Since the COVID-19 pandemic, BDO Life Assurance Company, Inc.(BDO Life) observed a growing appreciation for the value of life insurance among Filipinos.
In a market study conducted by the bancassurance firm, 79 percent 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.
Protection is BDO Life’s main advocacy in promoting life insurance awareness. As a result, BDO Life’s traditional insurance plans–those that offer guaranteed protection benefits–comprised 75 percent of BDO Life’s total premiums in 2023, a 15 percent jump from 2022.
Renato Vergel De Dios, BDO Life President and CEO, attributed this to the pandemic’s severe threat to mortality, thereby prompting breadwinners to seek more reliable financial protection solutions for their loved ones.
Amid volatile capital markets for most of 2023, insurance buyers have expressed a preference for protection products that provide guaranteed features.
“As fund values of variable life insurance rise and fall with the economic tide, traditional life insurance has provento be a safe haven over time. Slowly but surely, Filipinos are realizing the importance of having a safety net, a Plan Bin the form of life insurance protection that serves as a solid foundation on which their financial planning model rests. A solid protection foundation ensures their loved ones’ security amid life’s inevitable risks,” the insurance industry veteran noted.
Vergel De Dios underscored BDO Life’s competitive advantage as BDO Unibank’s (BDO) bancassurance arm.
“We benefit from BDO’s extensive branch reach–the largest in the country–to offer a customizable Plan B that will meet the budget and unique needs of Filipinos,” he said.
Bancassurance refers to selling life insurance products through the bank’s branches and other retail channels. This sales model benefits customers by giving them a one-stop shop that caters to their banking and insurance needs.
