The Filipino’s guide to insurance at every stage of life

Events of recent years in the Philippines have driven Filipinos to realize the value of insurance.

In 2021, the Philippine Life Insurance Association, Inc. reported that 67% of Filipinos were more likely to buy health insurance online during the coronavirus disease 2019 (COVID-19) pandemic, while 66% preferred pruchasing life insurance. More recently, the Manulife Asia Care Survey 2024 found that nearly 80% of Filipinos are looking to expand their insurance coverage and benefits in response to the rising costs of goods, services, and healthcare.

While a willingness to become insured is surely a welcome sight for Filipinos, understanding that insurance isn’t a one-size-fits-all solution is key to having the right coverage in every age. From the first insurance bought to the golden years of retirement, each stage of life influences the type of insurance coverage needed, the cost of premiums, and the most suitable policy options.

Laying the groundwork early

Many believe that the right time to avail of insurance is in one’s 20s to 30s. However, it may be smarter to invest as early as possible. With generally better health and fewer medical risks, younger individuals are considered low-risk by insurers, leading to more affordable premiums and a wider range of policy choices.

Starting young with insurance offers several advantages. Locking in a policy early means enjoying low rates that stay affordable over time. With the younger generation placing greater importance on mental health and overall well-being, having peace of mind through financial protection can ease the stress of unexpected expenses.

Additionally, insurance plans with investment or savings features, like variable universal life policies, can help lay the groundwork for future financial goals, which can be extremely beneficial for fresh graduates and young professionals. By starting early, they not only protect themselves but also take a smart step toward building a more secure financial life.

When commitments expand

By the time one reaches the age of 30, many Filipinos may have already started building their own families, bought their own homes, or are moving up in their careers. This means that adults of this age are more financially secured and can afford to get insurance with better coverage and better premiums.

At this stage of life, a few insurance options become increasingly important. Term life insurance is crucial for income protection, especially for those who are the primary earners in their families. This guarantees payment of a stated death benefit to the insured’s beneficiaries should something happen within a specified term.

Health plans with family coverage should also be a priority for those starting a family. Maternity benefits, children’s medical needs, and regular checkups can be pricy, making comprehensive coverage a need. Protecting property and car investments helps prevent significant financial setbacks in case of accidents or natural disasters.

Educational plans can also be a consideration at this stage. Starting early ensures that your child’s tuition is covered no matter what happens in the future, giving the insured a head start on saving for their kids’ education without the burden of financial stress in the future. Investment-linked insurance can also be an excellent choice as it helps protect loved ones while simultaneously building savings for long-term financial goals.

Once at the financial midpoint

Filipinos usually experience the peak of their careers during their 40s. At this point, they earn the most while also having greater financial commitments. One’s midlife can be a financial checkpoint, a good time to sit down with a financial advisor to review and possibly update their insurance portfolio.

Expanding life insurance is recommended to match a changing lifestyle, whether it is to cover bigger loans or provide extra protection for loved ones. Critical illness coverage may be of importance as well. Age-related health risks start to become more of a reality at this point in one’s life. Planning for long-term care and future medical expenses can go a long way in avoiding unexpected burdens later on. Protecting assets, such as a home, business, or other investments, is also prudent to prevent major setbacks from accidents, disasters, or legal claims.

Preserving wealth into legacy

As retirement approaches in one’s 50s and 60s, the focus inevitably shifts from building wealth to preserving it. Insurance at this point plays more of a protective role. Medical needs tend to grow with age, and so does the desire for peace of mind and financial stability for their children and maybe even grandchildren. It’s also a good time to reassess what’s still necessary. For example, large life insurance policies might no longer be needed if children are already financially independent.

Comprehensive health insurance becomes top priority, especially plans that cover age-related conditions and possible hospital stays. Long-term care coverage becomes more important, offering support in case caregiving or assisted living services are needed.

Most at this age also start thinking about what they will leave behind. Life insurance thus becomes a tool for wealth and estate planning, helping with estate taxes and providing a safety net for loved ones. Some insurance plans even offer retirement payouts, providing a steady stream of income to supplement savings.

For those in their 70s, insurance becomes less about growing wealth and more about preserving dignity, independence, and leaving a legacy. The needs are different, but the value of having the right coverage remains high.

Hospitalization and final expense insurance can help cover medical bills and funeral costs, easing the financial burden on loved ones. Even modest legacy planning policies can be meaningful, giving seniors a way to leave something behind.

At this age, simplified or guaranteed-issue plans become attractive, especially for those with pre-existing health conditions, as they typically require fewer medical checks. Many providers now offer plans tailored specifically for seniors, focusing on what matters most at this life stage.

Age plays a big role in how insurance works. The younger a person is when they get insured, the lower the premiums — thanks to lower health risks and more time to grow investments. As people get older, premiums tend to increase, and some options may no longer be available. Seniors, for example, might face limits on the types of policies they can apply for or how much coverage they can get.

This is why starting early isn’t just smart; it can be the key to unlocking better rates, broader choices, and long-term financial security. Age changes the conversation, but insurance remains a constant need throughout every stage of life. — Jomarc Angelo M. Corpuz