Pandemic continues to drive Filipinos to insurance

Top Three Priorities Are Life, Accident, And Health Insurance.

More Filipinos are affected financially and emotionally by the epidemic, purchasing insurance policies, prioritizing life, accident, and health coverage. Moreover, with the continued existence of COVID-19, they are aware of the costs associated with infection, such as hospitalization and accompanying medical bills, unemployment, and inability to work, and in the worst case, death.

Life insurance was the most popular insurance policy purchased in a 2021 Nielsen Consumer Study (63-percent). Second at 38% are accident and health insurance, hospitalization, and related medical expenditures. However, the study also showed that the prolonged epidemic generated tremendous sentiments of uneasiness and uncertainty.

The research states that Filipinos are more concerned about severe medical conditions, not merely COVID-19. They must also cope with increased stress and sadness. Moreover, their financial and mental health situations are intertwined. Lower-income people have lost jobs or reduced their pay, forcing them to take out loans to buy food. Those in the middle class who have adequate money are concerned about resource depletion and lost possibilities to grow earnings.

The Philippine Statistics Authority (PSA) reports that, from January 2021 to June 2021, the virus was the fifth leading cause of death in the country.

Almost half of all medical expenses in the Philippines are out-of-pocket (OOP), which indicates that Filipinos do not have insurance to cover such expenses. COVID has merely heightened public awareness of this issue.

Filipino’s vulnerability to risk: “The Philippines as a market has always been highly underinsured, especially when it comes to medical insurance. 

Almost 50% of the medical expense in the Philippines is out-of-pocket (OOP), which means that Filipinos have no insurance to cater to that kind of medical expense. COVID has only further brought this particular concern top of mind for our customers, and that’s what we realized in the last two years.” 

“An accident insurance policy can protect the family if the breadwinner dies. Now, whether it causes loss or serious damage to limbs, hands, feet, or eyes, the insured is still protected from financial losses.”

The epidemic has helped Filipinos appreciate the need for insurance, especially in uncertain times. For those with small children, Hora advises early intervention. One size does not fit everyone. The best approach to determine the right insurance coverage for you, your family, and your possessions is to speak with an insurance representative.

“More Filipinos are realizing that insurance may protect them from the financial and emotional burdens of illness, loss of a breadwinner, or vehicle accidents. We will be with them through this crisis and any future adversities.”

 

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