Financial planning is a topic most millennials rarely consider. This is often seen in behaviors of impulse purchases—using their hard-earned money in things that are temporarily meaningful, that at times lead to a feeling of regret, or what is simply called a grudge purchase.
A Goldman Sachs study revealed that generation "ME ME ME" would rather save up for vacations and leisure activities to enjoy their life now than invest in their future--marriage, a home, their own business, retirement plans. This despite financial institutions constantly encouraging them to favor savings and investments.
For Surendra Menon, CEO of BPI-Philam, millennials can choose to have the best of both worlds.
“They can live their present life to the fullest and have a secured future at the same time. It's a misunderstanding that has to be clarified—protecting your future is simply making sure you can enjoy the lifestyle you have now and for the years to come." - - Surendra Menon
Hierarchy of needs
For Menon, gone are the days when insurance is seen as a contingency plan for sickness and death.
BPI-Philam now offers themselves as a partner for total wellness – securing both physical and financial health, providing better value for money.
He mentions BPI-Philam’s comprehensive health products that lend a hand in living a better life all throughout, and not just when illness strikes.
"Millennials have been hailed as the most health-conscious generation," Menon attests.
"For them, wellness is a priority. They are willing to spend money to exercise regularly and eat healthy. Our priority is the same, that's why we've integrated ways for them to maintain that lifestyle with our products."
One of the ways BPI-Philam does this is by providing Philam Vitality with their policies—a wellness program designed to reward the policy owner for being and staying active.
“Through Philam Vitality, we’re encouraging them to take that first step to wellness and keep at it by giving them unparalleled rewards and exclusive access to partners like gyms and medical facilities,” said Menon.
The Adultier Adult
He understands that taking the first step to financial planning through insurance might be a big leap from what millennials are used to. Menon assures them that they are on the right track of independence, or simply put, getting better at adulting.
"This new generation of consumers is just wary of where they put their money. They aren't ignorant of insurance," he said. "They just want to be assured that they are getting the value in return of what they pay for. Convenience and customizability are also a factor. We have all of those, but what we truly offer is peace of mind and a way to the wellness of the body.”
To make it simpler for millennials to step out, BPI-Philam eases them into planning forward through platforms that will keep up with their mobile lifestyle.
"These products are available and offered in all BPI branches across the country," Menon enthused. "Whether offline or online, we are prepared to serve.”
Aside from a bancassurance team ready to assist them anywhere in the Philippines, getting a hold of the most fitting policies have been made easier online through their website as well.
Menon also urges them not to look at these plans with the future as an ultimatum to get adulting done but to look forward to an assured future and live a life of total wellness.
"These plans aren't short nor long-term," he adds. "one should always look at what’s an appropriate term for yourself to ensure you get the best value for your money. Our products are based on the appropriate term for your needs.”
Menon hopes informing this generation better of what financial wellness plans are available would align them to the direction they dream their lives would go.
He believes that with the right financial mentor encouraging them, they will surely gain and win in each key moment in their lives.
"I think they are done hearing what they could do," he said. "It's time we show them that we believe what they can do."
About BPI-Philam
BPI-Philam Life Assurance Corp., is a strategic alliance between two leading companies in the country – The Philippine American Life and General Insurance Company (Philam Life) and Bank of the Philippine Islands (BPI). Philam Life is the premier life insurance company in the Philippines and the market leader for over 60 years. BPI is a leading commercial bank in the country with over 160 years of experience in the local banking industry and an extensive branch network of more than 800 branches and 1,500 ATMs.
BPI-Philam’s professional and expertly trained Bancassurance Sales Executives are assigned in BPI branches nationwide to render financial advisory services that address customer’s financial and protection needs.
With the combined expertise and resources of these two trusted companies, BPI-Philam policyholders are assured that their insurance is backed by financial strength and stability.
