“If you are the family’s breadwinner, your most valuable asset is your ability to earn. And the only instrument that can protect that asset is life insurance,” says Renato Vergel De Dios, President and CEO of BDO Life.
For 50 years, he has built his career around one mission: helping Filipino families achieve financial security through life insurance, or Plan B. One would think that in that span, life insurance would already be part of every Filipino’s financial portfolio. Yet many breadwinners remain without coverage, leaving their families vulnerable to financial ruin.
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In a market study conducted by BDO Life, having a tight budget, prioritizing more pressing needs, and the belief that insurance is expensive are the main reasons many breadwinners are reluctant to get a Plan B.
In his many decades of experience, Vergel De Dios has also observed that many families avoid talking about illness, death, or financial hardship—often waiting until it’s too late. More than the lack of enough income, that hesitation, he says, is the real barrier to financial security.
It is related to a widely held notion that insurance is only for the wealthy. “That’s a myth,” he says. “Insurance has never been primarily for the rich. It’s for those who need to go to work every day to provide for their families: the employees, the professionals, and the hands-on small business owners.”