perception of selected insurance clients to the importance of life insurance and wealth management

PERCEPTION OF SELECTED INSURANCE CLIENTS TO THE IMPORTANCE OF LIFE INSURANCE AND WEALTH MANAGEMENT

__________________________

An Undergraduate ThesisPresented to the Faculty of the College of Accountancy

Polytechnic University of the PhilippinesSta. Mesa, Manila

_________________________

In Partial Fulfillment of the Requirements for the DegreeBachelor of Science in Accountancy

________________________

ByBEO, Kimberly M.

GONZAGA, Daneth Alexandra D.S.GONZALES, France Arabelle P.

OJEDA, Loraine Joy M.BSA IV-4

October 2015

ii

CERTIFICATION

This thesis entitled, PERCEPTION OF SELECTED INSURANCE CLIENTS TO THE IMPORTANCE OF LIFE INSURANCE AND WEALTH MANAGEMENT prepared by Kimberly M. Beo, Daneth Alexandra D.S. Gonzaga, France Arabelle P. Gonzlaes and Loraine M. Ojeda in partial fulfillment of the requirements for the degree Bachelor of Science in Accountancy has been examined and recommended for acceptance and approval for ORAL EXAMINATION.

PROF. ELLINOR FUA-GERONIMOAdviser

APPROVAL SHEET

Approved by the PANEL OF EXAMINERS ON ORAL EXAMINATION with a grade of _____.

Accepted and approved in partial fulfillment of the requirements for the Degree of BACHELOR OF SCIENCE IN ACCOUNTANCY.

SYLVIA A. SARMIENTODean, College of Accountancy

October 2015

iii

ACKNOWLEDGMENT

The researchers would like to express their greatest gratitude and

sincerest appreciation to the following who made this study possible:

To Almighty God, for giving us the strength and wisdom to finish this

research, for providing us our needs and for guiding us always;

To Prof. Ellinor Fua-Geronimo, our thesis advisor, for her guidance in

making this research and for her advice to make our thesis better;

To Mrs. Rebbie Mendez and Prof. Leandro Fua, for giving us the

information we need regarding insurance. We would not know more about the

concepts of insurance and how it works without them. We also thank them for the

time they had given us in answering our questions about our research.

To Mr. Elmer Ojeda for permitting us to use their facility in doing our study,

lodging in times that we really need it to finish our work and other things we need

specially the food.

To Ms. Katrina Elizon for helping us in the statistical work regarding the

presentation, analysis and interpretation of data of our research even though it is

on short notice.

To Caberio Family for supporting us and providing us the wireless fidelity

connection that we need during our research.

To our churchmates, friends and neighbors for helping us on our

respondents. Finding respondents for our research became easier because of

them.

iv

Lastly, we would like to thank our families for their continuous support and

understanding. Their simple ways of showing their support motivated us to finish

this thesis as we were also reminded that they are the reasons why we

persistently study and determined to finish this course.

v

ABSTRACT

Title: Perception of Selected Insurance Clients to the Importance Of Life Insurance And Wealth Management

Researchers: Kimberly M. BeoDaneth Alexandra D.S. GonzagaFrance Arabelle P. GonzlaesLoraine M. Ojeda

Degree: Bachelor of Science in Accountancy

Institution: Polytechnic University of the Philippines

Adviser: Prof. Ellinor Fua-Geronimo

The Problem

The following study intended to determine the perception of selected

insurance clients to the importance of life insurance and wealth management in

relation to selected variables, according to the profile of the random selected

respondents.

Research Methodology

The Researcher sought to identify the perceptions of selected insurance

clients through using descriptive method that employed the convenience

sampling technique. Structured survey-questionnaires were distributed to the

respondents.

vi

To interpret and analyzed the data gathered, frequency and percentage

distribution, ranking, weighted mean, independent sample t-test and one-way

ANOVA. It is presented in tabular form with corresponding narrative description.

Findings

Based on the results of the study, the following findings are presented:

1. Frequencies on the Profile of Selected Insurance Clients:

a. Age - Majority of the selected insurance clients have an age between 20-

30 years.

b. Gender - The study has more female than male respondents.

c. Civil Status - Most of the respondents are single, followed by married and

the least, widow respondents

d. Number of Family Dependents - Most of the respondents have less than 3

dependents.

e. Highest Educational Attainment - The respondents are mostly college

graduate.

f. Occupation - Majority of the selected insurance clients are professionals.

g. Range of Monthly Income - The highest number of respondents have a

range of income of P25,000 to P50,000

h. Name of Insurance Company - Sun life insurance has the highest number

of life insurance clients in this study.

vii

2. There is no significant difference between the profile of the selected

insurance clients to their perception on the importance of the aspects of life

insurance as to its objective, term, benefits, risks and investment value.

