The COVID-19 pandemic brought us a different kind of fear when it hit us, We witnessed the hardship of our friends and families who succumbed to Covid. Many were left with nothing and up to now were still paying bills incurred during death and hospitalization.
Now more than ever, we realized the value of life insurance in our life and that during crisis most of us are not protected at all.
During the height of Covid, BDO Life Assurance Company, Inc. (BDO Life) observed a growing appreciation for the value of life insurance among Filipinos.
Last week, I’ve attended another market outlook presentation, the fourth for the last 3 months about insurance and I must say the BDO Life Plan B 3. 0 has the most positive outlook and has the most fearless forecast with stats and numbers presented in the most layman’s term.
Here are the takeaways I’ve learned and I got to know about BDO Life and what is Plan A about and and how important it is to always have Plan B.
In a market study conducted by the bancassurance firm, 79% of respondents agreed that life insurance is now more important to them than ever, a finding that is supported by BDO Life’s increasing sales of life insurance protection products over this period.
BDO Life’s main advocacy in promoting life insurance awareness is more about protection. As a result, BDO Life’s traditional insurance plans—those that offer guaranteed protection benefits—comprised 75% of BDO Life’s total premiums in 2023, a 15% jump from 2022.
BDO Life Assurance Company, Inc.
sees growth in its bancassurance business: Since the COVID-19 pandemic, BDO Life has seen a sharp increase in life insurance prices among Filipinos.
There’s a growing importance of life insurance
In a market study conducted by BDO Life, 79% of respondents agreed that life insurance is more important now than ever for them. This sentiment is reflected in the company’s growing sales of life insurance products.
Protection is the main policy of BDO Life
BDO Life mainly focuses on raising awareness about life insurance. Therefore, traditional insurance programs providing guaranteed protection benefits account for 75% of BDO Life’s total insurance premiums in 2023, an increase of 15% compared to 2022.
Prioritizing protection products
In the context of volatile financial markets in 2023, insurance buyers prefer insurance products with guaranteed features. Customers realize the importance of having a safety net in the form of life insurance.
Bancassurance assurance
BDO Life’s competitive advantage: As the bancassurance branch of BDO Unibank, BDO Life benefits from the bank’s extensive branch network, allowing the bank to offer customizable insurance packages that is tailored to meet the unique needs of Filipinos.
A Bancassurance model
Bancassurance refers to the sale of life insurance products through bank branches and other retail channels.
This model benefits customers by providing them with a one-stop shop for their banking and insurance needs.
The customer is always right?
BDO Life establish customer relationships where BDO Life leverages the bank’s existing customer relationships to promote life insurance.
BDO Life’s financial advisors work with clients to understand their needs and goals before recommending suitable insurance products.
Plan A and Plan B Ideas
BDO Life has developed a concept that ties into all of its advertising campaigns.
Plan A represents a person’s dreams and aspirations, funded by current and future income. Plan B, or life insurance, provides additional funding in case of unforeseen circumstances such as serious illness or premature death.
Life insurance as a safety net
Life insurance acts as a safety net protecting the family from financial hardship in the event of the death of the primary income earner. BDO Life Plan B helps surviving family members maintain their financial dignity.
“When premature death strikes and disrupts Plan A, Plan B springs to action to inject the needed cash into Plan A that helps empower our loved ones to move on. Life insurance is your Plan B. It serves as the safety net that will insulate your family from the expected financial strain once a family’s principal income earner passes. Plan B helps the surviving family members avoid the burden of immediate financial worries. In those crucial moments, BDO Life’s Plan B helps the family maintain their financial dignity intact,” said Renato “Ato” Vergel De Dios.
To learn more about life insurance, visit a nearby BDO branch and speak with a BDO Life financial advisor or visit https://www.bdo.com.ph/bdo-life to learn more about life insurance.
