A typical Filipino household is composed of the husband and wife, the children, and the grandparents.

For the head of the extended family, raising and educating children, while taking care of the aging parents could be a daunting task. As if that was not hard enough, he must also protect the two generations dependent on him against the vagaries of the future.

It is is multiple responsibilities the so-called Sandwich Generation—parents who are taking care of their children while also supporting their own parents—have taken upon themselves to bear.

That could stretch the couple’s finances to the breaking point, if they have to fend for themselves without help from anybody or from an institution.

A loss of income arising from an illness or accident can have a devastating effect. It can derail plans for the future and put the day-to-day needs of the two dependent generations at risk.

Here, life insurance could play an important, even an indispensable role.

According to Renato Vergel De Dios, president and CEO of BDO Life, Filipinos are becoming increasingly aware that their responsibility goes beyond merely providing the day-to-day expenses. They also feel that they must also safeguard their children and aging parents against the uncertainties of the future.

A Synergy-YouGov study shows that most Filipinos think of their health when taking out an insurance policy. Next on their list is retirement planning, which shows a desire to stay financially independent later in life and to avoid becoming a burden to the family.

The respondents are nearly evenly divided in the two key reasons given for considering insurance--funding the education of their children and supporting parents, 35 percent and 34 percent, respectively.

It is therefore understandable, Vergel De Diois pointed out, that the breadwinner feels the need to have a Plan B, activated when he takes ill or meets an accident resulting in disability or death.

“Life insurance ensures that no matter what happens, the family can pursue their goals and meet their basic needs,” Vergel De Dios said. “Ang pamilya mo ang nangangailangan ng Plan B.”

He advised those interested in achieving peace of mind through financial security to contact a BDO Life financial advisor at any BDO Unibank branch.

“There is no greater gift one can give to the family,” he added.