A survey* conducted on behalf of EastWest Ageas reveals an optimistic perspective on Filipinos’ recognition of the significance of obtaining insurance. A striking eight out of ten Filipinos acknowledge the essential nature of insurance, reflecting a shift in priorities in the aftermath of the pandemic. In this post-pandemic era, security and protection have become paramount for individuals and their families.
Insurance emerges as a solution to address present uncertainties that extend into the future.
Beliefs opposite actions
Nevertheless, despite the widespread acknowledgment of the importance of insurance, the actual engagement of Filipinos in obtaining insurance presents a stark contrast, as indicated by data. According to the Insurance Commission, insurance penetration in the country stands at less than 2%. This implies that approximately 95 million Filipinos lack insurance coverage, leaving them exposed to significant financial risks resulting from unforeseen events.
In the context of medical emergencies, four out of ten Filipinos resort to borrowing money from family and friends to meet the expenses. Given that medical costs can escalate into tens of thousands or, in extreme cases, millions, this reliance on social networks highlights a substantial financial vulnerability. Additionally, 50% of Filipinos anticipate assistance from relatives during such challenging periods.
Another concerning aspect is the lack of preparation for an educational fund for children, with two out of ten Filipinos admitting to not making such provisions. This not only poses a challenge for individual families but also affects communities that stand to benefit from a well-educated and skilled workforce contributing to society.
The issue extends to retirement planning, with 50% of Filipinos revealed to be neglecting preparations for their golden years. The question arises about who they intend to rely on during their retirement phase.
Solutions for the Filipinos
The understanding among Filipinos regarding the benefits of insurance for themselves and their families is indeed heartening news. An impressive nine out of ten Filipinos recognize that insurance can safeguard their families from the financial repercussions of illnesses, accidents, and even death.
At EastWest Ageas, we are committed to playing a pivotal role in assisting more Filipinos in building a brighter future. While prioritizing preventive measures for health is crucial, being prepared for the financial risks associated with illness is equally essential. Our Life Essentials plan ensures that Filipinos face critical illnesses with confidence. Providing coverage for up to 48 major serious illnesses until the age of 100, this plan also offers flexibility in premium payments, accommodating both younger and older individuals.
Understanding that Filipinos aspire to maximize their financial resources and build wealth, EastWest Ageas offers a range of options. Whether individuals seek to grow their money, make it last, or achieve specific financial goals, our suite of options caters to diverse needs. Explore our investment funds, including the newly launched Peso Active Equity and Peso High Dividend Equity, designed to align with varying risk appetites and desired returns.
Taking control of the future through retirement planning is crucial, and EastWest Ageas provides solutions to facilitate this journey. Consider our Future Assure solution, where investments grow over time, securing a financially stable future. Alternatively, explore BuildWealth Regular Pay and BuildWealth Limited Pay for flexible payment terms and coverage options.
Building a better tomorrow together
Simplify the journey for every Filipino. With tailored insurance support that comprehends and addresses the unique needs and priorities of Filipinos, they are one step closer to realizing their financial aspirations.
Whether it’s safeguarding one’s health, cultivating wealth, or preparing for the golden years, join hands in creating brighter futures with EastWest Ageas.
