Filipinos delay insurance due to other expenses: Survey

The urgency to buy life insurance has declined since the COVID-19 pandemic.

Whilst nine in 10 of Filipinos consider life insurance important and 60% see it as a necessity, many are delaying policy purchases in favour of other expenses, according to a new study by the Philippine Life Insurance Association (PLIA), as reported by Rappler.

The study titled Philippine Understanding of Life Security & Envisioned Goals (PULSE) was conducted by NielsenIQ.

Although the urgency to buy life insurance has declined since the COVID-19 pandemic, the study found that 64% of respondents still recognise its immediate importance during emergencies such as hospitalisation or death in the family.

PLIA said the findings underscore the need for continued consumer education, particularly as financial priorities shift in the post-pandemic environment.

It surveyed around 1,000 Filipinos aged 21 to 60 who had either recently bought or were considering buying life insurance.