The COVID pandemic has radically transformed the world in the past two years. Businesses closed down. Jobs and lives were lost. While loss of life is inevitable, there is a way to manage its impact on those who have to carry on and that’s by having a Plan B according to Renato A. Vergel De Dios, president and CEO of BDO Life, a wholly-owned subsidiary of BDO Unibank.
But let’s admit it, for young adults and young professionals who are hustling just to make ends meet in an economy that is struggling, getting life insurance has become a form of luxury.
With that, MB Life asked De Dios on how young people can start getting one without breaking the bank during the BDO Life media conference held on Wednesday, February 23, 2022.
“Start by getting products that are heavy on the protection side,” he says. “Those are not as expensive.”
He also explained that insurance is expensive because of add-ons and features. With that, he highly suggests starting with small coverage.
“Kaya lang naman nagmamahal ang insurance kasi lalo na sa kostumbre natin in emerging Asians, gusto natin lahat nandoon—protection and savings. Kapag iyan ang kinuha mo syempre magmamahal yun,” he says. “Piliin mo anong mahalaga sa iyo. If you’re young, protection. It’s a good place to begin with. It’s something you can afford, it’s something that addresses a very important need for you. As you move forward, decide what you want to do.”