Losing a family member is heartbreaking, but it can be compounded by financial struggles if the family is not prepared. In such cases, the surviving family members may experience a loss of income and a significant change in their way of life, in addition to the emotional and physical losses.
Apart from coping with the emotional toll of their loss, the bereaved family may also face the daunting prospect of paying for daily necessities, utility bills, tuition fees, and other expenses. But how can they meet these financial obligations without their primary breadwinner?
One family in the Philippines faced this dilemma when their mother, Donna, passed away suddenly after being hit by an SUV while waiting for her ride home. Her husband, Gerry, was an Overseas Filipino Worker, and Donna managed his remittances by spending, investing, and saving wisely. They had planned to start a business together and live under the same roof after 20 years apart.
However, Donna had taken a wise step years before her passing by investing in a BDO Life insurance policy, which provided a financial safety net for her family. Despite her unexpected death, her beneficiaries received a substantial payout that helped to alleviate some of their financial burdens.
Donna’s insurance policy enabled Gerry to start a home-based drinking water refilling station, while her son opened a food kiosk business. Although Donna’s death was tragic and unexpected, her love for her family lived on through her prescient decision to protect them financially.
“Death is inevitable; it happens to all of us. The most we can do is to prepare for that eventuality by protecting our family from the losses they will experience,” said Renato Vergel de Dios, President, and CEO of BDO Life.
BDO Life is backed by BDO Unibank, the largest bank in the Philippines, and offers life insurance policies to help protect your loved ones from financial uncertainty in case of an unexpected tragedy. For more information, visit a BDO branch near you or go to www.bdo.com.ph/bdo-life.
