“If you are the family’s breadwinner, your most valuable asset is your ability to earn. And the only instrument that can protect that asset is life insurance,” says Renato Vergel de Dios, president and CEO of BDO Life.

For 50 years, he has built his career around one mission: helping Filipino families achieve financial security through life insurance, or Plan B. One would think that in that span, life insurance would already be part of every Filipino’s financial portfolio. Yet many breadwinners remain without coverage, leaving their families vulnerable to financial ruin.

Let’s talk about it

In a market study conducted by BDO Life, having a tight budget, prioritizing more pressing needs, and the belief that insurance is expensive are the main reasons many breadwinners are reluctant to get a Plan B.

In his many decades of experience, Vergel de Dios has also observed that many families avoid talking about illness, death, or financial hardship — often waiting until it’s too late. More than the lack of enough income, that hesitation, he says, is the real barrier to financial security.

It is related to a widely held notion that insurance is only for the wealthy. “That’s a myth,” he says. “Insurance has never been primarily for the rich. It’s for those who need to go to work every day to provide for their families: the employees, the professionals, the hands on small business owners.”

A plan that matters

For many hardworking Filipinos, insurance is what keeps the family going when income unexpectedly stops. “There are three things that life insurance does best for you — it liquidates your debt, creates a fund for final expenses, and leaves behind continuing family income,” says Vergel de Dios.

“If you are the breadwinner, you are the family’s Plan A. You are their source of security and stability,” he asserts. “But because we never know what tomorrow brings, your family has to have a financial net, a back-up — a Plan B.”

Life insurance isn’t for the breadwinner purchasing it — it’s for those who will be left behind. “Ang pamilya mo ang nangangailangan ng Plan B (It’s your family that needs a Plan B),” he says, a conviction shaped by his own journey as a parent. It was also his personal experience of loss that deepened his understanding of how insurance can sustain a family through life’s most difficult moments.

Pure life insurance protection doesn’t have to be costly. What makes it expensive are additional features that pay out cash benefits to the insured while he is still alive. Ultimately, what matters most is having the peace of mind that whatever happens in the future, his loved ones can continue enjoying lifestyle that he has accustomed them to enjoy.

A present with a lasting impact

No matter the occasion, no present can express love more strongly than a gift of a secure future for those who depend on you.

“It is the most selfless purchase a man can make for his loved ones,” says Vergel de Dios.

Ready to give your loved ones the gift of financial security? Visit the BDO branch nearest you and talk to a BDO Life Financial Advisor. BDO Life also has a Get a Quote page on its website that can help you find life insurance plans best aligned with your financial priorities and budget. Visit www.bdo.com.ph/bdo-life/get-a-quote to learn more.