Millennials shoulder many family expenses, reveals study
In the age of Instagram, blogs and vlogs, there is criticism on the seeming superficiality and self-centeredness of today’s youth.
However, a study conducted by Philam Life, and recently revealed to media, begs to differ. The findings heralded the introduction of Philam Life’s newest product, the Active Joint Critical Protect, a health and life insurance in one. It’s like a buy one-take one insurance—tailor-made for millennials.
“I was surprised by our findings myself,” said Ten Paras, head of product of Philam Life. “Millennials are the most misunderstood segment of our market. When we did our research to develop new products, we discovered that a majority of millennials take care of their family. They are very concerned about the health and well-being of their family.”
Paras explained that, based on the study, millennials often contribute to their family’s household expenses, pay for utilities, or shoulder the medical expenses of loved ones —even when they no longer live in the same household.
“Eighty percent of millennials still contribute to household expenses, even when they no longer live with their parents and siblings,” Paras noted. “And millennials today are very smart when it comes to their finances. They know how medical expenses can seriously drain their money, and since Filipinos dearly love our families, they often buy insurance to protect their loved ones.”
Paras was delighted and encouraged by what the research data showed. It seemed like the Filipino trait of familial love and duty is still part of the millennial psyche. To address this, Philam Life introduced Active Joint Critical Protect.
It’s a health and life insurance plan that covers the buyer plus one family member. It’s a term plan with coverage that continues for 10 years.
The cash benefit will be paid out should the buyer or the nominated family member get diagnosed with any of the 10 covered critical illnesses in the program, including heart attack, stroke and cancer.
Present at the launch were celebrities and Philam Life brand ambassadors Solenn Heussaff, Nico Bolzico and Mond Gutierrez. They explained to media guests the benefits of the Active Joint Critical Protect program.
Gutierrez, asked who he would nominate to include in the insurance plan, said: “Chard (Richard), being my twin, is the closest, most important person in the world to me. And if there’s any way I can take care of him, I will.”
Heussaff said: “I love my mom, and there’s not much else I can do for her at this stage. But with this new product from Philam Life, I can do my part to make her worry less about getting sick in the future.”
Bolzico remarked: “I don’t have to tell you guys how much I love my wife. And while there are millions of ways that I’ve shown this, preparing for the unforeseen future makes me breathe easier every single day.”
Philam Life chief marketing officer Leo Tan said, “We always put our customers first and strive to innovate with products that address their needs. With a product that jointly addresses the twin concerns of health and protection, we are empowering Filipinos to feel secure about their and their loved ones’ future, helping them live worry-free and healthier, longer and better lives.”–CONTRIBUTED
Call 5282000; e-mail email@example.com; like Philam Life on Facebook.
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