Do Millennials in the Philippines get Life Insurance?

What a time to be alive, studies have shown that there have been less and less illiterate Filipinos in recent years, and with that, the unemployment percentage has also dropped. This means that more Filipinos have money to spend and are more stable in their finances. 

Are millennials getting into the life insurance trend?

The younger generation has also been gaining more and more interest in the world of life insurance investments. In line with this, an increasing number of Millennials are starting to appreciate how life insurance can benefit them. There has been an astonishing rise in the number of young financial advisers that are entering the life insurance industry today.

In the same way that the literacy rate is increasing, financial literacy in the Philippines is also increasing at a rapid pace. More people understand the importance of saving, life insurance and investments in 2019. Like we said, what a time to be alive.

There is a long way to go before everyone in the country can afford and invest in life insurance, but then there has been a big improvement. The client count for insurance companies has gone up by more than 3 million. Considering that the total population in the Philippines is much bigger than that, we still have a lot of ground to cover. But then the increase in clients in a year alone is phenomenal.

What is most surprising is that most of those new investors would be Millenials. Young adults who have discovered the novelty of life insurance. They have enough money to invest, so they decide to do so. One of the big factors in this would be that most of the new financial advisors would be millennials. It would nudge someone in the right direction if they see that their contemporaries are investing in life insurance.

Most of these newly licensed financial advisers would be the second generation. They would have come across the trend from their parents or anyone from the previous generation. It is worth noting that these second-generation investors would have seen a positive effect on their parents from the previous generation.

They would have noticed enough of a positive effect that they would want to invest in insurance as well. What’s more is that they believe in the concept of insurance so much that they went and became financial advisers themselves, to be able to spread the word to others.

Millennials realize that planning is the key.

One of the reasons why millennials are choosing to get life insurance is because they realize that nothing is going to happen if you just sit and wait for things to be handed to you. Life insurance is a way for you to proactively ensure that your future is secure.

Millennials have a sort of mindset that is more open to investments in comparison to previous generations. Millennials appreciate that savings need to be incorporated into the budget, and they should not be just an amount that is left after every other expense has been paid for.

Millennials tend to have a more systematic approach to savings, maybe because a lot of them have a difficult time saving that last amount left over after everything else.

In conclusion

More and more millennials are hopping on the bandwagon for life insurance. Word of mouth spreads fast, and they are sharing with their friends how their investment has helped them make their savings grow.

Many of them would also be interested in life insurance because they have seen what it can do. The positive trend for financial literacy will continue to grow because of the support of the millennial generation.