Insurance is an integral part of a solid financial plan. It is a sound investment because it gives you and your family financial protection in case of sickness or death. It also gives you peace of mind, knowing your loved ones will be taken cared of no matter what happens.

There are many insurance companies out there and going through all the different offerings they have can be overwhelming. Before making an investment, it helps to have an additional source of information you can trust, such as your own private bank. Chances are, you’ve been with your bank for many years and you are sure that they will always keep your money safe and secure. This is where bancassurance comes in.

Bancassurance is the partnership between a bank and an insurance company. Because of this partnership, life insurance products are sold within the bank’s premises, with the approval of both the Insurance Commission and the Bangko Sentral ng Pilipinas.

BPI AIA is the number one bancassurance company in the Philippines. It is a strategic alliance between two leading companies in the country: The Philippine American Life and General Insurance Company (AIA Philippines) and Bank of the Philippine Islands (BPI). These two market leaders are united in their common goal of helping Filipinos achieve financial security and wellness. Thus, the partnership becomes even more advantageous to their customers.

Here are just some of the benefits you can gain by getting insured through bancassurance:

1. Insurance becomes more accessible.

It can be intimidating to get life insurance when you are not sure where and how to get it. With bancassurance, life insurance becomes easily accessible because now you can purchase a policy in any of the bank’s branches.

BPI has over 900 branches nationwide—all you have to do is walk into any branch to inquire and a well-trained bancassurance sales executive will be happy to assist you. It’s as easy as withdrawing money or making a deposit.

2. It meets the highest regulatory standards.

As someone who works hard to make a living, you probably won’t just hand your money to a stranger. As much as possible, you try to make wise choices in order to avoid getting scammed.

Bancassurance marries two companies with a good reputation and a long history of service to the Filipino people. Since these companies are vetted by the Central Bank, you know your investment is safe and that you and your loved ones can reap the benefits in the future.

3. You develop a closer relationship with your bank.

Traditionally, insurance agents take care of your insurance for you. That’s all well and good, but agents are usually on the go since they have multiple clients to attend to. They may not always be able to meet you anytime, anywhere. With bancassurance, there is less reliance on traditional agents since the bank becomes your one-stop shop for all your financial needs.

4. Manage your money more easily and conveniently.

With all the bills you have to pay, it can be a challenge to keep track of expenses and manage multiple accounts. With bancassurance, there's no more need to manually transfer payments from your bank to your insurance agent since your bank is already connected to your insurance company. You can opt to enroll in e-ADA (electronic auto debit arrangement), a facility that allows the bank to debit your account whenever an insurance payment is due. With this convenient and secure payment method,

5. There is a wider array of products to choose from.

As the bank and the insurance company work together, they can share their expertise with each other and provide more insights about the concerns of their customers. Thus, they can find more innovative solutions and offer a more comprehensive range of products that address the needs of their customers.

At the end of the day, you and your family deserve the financial security and wellness that you worked so hard for—and BPI AIA is committed to helping you achieve it. No matter what your status in life, you’ll be able to find an affordable life insurance product to suit your needs. Learn more about the plans BPI AIA has to offer in over 900 BPI branches nationwide and talk to a Bancassurance Sales Exectuive or send us a message.