FINANCIAL PROTECTION PREPAREDNESS STILL LACKING, ACCORDING TO SUN LIFE GREPA STUDY

Despite having a clear understanding of their financial priorities, a significant number of Filipinos still exhibit low overall financial preparedness, according to the findings of the 2023 Financial Readiness Survey conducted by leading insurer Sun Life Grepa Financial, Inc. (Sun Life Grepa). The survey revealed that less than 10% of respondents feel fully prepared in terms of securing protection instruments to address their diverse goals and needs. Notably, respondents expressed higher levels of preparedness for emergency funds (34%), major goals (32%), personal health (32%), and investments (30%).

While the latest priority rankings align with Sun Life Grepa's 2022 survey, there have been slight percentage adjustments. Earning and saving income remain the top priority at 69%, down from 77%, followed by building wealth at 57% (down from 60%), and protecting money at 39% (up from 33%). These variations are attributed to the ongoing "new normal" or post-pandemic recovery, with stabilized full-time jobs and income opportunities allowing individuals to recalibrate their financial focus. Health protection has risen to fourth place at 29%, compared to the fifth spot (24%) in the previous year, followed by child education at 26%, maintaining its fourth position from the previous year (28%).

Interestingly, respondents with adequate insurance coverage reported a higher level of perceived preparedness, emphasizing the peace of mind associated with insurance ownership. Sun Life Grepa aims to enhance its educational initiatives to underscore the importance of financial protection and guide individuals toward suitable products that address their specific needs.

For those seeking health insurance, Sun Life Grepa offers comprehensive plans such as Sun Grepa Fit and Well, catering to life and health protection with financial benefits for the early or late diagnosis of 114 critical conditions. Specialized plans like Sun Grepa Senior Care and Sun Grepa Cancer Care address the unique needs of individuals in their golden years and those battling cancer, respectively. Additionally, Sun Grepa ProHealth provides affordable health coverage and maximum protection.

Addressing the needs of micro, small, and medium enterprises (MSMEs), Sun Life Grepa introduces tailored solutions, including Sun Life Grepa Accident ProSafe, Sun Life Grepa Smart Care Plus, and Sun Life Grepa HIPSTER, each designed to offer comprehensive coverage against accidents, protection benefits for small business employees, and an affordable insurance solution for MSME employees.

In a bid to cater to environmentally conscious investors, Sun Life Grepa recently launched the SLG Peso-Global Sustainability Growth Fund. This peso-dominated, variable unit-linked (VUL) fund provides access to a mix of Environmental, Social, and Governance (ESG)-driven global equity funds, offering investors an opportunity to grow their finances sustainably.

Sun Life Grepa remains committed to continuous innovation in financial solutions, accommodating diverse concerns and preferences to provide the uninsured with more avenues to safeguard themselves and their futures.