, you are already preparing a better future for your family and loved ones. In the same manner, if you keep buying lotto tickets, if something happens to you and you haven’t won it, chances are if you have not prepared for the uncertainties in life, the ones you leave behind may be more saddened because you will be leaving them a legacy of financial mess.

So, will you still buy lotto after reading this or will you now consider thinking about your family? What if something happens to you? What will you leave your family behind?

Leave a legacy for your family. Buy life insurance now and protect your loved ones. Talk to a trusted and credible Financial Advisor today.


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