Protection
Put yourself at ease by protecting those you love
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{{label}}17 January 2019
As more countries in the Western Hemisphere augment their labor forces with foreign workers, the need for Overseas Filipino Workers (OFW) continues to grow. Middle-aged family breadwinners are no longer the majority of Pinoys answering the call – they’re being replaced by young, ambitious, and independent millennials.
According to 2018 data released by the Philippine Statistics Authority, nearly half of the 2.3 million Filipinos working abroad in 2017 were between 25 to 34 years old (41 percent): a strong complement of millennials taking on the responsibility of supporting their families.
Some things haven’t changed, though. For OFWs of any age, the need to protect their own future and that of their loved ones remains a top priority. Overseas Filipino millennial (OF millennial) can do that easily, if they follow the tips below:
Increase Your Savings
A lack of savings has consistently troubled OFWs upon returning home. When you’re earning and sending back a considerable sum in foreign currency, it’s easy to succumb to the temptation of spending more than you can afford. Set a budget for yourself and your family back home to help decrease spending and increase saving.
Aim to have a positive deficit where, upon assessment, you have saved more than you’ve spent—excluding the basic necessities like living expenses, of course. Create a separate bank account for savings, start tracking expenses, and create a monthly budget for both households—yours and your family's—and be strict about sticking to it.
Start an Investment Plan
Put your savings to good use by investing a part of it in a small business venture or more standard investment options in the market. The earlier you begin, the better it will be, because you want to keep it for as long as possible, and start as early as possible.
You don’t even need to wait until you have millions in the bank, because there are many options to choose from. Whether it’s a small home-based business, stocks or mutual funds, life insurance, a business franchise, or a condominium unit, anyone can begin investing.
Learn New Skills
Just because you’re an OFW doesn’t mean you have to limit yourself to the skills you currently have. Being in a foreign country while working in a multicultural workforce gives you the opportunity to observe different points-of-view and learn something new.
Consider short courses offered online, or in get in touch with local learning centers, communities, or schools that offer courses on topics that may be beneficial to your resume. Look into graphic design, video editing, stock trading, foreign languages, entrepreneurship, and many others.
Think About Life Insurance
Purchasing life insurance is an important financial and life decision—especially for OFWs who need to protect themselves and their family back home. While it's sometimes a topic some choose to avoid talking about, it's an important part of planning for the future.
You’ll find different insurance products to go with different needs. OF millennials, for example, may find a perfect fit in BPI AIA’s Family Care Plus. It’s a 10-year renewable joint life term insurance plan that provides coverage for two people under one plan. It’s perfect for OFWs with a spouse or a dependent back home.
The plan provides life and critical illness coverage and can be shared with another family member. Which means coverage for both of you in the event of critical illness or death, as well as, diabetic complications and angioplasty, and it even comes with a AIA Vitality Program Membership -- a science-backed wellness program that will encourage you to live healthier, longer, and better lives. AIA Vitality also offers rewards for taking active steps in knowing and improving your health!
Remove the stress and anxiety of worrying about your loved ones back home in the event of an illness or accident; Family Care Plus is there to make things easier.
To know more, visit the nearest BPI branch and speak to a Bancassurance Sales Executive. Or click here to find out how you can secure wellness and protection together.
Invest in both your health and wealth with BPI AIA Wellness Series