Why do Filipinos don’t get Insurance?

There are a variety of reasons why Filipinos choose not to get insurance. Many think that insurance is a luxury that they do not need. There are a lot of Filipino families that choose not to get insured because they think that they are not going to be able to benefit from the insurance policy in the long run anyway. 

This is a mentality that has to change. However, before any sort of change can be brought about, we have to first look at the reasons why many Filipinos opt not to get any type of insurance.

Why don’t Filipinos get insurance?

Filipino culture.

Many parts of the Filipino culture contribute to why many people opt out of getting an insurance policy. The Filipino culture includes habits like being carefree, happy-go-lucky and the dreaded mañana habit. These all contribute to why many Filipinos are still uninsured even if it is the year 2019 already. 

Many people put getting insurance off until tomorrow, many totally forget about it because they have been procrastinating about it for too long. Others think that their problems are too petty and small to be solved by life insurance. Many have the “YOLO” or You Only Live Once mentality and choose to spend their money elsewhere.

People do not understand what insurance can do for them.

Sadly, many are still ignorant about the benefits of insurance. Many do not know that insurance can act as a savings account and can help families accumulate savings. Many others have heard many bad stories about past incidents with insurance companies, many of which are only isolated cases. They do not take the time to get to know what insurance can do for them, and only dwell on the negative things they hear. 

They think it is an expensive thing they don’t need.

Many Filipinos think that they can save money by not investing in life insruance. They have the mentality that they can just use their savings when they encounter emergencies. However, the sad part is that these people never realize that their savings are not enough to cover all the emergency expenses a family can incur.

Why Filipinos should be encouraged to get insurance

People are not getting any younger.

As people get older, they may lose their chance to get insurance. Some insurance companies do not approve policies for people who are over 60 years old. Others may be stricter when the person has been diagnosed with a chronic illness. Either way, if a person waits too long before deciding to get a life and health insurance policy, they may lose their chance of getting one.

Insurance can play a big part in attaining financial freedom.

Many people do not realize that they will be able to do so much more with an insurance policy. It can act as a savings account, retirement fund, education fund for your children, a medical emergency fund and so much more. Many do not know about all of these cash benefits that can be added to their insurance policy.

It is not expensive, and it can go a long way.

Many people do not know that the price of an insurance policy can be customized into an amount that a person can afford. The insurance agent or broker and the client will sit down and discuss how much the policy should be worth, and how much premiums will be required. Also, they will see which riders will be included in the policy. The price can be adjusted accordingly, the insurance broker will make sure that the client is amenable with the price.

Now that you know how much insurance policy can help you, invest in policy today!