MANILA, Philippines — For years, many Filipinos have been reluctant to get life insurance because they view it more as an expense or a luxury rather than a need. With all the responsibilities they carry each day, they opt to prioritize food, utility bills and rent over other “less essential” items when budgeting their income.
With the onset of the COVID-19 pandemic, many have realized how truly unpredictable life is, and getting caught unprepared can have devastating consequences on loved ones left behind.
This realization is now causing more and more Filipinos to start considering getting life insurance to serve as their back-up plan—or Plan B—that their loved ones can fall back on should anything happen to them in the future.
If you’re not part of the Plan B bandwagon yet, here’s a list of reasons that might just get you onboard:
1. Protects the family’s financial well-being
Many Filipino families depend on monthly income from one or two breadwinners to pay for the monthly household bills and other day-to-day expenses. If the breadwinner gets critically ill, figures in an accident, or worse, passes away unexpectedly, having a Plan B helps provide continued income (for a certain period) to cover these expenses.
Losing a loved one is difficult enough as it is. While having a life insurance policy won’t bring them back, it will certainly help ease the enormous financial burden that goes with losing a breadwinner.
2. Ensures your child’s future
Filipinos put a lot of stock in education. This is because they firmly believe that by having a good education, one can have a brighter future.
However, tuition fees, not to mention the prices of school supplies, uniforms and other things, continue to increase. This is where education plans can be beneficial to the parent and child.
A life insurance-backed education plan helps parents ensure their child completes their studies even if they’re no longer around. The plan’s benefits can also be used to pay for their schooling needs.
3. Protection from financial burden of illnesses, hospitalizations
Getting sick is a huge burden and it can be quite expensive. Whether it’s a simple cold or flu, or something more serious such as cancer or stroke; being ill is worrisome because it takes a toll on us—emotionally and financially.
In the Philippines, medical treatments don’t come cheap, especially for people with just enough income for basic needs. This is why it’s important to have a Plan B in place.
Today’s life insurance plans also come with benefits to cover dread diseases. Upon diagnosis, the policy releases cash that can be used to fund doctor’s fees, surgery, lab tests and other necessary treatments. Should the insurance policy owner pass away later on, the remaining proceeds are given to the beneficiaries.
4. Helps you live a comfortable retirement
Filipinos are a hard-working bunch who spend most of their working lives providing and caring for their families. Retirement can be an exciting chapter to create memories and pursue goals that were otherwise missed out while working.
However, with rising prices of good and services, relying on government and company pension may not be enough to cover certain lifestyles. A life insurance plan can act as a supplementary retirement fund that can be used to support a comfortable lifestyle for the retiree without them having to rely on others for their needs like maintenance meds and other essentials.
BDO Life is your Plan B
It is never too late to reconsider having a Plan B, if it means facing a future without any worries.
Luckily, BDO Life, a wholly-owned life insurance subsidiary of BDO Unibank, is committed to protect every Filipino and their family with a Plan B. They have Financial Advisors stationed across all BDO branches so anytime you’re ready to start your life insurance journey, you can drop by any branch.
Visit BDO Life’s website at www.bdo.com.ph/bdolife to learn more.