In the Philippines, the traditional mindset has long been one of not discussing the future, often summed up with the phrase “bahala na” – meaning, whatever will be, will be. This perspective has been deeply ingrained, passed down through generations, and has discouraged conversations about planning for the future.
Even wealthier families in the Philippines have typically delayed considering insurance, assuming we have ample time to do so, often waiting until our 30s or 40s, which is a late start. Misconceptions about how insurance functions have also deterred many from pursuing coverage.
However, things are changing significantly in the Philippines nowadays, which is quite different from how it used to be. More Filipinos are realizing the value of insurance, and this change is substantiated by data from the Insurance Commission, indicating a 15.4% increase compared to previous years (as reported by business.Inquirer.net.).
This shift toward practicality aligns with practices in many western countries where insurance has proven its worth, particularly during the pandemic. Companies in the Philippines are increasingly offering insurance to their employees, providing not only health coverage but also additional benefits like dental services and eye check-ups, which have become incentives for employee retention.
This newfound openness to insurance is significant because, historically, discussing the future, insurance, or even topics related to death was considered taboo due to cultural beliefs and superstitions. For example, it was common to avoid discussing death in the household, as it was believed to invite negative energy. Consequently, many Filipino families, including mine, were unprepared for funeral expenses when a member passed away.
In the Philippines, the life insurance industry holds a vital position in ensuring the financial security of the local population while simultaneously creating avenues for savings and investments, as stated by Capricho et al. (2021). Furthermore, it serves as a safeguard for every Filipino, offering protection against unforeseen financial hardships that may arise in the future.
As the saying goes, the only constant in this world is change. The world is evolving, and people are learning. These days, Filipinos, including myself, are increasingly open to insurance, and nearly all companies and businesses in the Philippines, including my workplace, are extending this benefit to their workers, even to those who may not yet afford it. This shift represents a positive step toward securing the future for Filipinos across the country.
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