BDO Unibank (BDO) foresees the continued contribution of bancassurance to its business as more Filipinos appreciate the importance of life insurance, with BDO Life Assurance Company ranking fifth in the industry.
BDO Life Assurance also recently launched the “Plan B” campaign to emphasize the role of life insurance as a financial protection foundation in unexpected circumstances.
Despite the low penetration rate of life insurance in the country, BDO Life exhibited strong sales recovery in 2022, indicating the rising awareness of insurance protection among Filipinos.
The pandemic has heightened awareness of the risks of premature death, prompting individuals to consider mitigating the associated financial risks through life insurance.
Factors such as lack of awareness, underestimation of financial consequences, and affordability challenges contribute to the lower uptake of life insurance.
BDO Life aims to help Filipinos better understand and appreciate life insurance through its Plan B campaign, providing a safety net to empower families and alleviate immediate financial worries in times of crisis.