3. The saving scheme with good return is the most significant feature of life

insurance for the selected insurance clients.

4. Most of the selected insurance clients avail life insurance plan because it is

required by the company they are currently employed in.

5. Almost all of the selected insurance clients agree that they feel more

protected in having a life insurance.

6. Almost all of the selected insurance clients perceive that the benefits of their

life insurance plan outweigh its cost.

7. It is the high cost of availing a life insurance plan that most of the selected

insurance clients encounter.

8. Most of the selected insurance clients propose that insurance companies

should offer more affordable life insurance plan.

Conclusions

From the results of the study, it was conclude that there is no significant

difference between the profile of the selected insurance clients to their perception

on the importance of life insurance and wealth management.

Recommendations

In light of the conducted study, the following recommendations are made:

viii

1. The scope of this study does not limit the number of insurance providers or

companies for qualified respondents. In order to limit the scope of this study,

future researchers should choose only one insurance provider or company for

the whole sample of respondents.

2. The sampling technique used in this study has the disadvantage of inability to

represent the whole population of respondents. Future researchers should

use a different sampling technique in order to generalize the result of the

study.

3. Improvement of the questionnaires should improve the questionnaire and add

more items to be included in the Likert scale to have a more detailed result.

ix

TABLE OF CONTENTS

Page

TITLE PAGE …………………………………………………………….........

CERTIFICATION AND APPROVAL SHEET ………………………………

ACKNOWLEDGMENT ……………………………………………………….

ABSTRACT ……………………………………………………………………

TABLE OF CONTENTS ……………………………………………………..

LIST OF TABLES …………………………………………………………….

i

ii

iii

v

ix

xi

CHAPTER 1 THE PROBLEM AND ITS BACKGROUND …………... 1

Introduction ………………………………………………Background of the Study ……………………………….Theoretical Framework …………………………………Conceptual Framework …………………………………Statement of the Problem ………………………………Hypotheses ………………………………………………Scope and Limitation ……………………………………Significance of the Study ……………………………….Definition of Terms ………………………………………

12356899

11

CHAPTER 2 REVIEW OF RELATED LITERATURE AND STUDIES …………………………………………..

Foreign Literature …………………………………………..Local Literature …………………………………………..Foreign Studies …………………………………………..Local Studies ……………………………………………..Synthesis ………………………………………………….

14

1418202324

CHAPTER 3 RESEARCH METHODOLOGY ……………………….. 26

x

Research Method Used …………………………………Respondents of the Study ………………………………Sampling Technique ……………………………………..Research Instrument …………………………………….Validation of the Instrument ……………………………..Data-Gathering Procedure ………………………………Statistical Treatment of Data ……………………………

26272728293030

CHAPTER 4 PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA ………………………….

Profile of the Respondents ………………………………Perception of Insurance Clients to the

Aspects and Features of their Life Insurance Plan ….. Perception of Insurance Clients to the

Importance of their Life Insurance Plan …………….Problems Encountered and Proposed Solutions ……..

34

34

38

4547

CHAPTER 5 SUMMARY, CONCLUSIONS, AND RECOMMENDATIONS ……………………….......

Summary of Findings …………………………………Conclusions ……………………………………………….Recommendations ……………………………………….

49

495152

BIBLIOGRAPHY ………………………………………………………………

APPENDIX ……………………………………………………………………..

CURRICULUM VITAE ………………………………………………………..

54

57

61

xi

LIST OF TABLES

TABLE PAGE

1.1 Age of the Respondents …………………………………… 34

1.2 Gender of the Respondents ……………………………… 35

1.3 Civil Status of the Respondents ………………………….. 35

1.4 Number of Family Dependents of the Respondents ……………………………………….

35

1.5 Highest Educational Attainment ofthe Respondents ……………………………………….

36

1.6 Occupation of the Respondents …………………………... 36

1.7 Range of Monthly Income of theRespondents ……………………………………………

37

1.8 Name of Insurance Company ofthe Respondents ……………………………………….

37

2.1 Age versus Perception of SelectedInsurance Clients ……………………………………….

38

2.2 Gender versus Perception of SelectedInsurance Clients ……………………………………….

39

2.3 Civil Status versus Perception of SelectedInsurance Clients ……………………………………….

39

2.4 Number of Family Dependents versusPerception of Selected Insurance Clients ……………

40

2.5 Highest Educational Attainment versusPerception of Selected Insurance Clients ……………

41

2.6 Occupation versus Perception of Selected Insurance Clients ……………………………………….

42

2.7 Range of Monthly Income versus Perception 43

xii

of Selected Insurance Clients ………………………...

