“Health is wealth” is a common saying among Filipinos, and we always worry whether our hard-earned property is protected. But are Filipino families securing their health and their future so their wealth, too, is safe?
More than 60% of Filipinos can’t afford a hospital bill of more than PhP 10,000 without going into debt. It also goes without saying that your average Juan or Juana can’t afford other expenses, such as damage to their vehicle or house, especially during times of extreme weather or natural calamities, like the recent events in the Visayas and Mindanao.
This becomes concerning when you consider that everyday risks can lead to major expenses such as hospitalization or major property repairs. Some examples include:
- Crowded public transportation exposes you to health risks.
- Extreme weather can cause illnesses, medical conditions such as heatstroke, and property damage.
- The pursuit of wellness can lead to injuries.
- Casually disposing of a lighted cigarette butt or leaving your cooking unattended can lead to a fire.
- Exposure to various travel risks.
These make healthcare costs a growing concern among Filipinos. In fact, a survey of Filipino OFWs noted that affording healthcare was a leading reason for working abroad.
An easier alternative to seeking a higher salary abroad is to get insurance, and surveys agree: 90% recognise the importance of life insurance, while more than half consider coverage important. This shows that Filipinos do understand the importance of protecting their health and the things they’ve worked hard for.
Why Many Filipinos Still Avoid Insurance
Despite acknowledging the importance of ensuring one’s health, many Filipinos still delay getting insurance for various reasons. Some of the more common include:
- Perceived high costs of coverage and the belief that it’s only for rich people
- Thinking one’s employer-provided HMO is enough
- A belief that having savings is enough
These are common myths about why getting insurance is a challenge for many Filipinos. The truth about these myths, on the other hand, is:
The Facts Behind Common Insurance Misconceptions
- Many policies today provide comprehensive protection at low costs
- Employer-provided HMOs often only cover basic services
- Savings can quickly disappear due to medical costs
When it comes to property, every vehicle purchased in the Philippines requires Compulsory Third Party Liability (CTPL) insurance to be registered with the LTO. But CTPL often has specific and limited coverage [link CTPL article here]. Properly protecting your vehicle requires a plan that suits your needs.
Additional Benefits of Having Insurance Coverage
Additionally, an insurance plan can provide benefits beyond financial compensation:
- Health plans can be preventive, with coverage for comprehensive medical checkups. More dangerous – and expensive – medical conditions and diseases can be detected and managed early.
- Most property insurance policies allow for professional assessments, revealing potential risks and areas for improvement before they become more serious and put people in danger.
- Travel insurance can help you avoid the bureaucratic hassles of obtaining relevant paperwork for out-of-pocket expenses if you get hospitalized abroad.
- Business insurance often covers losses due to the disruption of operations, including the payment of salaries of your staff.
- Many insurance plans can also include options for investments and growing your personal wealth while providing protection.
Insurance is more than just a safety net for worst-case scenarios; it’s an active investment in your health, family stability, and future prosperity. With the right plan, you gain the confidence to face life’s uncertainties and ensure your long-term financial security.
Protect What Matters Most Today
The best way to discover how insurance coverage protects you, your loved ones, your property, and your business is to speak with professionals who know these products inside and out and can help you choose the best plans.
Reliable Insurance Brokers is ready to help you choose the best coverage for your needs and budget at any time. Just give us a call when you wish to know more about insurance products, and we will guide you through the selection process.
Contact Information for Inquiries and Support
If you have any questions or need assistance with your insurance, feel free to reach out to us:
- Call: +63 2 8631 9285 to 86
- Mobile: +63 917 138 5120
- Email: info@reliable-insurance.ph
- Messenger: m.me/reliable.insurancebrokersph
Sources:
- Rappler (2025, August 3), Filipinos value life insurance but are slow to purchase – study.
- Philstar (2026, June 19), Healthcare costs in Philippines push Filipinos to work abroad, report finds
- FWD (2025, October 4), Why is insurance penetration in the Philippines so low?
