As an active member of the Filipino workforce, you may need to invest in several types of insurance. Among others, you may shell out monthly for life insurance, car insurance policy, health insurance, and others to secure yourself and your family.
One insurance option you can avail of today comes from the Social Security System (SSS), which is designed to provide enrolled employees with a host of exclusive benefits for retirement and other life events. The beauty of SSS membership is that you may also take advantage of their salary loans should you require a handy yet trustworthy source of credit.
Before you can apply for an SSS salary loan, you must first meet eligibility requirements. You must be: an SSS member who is currently employed, self-employed, or a voluntary contributor with at least 36 posted monthly payments to your name. Six of those monthly contributions have to have been made within the year (12 months) prior to you filing your loan application.
Aside from these requirements, you must be below 65 years old and have not yet availed of any “final benefits,” such as in the case of total permanent disability, retirement, or death, from the SSS. Your employer must be fully updated on the monthly contributions you have made, and you must not have been disqualified due to a previous case of fraud against the SSS.
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