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Addressing insurance hesitancy

Published: Nov 03, 2021 8:00 AM

Within the Filipino culture lies the mañana habit, the act of putting aside some tasks for later. The word “mañana” means “tomorrow” or “specified future time” — somewhere along the lines of procrastination, closely resembling the “mamaya na” phrase.

This attitude is something we got from the Spaniards. This may be the reason why Filipinos are averse to applying for insurance plans. We think that since we’re young and healthy, those plans can wait. Or so we thought.

“The lack of in-depth understanding of how life insurance works and other misconceptions contribute to insurance hesitancy among Pinoys,” says Sun Life 2020 Platinum advisor Henry Lee-Chun.

Lee-Chun shares the reasons why Filipinos are averse to applying for an insurance plan:

“I don’t have enough money.”

This is the common reason or excuse a lot of financial advisers and insurance agents hear from their potential clients. And because of the pandemic, most of them try to hold on to their hard-earned money.

If a prospective client worries about his/her financial capability of paying the premium, it’s best to give him/her options. “At Sun Life, we have a 5 Year Renewable Convertible Term plan, which is one of the lowest-cost insurance plans available in the market,” shares Lee-Chun. “Later, when they’re more financially stable, they can convert the plan into a permanent plan according to his/her needs.”

“I have lots of time for this” mindset.

Filipinos, especially the millennials, feel that they still have years ahead of them before worrying about their retirement. “But slowly, these millennials are opening up to the idea of getting one,” Lee-Chun says. “We still need to work hard in educating the younger generation on how the different insurance products can help solve their present and future needs.

“It’s not considered an investment.” 

Financially-savvy Pinoys are so into investing. Sadly, they don’t consider getting a life insurance plan as an investment. Well, if you have a hierarchy of investment, protection and security should be at the base. Consider this scenario: You may have millions of pesos in savings, but you don’t have an insurance policy. If you happen to be hospitalized, say for COVID-19, your bills will drain all your savings. “In this case, your health insurance coverage will be your first line of defense,” notes Lee-Chun.

Relying on government-mandated benefits

Most of us think that government-run insurance plans offer enough coverage. Well, the COVID-19 pandemic proved they don’t. “Our needs and priorities change over the years,” said Lee-Chun, addressing insurance hesitancy.

Henry Lee-Chun is an IQA certified Sun Life Financial Advisor.
For more information and inquiries, visit the Sun Life website at

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