Your 20s may be the right time to think about life insurance

For young Filipinos today, financial success is not simply about saving as much as possible.

It can mean having the freedom to travel, pursue further studies, launch a side hustle, switch careers, start a business, or invest in personal growth—all while building a future that feels uniquely their own.

But in the midst of excitement for the next adventure, career move, or big goal, there is one thing that can be easy to overlook: protecting the life they’re working hard to build.

According to Renato A. Vergel De Dios, President and CEO of BDO Life, Gen Z and younger Millennials are taking a more holistic view of financial security.

“Gen Z and younger Millennials are redefining what financial security means. They are investing in experiences, personal growth, and opportunities that help them build the future they want,” he says.

“At the same time, they are recognizing that protecting their ability to earn is of utmost importance. Protecting what enables them to pursue these goals after all is just as important as achieving them.”

Don’t wait for the big milestones

For many young adults, life insurance can feel like a concern for later: for when they get married, have children, or start earning significantly more.

But Vergel De Dios believes this mindset is changing.

“Younger generations are becoming more intentional about their financial decisions,” he says. “They understand that life insurance is not just about protecting loved ones someday.”

“It is also about protecting the future they are building today, including the goals, opportunities, and plans they are working hard to achieve. Protecting their most important asset, their earning potential, is the role of life insurance.”

Starting early has practical advantages, too.

Insurance premiums are typically more affordable when a person is younger and generally healthier. Beginning early also gives individuals more time to make financial protection part of their overall financial strategy.

Major responsibilities don’t necessarily begin with marriage or parenthood. Many young Filipinos are already supporting parents or siblings, contributing to household expenses, or investing in businesses and careers.

Protect the life you’re building

Financial protection can also give young people greater confidence to take calculated risks.

“Having financial protection can give young people the confidence to pursue bigger ambitions,” Vergel De Dios says. “Whether they are building a business, advancing their careers, continuing their education, or exploring new opportunities, life insurance can help protect those whom they value most, for whom they aim to move forward, with greater peace of mind.”

This is the thinking behind BDO Life’s Plan B philosophy: having protection in place does not mean expecting the worst. Instead, it can make it easier to pursue Plan A with greater confidence.

“Having a Plan B is not about focusing on what could go wrong,” says Vergel De Dios.

“It is about giving yourself the confidence to pursue your Plan A, knowing you have taken steps to protect the future you are working toward.”

Start small now 

Many people in their early 20s think life insurance can wait.

But protection doesn’t have to start big. What matters is starting early before the unexpected happens.

“You do not have to wait until you reach a certain income level to start protecting your future,” Vergel De Dios says. “Building your protection program is a series of small steps over time.”

He adds, “What matters is that you take the first step today, one that considers your needs and recognizes your financial capabilities. One that fits where you are today and supports where you want to be tomorrow.”

Starting early can also build something beyond financial protection: good financial habits.

It can encourage young adults to budget more consistently, set long-term goals, and make more intentional decisions about spending, saving, and investing.

Ultimately, financial security is not about knowing exactly what tomorrow will bring. It is about having the confidence to pursue your goals today while knowing you have prepared for the unexpected.

“Your first job is often the start of many dreams and possibilities. It is also the ideal time to begin protecting your most valuable asset: your ability to earn, grow, and achieve your goals over the years ahead,” Vergel De Dios says.

“Building both your Plan A and your Plan B early can help create a more resilient future.”

Life’s adventures are worth pursuing, and the best time to have a Plan B is before you need one.

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Editor's note: BrandedUp is designed to provide you with insightful, inspiring, and educational content created by The Philippine STAR in collaboration with brands like BDO.