Financial Advisor Asked: Why many Filipinos do NOT have insurance

After finishing all his deliverable at a foreign stock trading company, Rowel Sabas’ day is not ending yet. This yuppy from Pasig City then readies himself to talk about all kinds of nightmare in life: accidents, soaring hospital bills, debts, bankruptcy, and ultimately death.

Beyond his day-to-day routine of analyzing and computing numbers, Rowel also sells insurance. And as a Financial Advisor (FA), it requires him to regularly discuss about things that are the most difficult to deal with.

A Senior FA who was recognized Premier Advisor in 2019, Rowel steps into the light to share his insights about his unpopular profession, the controversial industry he is in, and his unconventional interest of helping address people’s worries during uncertain times.

Question 1: How does insurance we had years ago differ from the kind of insurance we have now? 

Rowel: Insurance nowadays has evolved to the extent that it is now available in the online market.  Nowadays, life companies are really doing their best to reach not only the elite people but the Type C and D members of our economy as well.  I think we are consistently innovating our products so we can secure more and more people.

Question 2: Can you give us one very common scenario in our day-to-day life that makes us realize that we really need insurance?

Rowel: Road accident is really an eye opener for us, because every day we need to travel in order for us to work.  Imagine if you are a breadwinner of the family and something bad happens to you along your way going to work. It is always better to consider being insured adequately. 

Question 3: What is the common age of the people that buy insurance from you and what are their reasons for buying? 

Rowel: Mostly, my clients are nearly in their 30's. And I never had a hard time explaining to them the importance of securing their lives and their current financial status as well.  The common reason is more of getting financial freedom and a happy retirement.

Question 4: To a minimum wage earner, how much of his or her monthly salary should be allocated for insurance? 

Rowel: It depends really on the financial goal of the person.  But of course, I could not give a plan without considering its minimum monthly premium. I think there  are still plans that are around 2K per month. 

Question 5: To someone who just started to work at age 20, what insurance products are you more likely to recommend to that person? 

Rowel: I am offering a health insurance with investment products, because they could really take advantage of getting it early and it is cheaper as to compare if they will get it in latter years.

Question 6. What do you think is main reason why many Filipinos still do not believe or have insurance? 

Rowel: For me, the main reason is having the poor mindset and the  lack of self confidence in accepting that there could be an easier way to get life insurance-- because it’s now getting more budget-friendly! 

Question 7. How do we know that we are dealing with a legitimate insurance agent? 

Rowel: We could always ask the customer service of that particular life company just to be sure.

Question 8. What are the chances that an insurance company fails to deliver its promise? 

Rowel: I think there's no way because of the strict government regulations we have here in the Philippines. Plus the level of defense against insolvency which all life companies do practice.

Question 9. If a friend of yours decided not to get insurance, what other types of investment are you more likely to recommend to him or her?

Rowel: For me insurance is the first step in starting your investment journey.  The VUL or Variable Universal Life itself tackles multiple investment in paper assets that give us the springboard to understand more of the basic of investments principles.

Question  10: What do you think is the most trusted insurance provider in the Philippines and why? 

Rowel: For me, it’s Philamlife because it dominated the majority of the metrics of Insurance Commission--- rank 1 in capitalization, net income and the total asset. And even its mother company did rank 1 as the most stable Life in terms capitalization worldwide.  And I am very proud of that.


Rowel only calls it a day once his last client has already bid goodbye to him, give it a little rest before hitting the road for his next role- father to his two youngsters. To continue the conversation with Rowel, connect with him:

Rowel Sabas
Premier Licensed Financial Advisor- PhilamLife 

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