Many young Filipinos are eager to safeguard their families against life’s uncertainties — but few are financially ready for one of life’s most inevitable events: death. This insight emerged from the 2024 PhilLife Meter: Feeling the Insurance Pulse of Pinoy Gen Y and Z study, which sheds light on how younger generations view life protection and preparedness.
According to the survey, 78% of young Filipinos consider family protection as the most important benefit of insurance, while 67% identify “loss of life” as the event they most want to be insured against within the next three years. However, only 24% include burial assistance in their financial plans, ranking it tenth out of eleven insurance priorities.
This disconnect highlights a significant gap in financial preparedness, one that PhilPlans — the pre-need arm of the Philippines First Insurance Group (PFI Group) — hopes to address. The company is urging younger generations to recognize memorial planning as an essential part of financial protection.
“Filipinos are naturally caring and family-oriented, but we often shy away from planning for life’s end. Being prepared for the inevitable is actually an act of love and responsibility. Planning ahead eases emotional and financial burdens for our loved ones,” according to Atty. Monico V. Jacob, President and CEO of PhilPlans.
In response to this gap, PhilPlans offers the Memorial Fund Plus (PMF Plus), an enhanced version of its traditional memorial plan. The PMF Plus provides immediate cash assistance, 24/7 customer support, and an annual benefit growth of 3%. The company also partners with over 300 mortuaries nationwide, ensuring that planholders have accessible and reliable services wherever they are in the country.
In addition, the PMF Plus includes a Living Cash Benefit, allowing planholders to use part of their plan value to meet current financial needs even before memorial benefits are claimed. “We designed the plan to provide peace of mind for families when the time comes. It ensures that memorial expenses are covered, allowing families to focus on what truly matters — honoring and remembering their loved ones. It is our hope that many would take All Saints’ Day as a time to also reflect on taking steps toward ensuring lasting care and security for the next generation,” Jacob added.
PhilPlans hopes that occasions such as All Saints’ Day will prompt Filipinos to reflect not just on memories of loved ones but also on the importance of preparation and financial security for future generations.
The PFI Group encompasses a full suite of protection and wellness services through its subsidiaries: PhilFirst, the country’s first domestic non-life insurance company; PhilLife, a trusted life insurer; and PhilCare, one of the country’s leading HMO providers. As PhilFirst approaches its 120th anniversary in January 2026, the Group reaffirms its mission to provide holistic protection and peace of mind to Filipino families.