Crisis spurs insurance boom
Among lessons learned during the health crisis, most Filipinos are now embracing the value of health and social protection not just for one’s self but the family as well.
So-called millennials are mostly setting aside money to invest in insurance policies leading to an unprecedented boom in guarantee schemes.
A recent study of an insurance company noted that compared to the older generations, young adults today give importance to being insured from future crises that have
the potential of bringing financial burden.
Advisor Joanne Fernandez of SunLife of Canada (Philippines) Inc. said she is elated and feels secure about having an insurance policy of her own, especially now that people’s health are threatened from the pandemic.
With my own insurance policy that has riders like medical and hospital benefits, somehow it eases my worries and I feel secured.
When news broke that the country has its first coronavirus disease 2019 (Covid-19) case last year, Fernandez started to worry particularly for her son and her mother who are both in ages considered vulnerable to the lethal virus.
Young adults today give importance to being insured from future crises that have the potential of bringing financial burden.
“The pandemic is indeed frightening, not because I’m a financial advisor but as a single mother and breadwinner. I am the only one supporting my son and my mother. With my own insurance policy that has riders like medical and hospital benefits, somehow it eases my worries and I feel secured,” according to Fernandez.
Like a dependable friend
Practicality wise, Fernandez said it’s always an advantage to have an insurance policy, with or without the pandemic.
“Insurance policies can be treated as a dependable friend. You’re getting it for yourself and it’s an investment for the future and the family. Having your own policy shows responsibility in recognizing that a person’s financial situation is not always stable. When you die, you leave something to your loved ones. With or without the pandemic it is good to acquire an insurance policy and feel secured,” Fernandez told the Daily Tribune.
Compared to the previous years, insurance policy acquisitions starting this year ballooned, proving that many people were prodded into action to protect their life, income and health by the pandemic.
“In my case (as a sales agent), I think there’s a noticeable increase in people wanting to secure their family’s future. As part of our commitment to serving the Filipinos, our company (Sun Life) launched a digitally-enabled sales process that will allow Filipinos to secure protection from the safety of their own home,” Fernandez disclosed.
Vaccination is key
Moreover, she emphasized that the benefit of having a life insurance encompasses more than financial security but also health protection, since insurers have products and riders that focus more on wellbeing.
And as the pandemic has made Filipinos embrace digitization, she said her company also have utilized digital platforms in providing financial advice.
“We also have webinars, forum, and other helpful information online about health and financial issues. Sun Life make sure that clients have all the support they need to stay financially protected,” she added.
It is very important to be vaccinated because Covid-19 can have serious, life threatening complications, without knowing when it affects you.
And as the government has started the roll-out vaccines, Fernandez said getting an inoculation is imperative for the nation to return to normalcy.
“It is very important to be vaccinated because Covid-19 can have serious, life threatening complications, without knowing when it affects you. And if you get sick, you could spread the disease to your family, friends and others around you,” she indicated.
The pandemic is indeed frightening, not because I’m a financial advisor but as a single mother and breadwinner.
“Once you’re fully vaccinated, it’s still important to obey health protocols. My mother and I were already vaccinated. I urge others to take the opportunity as well to coexist with the deadly virus. Life is so short, let’s not make it shorter,” Fernandez stressed.