Back in the day, most families were content with a single-income
. Dads were the breadwinners and would go to work, while moms would stay home and care for the children. However, dual-income families are on the rise in the Philippines today.
There could be many reasons behind this shift, but perhaps the most important one is because it has become necessary. According to the World Bank, the Philippines' gross national income per person in 2017 was around P16,000 per month. But the National Economic Development Authority estimated last year that a Filipino household needs at least P42,000 a month just to survive. With figures like these, they make it clear that many families need both parents to earn a living to get by.
Equal Partners, Equally Covered
Given this new reality, what can you do to secure the financial wellbeing and future of your household? Does worrying about how your family would cope if they were to lose you keep you awake at night?
Many people buy life insurance for this very reason. Given that it’s hard enough to cover all your monthly expenses when providing for a family, imagine trying to set aside enough money to maintain two separate life insurance plans. And even if you could afford one insurance plan to cover the father of the household—something that was commonly done in the past—how could your family move forward if something happens to the mother, whose income is now equally important to the survival of the family?
BPI-Philam’s Family Care Plus plan was developed with these issues in mind. Our joint-life term insurance plan provides protection and coverage for two individuals under one plan.
Protect the Future
When a young family is just getting started, financial events can have a devastating
. Without years of savings set aside to help soften the blow, the loss of any income—even if it’s just temporary—can be disastrous.
If either you or your partner happens to pass away, this removes one of the two pillars holding the roof over your family’s head. Or if one of you is diagnosed with a serious disease, not only is it likely that this person will have to stop working for some time, you will have huge medical bills to shoulder.
Family Care Plus provides insurance against both loss of life or 10 critical illnesses. If any of these misfortunes happen to you or your partner, your family will receive earnings that will buy some time to help you figure out finances after losing an important pillar of the family, or pay for healthcare to treat the critical illness of your beloved partner.
Family Care Plus is there for you until the end, covering you and your family for the long run. Whenever you decide to begin your coverage, the plan can be renewed every 10 years until age
and will cover both you and your spouse until age 75.
Family Care Plus also gives you access to Philam Vitality-a science-backed wellness program that will encourage you and your spouse to live healthier, longer, and better lives. Philam Vitality also offers rewards for taking active steps in knowing and improving your health.
Visit any BPI branch to speak to one of our Bancassurance Sales Executives and learn more about Family Care Plus and Philam Vitality.