Getting insurance for our assets is one good practice in personal finance, so we can protect ourselves from bigger costs later on.

But this practice is also costly because it does not only protect you from unforeseen circumstances. It also involves a 12 percent tax, which is already a huge dent on your finances. In this interview, Davao Rep. Karlo Nograles, principal author of House Bill 3235, discusses why taxes on non-life insurance products should be lowered.