Family safety main insurance motivation

Investment growth is not the biggest worry of young Filipinos when getting insurance plans.

Millennials and Gen Z place importance on family protection and emergency preparedness.

This shift is one of the most noteworthy findings of the recently-concluded survey titled “2024 Market Study: Feeling the Insurance Pulse of Pinoy Gen Y and Z” conducted by PhilLife, one of the country’s most trusted insurance providers.

Generation Y, or Millennials, are those born between 1981 and 1996 while Generation Z, or Zoomers, are those born between 1997 and 2012.

Family at top of the list

Results show that 78 percent and 77 percent of respondents chose to protect families and prepare for emergencies, respectively, as the most important benefits of insurance plans.

The study also found that for the next three years, 76 percent of the respondents want their insurance to prepare them for accidents and 67 percent for loss of life.

In addition, 66 percent want an insurance benefit that will ensure their family’s standard of living and 64 percent want one that will ensure personal financial stability.

“Based on a qualitative study released a decade ago, we learned that investment growth was the top consideration when choosing an insurance. However, in this post-pandemic survey, the main considerations among the public are quite different,” PhilLife market study lead researcher Dr. Fernando Paragas said.

“The changed priorities are perhaps due to our pandemic realizations wherein preparing for health emergencies and protecting the family trump the pursuit of financial gains per se.”

According to PhilLife president and CEO Jaeger L. Tanco, the PhilLife Market Study was inspired by the PhilCare Wellness Index, a groundbreaking, innovative nationwide study that began in 2014 that aims to understand the values and mindset of Filipinos on health and wellness. Tanco also serves as the president and CEO of PhilCare.