#FinancePH - Life insurance is a selfless act of love

The significance of life insurance BDO Life's president and CEO, Renato Vergel De Dios, shares an opinion that, curiously enough, is unusual to hear: “Life insurance is a lasting and selfless expression of love.”

“I have always questioned this part of our wedding vows, ‘to love and to cherish ‘til death do us part.’ Why must one’s love and responsibility to each other terminate upon death? In this day and age, death provides no excuse for fleeing one’s family responsibilities,” said Vergel De Dios.

“But then again, the origin of these vows dates back to 1549 when life insurance was hardly a well-established instrument for looking after our loved ones beyond our earthly existence,” he added.

Love means protecting your loved ones

This continuous epidemic has shown that there is still no absolute security against sickness, misery, and death despite advancements in medical knowledge and technology.

The pandemic has served as a wake-up call, showing us that we are not impervious to danger. Even the healthiest among us are susceptible to serious illness. As a result of firms being forced to close, some of us may lose our jobs. When we wake up, we realize how unstable and dangerous our lives are. How do we shield ourselves from the inevitable uncertainties of life is the question.

The epidemic served as a stark reminder of life's inevitabilities. "Preparing for the worst is the best we can hope for. The real-world risk management exercise that is life, he said.

When their actively employed providers pass away too soon, life insurance shields families from financial catastrophe. It serves as a family's "first responder" in terms of finances during a time of greatest need.

The most unselfish purchase one can make 

When a breadwinner becomes ill or passes away, life insurance can assist their loved ones cope with the financial burden by replacing their income or providing an estate in cash.

Most family heads don't realize how much their passing will hurt their loved ones; it will be the most pain they have ever experienced. Family members that remain behind will also have to deal with final costs, medical bills, unpaid debts, and most importantly, the daily costs that keep the family together, such as putting food on the table, house rentals, utility bills, school costs, etc.

The emotional impact will be felt for a time. But the financial impact will linger on until the family manages to readjust and recover its financial bearings.

Small acts of love forge lasting relationships

Everyone is capable of making a significant gesture for their family, even if they don't have a lot of money.

How? by means of life insurance. For a comparatively tiny token contribution each year, everyone can establish a cash estate, the size of which is to be determined. The most effective approach to leave behind your estate is through life insurance. Each token premium payment is a modest gesture of love that is strengthened annually.

Protecting the “family ATM”  

Every breadwinner can be compared to an ATM, providing the family with the necessary funds for both daily subsistence and long-term goals. All wage earners, however, will eventually age, fall ill, and die. This justifies the necessity of life insurance.

“Life insurance acts like a safety net for family members who are left behind by a breadwinner who passes away. It helps tide them over financially for a span of time. And so the lesson is this: it is not the income itself that is important. Rather, it is the continuing capacity to earn income,” Vergel De Dios said.

Having said that, it's essential to choose the correct life insurance. The demands of every family are unique, thus there is no one strategy that works for everyone. Your financial advisor (FA) can help with that. Based on your age, your ability to pay the premium, and other criteria, he or she can assist you in determining which plan will work best for you.

Visit their website at www.bdo.com.ph/bdolife to learn more about BDO Life's offerings. Here, you can look at their strategies and conduct independent study. The website allows you to quickly schedule an appointment when you're ready to speak with an FA to get things going.

BDO Life is a wholly-owned subsidiary of BDO Unibank.

True love and self-sacrifice. Life insurance is one of the most selfless expressions of true love. Learn how you can create a Plan B with BDO Life to protect your loved ones here: www.bdo.com.ph/bdolife/we-protect. 

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