With calamities like the one brought on by Typhoons Ondoy and Pepeng, term life insurance seems like a very good idea. It is a policy that provides protection for a specific period of time (eg. 20 years). If you’re alive when the term ends, there is no payout. Term life insurance is usually the least expensive type of life insurance.
I’m just not sure if this kind of insurance is available with our own local insurance companies, and if so whether a blue collar worker can afford one. The sole breadwinner in every household should be able to get insurance for himself just in case, especially if he has a very young family who will have a difficult time carrying on should something happen to him.