While the coronavirus pandemic has altered the way we live, some things will never change. For this reason, more people are turning to life insurance companies to better prepare themselves and their loved ones against all things inevitable.
In a 2021 survey commissioned by the AIA Group, AIA Philippines’ Hong Kong-based parent company, majority of Filipinos acknowledged the severe impact COVID-19 has made on their well-being, not only in terms of their physical and mental health, but also on their social lives and financial security.
About 71 percent of the respondents said the pandemic had a negative effect on their personal/family finances—driven mostly by mass layoffs, limited economic activities, and shrinking business confidence—with average income reduction measured at 29 percent.