Do Filipinos need insurance?

He noted that the Group’s products were designed to fit the various markets’ needs and capability to pay. “We have A to D markets, the corporate market, etc.,” he said.
(ShutterStock photo)

MANILA— A few months ago, someone handed me a calling card of his wife and asked me to try getting insurance.

For several minutes, he tried to convince me to give it a try. He even cited himself as an example, saying he already invested on the insurance of his kids.

In a country where not everyone earns so much, do people need an insurance?

“When you live, it’s either you live too long or you die too young,” said Lorenzo Chan Jr., Retail Organization head of Pioneer Group, in an interview with the Philippine News Agency.

He explained that when one lives too long, the person will definitely need medical care. If one will die too young, he/she will be leaving some dependents who definitely would also be needing money.

Chan added that there would always be unforeseen events. “There are typhoons. People might encounter an accident, among others. If they don’t have savings, where do they get the money they need? If somebody is sick and can’t go to work, where will he get the money for his medical care?” Chan said.

Does one need to be rich in order to afford insurance?

The executive admitted that in the past, people thought insurance is just for the rich.

That is why, he said the Pioneer Group made sure its products are simple, affordable and easy to acquire.

He noted that the Group’s products were designed to fit the various markets’ needs and capability to pay. “We have A to D markets, the corporate market, etc.,” he said.

To reach more people, Pioneer Group has partnered with the SM Store. The partnership was launched recently in Makati City.

“We wanted to bring insurance to the mall. A lot of people go there,” explained Chan, adding that having insurance offers in the mall is matched with the SM Store’s tagline, “We’ve got it all for you!”

Chan also pointed out that a product, no matter how good it is, becomes useless if no one benefits from it.

As of now, SM mall goers can avail of Pioneer Group’s three insurance products at the mall’s Customer Service Center of Business Center.

These three products are the Dengue Insurance, Travel Insurance and Motor CTPL (Compulsory Third Party Liability) Insurance.

Chan said the three products are feasible in the Philippines because, for one, anyone can be bitten by a dengue-carrying mosquito. Second, many are buying a vehicle; and third, no one knows what will happen when you travel.