Trending now: Gen-Zers are investing more in insurance. Find out why.

It’s a trend I’ve noticed:  Gen-Zers are investing in insurance, probably more than Baby Boomers or Gen-Xers.

Personally, I find this a bit fascinating because this is not something that Gen-Zers usually do. Generally, they just want to enjoy life---and normally they allot funds for the now, the present, and not for the far-off future.

But they too are facing one painful reality:  the things we buy today might lose their value tomorrow. If we’re not prepared for the next crisis, it can cost us our bank account. Insurance is one shield against the loss incurred by job loss, medical emergencies, property-destroying calamities, and the sad departure of the family breadwinner. 

The latest surveys do show this change in mindset that Pinoy adults are adopting:

Statista.com, 2021: 91% of respondents recognized the importance of insurance; 86% planned to buy new and additional insurance in the coming year. 

Insurance Commission: steady increase in average individual insurance spending since 2021. There is a near 50% increase In the Filipino’s average spending on insurance the third quarter of 2022:  in 2022, they were paying an average of P2,525 compared to P1,704 in the same period in 2021. 

But how can these people find the best insurance that will really protect them, their family, and their property? How can you pick the one to trust with your investment, savings---your very future?

Here are five smart tips from financial experts that can be your roadmap to finding that ONE insurance that suits you to a T:

• Protect what you value. Insurance coverage must be enough to sustain the quality of life of the policyholder’s family after he dies; it should also protect his loved ones from crippling financial loss. 

• Insure hard-earned assets such as our homes, businesses, vehicles, and even travel. These are things you worked long and hard to be able to acquire or to do.

• Get insurance while you are still young. The premium for good adequate coverage will be affordable and will become more affordable as you age.

• Get your insurance only from LICENSED financial experts who can give you the best advice on the policy that best suits your needs.   The advice of friends, family, and colleagues---no matter how well-meaning---will not be enough.

• Reassess your financial needs regularly. As we go through life, our priorities change. For example, as a single professional, you might just want an investment plan and a car insurance. But later on, when you get married and have a family, you will want to protect your kids’ health and the house all of you are living in.  

Lastly, it is important to trust an insurance company who will be your partner in every step of your life journey. With the completion of its merger with its former general insurance subsidiary Charter Ping An, AXA Philippines has become one of the biggest insurance companies in the country to be able to offer all kinds of insurance products under one roof: from life insurance, savings and investments, health plans, to car, home, and business insurance, among many others.

 

For everything that matters most to you, AXA Philippines has it covered. To learn more, go to https://www.axa.com.ph/