Many younger Filipinos want to protect their families from life’s uncertainties, but few are preparing for one of its most certain events: death.
Results of the 2024 “PhilLife Meter: Feeling the Insurance Pulse of Pinoy Gen Y and Z” study show that 78 percent of young Filipinos consider family protection the most important benefit of insurance, while 67 percent cite “loss of life” as the unforeseen event they most want protection for in the next three years. Despite this, only 24 percent include burial assistance in their plans, ranking it 10th among 11 choices.
To address this gap, PhilPlans, the pre-need arm of the Philippines First Insurance Group (PFI Group), is encouraging young Filipinos to include memorial planning in their financial protection goals.
“Filipinos are naturally caring and family-oriented, but we often shy away from planning for life’s end,” said Monico V. Jacob, president and CEO of PhilPlans. “Being prepared for the inevitable is actually an act of love and responsibility. Planning ahead eases emotional and financial burdens for our loved ones.”
PhilPlans offers the Memorial Fund Plus, a plan that goes beyond standard memorial coverage. It includes immediate cash assistance, 24/7 support, an annual growth of 3 percent, and access to over 300 mortuary partners nationwide. The plan also provides an Immediate cash assistance benefit to help policyholders meet urgent and future needs.
“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,” Jacob said. “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.”
The PFI Group is composed of 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 marks its 120th anniversary in January 2026, the group continues its mission of providing comprehensive care and security for Filipino families.
