Why Life Insurance Matters More Than Ever for Filipinos

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Life insurance isn't simply a policy; it's peace of mind. For a lot of Filipinos, it's one of the best and most useful techniques to make sure they have money for the long term. As the cost of living keeps going up and things becoming more unpredictable (particularly after the pandemic), more and more Filipinos are starting to understand how important it is to protect their family's future.


I didn't really see how important life insurance was until I was 26. A buddy of mine, who is now a qualified financial advisor, sat me down and told me what it truly meant. It wasn't only about death benefits; it was also about keeping your loved ones from going through bad times financially.


Why More Filipinos Are Getting Life Insurance

One of the main reasons Filipinos think about life insurance is that family is very important to us. Family is everything in the Philippines. We help one other when we're sick, in trouble, and even when we're dreaming. And it means making sure our loved ones are financially stable, even if we're not there.



This way of thinking started to change more clearly in the early 2000s, when insurance agents started to become full-fledged financial counselors. Their goal wasn't only to sell things; they also wanted to teach Filipinos about saving money, protecting their money, and accumulating wealth.



When You Need It Most, Protection

If a breadwinner dies unexpectedly, life insurance is a very important safety net for families. It makes sure that your family can still pay their bills, pay for school, and live a good life even when things are hard.


And it's not just about protection; many life insurance plans in the Philippines also include investing or savings options that let policyholders create money over time. This is quite significant for those who want to be financially free or who are planning for retirement.


Why Life Insurance Is a Good Financial Move
Here are some reasons why Filipinos should buy life insurance now:

Plans are now more affordable and may be adjusted to fit your budget.



You may pick the coverage that works best for your family and scenario.


Tax benefits: In the Philippines, life insurance payouts are usually not subject to income tax.


Some insurance enable your money grow through dividends or investments linked to the market.

But here's the truth check

According to a poll by the Insurance Commission, just 16.8% of Filipinos have life insurance, even though it is very important. That implies that more than 90 million Filipinos still don't have any money protection.


Why? The main causes are:

Not knowing enough about money and not being taught about it

Misunderstandings, such as "insurance is only for the wealthy"

Belief that it's hard or too expensive

For many people, the epidemic was a wake-up call. Life's volatility hit home all of a sudden. And with it, there was a new interest in life insurance and being ready for anything.


Are you keeping up with the industry?

The good news is that the life insurance market in the Philippines is developing gradually, at a pace of 6% per year. Companies are spending a lot of money on teaching people through free consultations, webinars, and social media.


The government is also doing things to help. For example, microinsurance will be included to the country's social security programs to make it easier for low-income families to get.


Your next step: Make sure your future is safe now

You don't have to be wealthy to receive life insurance. You only need to be willing to prepare ahead.


Talk to a financial advisor you trust.

📊 Look at how much money you have right now.

Choose a strategy that works for you and your objectives.


Get started now. Yesterday was the ideal moment to preserve your family's future; now is the next best time.


🔗 Want to discover which life insurance companies in the Philippines are the best in 2023? Click here to see the list.


💬 Let's keep talking

Do you have any queries concerning life insurance or other financial tools?

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About the writer

Jack Marbida is married to Wene and has two young sons, Isaac and Israel. He is a financial counselor, speaker, and writer who helps families be financially stable and improve their relationships. He teaches families about money and helps them have a healthy connection with it so they can attain their objectives.

Sun Life Financials and other publications have written about him as a financial coach. He also started Online Advisors Financial Education, which offers free articles and videos to help people learn about money.
Jack talks at conferences all around the Philippines on things like family finances and how to improve personally and professionally.

You may get in touch with Jack Marbida by email at papajackph@gmail.com or jacky.n.marbida@sunlife.com.ph or through social media.

Thanks!