More millennials finding insurance sexy | Inquirer Business

More millennials finding insurance sexy

By: - Reporter / @neltayao
/ 05:25 AM June 16, 2019

When it comes to financial literacy, Filipinos, says Alex Narciso, president of Sun Life of Canada Philippines, still have a long way to go—but that doesn’t mean things aren’t improving.

Today’s youth is responsible for Sun Life’s optimism, as more millennials are becoming financial advisors under the brand.

As of last year, the insurance company had 15,000 advisors, around half of whom belong to the millennial generation.


By this year, Sun Life hopes to raise their number of advisors to 17,000, to allow them to reach more areas, especially in the provinces.


“Maybe [the job] is becoming sexy,” Narciso says. “But a segment that has become a pleasant surprise for us are the millennials. We have been experiencing an entry of millennial advisors… and quite a number of them are actually second generation. We have advisors who have been with us 30, 40 years, and so their children follow suit, and they in turn are able to attract others of the same age.”

On the flip side, the company’s client base is now at 4.3 million; still low considering the country’s huge population, but still a significant increase from their reach in 2016, which was 1.2 million.

Narciso said the goal was to reach at least five million clients by 2020, and Sun Life is working on doing so by holding events such as the annual Financial Independence Month, a campaign which aims to make Filipinos more aware of how to manage their finances.

A recent study of 1,200 Pinoys by Kantar Milward Brown, commissioned by Sun Life, revealed that while many are concerned about saving for emergencies (68 percent), as well as securing their family’s future (62 percent) and retirement (57 percent), only a little over a third (39 percent) of them are investing their money to fund such goals.

Their main reason for not investing in life insurance or mutual funds, according to the study, is their financial situation; 44 percent said that these products are considered additional expenses rather than important tools for financial security.

Awareness is also an issue, as 16 percent, 15 percent, and 17 percent said they knew little about life insurance, accident insurance, and health insurance, respectively.


Given these results, Sun Life adopted the theme “Life, Health, and Wealth,” for this year’s Financial Independence Month. Under “Life,” one of the company’s initiatives was to launch the Life Insurance Calculator, an online tool that can help one assess how much life insurance he or she would need (access the calculator via

The company also launched Sun Smarter Life Classic, a protection plan that provides double life insurance coverage throughout one’s lifetime, and offers benefits one can use in case of emergencies or immediate need for cash; and Life Armor, digital life insurance available online through Lazada for as low as P100.

Sun Life also tackles road safety through a partnership with navigational app Waze, dubbed “Brighter Drive, Brighter Life.”

Waze now alerts users about accident-prone areas.

Under “Health,” there is Sun Fit and Well, a wellness plan that offers comprehensive life and health protection, covering everything from prevention, diagnosis, treatment to rehabilitation.

GoWell, Sunlife’s health and wellness community, has also expanded its tie-up with Fitness First to offer more club benefits and preferential rates for Sun Life clients , advisors, and employees.

Finally, for “Wealth,” there is the Investment Calculator (, another digital tool which Pinoys can use to see how they can grow their money.

Still need help planning your finances? Sun Life recommends approaching an advisor to get ahold of the Sun Future Planner, a comprehensive financial planning guide that would help one analyze his or her needs and what concrete steps need to be taken to accomplish his or her goals.

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“Life, health, and wealth are the essentials of a brighter future, but one can only achieve them if they save and invest for the future,” said Mylene Lopa, Sun Life chief marketing officer. “We hope Filipinos would utilize these solutions to create a more holistic and hardworking financial plan.”

TAGS: Sun Life of Canada (Philippines)

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