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Insurance for OFWs for a secure life back home

Thursday, June 28, 2018


After years spent abroad, the ultimate goal for any Overseas Filipino Worker is to be home for good. It’s easier said than done, but when it happens, it makes all those years of hard work worth it.

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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