With a shared thrust of providing quality financial products and services among Filipinos, Cocolife, the biggest Filipino-owned stock life insurance and United Coconut Planters Bank (UCPB) , a leading provider of financial products and services recently held the first exclusive webinar session entitled “Understanding the importance of Estate Planning” for their valued bank clients.
The webinar featured an elite panel of experts from the finance and legal sectors. Cocolife VP for Bancassurance, Ms. Maria Nerissa Enriquez and Cocolife Corporate Treasurer and VP for Corporate Finance & Strategy Atty. Julio P.G. Bucoy joined main speaker Professor Prof. Xylexferene L. De La Torre of the Professional Regulatory Board of the Real Estate Service (PRBES). Cocolife AVP/Training Director for Distribution Channels Training, Mr. Janus Le-An Dellava moderated the session.
In his welcome remarks to UCPB Bancassurance clients, UCPB First Vice President / Branch Banking Group OIC Mr. Anthony Evan A. Lluch expressed the importance of properly managing one’s hard-earned assets with the hope that the event will help the attendees in making the right decision and preparation through Estate Planning.
Professor De La Torre identified the Three Stages of Life: SURVIVAL, SUCCESS, and SIGNIFICANCE, and highlighted the three important P’s of Estate Planning: PREPARATION, PROTECTION, and PRESERVATION. He reiterated “The most important asset that you have is you. The best time to start planning is the moment you start working and generating revenue. You can never start too early because you never know when the unthinkable happens.”
Atty. Bucoy, the country’s only Chartered Financial Analyst-lawyer addressed the question: “What is the best and available investment vehicle/product to avail for Estate Planning?”, He stated that it will still depend on the person’s financial goal but emphasized the need of having a Life Insurance in crafting an Estate Plan. “The use of life insurance is the most powerful tool in crafting any estate plan. It is also a primary tool for risk management. In our current pandemic situation, the risks are heightened. With life insurance, you can identify and minimize those risks as well as build up funds.”
You don’t have to set aside a huge amount of money at one time. Life insurance will help you set up funds on a yearly basis, which is spread out over for a number of years. Building up a fund for this reason will surely be easy and affordable,” Ms. Enriquez added.
Prof. De La Torre and Ms. Enriquez agreed that the first step of having an Estate Plan is to seek advice from financial experts like the bank’s Account Executives.“ You can easily talk to a financial advisor or your trusted bank through the power of technology. Ask them for the best investment tool you can use, and they will be able to craft a very good plan for you” he mentioned.
Ms. Enriquez assured the participants “We have COCOLIFE Account Executives assigned in every UCPB branches to guide our clients in determining how much life insurance you need and match it with right type of policy.”
The experts shared valuable e financial advice and highlighted the significance of having an Estate Plan and Life insurance during a pandemic. “Insurance is a primary tool for risk management. In a pandemic situation, it’s actually high time you look into investments and insurance to hedge the various risks you’re being exposed to. During this time what you want to do is to identify and minimize a lot of these risks,” reminded Atty. Bucoy.
Prof. De La Torre concluded “Insurance is not something that you pay for, it’s something that you apply for. Because of this ‘new normal’, people developed a greater appreciation for life and family.”
COCOLIFE offers a full suite of life insurance and wealth management products and services that are available through COCOLIFE’s 68 fully computerized branches and UCPB’s 188 branches nationwide.
The webinar session, attended by more than 600 participants, was made possible through the collaborative efforts of Cocolife Bancassurance, Marketing and Corporate Communications and Distribution Channels Training departments together with UCPB Bancassurance Group, Marketing Group and Branch Banking Groups.
