25/06/2026
Insurance is a tool meant to help transfer risk and protect your hard-earned finances. However, many Filipinos still choose to carry these risks on their own shoulders.
Here are some reasons why this mindset is common, and how we can reframe it:
1. Viewed as an expense
Many see insurance as an extra cost rather than a form of long-term protection or forced savings. Building a habit of saving takes time and guidance.
2. Fear of commitment
Committing to long-term premiums can feel overwhelming, even though many of us regularly commit to long-term loan payments without a second thought.
3. Waiting for the need
It is common to think we can get insurance whenever we need it. In reality, insurance must be secured while we are still healthy, as it cannot be bought once an illness strikes.
4. The wealth misconception
There is a belief that having wealth means insurance is unnecessary. However, the more assets you have, the more you need insurance to protect your wealth and ensure a smooth transfer to your family.
At the heart of these challenges is a need for stronger financial literacy. There is still a lot of room for growth, especially in developing widespread education and government policies to help every Filipino feel secure about their financial future.
