For insurance plans, young Pinoys now put premium on family protection, emergencies

MANILA, Philippines — Investment growth is no longer the top consideration of young Filipinos when getting insurance plans as millennials and Gen Zs now put premium importance on family protection and emergency preparedness.

This shift is one of the most noteworthy findings of the recently concluded survey titled 2024 Market Study: Feeling the Insurance Pulse of Pinoy Gen Y and Z conducted by PhilLife, one of the country’s most trusted insurance providers.

Generation Y, or the millennials, are those born between 1981 and 1996 while Generation Z, or Zoomers, are those born between 1997 and 2012.

Results show that 78 percent and 77 percent of respondents chose protecting families and preparing for emergencies, respectively, as the benefits they consider the most important in insurance plans.

The study also found that for the next three years, 76 percent of the respondents want their insurance to prepare them for accidents and 67 percent for loss of life. In addition, 66 percent want an insurance benefit that will ensure their family’s standard of living and 64 percent want one that will ensure personal financial stability.

“Based on a qualitative study released a decade ago, we learned that investment growth was the top consideration when choosing an insurance. However, in this post-pandemic survey, the main considerations among the public are quite different,” PhilLife market study lead researcher Dr. Fernando Paragas said.

“The changed priorities are perhaps due to our pandemic realizations wherein preparing for health emergencies and protecting the family trump the pursuit of financial gains per se.”

According to PhilLife president and CEO Jaeger Tanco, the PhilLife Market Study was inspired by the PhilCare Wellness Index, a groundbreaking, innovative nationwide study that began in 2014 that aims to understand the values and mindset of Filipinos on health and wellness. Tanco also serves as the president and CEO of PhilCare. He was recently honored with the prestigious Circle of Excellence CEO of the Year award at the 2024 Asia CEO Award, joining a handful of top Philippine executives recognized as the best of the best in the past year.

“Just like the Wellness Index, the PhilLife Market Study has allowed us to gather relevant and reliable data on a particular demographic so we can make informed decisions on how to better meet their needs,” Tanco said.

“The research confirms that health emergency preparedness and family security are non-negotiable priorities for millennials and Gen Zs. Understanding these priorities is essential to designing products that align with their values.”

Findings of the PhilLife Market Study has allowed the company to develop insurance solutions with the two generations in mind. These solutions include lifetime and term-life protection coverage, health assistance plan, and an investment plan with guaranteed returns.