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Demand for insurance products surges amid pandemic, survey reveals

The uncertainty and drastic changes brought by the ongoing COVID-19 pandemic has led to increased interest in insurance and investment products, a survey reveals. 

Nearly all Filipinos who participated in the latest Manulife Asia Care Survey claimed that they have taken personal actions to improve overall health in response to COVID-19. In addition to exercising more regularly (65 percent) and shifting to a healthier diet (61 percent), other measure they have taken was to look up insurance products and services. 

‘Invest in You’ webinar host James Deakin (left) with financial consultant Marvin Germo and Manulife Asset Management wealth sales head Zed Matubis. 
Nine out of 10 or 87 percent of  Filipino respondents expressed intention to buy new insurance in the next six months. The figure reflects the increased demand for insurance across Asia, from 62 percent in May 2020 to 71 percent in November 2020. 

“The lockdown has made Filipinos realize that they should prioritize their and their families’ health and financial security through life insurance,” noted Melissa Henson, Manulife Philippines chief marketing officer. 

With an increased interest in insurance and investment products, Manulife Philippines recently held “Invest in You,” a free financial wellness webinar hosted by James Deakin. The webinar focused on how Filipinos can protect themselves and their families from life’s uncertainties while potentially growing their money through variable unit-linked (VUL) life insurance solutions. 

Financial consultant Marvin Germo discussed the importance of diversifying portfolio and how VUL products can give both the “offense” and “defense” one needs when it comes to investing.

“When investing, it’s important to distribute your assets to channels that would work hard for you while allowing you to enjoy the things that you love to do,” said Germo.

He continued, “VUL products give you this opportunity as they provide life insurance protection, in case something bad happens, while being able to grow your investments that give you a potentially strong return at the same time.”

According to Zed Matubis, vice president and head of Wealth Sales of Manulife Asset Management, 2021 is poised to be a “recovery year,” but there are still risks to consider. 

“While the rolling out of the vaccines provides optimism for the reopening of economies, resulting in higher GDP growth and corporate earnings, we still have to be cautious of the increasing COVID-19 cases, which will have a great impact. It would be best for investors to have a long-term investment horizon and diversify their portfolios.”

The webinar can be watched on the insurer’s Facebook page and website. 

Topics: COVID-19 pandemic , Manulife Philippines , Manulife Asia Care Survey , Invest in You
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