One of the major concerns of returning Overseas Filipino Workers (OFWs), according to government studies, is their lack of savings and finding sound investment opportunities. If you’re planning to work abroad or are already overseas, there are many investment products to consider. But getting a life insurance policy from you bank or through bancassurance might be something you should consider.
Don’t be intimidated by its name. Bancassurance is simply a partnership between a bank and an insurance company. And through this partnership, insurance companies are able to make their life insurance products available within the premises of their partner bank.
While purchasing life insurance is a subject that many choose to delay or ignore unless a major life event comes up, it’s an important financial and life decision. This matters all the more for OFWs; just because you’re planning to or already working abroad, it doesn’t mean you don’t need an insurance policy. You need to protect yourself and your family back home. Having the right insurance plan can help you build your dreams and prepare you for an early homecoming.
Through the bancassurance partnership, purchasing life insurance is made easy and convenient. In addition, the setup gives clients the advantage of the combined expertise of two trusted companies. It also gives them a direct relationship with the insurance company in many of the bank’s branches, allowing transactions in a setting that isn’t intimidating.
Ask Your Questions
The first step in buying banassurance products is to evaluate why you need it. Is it to save up for your retirement? To grow your existing finances? Or to properly manage your salary from your overseas job? This will determine the kind of policy that will suit your needs.
Before leaving your home country, pay a visit to your favorite BPI or BPI Family Savings bank branch and speak to a bancassurance sales executive, or a BSE. He or she will help you decide and answer all your questions. It’s perfectly fine to come in with little knowledge about their policies as it's their job is to give you expert guidance.
At the start, you’ll be presented with a simple client profile questionnaire. It’s a series of multiple-choice questions that will determine how much you’re willing to invest, your financial goals, and your tolerance for managing financial risks. From those results, you’ll be given a recommended list of policies that’s relevant to you and your needs.
For those working abroad, for example, BPI AIA's Invest Peso Max policy could be suitable. It’s an insurance policy coupled with a one-time pay investment. For some, their Invest Dollar Max policy may be perfect for those earning in a foreign currency. The policy options are many and depend upon your needs.
Once you’ve chosen your preferred product and asked all the relevant questions, you’ll receive a contract that should contain key information about the policy, including its features and risks. It should also include the fees and charges, how to exit from the investment if the possibility arises, and who to get in touch with if you have concerns in the future. If confident in your choice, you can proceed to sign the contract and pay the relevant fees.
If you’re abroad and want to check on your policy and investment, you can also monitor your account online from anywhere in the world using the bancassurance customer portal.
Purchasing a life insurance product isn’t as intimidating and frightening as it used to be. Through bancassurance, anyone—especially those who are planning to work abroad and want to begin a sound investment practice—can begin investing in the time it takes to sign up for a typical bank account.
For more information on bancassurance, visit the nearest BPI or BPI Family Savings Bank branch and ask to speak to a Bancassurance Sales Executive. You can also check bancassurance products in the BPI AIA website to learn more.