“We buy cases for our phones, extend warranties for our appliances, and purchase insurance for our cars and homes, yet how many Filipinos do you know have plans to protect themselves?” challenged BPI-Philam CEO, Surendra Menon. “Filipinos have a very good idea of what they need to protect for their future, but most financial solutions in the market right now seem to be out of reach for them. This is significant money they will be asked to set aside for their future, when most of their needs are in the now.”
For most Filipinos, their savings are kept in bank deposit accounts or hidden in a place at home. In a Focused Group Discussion (FGD) conducted by BPI-Philam, Filipinos were found to be keen on saving for short-term needs but not much on long-term investments. Although participants of the FGD are aware of the importance of securing their future and protecting their loved ones, the most common reason they don’t insure their income is the restraint that comes with their budget. When asked how much of their monthly salary they can allocate for life insurance, the results yielded amounts that ranged from 10% to 20% of how much they earn, which is around P1,000-5,000 on average.
In its thrust to make insurance accessible for every Filipino, BPI-Philam launched Life Ready Plus – a unit-linked life insurance plan available for as low as P2,000 a month.
“Life Ready Plus is a product developed for every Filipino regardless of what stage in life they are in,” said Menon. “It is a combination of life insurance and investment, so Filipinos can protect themselves and the important people in their lives, at an affordable amount. Instead of using your hard-earned money to buy products to prevent phone screens from breaking or car paint from fading, we hope Filipinos realize the need to protect the most valuable asset they will ever have – their life.”
The launch of Life Ready Plus provides Filipinos financial protection from sickness and serious injury (or early death – if appropriate). For as low as P2,000 per month, it can also serve as a stress-free savings plan where BPI-Philam handles the investment to maximize and build wealth. The product offers a wide range of solutions that protects not only the policy holder but also their dependents’ financial needs; supplemental benefits such as Accident and Health, Waiver of Premium, and Hospitalization and Critical Illness coverage are also available.
“BPI-Philam recognizes that people live differently and are at different stages of their lives, which is why we stay true to our mission of making insurance easy to get and easy to have, personalizing their life plans depending on their needs,” said Menon. “Life Ready Plus is for the young professional hoping to build wealth out of his starting salary, for the young couple hoping to have enough to comfortably start a family, and the regular employee who wishes to protect themselves for their own and their family’s future.”
Life Ready Plus was designed to be a light-on-the-pocket insurance plan that can both protect and save for every Filipino’s future, making them life confident and allowing them to keep on winning the moment. To take the first step to a more financially secure future with Life Ready Plus, head to a BPI branch near you or visit www.bpi-philam.com.