From 83% to 54%: Why Fewer Filipinos Prioritize Life Insurance
Only 5 out of every 10 breadwinners in the National Capital Region, Cebu, and Davao consider life insurance as important. This is based on a recent market survey by BDO Life and research network Acorn. More alarming is the declining sense of urgency even after the pandemic. From 83% in 2022, the 2024 survey shows only 54% of respondents believe owning protection is important.
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| Plan B is more than just a backup plan—it's a lasting promise that your family’s future stays protected even when life takes an unexpected turn. |
The most cited reason why insurance penetration remains low is budget constraints. Many individuals prioritize more pressing bills over securing their future. Yet in the face of death, accident, or calamity, life insurance is not an option but a selfless act of putting loved ones first.
By being present at BDO branches nationwide, BDO Life has made life insurance more accessible to customers. While information is readily available online, many still prefer to speak with insurance specialists. This puts BDO Life’s Financial Advisors in a positive position to become lifelong financial partners of clients.
In these heartfelt stories, Financial Advisors share real-life experiences of beneficiaries who were shielded from life’s unexpected storms because they had a ‘Plan B.’
Being Ready with a Plan B if Plan A fails
BDO Life Financial Advisor Jimmy recalled an incident during a family outing when a client was involved in a vehicular accident, and sadly, did not survive. In a fateful coincidence, his wife found out he had life insurance only a month before, when he asked her to pay the premium. She wrote to say, “Akala mo di mo kailangan, pero kailangan mo pala. Dati para sa akin, dagdag expenses lang.”
BDO Life Financial Advisor Jonah shared a similar story that shows how unpredictable life is. "Nakita ko na kahit healthy ang isang tao, death can happen anytime.” One of her clients, who owned a water refilling station and construction firm, was gone too soon. Thankfully, he had a Plan B in place. Using the proceeds of his life insurance policy, his family was able to keep his businesses running. In turn, his family was able to continue receiving income and maintain their standard of living, even if he was no longer in the picture.
The concept of having a Plan B is something BDO Life Financial Advisor Randy stresses to his clients. “We all have a Plan A, which consists of our present standard of living, as well as our plans and dreams for the future. But life has so many risks, anytime pwedeng may mangyaring hindi inaasahan.”
"It’s our job as Financial Advisors to help clients recognize the need a Plan B para ma-protektahan ang pamilya financially for unexpected events, at hindi ma-disrupt ang Plan A.” This was the case of one of his clients, who had the foresight to invest in a Plan B to ensure his children can finish their studies no matter what.
“You owe your loved ones a Plan B that will allow them to move on in life when you’ve ceased to be in the picture,” said BDO Life President and CEO Renato Vergel De Dios. “That takes tremendous financial maturity and responsibility to recognize that life insurance isn’t an optional choice. It’s the financially smart thing to do.”
Time to start your Plan B conversation with BDO Life today. Visit your nearest BDO branch to speak with a BDO Life Financial Advisor. You can also visit BDO Life’s website at www.bdo.com.ph/bdo-life to explore life insurance solutions and get premium quotes based on your financial goals and budget.