2.8 Name of Insurance Company versus Perceptionof Selected Insurance Clients ……………………….

44

2.9 Perception of Selected Insurance Clients to the Most Important Feature of a Life Insurance …..

45

3.1 Main Reasons of Availing Life Insurance Plan ………….. 45

3.2 Perceived Protection in having Life Insurance …………... 46

3.3 Perceived Benefits over Costs in having Life Insurance ………………………………………….

46

4.1 Problems Encountered in having Life Insurance ………... 47

4.2 Proposed Solutions to the Problems Encountered in having Life Insurance ………………

48

1

CHAPTER 1

THE PROBLEM AND ITS BACKGROUND

Introduction

Have you asked yourself a question of “Who will take care of my family if

something unexpected happen to me tomorrow?” This question proves that life is

uncertain yet preparation is one of the best defenses we can have. One of the

ways to guard against those uncertainties is having life insurance. Different life

insurance plans arise nowadays specifically designed to meet unique needs and

situations. It offers specific products tailor made for different life stages. Normally,

the objectives are to provide family protection, provision for old age and

protection against risks.

Despite of the necessity of having life insurance, only 12% of the total

population in the Philippines is insured as of 2012 according to the Insurance

Commission whereas in other nation like USA about 75% of the total population

is covered under some insurance scheme. One of the reasons behind it is having

low level of awareness and understanding to the importance of life insurance.

Individuals act and react on the basis of their perceptions, not on the basis of

objective reality. Thus, awareness is the mainspring of demand creation.

Life insurance policies are a safeguard against the uncertainties of life. It

becomes a necessity for a more secure present as well as future of individuals

and families. Thus, to expand, grow and sustain the coverage of life insurance,

enhancing the awareness of the importance of having life insurance becomes the

2

main focus. The question above reveals that people may not predict the future

but they have the power to have the kind of future they want today by being

prepared now.

Background of the Study

The Insurance Code of the Philippines provides the framework for the

regulatory and policy environment of the insurance industry in the Philippines. It

designates the Insurance Commission as the regulatory authority mandated to

supervise and examine all who are involved in the industry. The insurance

industry in the Philippines comprises the commercial life and nonlife insurance

companies, MBAs, cooperative insurance societies, agents, and brokers. Those

are required to secure a license to operate from the Insurance Commission.

Atty. Emmanuel Dooc, the acting Commissioner of the Insurance

Commission said that insurance industry plays an important role to the

development of the country. He expressly stated that whether life or non-life

insurance, it provides an engine of growth to our national development.

As the Philippines is now considered one of the so-called “breakout

nations” because of poised of becoming part of the elite group of tiger

economies, the demand for insurance has heightened. However, Philippine

insurance industry continues to face challenging conditions. One of the

challenges being confronted is the low penetration of insurance caused by lack of

awareness on the part of majority of Filipinos when it comes to the importance of

insurance. Many Filipinos even have a negative perception of insurance. The

3

insurance industry in the country is more than a hundred years old, and yet about

12 percent of the growing Philippine population is insured as of 2012.

From a high of over 130 insurance companies in the 1980’S, as of

December 31 2012, there were only 110 commercial insurance companies

renewed their certificates of authority to conduct insurance business for 2012–

2013. These are comprised of 4 composites, 29 life companies, 76 nonlife

companies, 1 reinsurance company. It also issued licenses were 28 mutual

benefit associations (MBAs), 17 of which are micro insurance MBAs, and 2

Trusts for Charitable Uses.

As of March 2012, the total assets of the Philippine insurance industry

amounted to P628.34 billion, 82.5 percent of which were contributions of the life

sector and 17.5 percent of the non-life sector. The total net worth of the

insurance industry was P157.2 billion. The penetration rate, which is the ratio of

insurance premiums to gross domestic product (GDP), stood at 1.04 percent in

2010 and 1.15 percent in 2011. This was low compared with other ASEAN

members in 2010: Malaysia, 4.8 percent; Singapore, 6.1 percent; and Thailand,

4.3 percent. Vietnam’s insurance penetration rate in 2009 stood at 1.55 percent

while that of Indonesia in 2008 at 1.30 percent.

