Filipino millennials managed to have themselves adjusted to work and earning income during this pandemic, based on a study published by Allianz PNB Life. While some Filipinos adjusted to working from home for the first time, some struggled to find other sources of income amidst rising prices, pay cuts, and unemployment.
While job and income security became the main concern among many Filipinos, Allianz PNB Life reveals it was only second on the list of challenges posed by COVID-19. Around 80% of the study’s respondents were most concerned about keeping their families safe and healthy.
“The pandemic has definitely made more people conscious of their health. Besides making simple yet significant changes to their lifestyles such as eating more nutritious food, Filipinos are also starting to consider boosting their protection with insurance. The survey shows 76% of Filipinos without coverage are expected to avail of a health plan soon, especially within the year,” according to Allianz PNB Life CEO Alex Grenz.
Despite most respondents claiming to already have Philhealth or HMO coverage, only 22% can say they are fully prepared for a medical emergency. The majority consider themselves only somewhat prepared for these emergencies, while the rest have much less confidence. Conditions like cancer, heart disease, kidney disease, and dengue continue to burden Filipinos and lead them to borrow or using up life savings to pay for exorbitant healthcare fees.
“In the Philippines, the protection gap remains at trillions of pesos. A single crisis like cancer could instantly cost a family no less than Php 300,000 and lead to eventual financial ruin, which shouldn’t be the case when flexible and viable coverage plans are widely available,” said Grenz.
This is why Allianz PNB Life is pushing more future-proof plans like Allianz Well!, which covers vaccination and treatment for COVID-19 and Php 100 million for in-patient hospitalization, one of the highest limit plans in the market today. There’s also eAZy Health, an affordable and renewable option that offers life, accident, and disability benefits along with more comprehensive coverage for critical illnesses, including cancer.
The major life insurer is also growing its online presence to keep in step with Filipinos’ current shift to digital. From telemedicine to online yoga, they now maximize digital means to take better care of their health. Platforms like Allianz’s Health Concierge and Life Changers help more Filipinos access quality insurance 100% online and from the safety of their homes.
“Inadequate coverage remains a common problem that only worsens in the time of COVID-19,” said Grenz. “Allianz PNB Life aims to raise awareness on the importance of good health and protection while providing sustainable and timely solutions for it.”
The full report is available on Allianz PNB Life’s website.