Finding ways to protect the Filipino. BDO Life President and CEO Renato A. Vergel De Dios (center), and BDO Senior Vice President and Chief Investment Officer Frederico Rafael D. Ocampo (right) discussed how life insurance products help provide financial security to Filipino families amid economic challenges during BDO Life’s media conference, titled “Life Insurance: One of BDO’s growth drivers,” moderated by ANC News Anchor Salve Duplito (left).
Since the onset of the COVID-19 pandemic, there has been a notable shift in Filipinos' perception of life insurance. BDO Life Assurance Company, Inc. (BDO Life), a leading bancassurance firm, has observed a significant uptick in the appreciation for life insurance among the populace. Here are the reasons behind this trend and the pivotal role of life insurance in safeguarding the financial well-being of Filipino families.
The Changing Landscape of Life Insurance
According to a recent market study conducted by BDO Life, an overwhelming 79% of respondents acknowledged the heightened importance of life insurance in the wake of the pandemic. This sentiment is further echoed by the surge in sales of life insurance protection products witnessed by BDO Life over the past year.
The Focus on Protection
Protection lies at the heart of BDO Life's advocacy in promoting life insurance awareness. In 2023, traditional insurance plans offering guaranteed protection benefits accounted for 75% of BDO Life's total premiums, marking a significant increase from the previous year. Renato Vergel De Dios, President and CEO of BDO Life, attributes this growth to the pandemic's stark reminder of mortality's threat, prompting individuals to seek reliable financial protection solutions for their loved ones.
The Appeal of Guaranteed Features
Amidst volatile capital markets, there has been a noticeable preference among insurance buyers for protection products with guaranteed features. Unlike variable life insurance, where fund values fluctuate with economic conditions, traditional life insurance serves as a stable safety net over time.
Bancassurance Advantage: BDO Life leverages its position as BDO Unibank's bancassurance arm, capitalizing on the bank's extensive branch network—the largest in the country. This allows BDO Life to offer customizable life insurance solutions tailored to the budget and unique needs of Filipinos.
The Concept of Plan A and Plan B
To bridge the gap in understanding the significance of life insurance, BDO Life developed a concept that forms the cornerstone of its ad campaigns. Under this concept, individuals strive to fulfill their Plan A—encompassing desired lifestyles, dreams, and aspirations—funded by current and future earnings. However, in the event of unforeseen circumstances such as critical illness or untimely death, Plan B, represented by life insurance, steps in to provide the necessary financial support to complete Plan A.
Empowering Families with Plan B
In the event of premature death, Plan B acts as a financial safety net, injecting much-needed funds to support the surviving family members and alleviate immediate financial burdens. BDO Life's Plan B ensures that families can maintain their financial dignity intact during challenging times.
As Filipinos increasingly recognize the importance of life insurance in securing their family's financial future, BDO Life remains committed to empowering individuals with reliable protection solutions. To learn more about life insurance and how it can benefit you and your loved ones, visit a nearby BDO branch or speak with a BDO Life Financial Advisor today. Alternatively, visit www.bdo.com.ph/bdo-life for more information.