Mauie Flores

One of the major financial adjustments I make during the month of April is the allotment of funds for our annual insurance payments. This year, with the global recession and the obvious downfall of most insurance companies in the industry, we felt worrisome. My husband is having second thoughts about continuing the payment of his pension cum accident insurance plan. He fears that there may come a time when the insurance company will close even before the time when our investment has reached maturity. When that happens, all of the payments we have made will have gone to waste.

I am torn between his fear and my feelings over the payments we have already made in the past three years. We only have two years to go. If we quit now, we can have a refund but, for sure, that will just be a small fraction of the money we have already invested in the insurance program.

We do not actually need the pension and accident insurance because my husband's company has the best insurance coverage for its employees and the employees' dependents. We signed the contract because the agent is a very close relative and we cannot let him down. A mortgage protection life insurance could have been a better choice. Still, if it were just up to me, I will still continue with the payments. I have already kept a portion of our monthly budget for that, anyway.

What do you think? Should we continue with it or not?