Owning life insurance is a must, not an option
In a recent market survey, only 5 out of every 10 breadwinners in the National Capital Region, Cebu and Davao consider life insurance as important. More alarming is the declining sense of urgency post-pandemic. A 2022 survey had 83% saying owning protection is important, yet that figure dropped to 54% in 2024.
So why is insurance penetration not at 100%? The most cited reason: budget constraints. Many individuals prioritize more pressing bills over securing their future. Yet across demographics, respondents agree life insurance can help them and their family against unforeseen health concerns, death, accident or disability.
Plan B is a must, not an option
Owning a life insurance policy is not an option, but rather a selfless act of putting loved ones first, and all others who rely on them for financial support.
This is why BDO Life has made life insurance more accessible to consumers by being present in BDO branches nationwide. While information about life insurance is readily available online, including getting a quote for one’s preferred insurance plan, many still prefer to speak with insurance specialists before taking that step.
This has put BDO Life’s financial advisors in a positive position to counsel clients on the best insurance purchase and become their lifelong financial partners.
The impact of life insurance is evident in the heartfelt stories shared by financial advisors. They recount real stories of beneficiaries – loved ones of insured clients – who were shielded from life’s unexpected storms because they had life insurance as their Plan B.
BDO Life President and CEO Renato Vergel De Dios emphasizes, “You owe your loved ones a Plan B that will allow them to move on in life when you’ve ceased to be in the picture. That takes tremendous financial maturity and responsibility to recognize that life insurance isn’t an optional choice. It’s the financially smart thing to do.”
Putting his family first until the end
BDO Life financial advisor Jimmy recalled a heartbreaking incident where a client met an accident on the expressway while on a family outing. Sadly, the insured passed away upon reaching the hospital.
The insured’s wife later shared that she was not aware her husband availed of life insurance until he requested her to pay the premium—just one month before the accident. “Iyong pagpapabayad ni sir kay ma’am ng premium ay tila lang daw naging dahilan upang ipa-alam na meron siyang inilaang BDO Life insurance para sa kanila,” said Jimmy.
The wife also wrote to say, “Akala mo di mo kailangan, pero kailangan mo pala. Dati para sa akin, dagdag expenses lang.” Her own realization of the value of insurance compelled her to make more people aware of the benefit that life insurance brings.
Leaving a loving legacy
“Nakita ko na kahit healthy ang isang tao, death can happen anytime,” recalls BDO Life financial advisor Jonah.
Her client, a businessman who ran a water refilling station and construction firm, passed away unexpectedly. With the proceeds from the insurance policy, his family was in a more secure situation to face the future. “Nabayaran ang balance ng loan for an L300 para maipagpatuloy ang naiwan na business. Naipagpatuloy rin ng family ang water refilling station business.”
His wife, who was working overseas, came home for the funeral and expressed her heartfelt gratitude for her husband’s foresight.
Being Ready with a Plan B if Plan A fails
When talking to prospects and clients, BDO Life financial advisor Randy explains the need for a Plan B. “We all have a Plan A—our preparation for the future through savings and investments. But we must also make clients recognize the need for a back-up plan o Plan B para ma-secure ang pamilya financially for unexpected events, at hindi ma-disrupt ang Plan A.”
One of his clients had planned for his life insurance proceeds to be used for his children’s education. “They still have quite a long way to go till they finish college, but there will be some funds to see them through. Whatever he left behind by way of life insurance will provide not only for his children, but also for his wife and mother.”
Time to start your Plan B conversation with BDO Life today. Visit your nearest BDO branch to speak with a BDO Life Financial Advisor. You can also visit BDO Life’s website at bdo.com.ph/bdo-life to explore life insurance solutions and get premium quotes based on your financial goals and budget.
