Most Filipinos believe that life insurance is important, but they still don't rush to buy it because they prioritize other expenses.
According to a study, 90% of Filipinos believe that life insurance is important, and 60% consider it a necessity. However, the willingness to buy is lower now than during the pandemic, as daily expenses are prioritized.
It also emerged that 64% of Filipinos see insurance as an immediate necessity only when there is an unexpected event such as illness or death in the family. Because of this, they prefer an affordable policy that fits their lifestyle and has good value for money.
Many people still feel more comfortable buying through a financial advisor or physical office than online. Even with digital options, some are afraid of falling victim to scams and prefer to have someone explain things to them before making a decision.
Currently, the insurance penetration rate in the Philippines is only 1.89%, far from the global average of 7%. That's why companies aim to implement financial literacy programs and omni-channel access so that more people can get life insurance—whether physically or online.
