The challenge is keeping up a comfortable life back in the
Philippines, without the regular income earned in another country. The thought
of a life back home is both daunting and exciting, but there are many ways to
have at least one aspect of returning home covered: insurance.
Know how to build and secure a life of ease
Recently, the government has been inviting OFWs to visit
over 800 Negosyo Centers in the country to receive free business advisory
services and business registration assistance among others. This, along with
other government initiatives to educate them on financial literacy is to
encourage them to begin saving some of their earnings so they can start their
own business and have a source of income closer to their loved ones.
But according to the Bangko Sentral ng Pilipinas, OFWs are
keen on spending their hard-earned money on buying vehicles or paying off a
house, leaving little for needs that might arise in the future. With saved
money splurged every time they come home, OFWs continue to depart from their
families to keep earning their pay outside of the country.
Aside from that, OFWs also face threats to their health.
Two years ago, Philippine health institution, The Medical City said the common
health problems most OFWs face are lifestyle-related ones like cardiovascular
disease, hypertension, type 2 diabetes, high cholesterol, high uric acid and
respiratory illness. These are usually caused by lack of physical activity and
poor dietary habits if not hereditary.
Despite the comprehensive pay OFWs receive from their jobs
abroad, working far away from their relatives won’t always be a sustainable
solution to needs back at home—children long for parents to bring them up and
parents miss out on the key moments in life their children undergo and pass.
But with the lack of job opportunities at home, OFWs tend to delay their return
to save more for their families repeating the cycle of expenditure.
For BPI-Philam CEO Surendra Menon, OFWs coming back home
can be assured simply with the right financial tool.
To Menon, a good way to maximize the potential of their
assets as they prepare to come back for good is to get a unit-linked insurance
plan.
With a unit-linked product, securing the financial future
of OFWs and their families will be an easier and more worry-free process. Their
insurance protects them from financial burdens in the event of an accident or
need for medical service with riders. Meanwhile, their investment makes it
possible for them to sustain the lifestyle they live now until the years to
come right next to their loved-ones. Another benefit of insurance is the
protection of assets and building wealth so that by the time OFWs decide to
retire, their policies will have already matured and can provide them funds to
start a business or benefit them and their families.
Menon also recommends OFWs become more mindful of their
health, and enrolling in a wellness program can add value to the security their
insurance provides them and their families. This allows the insured to take
preventive health measures against ailments and infirmities.
Build Estate Plus provides a comprehensive insurance
package that provides optimal benefits like life insurance coverage for as long
as they need it. Future-proofing dreams and planning for tomorrow is effortless
as wealth in the local currency is grown through expertly managed funds. It
also comes integrated with Philam Vitality, BPI-Philam’s wellness program that
encourages the insured to take active steps to live healthier, longer, and
better.
With this insurance, Menon believes OFWs don't just have
the opportunity to save their way home, they will also be able to preserve
their legacy by protecting their body and money so they have nothing to worry
about.
Getting an insurance policy also isn’t as complicated as
one might think. Though the Insurance Commission requires OFWs to be in the
country to be able to get insurance, their spouses can get the policy for them
so they can get the protection and coverage they need should they not be able
to return home yet.
To know more about Build Estate Plus and all the other
products in the Wellness series, visit www.bpi-philam.com. Receive valuable
expert advice from BPI-Philam by visiting them in any BPI or BPI Family Savings
Bank, or visit their Facebook page www.facebook.com/BPIPhilamOfficial .
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