Millennials, Gen Z now put premium on family protection, emergency plan

Millennials and Gen Z are placing a premium on family protection and emergency preparedness, according to a recent survey by PhilLife, a leading insurance provider in the Philippines.

The survey, titled “2024 Market Study: Feeling the Insurance Pulse of Pinoy Gen Y and Z,” revealed that 78 percent and 77 percent of respondents, respectively, considered protecting their families and preparing for emergencies as the most important benefits in insurance plans.

The study also found that for the next three years, 76 percent of respondents wanted their insurance to prepare them for accidents, and 67 percent sought coverage for loss of life. About 66 percent desired insurance benefits that would ensure their family’s standard of living, while 64 percent prioritized personal financial stability.

“A decade ago, investment growth was the top consideration when choosing insurance,” said Dr. Fernando Paragas, PhilLife’s market study lead researcher. “However, this post-pandemic survey shows a significant shift in priorities, with health emergencies and family protection taking precedence.”

Jaeger Tanco, president and chief executive of PhilLife, said the company was inspired to conduct the market study by the PhilCare Wellness Index, a groundbreaking study that began in 2014 to understand Filipinos’ values and mindset on health and wellness.

Tanco also serves as the president and CEO of PhilCare and was recently honored with the prestigious Circle of Excellence CEO of the Year award at the 2024 Asia CEO Award.

“The PhilLife market study has provided us with valuable insights into the needs of Millennials and Gen Z,” Tanco said. “This knowledge will allow us to develop insurance solutions that align with their priorities and provide them with comprehensive protection.”

The study’s findings led PhilLife to create insurance products tailored to these younger generations. These solutions include lifetime and term-life protection coverage, health assistance plans, and investment plans with guaranteed returns.

“By understanding the evolving needs of Millennials and Gen Z, we can ensure that they have the right insurance coverage to protect themselves and their families,” Tanco said.