A recent study published by one of the country’s major life insurers revealed that while most Filipino millennials learned to adjust to working from home for the first time and managed to earn during the pandemic, some struggled to find other ways to earn amid rising prices, pay cuts, and unemployment.
While job and income security became a main concern among many Filipinos, the two issues were only second in the list of challenges posed by the COVID-19 pandemic, according to Allianz PNB Life. According to the study, 80 percent of respondents were most concerned about keeping their families safe and healthy.
“The pandemic has definitely made more people conscious of their health. Besides making simple yet significant changes to their lifestyles such as eating more nutritious food, Filipinos are also starting to consider boosting their protection with insurance,” Allianz PNB Life CEO Alex Grenz said in a statement sent to FrontpagePH.com. The survey shows 76 percent of Filipinos without coverage are expected to avail of a health plan soon, especially within the year.
Although most respondents claimed they have Philhealth or HMO coverage, only 22 percent can say they are fully prepared for a medical emergency. Majority consider themselves only somewhat prepared for these emergencies, while the rest have much less confidence. Conditions like cancer, heart disease, kidney disease, and dengue continue to burden Filipinos and lead them to borrowing or using up life savings to pay for exorbitant healthcare fees.
“In the Philippines, the protection gap remains at trillions of pesos. A single crisis like cancer could instantly cost a family no less than Php 300,000 and lead to eventual financial ruin, which shouldn’t be the case when flexible and viable coverage plans are widely available,” said Grenz.
This is why Allianz PNB Life is pushing more future-proof plans like Allianz Well!, which covers vaccination and treatment for COVID-19 and Php 100 million for in-patient hospitalization, one of the highest limit-plans in the market today. There’s also eAZy Health, an affordable and renewable option that offers life, accident, and disability benefits along with more comprehensive coverage for critical illnesses, including cancer.
The major life insurer is also growing its online presence to keep in step with Filipinos’ current shift to digital. From telemedicine to online yoga, they now maximize digital means to take better care of their health. Platforms like Allianz’ Health Concierge and Life Changers help more Filipinos access quality insurance 100 percent online and from the safety of their homes.
“Inadequate coverage remains a common problem that only worsens in the time of COVID-19,” said Grenz. “Allianz PNB Life aims to raise awareness on the importance of good health and protection while providing sustainable and timely solutions for it.”
Read the full report on Allianz PNB Life’s official website.