Financial Protection Preparedness Still Lacking, According To Sun Life Grepa Study

Overall financial preparedness among some Filipinos remains low despite having a clear sense of their financial priorities.

Despite having identified their financial priorities, majority of respondents who took part in the 2023 Financial Readiness Survey of leading insurer Sun Life Grepa Financial, Inc. (Sun Life Grepa) said they still lack financial readiness when it comes to securing protection instruments that address 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%) and for major goals (32%), personal health (32%), and investments (30%).

In terms of respondents’ top financial priorities, the latest priority rankings are consistent with the company’s 2022 survey results, although the percentages have slightly changed. Earning and saving income ranks number one at 69% (previously at 77%), followed by building wealth at 57% (from 60%), and protecting money at 39% (from 33%). 

The changes in variance can be attributed to the sustained “new normal” or post-pandemic recovery. Full-time jobs and other income-generating opportunities have become more stable, allowing people room to adjust their financial priorities. Health protection ranks fourth at 29%, up from fifth spot last year at 24%. This is followed by child education at 26%, which held the fourth spot last year at 28%.

 Owning adequate insurance policies does still give people peace of mind, with policy owners having a higher level of perceived preparedness compared to those without insurance ownership. 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 that provides financial benefits upon early or late diagnosis of any of 114 covered critical conditions. There are also specialized health protection plans such as the Sun Grepa Senior Care for people in their golden years and Sun Grepa Cancer Care for those battling the Big C (cancer). In addition, there is the 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 to address their company’s and employees’ needs, Sun Life Grepa came up with Sun Life Grepa Accident ProSafe (packaged group insurance specifically designed for SMEs that offers comprehensive coverage against accidents), Sun Life Grepa Smart Care Plus (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 that provides life, accident, disability, and medical benefits for MSME employees).

The insurer also recently launched a new fund option called SLG Peso-Global Sustainability Growth Fund that caters to environmentally conscious investors looking to grow their finances sustainably. This peso-dominated, 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.