Theoretical Framework

The primary purpose of insurance is to smooth out expenditure on a good

for which the need arises unexpectedly. Economic theory of insurance and health

insurance showed how health insurance ultimately affects well-being.

4

Figure 1: A theory of change due to health insurance (constructed from economic

theory of insurance and health insurance; Varian 1992; Morris 2007

The first column depicts the uptake of insurance which may depend on

how one perceives his own risk, understanding of the product and social factors

such as trust to the insurance providers. An individual’s decision to enroll in

health insurance depends on many variables, including age, gender, current

health status, expected health status, income, education, premium amount,

access to quality health care and out-of-pocket spending. The second column

depicts that the utilization of health care may depend on the quality of service,

fees charged at point of contact and guidance from the service provider. The

third column indicates that proper health care delivered through insurance can

improve health status, reduce out of pocket expenditure and lower decline in

labor productivity or supply.

Conceptual Framework

5

The conceptual framework discussed the structure of the entire study to

be taken. The study used the systems approach. The system has three frames

composed of input went through the process or operation and emerged as the

output.

The input contains the leading variables needed includes the profile of the

respondents namely age, gender, civil status, no. of family dependents, highest

Profile Age Gender Civil Status Number of

Family Dependents

Highest Educational Attainment

Occupation Range of

Monthly Income Name of

Insurance Company

Perceptions to the Importance of Life Insurance based on:

Aspects Features Reasons of

Availing Problems

Encountered

Tables represent the evaluations conducted.

Solutions Recommendations for: Limiting the

scope of the study to one insurance provider company

Change of Sampling Technique

Additional items to be included in the Likert Scale

Survey

Unstructured Interview

Research

Statistical Analysis Frequency and Percentage

Ranking Sample T-test

One-Way ANOVA

INPUT PROCESS OUTPUT

FEEDBACK

6

educational attainment, occupation, range of monthly income and name of

insurance company.

The process to be used to conduct the study is shown in the second frame

by conducting a survey, interview, research and use of statistical tools.

After the study, the provided outputs are tables presenting the summaries

of the findings from the evaluation. It will also discuss implications of the study for

future research.

The arrows include the workflow of information in the research process.

The feedback loop connects the output to the process involved as well as to the

input. It made the systems continuous.

Statement of the Problem

This research entitled "The Perception of Selected Insurance Clients to

the Importance of Life Insurance and Wealth Management" aimed to determine

the insights of selected insurance clients on the significance of the life insurance

policies that they obtained.

Moreover, the study endeavored to answer the following:

1.0 What is the profile of the selected insurance clients in terms of the following:

1.1 Name;

1.2 Age;

1.3 Sex;

1.4 Marital Status;

1.5 No. of Family Dependents;

7

1.6 Highest Educational Attainment;

1.7 Occupation;

1.8 Range of Monthly Income and;

1.9 Name of Insurance Company?

2.0 How do the selected insurance clients evaluate the following aspects of life

insurance plan according to the degree of its importance:

2.1 Objective of Life Insurance;

2.2 Term of Life Insurance;

2.3 Benefits of Life Insurance;

2.4 Risks of Life Insurance and;

2.5 Investment Value of Life Insurance?

3.0 What feature covered by life insurance plan is the most significant to the

selected insurance clients?

4.0 What is the main reason of the selected insurance clients in availing life

insurance plans?

5.0 Do the selected insurance clients feel more protected having a life

insurance?

6.0 Do the selected insurance clients think that the benefits and importance of life

insurance outweigh its cost?

7.0 What are the problems encountered by the selected insurance clients in

having life insurance plan?

8.0 What are the proposed solutions of the selected insurance clients to the

problems encountered in having life insurance plan?

