Pandemic Boosts Insurance Demand

 

Underinsurance and out-of-pocket medical bills

Nine out of ten Filipino respondents, or 87 percent, intend to get new insurance in the following six months. The figure indicates an increase in insurance demand across Asia, rising from 62 percent in May 2020 to 71 percent in November 2020.

“The shutdown has made Filipinos understand that they should prioritize themselves and their families’ health and financial security through life insurance.

Manulife Philippines recently sponsored “Invest in You,” a free financial wellness webinar hosted by James Deakin, in response to rising interest in insurance and investment products. The webinar focused on how Filipinos can use variable unit-linked (VUL) life insurance solutions to protect themselves and their family against life’s uncertainties while potentially expanding their money.

Marvin Germo, a financial adviser, emphasized the necessity of diversifying one’s portfolio and how VUL products may provide both “offense” and “protection.” When investing, it’s vital to allocate your funds to vehicles that will work hard for you while allowing you to pursue your passions. “VUL products give you this chance because they provide life insurance protection in case something catastrophic happens while also allowing you to grow your money and potentially earn a high return.

“While the vaccination rollout provides hope for the reopening of economies, resulting in stronger GDP growth and corporate earnings, we must remain careful of the increasing COVID-19 cases, which will have a significant impact.” Therefore, investors should have a long-term investing view and diversify their investments.”

 

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