The COVID-19 pandemic has radically transformed the world in the past two years. Businesses closed down. Jobs and lives were lost. Fear and anxiety were amplified.

Many Filipinos consider conversations about tragedy and loss taboo. And yet, day after day, for nearly two years, this is what we have come to grips with. Loss of life is inevitable. But is there a way to ease its impact on those who have to carry on?

Yes—and that’s by having a Plan B according to president and CEO of BDO Life, Mr. Renato A. Vergel De Dios.

“Everyone is so in love with a financial plan that incorporates adhering to a budget, managing our expenses, and augmenting our income sources. With the amount of savings from these measures, we can create a Plan A consisting of our emergency fund and investment program. Plan A allows us to build wealth and achieve financial milestones, such as acquiring or upgrading the family home, and creating an educational fund for the children,” says Vergel De Dios.

However, just as people fall in love with Plan A, Vergel De Dios points out that Plan A has one important “must have”: TIME. We need to be strong, active, healthy, and yes, luckily alive long enough to complete Plan A. But what if we conk out early? What if Plan A fails?

“Let’s look at it this way,” he explains. “The breadwinner, father, mother, or both parents, are the ‘family ATM.’ They provide the financial security for their dependents. Does it then make sense to draw up a Plan B for the family ATM if it malfunctions or gets stolen? Without it, the family’s funding source and financial security will collapse. Should every family therefore maintain a Plan B that springs into action when the family ATM breaks down?” Vergel De Dios adds.

Among adult Filipinos, it was found that the total life insurance ownership was only at 9 percent. Common reasons why people don’t buy life insurance are: they can’t afford it, they don’t see the need, they get nothing from it, and they don’t trust insurance companies.

But Vergel De Dios says that all these reasons manifest a lack of appreciation for planning and the inability of the life insurance industry to educate about the real benefits of life insurance.

“This industry has not communicated enough how a life insurance purchase is expression of love for family and responsibility to provide for them beyond this life,” Vergel De Dios says.

Every sound Plan A must carry a Plan B, our spare tire in the journey of life, that something we can pull out of our pockets when Plan A misfires.

A family without life insurance coverage faces tremendous risk if their breadwinner passes away. “Your family will have to live their lives sans your income. Will your children have to transfer to a less expensive school? Will your family have to sell your home? Will they be forced to significantly downgrade their living standards to make ends meet?

“Such doesn’t have to be the case. Life insurance is your Plan B, the safety net that will enable your family to recover from the grief after you pass away without being burdened by immediate financial worries. It is in those crucial moments when BDO Life unleashes Plan B to enable your family to stay together with financial dignity intact,” Vergel De Dios says.

If there’s one lesson the pandemic taught, it is this: Have a Plan B amid life’s What Ifs.

Now let me ask you: May Plan B ka ba?

BDO Life Assurance Company, Inc. is a life insurance company and wholly-owned subsidiary of BDO Unibank, Inc. It is supervised by the Insurance Commission. The Company offers a diverse pool of life insurance products suitable to the needs of its clients. BDO Life provides protection, health, education, savings, retirement and estate planning solutions aimed to create a secure future for its individual customers and their families. BDO Life extends comprehensive group term life insurance for corporate clients.

Learn more about how BDO Life at www.bdo.com.ph/bdolife/we-protect.