8

Hypothesis

The study seeks to prove or disapprove the following:

a. There is no significant difference between the age of the selected insurance

clients to their perception on the importance of life insurance and wealth

management.

b. There is no significant difference between the sex of the selected insurance


management.

c. There is no significant difference between the marital status of the selected

insurance clients to their perception on the importance of life insurance and

wealth management.

d. There is no significant difference between the no. of family dependents of the

selected insurance clients to their perception on the importance of life insurance

and wealth management.

e. There is no significant difference between the highest educational attainment

of the selected insurance clients to their perception on the importance of life

insurance and wealth management.

f. There is no significant difference between the occupation of the selected


wealth management.

g. There is no significant difference between the range of monthly income of the


9


h. There is no significant difference between the name of the insurance company



Scope and Limitations

This is a study about the perception of selected insurance clients to the

importance of life insurance and wealth management. This was done to know

what persons with life insurance think about the program that they availed, how

they rate the different aspects of life insurance as to its objective, term, benefits,

risks and investment value. This study seeks also the reasons of selected clients

on having a life insurance, the problems they think about the life insurance

program they had encountered and also to know what they think is/are the

solutions to those problems. The respondents of this study were selected through

non-probabilistic convenient sampling.

Significance of the Study

This study was anticipated to contribute additional information to serve the

following individual and organization.

Insurance Companies. This study will be beneficial to them as they will

know the perception of their clients to the different life insurance programs that

they offer. This will enable them to improve their insurance programs because of

the problems identified by the clients and their proposed solution in this study.

10

This study will give them also the idea on how they can reach further to

prospective clients as they will know the common reasons of selected clients on

why they avail life insurance programs.

Uninsured Persons. This study will help them know more about life

insurance and wealth management and get more ideas about it through the

perception of selected insurance clients who availed the life insurance program.

They will be equipped with the aspects of life insurance and know the importance

of it.

Single Parents. Being single parents mean all the responsibility of raising

and giving the needs of their children are their responsibility. This may be a

reason for them to consider having a life insurance so that they will have the

assurance that their children’s financial future is secured.

Retirees. This study will help them to consider having life insurance. The

proceeds of a life insurance policy are payable immediately, allowing heirs to

take care of taxes, funeral costs and other debts without having to immediately

liquidate other assets.. Life insurance proceeds are also generally income tax

free and won’t add to their estate tax liability, if properly structured.

Small Business Owners. This study will also help them to consider

availing life insurance because it can help their family and also their business to

have the money to regain from the loss of the owner if something happens.

Researchers. This study served in great part for the completion of the

researchers' course requirement. It opened their minds about the world of

insurance, how it works and what are the developments in insurance. It made

11

them wise as to what insurance should they choose if there comes a time that

they want to have one. It made them know more people and build their

communication skills. This developed their self-esteem and leadership in

interacting with others, increased their vocabulary, and kept their determination

to finish what they have already started.

Other Researchers. This study will be an effective tool and reference for

the researchers who would intend to make any further relevant study about

insurance particularly about the perception of selected insurance clients on the

importance of life insurance and wealth management.

Definition of Terms

For better understanding and interpretation of this study, the following

terms are operationally defined.

Age. It refers to the respondents’ span of life when the research was

conducted.

Aspects. It signifies the general characteristic that life insurance has. In

this study, it refers to the objective, term, benefits, risks, and investment value of

life insurance.

Civil Status. It refers to the status of the individual in relation to marriage,

classified as follows: single, married, widow, legally separated, annulled and

other related.

Dependents. It refers to the persons who rely on the selected insurance

client especially a family member, for financial support.

12

Feature. It refers to the distinctive advantage or benefit that life insurance

has and provides to its clients.

Gender. This refers to the classification of respondents according to male

or female.

Insurance Company. It is a business that provides coverage, in the form

of compensation resulting from loss, damages, injury, treatment or hardship in

exchange for premium payments.

Insurance Term. It is the period of coverage provided by an insurance

policy.

Investment Value. It denotes the value of an asset to the owner or a

prospective owner for individual investment or operational objectives.

Life Insurance. It is a contract with an insurance company wherein in

exchange for premiums (payments), the insurance company provides a lump-

sum payment, known as a death benefit, to beneficiaries in the event of the

insured's death.

Perception. The way in which the selected clients regarded, understood,

or interpreted life insurance and wealth management. It is the way they think

about it.

Profile. In this study, it refers to the respondents’ classification as to age,

gender, marital status, no. of family dependents, highest educational attainment,

occupation, range of family income and name of insurance company.

Range of Monthly Income. It refers to the average amount of monthly

income received from the employment whether in the range less than P25,000;

13

P25,000 to P50,000; P50,000 to 75,000; P75,000 to P100,000 and more than

P100,000.

Respondents. They refer to the selected insurance clients of this study.

Wealth Management. It is a type of financial service that combines

personal investments, tax planning strategies, estate planning and legal counsel.

