Overall financial preparedness among some Filipinos remains low despite having a clear sense of their financial priorities. Despite identifying their financial priorities, most respondents in the 2023 Financial Readiness Survey by leading insurer Sun Life Grepa Financial, Inc. (Sun Life Grepa) said they still lack financial readiness when it comes to securing protection instruments for their various goals and needs. Perceived full preparedness is less than 10%. Respondents said they are fully or somewhat prepared when it comes to having funds for emergency use (34%), major goals (32%), personal health (32%), and investments (30%).
Shifting Financial Priorities
The latest priority rankings are consistent with the company’s 2022 survey results, though the percentages have shifted slightly. Earning and saving income ranks number one at 69% (down from 77%), followed by building wealth at 57% (from 60%) and protecting money at 39% (from 33%). The changes can be attributed to the sustained “new normal,” or post-pandemic recovery: full-time jobs and other income-generating opportunities have become more stable, giving people room to adjust their financial priorities. Health protection ranks fourth at 29%, up from fifth place last year at 24%, followed by child education at 26%, which held the fourth spot last year at 28%.
The Value of Insurance
Owning adequate insurance policies does still give people peace of mind: policy owners report a higher level of perceived preparedness than those without insurance. As such, Sun Life Grepa plans to bolster its educational projects to inform people of the value of financial protection. These initiatives also help match people with financial products and instruments that address their specific needs.
For those wanting to insure their health, the company offers Sun Grepa Fit and Well, a comprehensive life and health protection plan that provides financial benefits upon early or late diagnosis of any of 114 covered critical conditions. Specialized plans include Sun Grepa Senior Care for people in their golden years and Sun Grepa Cancer Care for those battling cancer. There’s also Sun Grepa ProHealth for clients looking for affordable health coverage and maximum health protection.
For owners of micro, small, and medium enterprises (MSMEs) who need solutions for their company’s and employees’ needs, Sun Life Grepa offers Sun Life Grepa Accident ProSafe, a packaged group insurance plan designed for SMEs that offers comprehensive coverage against accidents; Sun Life Grepa Smart Care Plus, which provides small business employees with protection benefits against death, accidents, and illnesses; and Sun Life Grepa HIPSTER (Health Insurance Plan for Small Enterprises), an affordable insurance solution providing life, accident, disability, and medical benefits for MSME employees.
A New Sustainable Investment Option
The insurer also recently launched a new fund option called the SLG Peso-Global Sustainability Growth Fund, catering to environmentally conscious investors looking to grow their finances sustainably. This peso-denominated, variable unit-linked (VUL) fund provides easy access to a mix of Environmental, Social, and Governance (ESG)-driven global equity funds, offering investors a meaningful way to benefit from market opportunities. Sun Life Grepa is continuously innovating financial solutions to accommodate varying concerns and preferences, giving the uninsured more ways to protect themselves and their futures.
