BPI-Philam offers income protection for OFWs against Covid-19 variants

(Press Release)

Bancassurance leader BPI-Philam urges Overseas Filipino Workers (OFW) to protect their hard-earned savings from unexpected expenses amid the pandemic. With the still-rising number of infections of Covid-19 variants worldwide, it has become even more urgent to have life insurance protection that would safeguard OFWs and their families.

As Covid-19 variants continue to evolve and spread, the World Health Organization (WHO) had begun to assign labels as to Variants of Interest or Variants of Concern. Just last month, the government reported that three close contacts of an OFW infected with the virus variant first detected in India, known as Delta or B.1.617.2, also tested positive.

“OFWs sacrifice so much to save for their families and for their futures, but the sad reality is that it’s possible to lose everything in one unfortunate incident. The hospitalization of a family member due to severe Covid-19 infection alone could wipe out years’ worth of their savings. We’ve heard the same thing happen many times, and we want to help change it so we’ve made it our mission at BPI-Philam to assist OFWs through difficulties to enable them and their families to live healthier, longer, and better lives wherever they are,” said Surendra Menon, BPI-Philam Chief Executive Officer.

Just recently, BPI-Philam extended its free ₱200,000 Covid-19 insurance for qualified BPI and BPI-Philam customers to help Filipinos stay secure during these uncertain times. This free insurance coverage can be supplemented with other insurance plans like BPI-Philam’s Critical Care 100, which has health coverage that provides financial protection from setbacks caused by medical emergencies.

Many OFWs’ employment requires them to travel to and from, increasing their chances of exposure to the virus. Having life insurance can serve as financial protection from tapping into their savings for medical bills and similar expenses.

OFWs are also encouraged to think for the long term and be prepared for the worst. Life insurance can help them achieve their goal of having financial freedom upon retirement. For those who want to start saving and even invest, there are life insurance products that have an investment part that may help grow their funds. These allot a portion of their premiums to the policyholder’s life insurance coverage, while the remaining portion goes into an investment fund, which may continue to grow even after the full payment of the policy.

For OFWs, having the right life insurance plan gives their families back home peace of mind knowing that they are protected. They can live worry-free life, letting them focus on accomplishing their goals. BPI-Philam helps by offering the right life insurance products that allow them to protect what they have built over the years and reach their ultimate goal of coming home sooner.