What’s your Plan B? Discover the value of having life insurance for yourself and your family

MANILA, Philippines — Life is unpredictable. We can plan and dream for the future, but there’s no telling what will happen.

When Jerome decided to provide his parents a better life by, he took on the risk of braving giant waves at sea for many years as a seafarer. But in one of his home visit, he passed away due to freak accident.

Fortunately, Jerome was able to plan years ahead. Through his life insurance plan, he was still able to take care of his parents even if he was no longer around.

Like Jerome, we can only do so much to stay on track of our dreams and goals for ourselves and our loved ones. We can work hard, save up, eat healthy, drive with caution. But with life’s many twists and turns, anything can change in the blink of an eye.

And this is where life insurance—a safety net or Plan B—comes in. While the idea of getting insured conjures up morbid thoughts about the brevity of life, it’s something we as adults must consider.

Unlike Jerome, many Filipino breadwinners are not adequately protected with a Plan B leaving their families to deal with financial difficulties when they pass away. So, what is the cost of not having a Plan B? Here, we shed light on why taking action and insuring yourself now is more important than ever.

Lost income

Say you are your family’s breadwinner, or even a household contributor—in their eyes, you’re their hero. In as much as you are a hero, you are also just human—prone to sickness, disability and death.

If any of these were to happen to you, where will your family get money for their basic needs like food? How will they finish school? Where will they go if they can’t pay the rent or mortgage?

It’s a frightening thought, but it can happen. And this terrible reality happens to many families every day. As part of dealing with lost income, many families resort to crowdfunding. Asking for donations is never bad, but it’s an unfortunate trend for those struggling to afford heavy medical bills and, worse, funerals.

It’s heartbreaking, especially when an affordable life insurance policy could have provided the financial support needed.

Life insurance acts as your back-up during these dire situations. It works by giving your family access to instant funds should you become terminally ill, disabled or pass away. They can use that fund to support their day-to-day expenses like food, rent and utilities. It can also help keep the kids in school.

Debts and taxes

When you pass away, the income stops; but the mortgage, car loan, hospital bills, debts and estate taxes are left behind along with your family. When left unpaid, your loved ones may lose their home, their possessions, and everything you’ve worked so hard to build for them.

The painful decision of having to sell off family property can put a strain on family relationships, leading your loved ones to drift apart. With life insurance, the proceeds can help your family settle any last-minute expenses and loans you may have left behind, giving them a clean start as they slowly adjust to life without you.

The life insurance premium is a small price to pay for the peace of mind that your loved ones will stay afloat instead of drowning in debt. Now, how would you like to leave your bereaved a lasting legacy?

BDO Life is your Plan B

The cost of being unprepared not only impacts your loved ones financially. Its consequences can also impact their physical and mental well-being long after you’re gone.

Having a Plan B in the form of life insurance acts to protect them from all these and enables them to continue the life you’ve built for them. Your family’s peace of mind and financial stability are worth every peso.

Just like Jerome, his sudden passing could have left his elderly parents in a dire financial situation but thanks to his life insurance proceeds, his parents were still able to keep their home, buy their maintenance medicines and live as if Jerome was still around.

The good news is that getting insured is now easier and more convenient than ever. BDO Life, the wholly owned life insurance subsidiary of BDO Unibank, has Financial Advisors (FA) stationed across all BDO branches nationwide. You can drop by any branch of your choice and an FA can walk you through everything you need to know.

You can also visit the BDO Life website at www.bdo.com.ph/bdo-life if you prefer to do your own research first. —MD

Editor’s Note: This #BrandSpace story was created with BDO Life. It is produced by the Advertising Content Team that is independent from our Editorial Newsroom. Any resemblance of the character to persons living or dead is purely coincidental.