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Social and economic barriers prompt Filipino millennials to postpone big decisions in life

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Economic uncertainty and societal influences are prompting Filipino millennials to delay major life decisions such as marriage and starting a family. Studies also show that the “instant gratification generation” prioritizes landing their dream job and attaining work-life balance to indulge in enjoyable experiences such as engaging in hobbies and travelling sooner than later in life. Turning this vision into reality is no easy feat, as these young adults often get caught in a tug-of-war between meeting lifestyle goals, fulfilling personal and familial obligations, and saving for the future. These struggles make it harder for them to maintain their financial well-being and push them to momentarily set aside their ambitions. AXA Philippines, one of the leading insurance providers in the country, actively empowers Filipino millennials to take significant leaps without having to forgo their dreams to give way to other priorities through AXA MyLifeChoice.

“AXA Philippines recognizes the challenges that the young generation faces. MyLifeChoice was developed to protect what matters most to them by providing all-around coverage, tailored to align with their financial capabilities, as they strive to manifest their life purpose. It’s a way to help them pursue their goals and plans sooner instead of delaying these for later,” AXA Philippines Chief Marketing Officer Nandy Villar said.

AXA MyLifeChoice is an all-around insurance plan that provides life coverage with benefits for injuries from accidents, health coverage that prepares individuals for financial setbacks caused by critical illnesses, and investment opportunities to support ideal lifestyles and help secure the future they dream of building.

It helps alleviate the pressure of making difficult decisions for millennials, such as choosing to set aside cash in case of health emergencies or trying to support their ideal lifestyle while providing for loved ones. Filipino young adults are proactively securing their future by being frugal, seeking additional income, saving for the future, and budgeting smartly to support their family members and themselves. The all-around insurance plan empowers them to juggle multiple roles and responsibilities without sacrificing their life aspirations. For as low as ₱157 per day (based on a basic annual premium of ₱50,000 and critical illness rider premium of ₱7,322, for female, age 35, 10 pay variant), MyLifeChoice provides life coverage with cash benefits in case of sustained injuries due to an accident, cash benefits should they get hit by any of the 74 covered critical illnesses, and investment opportunities to fund more of their goals.

Recognizing that Filipino millennials not only prioritize their own dreams but also care for their loved ones, AXA Philippines hopes to empower them to achieve their ambitions without having to sacrifice one goal for another. Villar stated, “We want to make insurance as inclusive as possible that it seamlessly integrates with people’s multifaceted lives. With MyLifeChoice, we hope that it becomes more than a plan, but a partner in the simultaneous pursuit of individual aspirations and familial responsibilities—essentially, the things that truly matter.”

As millennials navigate the complexities of life and strive to achieve their dreams, AXA Philippines stands by this generation by securing them and the kind of future they hope to achieve. MyLifeChoice is one of the ways the insurance provider gives these young adults the confidence to manifest their life purpose – whether it’s about becoming a go-getter, building a family, or both.

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