CHAPTER 2

REVIEW OF RELATED LITERATURE AND STUDIES

14

For further understanding of the study, the researchers made use of

different reading materials related to life insurance and wealth management.

These materials, such as books, newspapers, thesis and other web articles, are

essential in broadening the knowledge of the researchers. These will also guide

the researchers to achieve their target objectives by getting ideas on other

related studies and make improvements as possible.

Foreign Literature

A life insurance policy is a form of contract whereby an insurance

company, in exchange for premium payments paid by the client according to the

term of insurance or throughout his whole lifetime, provides a lump-sum payment

also known as a death benefit to beneficiaries in the event of the insured's death.

(Fidelity, "What is Life Insurance?",n.d., retrieved 2015) Life insurance is an

intangible commodity pertaining to a future value. It is a form of saving that is

sure to be realized in full amount according to its term upon the fulfillment of the

condition of death which means it is not subject to the fluctuation of outside

market and tax deductions.

Typically, a life insurance is money provided to beneficiaries after the

event of their insured loved one’s death. (Ohio Department of Insurance

[ODI],n.d., retrieved 2015) Thus, it is not for the current benefit of the insurance

client that they avail insurance but for the future of their dependents upon their

death. It means that it is not an immediate gain in contrast to other investment

15

vehicles.

The Ohio Department of Insurance in the United States of America listed

the importance of life insurance that can be summed up to the following: one

thing is, insurance replaces discontinued income of the client upon his or her

death with non-taxable death benefits amounting to a specific full sum and

delivered to their immediate beneficiaries. Second, it facilitates ease for the

beneficiaries in continuing with their life by offsetting financial burdens left by the

deceased such as funeral expenses, hospital and medical bill and mortgage,

estate tax and other debt and it also serves as short term maintenance to their

current standard of living. (ODI, n.d.,retrieved 2015) The overall burden of loss

can be decreased by giving assurance of future security to the beneficiaries for

them to enjoy. Since the payment is in lump-sum, the beneficiaries are in

complete control to the proceeds of life insurance and it is up to them to think

about how to manage the money, hence not all the above listed importance of life

insurance is absolute as it is dependent upon the actions of the beneficiaries.

Although there is a certainty on the amount that can be recovered in the future

due to certainty of death, many people even those who are already insured do

not believe that life insurance is a valuable outlay.

According to the 2015 Life Insurance Statistics and Facts,“ despite the

change in how people are buying their life insurance policies, the actual number

of households buying insurance are still very low.”Though a change in style of

buying can be noticed such as clients going for online shopping for a perfect

insurance companies that can provide for their specific individual needs, an

16

overall negative view and doubt still prevails throughout the people about life

insurance.(2015 Life Insurance Statistics and Facts, retrieved 2015)

“The average consumer does not necessarily loathe life insurance, but

rather have a lax view on its importance versus the other personal and financial

obligations life has presented.” (2015 Life Insurance Statistics and Facts,

retrieved 2015) Hence, in an option to pay a monthly amortization for a house

bought as against monthly insurance premium, the former obligation is treated as

more important and should be attended so the tendency is total elimination of the

second option since it is just treated as an outflow of money with undeterminable

payback time, or worse just treated as an outright expense due to its hit-and-miss

policy, as in the case of term life insurance.

The main complaint of the people about insurance is because they think it

is too expensive. (Leyes, 2015; “Public overestimate life insurance..”, n.d.,

retrieved 2015)There are many related factors as to why people think life

insurance is too expensive. One reason might be because of dissatisfaction of

customers to the service of the insurance company which can be traced due to

incompatible coverage with the customer’s needs or to insufficient understanding

about the policy of the offered insurance plans. Either way, lack of knowledge or

real understanding about the policy affects perception about life insurance.

Another reason is because the people tend to perceive life insurance

either as a necessity or as a luxury item depending on the people’s income. (The

Actuary, “Is insurance a luxury?”,n.d., retrieved 2015) It is therefore a question

whether a person treats insurance as necessity or a luxury item since it indicates

17

the core perception of people to insurance and subsequent perceptions are

based on those core perception differences. If the insurance is considered a

necessity, the people tend consider availing though their income is not that high.

It is a fact that the demand for necessary items has an inverse relationship

with income while the demand for luxury and income has a direct relationship. It

means that ceteris paribus (considering all other things as equal, e.g. fixed

condition of price of the insurance plan, the company providing service,

socioeconomic, political condition etc.) as the income increases, so is the

demand for luxury while the demand for necessity increases.(The Actuary, “Is

insurance a luxury?”,n.d., retrieved 2015) It can be seen that in the developing

country like the Philippines, majority views life insurance as just a luxury item,

thus many insurance holder has negative perception to insurance especially if

they do not know how to use it as a tool for wealth management.

