BDO Life offers insurance vs uncertainties

Published July 20, 2020, 10:00 PM

by James A. Loyola

BDO Life Assurance Company Inc., a subsidiary of BDO Unibank, is offering insurance to life’s uncertainties.

“Everyone needs two plans in life. Plan A consists of a wealth accumulation program focused on successfully saving and investing within a given timeframe,” said BDO Life President and CEO Renato Vergel de Dios.

However, he noted that, “given life’s uncertainties, lifestyle needs, health risks, education costs, and other similar concerns, it’s smart to have financial safety nets, and that’s Plan B.”

Vergel de Dios said that life insurance is Plan B. When Plan A is disrupted, Plan B takes over and infuses cash to complement Plan A.

“When life throws a curve ball, insurance money enables families to preserve their financial dignity.

With sound preparation and planning, their lifestyle won’t have to change much—bills will be paid on time, children can continue their schooling, and there’ll be no need to agonize over expenses when invited to social occasions,” he added.

For Vergel de Dios, insurance is a way of life and a risk mitigation philosophy and he said the peace of mind that the financial protection life insurance provides is never a waste of money.

If the insured makes it to retirement, they would be fortunate to have realized their life’s full earning potential.

On the other hand, if tragedy and untimely loss happen, Plan B—life insurance—would act as a safety net and replace a portion of their lost income, the magnitude of which is dependent on the amount of their insurance coverage.

“There is a saying that goes, ‘No widow ever complains that her husband bought too much insurance.’ Try talking to someone who has lost a family breadwinner but whose financial burdens have been eased because of life insurance. Such conversations renew our mission,” said Vergel de Dios.