Is having insurance worth it? Let these stories of beneficiaries tell you

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Is having insurance worth it? Let these stories of beneficiaries tell you
Here are real stories of how life insurance was able to help beneficiaries get back on their feet

“There is more to life insurance than just providing a financial safety net for the people you value. It shows them how much love and care you put into planning and preparing to make sure they will be okay even if you’re no longer there to see it through,” shared BDO Life Financial Advisor, Lady.

Life insurance policies help families left behind get through a life-changing ordeal. It provides them cash to fund their needs when the breadwinner is no longer able to support them because of critical illness, disability or death.

But don’t take it from us; take it from real stories of actual people who got support from insurance policies because their loved ones wanted to take care of them.

Saving grace

Allen (not his real name) was a young, newly-married business owner. During a visit to his bank, Allen was introduced to the in-house financial advisor, Lady. Allen wasn’t very keen on getting insured at first, thinking that the income from his business was more than enough for him and his wife, Grace. Lady, however, was able to convince him otherwise, saying “Bilang sole income provider ng iyong asawa at magiging anak, sakaling may mangyari sa’yong di inaasahan, paano na ang pamilya niyo?”

Lady’s remark convinced Allen to purchase a sizeable policy. With a baby on the way, and his business expanding, life was going well for Allen and Grace. She would later resign from her job to be a full-time housewife. Just three years later however, Allen unexpectedly passed away from brain aneurism.

Struggling to accept her huband’s sudden passing and with no job to support her and their child, Grace was shattered. Because Grace had no background or experience in managing Allen’s business, she was forced to close it. What was left of the proceeds were used to pay for hospital bills, estate taxes and business loans, leaving Grace with very little to get by. Fortunately, the proceeds from Allen’s policy was able to support her and her child as she slowly and surely began picking up the pieces of her new life without Allen.

Gifted with protection

Robert (not his real name), was a salesman at a logistics company. As a sign of gratitude for his years of service, his employers gave him a life insurance policy. 

A year later, Robert suddenly passed away in his sleep.

“Prior to that, Robert’s medical records from his annual physical exams were clear, so his death came as a shock to his employers and colleagues. His parents were devastated – they unexpectedly lost their only son, and the family’s main breadwinner,” shared Adrian, Robert’s BDO Life Financial Advisor.

Thanks to Robert’s life insurance policy, his parents were able to sustain the small general merchandise store they had in the province, with just enough to supply their needs, including their maintenance medicines. His younger sister, whom he was also supporting up until his death, was able to finish college and pursue her dreams of becoming a dentist.

Witnessing what life insurance has done for Robert’s family, his employers purchased additional life insurance policies for themselves.

Early start 

For married couple Mr. and Mrs. Santos (not their real names), having life insurance was a need they realized earlier on. As doctors, both Mr. and Mrs. Santos have seen how critical illnesses can twist and turn people’s lives and drain them of all their hard-earned savings. So to better protect themselves, they both availed life insurance policies.

“For Mr. Santos, getting life insurance was a way to protect the assets they had built and ensure that if anything were to happen to himself or his wife, their children would still be financially well-supported,” shared Randy, Mr. and Mrs. Santos’ BDO Life Financial Advisor.

True enough, they later benefited from having life insurance policies when Mrs. Santos learned that she had early stage breast cancer. Mr. Santos was also diagnosed with colon cancer shortly after.

Both were unable to continue their careers because of this, but thanks to their life insurance proceeds, they were able to pay for their medical needs, including their chemotherapy sessions. They also used their claim proceeds to help support their children’s daily needs, school tuition, and other household expenses.   

“They were thankful that they purchased their life insurance policy earlier on because it prepared them for what they believe is the most challenging part of their lives,” shared Randy.  Mr. and Mrs. Santos are still on their way to recovery, but they are hopeful that they will overcome this dark period of their lives. Their children, now in high school, are also looking forward to college.

How to prepare ourselves

These stories teach us that life is unpredictable. We will never know what will happen in the future, but we can prepare for it with the right life insurance plan.

To get started, just visit any BDO branch to talk to a BDO Life Financial Advisor. For more information about BDO Life and plans, you can visit www.bdo.com.ph/bdo-life. – Rappler.com

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BDO Life

BDO Life Assurance Company, Inc. is a subsidiary of BDO Unibank, Inc., the country's largest bank to date. The Company offers a diverse pool of life insurance products suitable to the needs of its clients. BDO Life provides protection, education, savings, retirement and estate planning solutions aimed to create a secure future for its individual customers and their families. BDO Life extends comprehensive group term life insurance for corporate clients.