A country’s income level is also a significant influence on the overall

perception of its people. (The Actuary, “Is insurance a luxury?”,n.d., retrieved

2015) In developing countries where the income distribution is not that equitable,

only those on the middle to top of the income strata considers life insurance as a

necessity because first, the family of those people experience comfortable life

and the death of the income earner might affect the current lifestyle of his family,

second, new trends on life insurance emerge where it can become a hybrid of

investment and risk protection so it attracts those middle class who have

sufficient income but with limited expense capacity to avail because of the dual

feature with just a price of one investment assuming those people fully

18

understand the risk and return of those new products and they agree to avail it

nevertheless (Western Federal Credit Union Resource Center: The Importance

of Life Insurance, n.d.), and third, it increases the credit standing of those who

avail it, so those earners perceive life insurance more as a necessity as it serves

as a tool for managing their wealth while those on the bottom part of the

distribution only sees it as an additional or optional expense since they are more

concerned about short term survival decisions due to limited income source.

The trend in today’s financial planning industry is to avoid talking about life

insurance and, instead, focus on investments. Yet talking only about investing

assets leaves out a major aspect of planning and the way to protect those assets

are through life insurance (Harriman,2012). Those who focus on investments

viewed life insurance as an incidental benefit due to returns in their investments

and not as a wealth management tool. Financial analysts insist on the separation

of insurance and investment so emerging new policies that cater to investment

and insurance feature is highly discouraged.

Local Literature

Life insurance is a financial product that is not so popular among Filipinos

because it talks about death which is a sensitive topic to discuss.(Camat, 2012)

Filipinos find it a discomfort to talk about life insurance since it tackles about the

event of dying or losing their loved ones. It follows that the rate of insured in the

Philippines is still low.

19

A lot of misconceptions or negative thoughts are attached to life insurance

in the Philippines. These misconceptions include the following: First, life

insurance will bring bad luck to those who would avail because it talks about

death. Another misconception is life insurance is just an addition to the expense

list. Lastly, life insurance helps only the beneficiaries since the cash proceeds

can only be claimed after the death of the insured. (What people think about life

insurance, n.d., retrieved 2015) The Philippine culture that is susceptible to

cultural beliefs or superstitions is one culprit in promulgating negative perception

about life insurance. Added to those misconceptions is the belief that insurance

just adds your list of expenses. This misconception is backed up with the fact that

the lump-sum benefit would only be realized on the event of death. As against

tangible real or personal property, insurance doesn’t stand a chance in the order

of priority of expenses. The third misconception lies in the limited knowledge

about the other features of life insurance and the emerging new trend that offered

hybrid security of insurance and investment fund. All of these misconception

leads to negative perception about life insurance.

It is also a struggle for Filipinos to pay monthly premium due to financial

struggles that they face other than life insurance.(Riego, 2014) Due to low

economy of the Philippines, many people have difficulty managing their low

income since the expenses are so high. Availing insurance is generally just a

secondary option to unavoidable expenses.

Some of the responses of the Filipinos when asked about life insurance

include: “Naku, para monamanakongpinapatayagadnyan! Malaspag-

20

usapanangkamatayan, ang morbid monaman.” ; “Bata pa ako para isipin yang

mgaganyangbagay, kakasimulako pa langsabagong work ko. Sakana,

pagmalaki-lakinaangsahodko. At saka gusto komunai-enjoy

yungbuhaykongayon.”; “Ewan kolang, angdamikasingbabayarin at gastos,

hindikoalam kung makakayako pang idagdag ‘yan. ‘Di namantalagakasikailangan

‘yansangayon." (Happily Ever After: Mag-Invest KaPinoy!,n.d., retreived 2015) It

seems that there is a lack of awareness especially by younger generations about

the importance of life insurance in managing our wealth which leads to overall

negative perception of our people towards life insurance.

Foreign Studies

There is no standard definition for insurance. It varies on how people view

insurance. To most people, insurance simply means managing risk. It is a legal

contract that transfers risk from a policy holder to an insurance provider.

