Spill Some Tea! I’ve Got You Covered: Understanding Filipinos’ Perceptions of Insurance

James Martin L. Mag-aso, Thwillemae Joy M. Cuyos and Monsour A. Pelmin
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James Martin L. Mag-aso: Malayan Insurance Co., Inc., General Santos City
Thwillemae Joy M. Cuyos: Brigada Pharmacy, Inc., General Santos City
Monsour A. Pelmin: Mindanao State University, General Santos City

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 5, 2856-2866

Abstract: Life is unpredictable, that is why insurance is important as a safety net, yet many Filipinos in General Santos City are reluctant to get one due to cultural perceptions and myths. Recognizing the importance of insurance is essential for building a more secure and stable future. For this reason, this study aimed to analyze underlying factors that influence Filipinos’ decisions to obtain insurance. Mixed methods of research were used. The study involved three hundred (300) respondents from five sectors namely; government (60), healthcare (60), finance (60), technology (60), and education (60). A researcher-made questionnaire was used to gather data relevant to the study. The findings revealed that while most respondents are aware of insurance, actual coverage is primarily limited to basic plans such as life and health insurance. The study showed that awareness is largely influenced by direct contact with insurance agents and recommendations from family and friends. In terms of perception, respondents generally view insurance positively, recognizing its value for financial security. Moreover, the results suggest that insurance uptake is more common among those who are educated and economically active. The study highlights the importance of improving financial literacy, offering more affordable insurance options, and enhancing public trust in insurance institutions to promote wider coverage.

Date: 2025
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