Financial planning goes hand in hand with starting a family. It's not just about caring for your child's daily needs but also ensuring they're set up for the future. One great way to do this is to have an endowment plan in the Philippines.

Endowment plans help you build savings over time. They offer guaranteed cash payouts to achieve future financial goals, from buying a house to retirement. An endowment plan is also an excellent option for long-term savings for soon-to-be parents. Learn more about it below.

An endowment plan performs two things: it provides life insurance and helps you save money. Here's what that means.

Like traditional life insurance, an endowment plan provides your loved one (the beneficiary) with a guaranteed death benefit when the unexpected happens. But, in addition to this financial protection for your family, an endowment policy also comes with living benefits.

One living benefit comes in the form of guaranteed cash payouts. Take the BPI AIA Aspire plan for example. This policy comes with payment term options of 5, 10, and 20 years to pay.

If you pay premiums over a five-year term, BPI AIA Aspire will give you a cash payout equivalent to 10% of your policy's coverage. That means if your plan's face amount is ₱1 million*, you'll receive ₱100,000 at the end of the fifth policy year and every other year after for as long as you live.

Endowment insurance like BPI AIA Aspire allows you to earn non-guaranteed dividends, serving as an extra cash bonus. If you don't need it immediately, let the dividends grow with interest, creating an additional savings plan.

However, keep in mind that dividends are not guaranteed and still depend on the company's profit and investment performance.

As you can see, the money you save in an endowment insurance can be helpful for future planning. It's a great way to practice financial discipline and develop the habit of saving. Here are other advantages.

The guaranteed cash payouts and potential dividends can be strategically timed to coincide with your family's significant life milestones. You set aside the cash payouts for your child's college education fund and let the dividends accumulate to become additional income when you retire.

An endowment plan is an excellent choice if you prefer a secure financial solution and seek protection against stock market fluctuations

With an endowment plan, you can meet your financial goals and stay within your budget. For instance, BPI AIA Aspire offers flexible payment terms of 5, 10, and 20 years. You can commit to premiums that suit your financial situation.

You can pay premiums at regular intervals, whether monthly, quarterly, or annually. Additionally, many endowment plans allow for a one-time lump sum payment.

An excellent endowment plan in the Philippines lets you personalize your coverage with optional riders or add-ons based on your specific goals.

For example, a popular add-on among parents provides 100% of the basic face amount to your child in case of your untimely passing. This comes on top of the guaranteed death benefit, so it's another avenue of financial support.

The waiver of premium payments rider can provide much-needed financial support if you become totally and permanently disabled. With BPI AIA Aspire, its personal accident rider provides a cash benefit if the accident is caused by riding public transportation or experiencing acts of nature, such as flooding due to typhoons.

An endowment plan's guaranteed payouts and potential returns make sense for any parent looking for a safe savings tool. You can also take out a policy as soon as your child is born, giving you peace of mind that your child's future is secure, regardless of what happens.

Consult a Bancassurance Sales Executive to further discuss how an endowment plan in the Philippines work and how BPI AIA Aspire fits your life goals. You can visit any BPI branch or call the BPI AIA customer care hotline. Take a step towards securing your child's future today!

*Payment of benefits is subject to the terms, conditions, definitions, exclusions, and limitations found in the policy contract.