Many younger Filipinos are eager to protect their families from life’s uncertainties, but few are financially prepared for one of its most certain events – death.
This comes from a research conducted by PhilPlans First Inc. in April 2024 and covered 400 respondents. Results show that 78 percent of Gen Y and Gen Z Filipinos consider family protection as the most important benefit of insurance, and 67% identify ‘loss of life’ as the unforeseen event they most want protection for in the next three years.
However, only 24 percent include burial assistance in their plans, ranking it 10th among 11 choices.
Reluctance to plan
‘Filipinos are naturally caring and family-oriented, but we often shy away from planning for life’s end,’ PhilPlans president and CEO Monico V. Jacob said in a statement.
‘Being prepared for the inevitable is actually an act of love and responsibility. Planning ahead eases emotional and financial burdens for our loved ones,’ Jacob said.
He said that recognizing this gap, the pre-need arm of the Philippines First Insurance Group (PFI Group) has designed a plan that offers enhanced benefits beyond the standard memorial plan which provides immediate cash assistance and 24/7 support.
Dubbed Memorial Fund Plus or PMF Plus, the plan also provides an annual benefit growth of 3 percent.
Further, PhilPlans is backed by over 300 mortuary partners nationwide and even offers a Living Cash Benefit to help plan holders with their immediate and future needs.
‘We designed the plan to provide peace of mind for families when the time comes,’ Jacob said. ‘It ensures that memorial expenses are covered, allowing families to focus on what truly matters-honoring and remembering their loved ones.’
‘It is our hope that many would take All Saints’ Day as a time to also reflect on taking steps toward ensuring lasting care and security for the next generation,’ he added.