For most individuals, being diagnosed with cancer can be a major life disaster especially because of the costs required to treat and survive the condition. But for 55-year-old Jennifer del Mundo, Sun Life Philippines’ Agency Strategy and Digital Transformation Head, the situation turned into a big blessing that brought about a ‘good problem.’
The unexpected came to del Mundo when she was 49 years old and scored the highest in the mammogram test (which indicates a high risk of being diagnosed with breast cancer). In just three weeks, she had undergone a biopsy test, surgeon consultations, and a full mastectomy of the right breast as there was already a 3-centimeter tumor.
She had no hesitations about getting into the best hospitals and hiring the best medical practitioners. The decision to have breast reconstruction also came instantly after mastectomy, an option that is not usually opted by patients due to the intimidating price tags of the procedures.
After surgery, she was offered a test that would determine the chances of recurrence prior to undergoing chemotherapy. The special test could tell whether it would be okay not to proceed with chemotherapy, which is one of the most painful aspects of the entire cancer treatment process. Though it costed $3,800, del Mundo found it very easy to decide to go for it. She was spared from having to undergo chemotherapy after the results, which came all the way from a laboratory in The Netherlands, showed she was low risk.
Del Mundo has to wait until she’s 59 to be declared a complete cancer survivor. She had already crossed the five-year mark for remission, wherein there’s up to 97% survival rate. Aside from all these positive developments, she is most thankful she had prepared well for this possible health emergency through her skills of goal setting.
Her bout with cancer turned into a total blessing since Day 1 because she was able to claim a total of ₱4.6 million from three of her life insurance policies. After shouldering a portion using her HMO card, she only spent 10% of her claims amount.
Her next problem was how to spend the remaining amount, which was still very significant. Of the excess funds, she opted to give ₱1 million to her parents (and help fund their health expenses). The following year, her husband also got a medical emergency that was not covered by his critical illness insurance plan. So, some of her excess claims funded his treatment. A portion of the amount was parked into mutual fund investments for retirement.
Planning ahead
“That is what planning ahead does for me. I did not have to withdraw from my investments, did not borrow money, nor beg for it. I spared my family from worrying financially,” del Mundo shared during the third installment of Sun Talks Digital Media Edition: Achieving Your Own Brighter Life session held on August 3 at Sun Life PH headquarters.
“I was able to decide on my treatment options without any worry. I had more choices. That was financial freedom. I am able to focus on recovery and living a healthier life,” she continued.
“Financial preparation is important as you can get ready for the unexpected. There is no other product that can do that aside from savings but insurance, which can multiply your money,” del Mundo emphasized.
Since she started working at the age of 21, del Mundo was already setting financial goals and observing strict discipline so she could attain those. She had invested in three life insurance plans when she was single and continued doing so when she got married. Through the years, she has accumulated 9 life insurances (she bought her last when she was 39), each being designated for possible needs coming her way.
Investing for a purpose
What she calls ‘purposive investing’ has also worked in other instances in her life. She redeemed an investment in mutual funds in 2013, about 20 years after her first investment. “I realized it took that long because the goal has not arrived yet,” she recalled.
Consequently, her family was able to buy a new house and paid 70% of the amount in cash, while a lean 30% was in loans. This was in contrast to when they bought their first house in 1996 that was 15% times less the cost of the new one and was fully funded by a loan.
Del Mundo also did the same goal setting for her two daughters’ education. The proceeds were more than enough to send her kids to college. “I was opting to offer sending them to postgraduate schooling or to give them a graduation or startup gift. We would also all travel abroad by the end of the year and still allocate a sizable amount to our retirement fund,” she shared.
Preparing for retirement
After completing her goals one by one, del Mundo admits she is now looking forward to her retirement. “I want to retire comfortably. We choose not to depend on our children and in-laws. They are not my retirement plan. They have their own lives and I should take care of my own. It would be hard enough for them to take care of their family when I am old. That’s my gift to them just as how my father (deceased) gave me the opportunity not to take care of his financial needs when he got old and sick,” she said.
Del Mundo is confident that her remaining mutual funds investments (via Sun Life instruments) will give way to a worry-free retirement. Now, she is looking into ‘repurposing’ a portion of the amount. “I can opt to have some as pamana. I can also donate a policy to a charity or get some fund to fulfill some goals in my bucket list,” she shared.
“Start early when setting goals and investing. Nurture your income sources so you could keep cash inflows. Be mindful of your spending habits. Save before you spend, and live within your means. This kind of discipline has enabled me to realize a brighter future. Approach Sun Life Financial Advisors who can help you clarify, quantify, and satisfy your goals,” del Mundo ended.
To get guidance for setting your own financial goals, talk to a Sun Life financial advisor. You can take recommendations and referrals from your peers or find your ideal advisor online via the Advisor Match. You may also access Sun Life’s own Investment Calculator to make it easier for you to set financial goals. Visit Sun Life Philippines website for more information.
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