(Edited Press Release)
Filipinos’ priorities are shifting after emerging from the global Covid-19 pandemic. This is reflected in the insights of a study commissioned by EastWest Ageas, which found that eight out of 10 people in the country believe that insurance is essential—an indication that security and protection of selves and loved ones are now deemed important. It also reflected the perception that “insurance is a solution to present uncertainties that extend to the future.”
Beliefs opposite actions
However, the public’s high reception to getting insured contrasts starkly against the data of what Filipinos are actively doing. According to the Insurance Commission, insurance penetration in the country remains at less than 2%. This equates to roughly 95 million Filipinos without insurance, and vulnerable to major financial risks from unexpected events.
For medical emergencies, four out of 10 Filipinos actively borrow money from family and friends to cover the costs. Medical expenses can run in the tens of thousands, or in extreme cases, millions. And 50% of Filipinos expect relatives to help them during this difficult period.
Two out of 10 Filipinos responded that they are not preparing an educational fund for their children. This means that building the funds necessary for their children’s education is a point of challenge. This not only impacts the family but also the community which has much to gain from educated and skilled workers in the field, who give back to society.
EastWest Ageas Insurance PH President and CEO Sjoerd Smeets during a press briefing
Retirement planning also shares the same challenge. From the study, it was revealed that 50% of Filipinos are not even planning for their twilight years. We can only guess who they intend to rely on when they get to their golden years.
Solutions for the Filipinos
The fact that Filipinos understand what getting insured can provide for them and their families is still hearty news. In fact, nine out of 10 Filipinos know that with insurance, their families can be protected from the financial risks brought by illness, accidents, and even death.
Prevention is always better than cure when it comes to one’s health. But being prepared for the risks that illness can bring is an excellent way to help minimize them. EastWest Ageas claims that with its Life Essentials, Filipinos won’t have much to worry about when they’re faced with a critical illness. Aside from being covered for up to 48 major serious illnesses until they’re 100 years old, Filipinos also have the choice when it comes to paying their premiums so both younger and older individuals can protect themselves.
The insurer says it understands that Filipinos want to make the most of their money and build their wealth. Whether they are looking to make their money grow, make it last, or help them reach their financial goals, EastWest Ageas offers a suite of options one can choose from. Its investment funds, with the newly launched options—Peso Active Equity and Peso High Dividend Equity—can match one’s risk appetite and returns.
Retirement planning means taking control of the future. Through its Future Assure solution, one’s investment can grow over time while securing the future. BuildWealth Regular Pay and BuildWealth Limited Pay offer flexibility in payment terms and in coverage options.
Building a better tomorrow together
EastWest Ageas says it understands “that getting insured is a big commitment.” The insurer commits to helping make it easier for each Filipino to obtain the right insurance to support the needs and priorities to achieve financial goals. It promises to become a partner in “building better tomorrows.”
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