THE BDO Life Assurance Company, Inc. (BDO Life) noted the growing interest and appreciation in the value of life insurance among Filipinos.
During a press briefer, Renato Vergel De Dios, BDO Life president and CEO, said the COVID-19 pandemic has been a contributing factor to the demand, as it prompted individuals to seek more reliable financial protection solutions for their loved ones.
“As fund values of variable life insurance rise and fall with the economic tide, traditional life insurance has proven to be a haven over time. A solid protection foundation ensures their loved ones’ security amid life’s inevitable risks,” De Dios said.
In a market study by the bancassurance firm, “79% of respondents agreed that life insurance is now more important to them than ever.”
As a result, De Dios explained that BDO Life’s traditional insurance plans, or those that offer guaranteed protection benefits comprised 75% of BDO Life’s total premiums in 2023, a 15% jump from 2022.
He also noted that BDO Life, a bancassurance arm of BDO Unibank, has given them a competitive advantage, a sales model that benefits customers by giving them a one-stop shop that caters to their banking and insurance needs.
“We benefit from BDO’s extensive branch reach—the largest in the country—to offer a customizable Plan B that will meet the budget and unique needs of Filipinos,” he added.
Bancassurance refers to selling life insurance products through the bank’s branches and other retail channels.
