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| BDO Life asks Filipinos, "May Plan B ka na ba?" |
My dad passed away when I was 11 years old thus, leaving all the responsibilities to my mom. From that early age, I became conscious about saving, budgeting, and trying my best to lessen the financial burden of my mom. Fast forward to my adult life and I can proudly say that I was able to diversify my investments and incomes. Although admittedly, the concept of having life insurance came in late -- as if I didn't learn anything from what my mom experienced way back.
But this is a common scenario among adult Filipinos as it was found that only 9% owns life insurance. Reasons for not availing varies from not being able to afford, not trusting the insurance companies, not getting something from it, and for my case, I thought that with all the investments I have, I no longer need it. A deeper look at my situation -- single mom of a still young boy -- made me realize the importance of it. The question "What if something happens to me?" pops.
President and CEO of BDO Life Renato A. Vergel De Dios mentioned that although our savings, emergency funds, and investments constitute our Plan A to build wealth and achieve financial milestones, a Plan B should be in place when Plan A fails. He also shared this analogy:
Let’s look at it this way. The breadwinner, father, mother, or both parents, are the ‘family ATM.’ They provide financial security for their dependents. Does it then make sense to draw up a Plan B for the family ATM if it malfunctions or gets stolen? Without it, the family’s funding source and financial security will collapse. Should every family, therefore, maintain a Plan B that springs into action when the family ATM breaks down?
Aiming to educate and help Filipinos appreciate the value and use of life insurance, BDO Life launched a campaign about its Plan B concept. Vergel De Dios added:
Life insurance is your Plan B, the safety net that will enable your family to recover from the grief after you pass away without being burdened by immediate financial worries. It is in those crucial moments when BDO Life unleashes Plan B to help your family and keep their financial dignity intact
BDO Life is a wholly-owned subsidiary of BDO Unibank and an emerging leader in the life insurance industry. It has slowly but surely advanced its standing in the industry and joined the Top 5 companies in terms of new sales measured in Annual Premium Equivalents (APE) in Q3 2021, posting a 61% year-on-year hike during the period versus the industry’s 16% growth.
It's good to have dreams and slowly achieve them through financial planning. But it's time to think how we can still provide and express our love for our family beyond this life. Life insurance allows us to look after our family’s welfare even when we are no longer physically present. Have a Plan B ready. Learn more at www.bdo.com.ph/bdolife/we-protect.
