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Increased Number of Filipinos Choosing Life Insurance During Pandemic, According to BDO

BDO Life Assurance Co. Inc. (BDO Life) disclosed that nearly eight out of every ten Filipinos have embraced life insurance since the onset of the pandemic, with the demand for life insurance products showing consistent growth.

BDO Life, the bancassurance division of BDO Unibank Inc., disclosed on Thursday that the results of a market research showed that 79 percent of participants acknowledged the increased significance of life insurance in the modern world.

Renato Vergel de Dios, President and CEO of BDO Life, said at a briefing, “The pandemic served as a wake-up call, highlighting the uncertainty of life. In times of unpredictability, having a Plan B becomes crucial.”

He underlined how traditional life insurance provides stability in the face of economic upheaval and highlighted how it protects loved ones’ financial security from life’s unavoidable hazards.

Last year, the company saw a 15% growth in traditional insurance plans, indicating a rise in demand for packages that offer advantages for guaranteed protection. By year’s end, this growth helped to raise total premiums.

According to De Dios, this trend can be ascribed to the pandemic’s sharp reminder of death threats, which has caused people—especially breadwinners—to look for ways to provide financial security for their families.

“Filipinos are gradually recognizing the necessity of a safety net in the form of life insurance, forming a strong foundation for their financial planning,” De Dios said.

Although there has been progress, he said that there is still a general lack of information about the critical role life insurance plays in total financial portfolios, emphasizing that life insurance serves primarily as a protective measure rather than an investment vehicle.

Encouraged by its parent business, BDO Unibank, which has the largest branch reach in the Philippines, BDO Life is still enthusiastic about its prospects for the year.

BDO President and CEO Nestor Tan highlighted the bank’s customer-centric approach by saying, “Our commitment to providing comprehensive financial solutions is evident in our offering of life insurance products at our branches.”

BDO is a major player in defining the financial landscape of the Philippines, with a portfolio that includes over 1,700 consolidated branches, over 4,800 automated teller machines, and foreign offices throughout Asia, Europe, North America, and the Middle East.

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