A growing number of young Filipinos want to shield their families from financial hardship, yet many still overlook one of life’s most inevitable expenses: memorial costs.
A study by PhilPlans First Inc., conducted in April 2024 with 400 respondents, found that 78 percent of Gen Y and Gen Z Filipinos view protecting their families as the top purpose of insurance. The research also showed 67 percent consider “loss of life” as the event they most want protection from in the next three years.
Despite this, only 24 percent currently include burial support in their plans, placing it near the bottom of financial priorities.
“Filipinos are naturally caring and family-oriented, but we often shy away from planning for life’s end,” said PhilPlans president and CEO Monico V. Jacob. He emphasized that preparing for this reality is “an act of love and responsibility,” helping ease both emotional and financial stress for families.
To address the gap, the firm introduced Memorial Fund Plus (PMF Plus), a plan offering enhanced benefits beyond traditional memorial assistance. It features immediate cash support, round-the-clock service, and a 3 percent annual benefit growth. PhilPlans also works with more than 300 mortuary partners nationwide and provides a Living Cash Benefit for urgent and future needs.
“We designed the plan to provide peace of mind for families when the time comes,” Jacob said. “It ensures that memorial expenses are covered, allowing families to focus on what truly matters—honoring and remembering their loved ones.”
“It is our hope that many would take All Saints’ Day as a time to also reflect on taking steps toward ensuring lasting care and security for the next generation,” he added.
