“Insurance is essential,” this is what eight out of ten Filipinos after being surveyed by a study commissioned by EastWest Ageas.
The study came following the shift of priorities among the Filipino people in recent years when the pandemic hit the world and forced everyone to shut down temporarily. It was further revealed at the recent EastWest Ageas Media Meetup with its President and CEO Sjoerd Smeets.
Thus, with the results already out, Filipinos realized that security and protection are two of the most important and must-have things for themselves and their loved ones – and insurance is the key solution as they navigate toward the uncertainties of the future.
However, the objective or belief is something people have yet to take advantage of as the Insurance Commission's latest report said there are only less than two percent (2%) of people who are insured. This could only mean that not only 95 million Filipinos didn't have insurance, but they are also prone to suffer major financial risks from unexpected events such as medical emergencies, retirement, and even building a family. The said belief is also evident as four out of ten Filipinos admit they actively borrow money from family and friends to cover the costs of sickness, which usually ranges from five digits to even millions.
A similar sentiment goes to new families as 20 percent of Filipinos admitted they are not preparing an educational fund for their children. This could pose a problem – not just within a family but also the community with the need to gain of educated and skilled workers in the field. This 'beliefs opposite actions' perception also hits half of the Filipinos who are not even planning for their twilight years.
Despite the current state of Filipinos when it comes to financial capabilities to score insurance, EastWest Ageas also said the recent reception about financial plans is still considered a piece of hearty news, with nine out of ten people already aware of how such programs can protect their families from financial risks brought by illness, accidents, and even death.
With that being said, EastWest Ageas can assure people will come up prepared during those rough times with Life Essentials, which covers up to 48 major serious illnesses until they’re 100 years old so that Filipinos can protect themselves, even during their young ages of paying premiums. Not only that, there's also a suite of options one can choose from, like the newly-launched Peso Active Equity and Peso High Dividend Equity that can match one’s risk appetite and returns; as well as the Future Assure solution, or the always flexible BuildWealth Regular Pay and BuildWealth Limited Pay programs.
Wherever the preferred premium program may be to ensure a secure and stable future with their loved ones, EastWest has them and made it easier for every Filipino out there.