I've talked about BPI Save Up quite a lot in my blog since it really is a good product.* In a nutshell, it's a savings account with a life insurance aspect, a tie-up between BPI and Philam Life. The depositor is the insured and can nominate a beneficiary(ies) upon opening a BPI Save Up account.
I'm quite satisfied with the product because it seems straightforward enough and, despite its recent fiasco, BPI and Philam Life are mammoth companies that can be relied upon to honor a valid claim. But I've always wondered how things will proceed once the insured dies. How will the beneficiary claim the insurance proceeds? And will the beneficiary even be informed about the insurance policy?
So you can just imagine how happy I was to stumble upon a Supreme Court case that answered those questions.