A Synergy-YouGov study found that family needs figure prominently among the reasons Filipinos are considering insurance, reflecting the financial pressures confronting the so-called “sandwich generation.”
The term refers to adults who simultaneously support their children and help care for aging parents, stretching household finances across two generations while also trying to save for their own future.
The financial pressure can become particularly difficult when illness, disability or loss of income strikes, potentially disrupting not only the breadwinner’s finances but also the daily needs and longer-term goals of dependents.
Family priorities
Health protection emerged as the leading motivation among Filipinos considering insurance, according to the study, while retirement planning also ranked high.
The findings indicate that consumers are thinking not only about protecting themselves against immediate health-related expenses but also about remaining financially independent in retirement and avoiding becoming financially dependent on their children later in life.
Family obligations were similarly prominent. The study found that 35 percent of respondents cited funding their children’s education as a reason for considering insurance, while 34 percent pointed to supporting parents or relatives.
The nearly identical figures highlight the competing financial priorities confronting working adults who are responsible for family members on both sides of the generational divide.
Financial safety net
For members of the sandwich generation, financial planning also means preparing for events that could suddenly affect their ability to provide for their families.
BDO Life said life insurance can serve as a financial safety net for breadwinners whose income supports multiple generations, particularly in the event of death, disability or other circumstances that could disrupt household finances.
“Many Filipinos today carry the responsibility of supporting both the next and previous generation. Life insurance helps ensure that no matter what happens, their families can continue pursuing their goals and meeting their needs,” BDO Life president and CEO Renato Vergel De Dios said. “Ang pamilya mo ang nangangailangan ng Plan B.” (Your family needs a Plan B.)
The findings underscore the challenge facing Filipino breadwinners: meeting their children’s needs and helping aging parents today while making sure they are also financially prepared for their own later years. —Ed: Corrie S. Narisma
