How prepared are you for unexpected life events? Protect yourself with plan B
October 12, 2022 | 10:52
MANILA, Philippines — When we were young, the idea of becoming adults seemed too exciting. It meant that we could finally make our own decisions, get our dream job, and earn money so we were free to do whatever we wanted. It meant being able to live in our own home, raise our own families, climb the corporate ladder, run our own business, run the whole show.
When we were young, it was easy to dream of living the perfect adult life.
Now that we are adults, we realize that becoming an adult is not as easy as we thought. It’s hard work – a balancing act made up of our goals, vacation plans, monthly bills, parent maintenance, diaper changes, sleepless nights, back-to-back meetings and deadlines from the office.
The struggle to become an adult is so real that we forget to plan for the possible assumptions of life, those unforeseen circumstances that could easily throw off our lives, including everyone – illness, accidents and, as the pandemic has shown, even premature death.
So we asked adult millennials: are you prepared and protected for life’s ups and downs?
Renselyn Estipular, breadwinner ate
Renselyn, just 25, has already saved up for her own home where she plans to live with her grandmother and younger brother. When her parents separated, she took on the role of breadwinner as a teenager and held part-time jobs throughout college. Today, she works as an account manager for one of the country’s leading newspapers, THE PHILIPPINE STAR.
What is your priority in life right now?
“It is very important to me that my brother completes his studies because I know how unfair and absurdly hard life can be for those who do not. Even I, who finished my studies, still had difficulty finding a job that could meet all my needs. Only 10% of my monthly salary goes into my pocket and the rest is budgeted to pay bills, education needs, savings and life insurance.
What uncertainties do you fear in life?
“What I fear most is dying unexpectedly because no one will support my brother and my grandmother. They depend entirely on me. That’s why it’s important that I have savings and a backup plan. . . I can rest easy knowing that he won’t experience the same financial hardship I did when I was still studying, and my grandmother will always have money for her medication and other needs.
What’s your plan B?
“I recently took out my first life insurance policy for my peace of mind, saved enough to put down a down payment on a house, which will also be covered by my accidental death insurance, and I also have my emergency fund in case I lose my job.
Young couple Fatima and Lester
Fatima and Lester Abutog are a young couple in their early thirties with three boys aged 12, 8 and 5. Lester is responsible for facilities and construction while Fatima is responsible for trade channels. To say that raising a family at a young age is difficult is an understatement.
How to ensure the future of your children?
“At 32 and 34, we now have three children aged 5, 8 and 12, and they are all studying. One of our best decisions is to insure ourselves during our first years of work. We were able to get a low bounty. Apart from that, the usual savings that we allocate each month to ensure the future of our children.
What worries you the most in life?
“With all the challenges we are facing right now, our biggest and if any is the health of our family. What if one of us got seriously ill? We know how expensive health care is in the Philippines and we could easily go bankrupt if a member of our family falls seriously ill, something we are not prepared for.
What’s your plan B?
“Honestly, we cannot assume that we are 100% protected due to uncertainty and volatility. We are doing our best to take care of our health and hope that our savings and insurance can cover us.
Gretchen Filart, single mother
Gretchen, 38, mom to Lia, 10, has been hit hard by the pandemic like many of us. While she’s a publishing assistant for a global meditation app, Gretchen is also a freelance writer and editor. When her clients’ businesses were hit by the pandemic, she lost almost half of her projects. In order for her and Lia to get by, she used most of her savings and even took out loans.
What is your dream for your daughter?
“My dream is that she can follow a path that is close to her heart, whatever it is. This means that she will have no debt, plus a sufficient buffer until she graduates from college and takes her first steps towards establishing a career.
How are you trying to come back?
“My current priority is to create other ways to generate income: passive income, constantly looking for other ways to make money; eliminate loans slowly but surely using the “snowball method”; and replenish emergency funds as soon as possible.
What’s your plan B?
“I control myself and stay as healthy as possible. I am the breadwinner, after all. I’m also still looking for extra work, while aiming to be more financially independent and protect her through insurance and a college plan.
Pip Mendoza, only child
Pip Mendoza, 28, is a national marketing manager for an education company. As the only child of his aging parents, he understands that he is the only person his parents can rely on for their future needs and expenses.
How do you experience being an adult?
“Coping is difficult at first. The work is hard and it doesn’t get any easier, but you have to rise to the occasion. I just try to earn as much as I can and save and work to try to have a business so it’s less difficult in the future.
What worries in life do you and your parents face?
“There is also this imminent feeling that something untoward and sudden could happen, to myself or to my parents, especially in a professional life like mine, where we tend to watch for health problems. We all three have very stressful jobs, but we all have our support systems.
What’s your plan B?
“I have insurance and I have actually worked so that my parents also have the same covers, in addition to their compulsory insurance policies already. I’m pragmatic enough to say that even with all of this, we’ll never be comfortable, but at least we have something to lean on in case those unexpected tragedies finally happen.
Protect Life’s Plan A with Plan B
According to a BDO Life survey of around 1,000 respondents, Filipinos’ feelings towards life insurance have changed significantly due to the pandemic. Today, 79% of these respondents believe that life insurance is more important than before.
All diligent providers, Renselyn, Fatima and Lester, Gretchen and Pip prove how life insurance gives peace of mind from life’s uncertainties or assumptions.
Protect your family with a Plan B from BDO Life, the wholly owned life insurance company of BDO Unibank. Its wide range of protection solutions serve as a safety net that helps Filipinos protect the people they value most from life’s uncertainties.
For more information, visit www.bdo.com.ph/bdolife. —EUDEN VALDEZ