With priorities continuously piling up, many of us end up placing insurance protection in our “someday” list. According to a recent study, only 28% of Filipinos are covered by life insurance as of 2024.¹ It may stem from a popular belief that life insurance is just a safety net for your loved ones after you’re gone. However, it can also be valuable for you while you’re alive. From helping shoulder medical needs to expanding your money through investments, the right coverage helps you build financial resilience and safeguard the life you've worked hard to achieve.

How the Right Coverage Works in Your Favor

1. Start young, pay less, protect longer. Securing life insurance while you’re young and healthy gives you:

• Lower premiums to settle monthly, semi-annually or annually. Buying insurance early gives you valuable protection at a much lower cost.²
  
  
• Longer coverage, equipping you with security through your prime working years
  
  
• More opportunities for growth, especially with investment-linked plans

2. Protection Beyond Your Final Expenses. Life insurance can turn your everyday needs into everyday security. In any event a breadwinner is unable to provide, daily expenses can be financially supported by life insurance. It can also contribute to funding your children’s education or family businesses, as well as paying off debts.

3. Living Benefits for Policyholders. Many modern policies now come with living benefits. This could mean:

• Critical Illness Coverage, which can help pay medical bills during health emergencies
  
  
• Hospitalization Support, which gives you room to breathe as you recover
  
  
• Cash Value Accumulation, which means funds from the insurance policy that build up over time and can be borrowed or withdrawn for emergencies.

4. Turn Your Protection into Empowerment. Microinsurance has emerged as a game-changer for many low- and middle-income families. With premiums as low as a few pesos a day, these plans are more affordable. These even offer payouts for accidents, natural disasters, or hospitalization. Microinsurance has been helping households to bounce back after expense shocks, reducing the risk of slipping into poverty.³

5. A Promise to Your Family’s Future. Some life insurance plans are investment-linked, combining protection with wealth-building. While you ensure your family’s financial stability, an insurance plan allows your money to be placed in funds that grow over time. There is also an expected progress in the Philippine life insurance market, predominantly driven by demand for policies that double as investment tools.⁴

Life insurance gives you the quiet strength of continuity. It protects people who depend on you and matter to you most. Planning ahead is one of the deepest forms of care, empowering those you love to live Healthier, Longer, and Better Lives.

References

1. Insurance Information Institute. (2023). Life Insurance Basics. https://www.iii.org
2. Asian Development Bank. (2021). The Landscape of Microinsurance in Asia and Oceania. ADB.
3. GlobalData. (2024). Philippines Life Insurance Market in Focus. GlobalData.