On National Insecurity and Life Insurance with Renato Vergel de Dios (Episode 113)

Updated: May 25, 2022

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Below are ways to reach BDO Life:

BDO Life Assurance Company, Inc.
Pacific Star Building, Senator Gil Puyat Avenue corner Makati Avenue, Makati City, Philippines
Customer Care Hotline: (632) 8885-4110
Toll-Free Hotline: 1800-1888-6303 (PLDT)
Fax: (632) 5325-0792
Email: [email protected]
Website: www.bdo.com.ph/bdolife/we-protect

What you’ll hear in this episode:

In this episode, we have Renato Vergel de Dios as guest.

He is the president and CEO of BDO Life and we talked about the state of National Insecurity in the Philippines as brought about by the pandemic.

We also discussed the role of life insurance in addressing this national insecurity and discuss the barriers that are keeping Filipino families from getting financial protection.

Excerpts and Highlights:

According to the United Nations Department of Economic and Social Affairs, the 4 key factors that contribute to national insecurity and vulnerability are unemployment and underemployment, sickness and disability, widowhood and union dissolution, life cycle, and old age.

Only 9% of adult Filipinos have life insurance. The barriers that are keeping Filipinos from getting insurance are lack of funds, perceived absence of the need, costly and slow returns, and perceived distrust.

“Plan A is only as good if you can complete it. That’s the reason why you need a Plan B. In case anything happens to you, your Plan B will help finish your Plan A.” –Renato Vergel de Dios

“Your weddings vows… your obligation to take care of your loved ones can now be met even after death. It’s called Plan B, through life insurance.” –Renato Vergel de Dios

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  1. Wow, an insurance specialist who actually gets it. Over the past few years, we have been bombarded with freelance insurance sales agents far more motivated to “sell something, sell anything, just make a sale” than to match products to our unique needs. Some of the problem may be due to lack of training, I am not sure. In fairness, we had one lady who we remain friends with to this day and has not yet sold anything to us. She is not aggressive and if ever we find a insurance product we want, she would be the very first person we will call. There are also some really aggressive freelancers out there. One was so bold that when my friend on the other side of the subdivision found a health insurance product for his wife that covered far more and cost much less than what their agent had sold them in the past,,,,the freelance agent threatened my friend with legal action. She said “I will help your wife sue you so she can still have the same insurance.” My friend actually called & wrote to the company she represents and related the conversation (with screenshots of messages). Strangely, this rep is still selling for them. I guess you need to closely check out BOTH the company, their business ethics and the selling agent BEFORE making any purchase. That is in addition to carefully reading contracts including the “fine print.”

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