Securing Tomorrow - Why Life Insurance Matters Today

As we commemorate International Insurance Awareness Day on 28 June 2025, we take time to highlight the importance of having life insurance for all Papua New Guineans. This day marks a global reminder of the importance of being prepared in life. It highlights how insurance can safeguard families and support recovery, not just financially, but emotionally.

At BSP Life, we take pride in the profound impact that our Life Insurance products has had on everyday Papua New Guineans. We aspire to bring real financial protection to more Papua New Guineans, so they can have future financial security and stability for their loved ones.

Life insurance is all about a family keeping their home, children continuing their tertiary education, spouses living the lifestyle they’ve planned together or a business partner being able to continue the business after their partner’s passing. It also enables Papua New Guineans to plan forward for their future financial needs like covering children’s tertiary education expenses, starting a business, expanding a current business or retirement – fulfilling all these needs with cash returns and maturity pay outs.

Nilson Singh
Country Manager, BSP Life PNG

“At BSP Life PNG, we’re proud to be the only life insurer in the country offering a Savings Life Insurance product— a powerful combination of protection and long-term savings.

Insurance isn’t just a product, it is peace of mind. Whether it’s illness, an accident, or the loss of income, life’s uncertainties can strike when least expected. But with the right insurance cover in place, families can focus on healing, not hardship. At its heart, life insurance is about preserving dignity, protecting dreams, and building resilience—one family, one future at a time.”

REAL STORIES. REAL IMPACT.

“When she was gone, I was lost, I also lost my job as well. I did not know that she put me and my son as a beneficiary of hers at BSP Life. When she left us, BSP Life’s Wantok Delite came to me, they called me. I was shocked and I was so emotional, I did not expect it. BSP Wantok Delite helped me support the family.

We used the money to pay for the funeral home and I had to buy food for the haus krai and I also built a tomb for my wife. The left over that I had, I put into my son’s account. If the person who supports you is gone, BSP Life is the one who will support you.”

William Gorogo
Death Claim Beneficiary

PRODUCTS AND BENEFITS

Wantok Consumer Credit Insurance – Covers Unsecured loan balances with benefits like funeral support and repayment protection. This insurance covers BSP’s Unsecured Personal Loan product and is provided free to all BSP customers.

Wantok Group Term Life – Provides risk cover for Corporates or Associations who want to provide Death Benefit Cover to its employees or members.

Wantok Delite Life Insurance – Our flagship personal plan offering long-term protection with built-in savings benefits. This product offers Survival Benefits of every 3 years – 10% of sum insured with balance payout on maturity date; 15,18,21 or 24 year policy term.

Wantok Delite is PNG’s only savings life insurance product. Customers receive a Survival Benefit payout every three years, which is 10% of their total sum insured.

Example: A K50,000 policy means a K5,000 payout every 3 years, while still covered for the full amount.

Since inception, BSP Life has paid out over K55m in death claims, supporting 2,350 families during their time of need, across the Endowment, Group Term Life and Consumer Credit Insurance Products. Our claims acceptance rate stands at an impressive 98%.

Life Head of Sales – Matthew Hasu, BSP Business Banking team members & East Sepik Province Deputy Provincial Administrator, Corporate Services – Lynette Sarry in Wewak.