How Filipinos Are Rethinking Life Insurance in a New Era

The Philippine Life Insurance Association (PLIA) marked its 75th year by presenting PLIA Philippine Understanding of Life Security & Envisioned Goals (PULSE) 2024, a comprehensive consumer study conducted by NielsenIQ, at its anniversary press conference on July 29, 2025. The study provided fresh perspectives on Filipino consumer behavior.

Renato Vergel De Dios, PLIA Director and BDO Life Assurance Company, Inc. President and CEO said, “As we celebrate PLIA’s 75th anniversary, we are proud of the role the Association has played in promoting the value of financial protection by contributing to the enactment of appropriate laws and in fostering industry support. These efforts have paid off in terms of providing financial protection to 57M lives, about 51% of the population, extending Php107B in benefits to policyholders, employing at least 15K individuals across 926 branch offices, and offering financially rewarding careers to 229K agents nationwide.”

PLIA PULSE 2024 is pivotal for the industry as it is the first consumer study of its kind undertaken on such a large scale, intended to serve as a benchmark for measuring future progress. PLIA is now in a better position than ever to respond to these insights, as the industry continues to transform itself with a growing focus on innovation, digital adoption, and needs-based selling. The study conducted online from October to November 2024, targeting respondents who are aged 21 to 60 and who had recently purchased or were considering to purchase life insurance. The study revealed that risk protection remains a core priority for Filipinos with 9 in 10 respondents believing that insurance is important, with 6 in 10 viewing it as a necessity. 

The research also highlighted the growing role of both traditional and digital touchpoints in the purchasing journey. While face-to-face interactions remain important, digital platforms are becoming more influential, particularly among younger, tech-savvy demographics. In addition, consumers prefer easy-to-access resources on life insurance, such as video tutorials and webinars, to help them understand the options available.

John Paul Yamsuan, NielsenIQ Strategic Analysis and Insights Business Partner, said, “The findings show that while awareness of life insurance is high, there’s still much to do to make the process of acquiring life insurance more accessible and relevant.” This is exactly why PLIA commissioned this study: to better understand how Filipinos think, feel, and decide when it comes to life insurance. The insights reveal clear opportunities for the industry to better serve Filipino families and help them make better informed decisions.”

However, barriers to adoption remain. When it comes to digital channels, trust is still a major hurdle. Consumers are concerned about the safety and credibility of online insurance platforms, especially in areas like security of applications and claims processing. Customers also prioritize access to customer support, ease, and speed of securing life insurance. Pricing is a critical factor as well, with consumers seeking policies that provide value for money. 

Rahul Hora, PLIA President and Manulife Philippines President and CEO, shared, “The study confirms what we in the industry have long sensed: Filipinos want insurance that fits their lives today, not just years down the road. With these insights, we are prepared to adjust our approach and develop solutions that cater to what Filipinos need. As PLIA moves forward into the future, plans are underway to make insurance more accessible, relevant, and aligned with the expectations of the modern Filipino.”

With these insights, PLIA unveiled a three-pillar action plan. First, a nationwide financial literacy and public education campaign that will help Filipino families better understand how life insurance can help protect their future. Second, PLIA will push for omni-channel access, including development and access to digital tools while preserving the importance of professional advice for consumers to purchase the right coverage. Third, the industry aims to strengthen consumer protection through clearer standards and ethical sales practices to ensure Filipino families make informed insurance decisions.

PLIA remains committed to financial literacy and accessibility via Life Goals PH, its dedicated financial literacy platform on Facebook, which serves as a resource hub for Filipinos seeking to better understand life insurance and take charge of their financial future.