Insurance services are activities and/or benefits that one party offers to the other

and that services are necessarily intangible and do not result in the ownership of

anything. It is unlike other services, as it is multifaceted and potential reliant

service involves extensive legal characteristics. (Reddy &Jahangir, 2015)

The basic function of the insurance sector in modern societies is to cover

a large number of risks through the mediation of contracts that guarantee

compensation to the insured, be they individuals or organizations, when they

experience losses due to a huge variety of causes. (Lepineux, de Bettignies, &

Tan, 2006)

21

Life insurance, as a product, is always one of the toughest to sell. Though

one can argue about its benefits in the long term, in this modern materialistic

world, customers are getting very cautious about their investments and the

returns out of it. (Dash &Sood, 2013)

This study attempts to determine the perception of insurance clients

towards the importance of life insurance and wealth management. Customer

awareness or perception as a concept is of universal concern for all economies

of the world. (Ahmed, 2013)Dr. Ashfaque Ahmed in his study “Perception of Life

Insurance Policies in Rural India” revealed that there is low level of awareness

and understanding of life insurance products. (Ahmed, 2013) There is a need to

create a broader awareness about life insurance in all geographic areas.

(Reddy& Jahangir, 2015)

There are various factors that influence consumer thinking when they are

planning to invest in insurance scheme. The roles played in perception of

lifeinsurance policies by members of the familyvaries with knowledge parameters

as well as with the typed of products. While a number of psychological variables

are usefulin obtaining into consumer’s perception towards buying life insurance

policies, the insurance company name also plays an important role in

purchasing. (Reddy& Jahangir, 2015)

In the study conducted by Dr. Shamsher Singh, Dr. Naveen J.Sirohi and

Ms. Kumkum Chaudhary entitled “A Study of Customer Perception towards

Service Quality of Life Insurance Companies in Delhi NCR Region”, the age of

respondents significantly determine the customer perception of service quality of

22

life insurance companies. (Singh, Jirohi,& Chaudhary,2014) Therefore, the life

insurance providers may keep in mind the age factor while designing their

product offerings and promotions. The other demographic characteristics such as

gender, education and annual income does not have significant impact on

customer perception towards service quality of life insurance providers.

The study by Mr. P. Rajavardhan Reddy and Dr. Y. Jahangir entitled

“Customer Perception towardsLife Insurance Services in Rural Market”, on the

other hand, reveals that occupation has a significant impact on perceptions of

Indian consumers towards insurance services. The study shows that

Government employees and business people show highest mean score of

positive perception towards insurance services as compared to rest categories of

occupation variable like farmers, labor, private employees and others. (Reddy&

Jahangir, 2015)

Importance of life insurance as enumerated by the study of Dr. Ganesh

Dash and TulikaSood entitled “Why should one invest in a life insurance product:

An empirical study” are as follows: 1. Protection: savings through life insurance

guarantee full protection against risk of death of the saver. Also, in case of

demise, life insurance assures payment of the entire amount assured (with

bonuses wherever applicable) whereas in other savings schemes, only the

amount saved (with interest) is payable. 2. Aid to thrift: life insurance encourages

'thrift'. It allows long-term savings since payments can be made effortlessly

because of the 'easy installment' facility built into the scheme. 3. Liquidity: in case

of insurance, it is easy to acquire loans on the sole security of any policy that has

23

acquired loan value. Besides, a life insurance policy is also generally accepted

as security, even for a commercial loan. 4. Tax relief: life insurance is the best

way to enjoy tax deductions on income tax and wealth tax. This is available for

amounts paid by way of premium for life insurance subject to income tax rates in

force. 5. Money when you need it: a policy that has a suitable insurance plan or a

combination of different plans can be effectively used to meet certain monetary

needs that may arise from time-to-time. (Dash and Sood, 2013)

The study of Francois Lepineux, Henri Claude de Bettignies and Chen

Keong Tan entitled “The Insurance Business and its Image in Society: Tradtional

Issues and Challenges concluded that the insurance mechanism is thus essential

for individuals: it enables all of us citizens to lead our lives free from fear of being

left with nothing after a tragic event, and to feel a relative a sense of security in

our everyday activities. (Lepineux,et.al,, 2006)

Local Studies

The benefits of an insurance plan is an important factor that influence

clients’ perception. The study of Nonito Molina entitled “Life Insurance Program:

Prospective Clientele’s Level of Awareness” concluded that life protection

benefits are provided to the policyholders to cushion the impact of accidents,

illness and emergency. Income continuity benefits were offered to the insured to

provide income replacement to the beneficiary in times of disability or death to

cushion the impact of the loss on income. There is no significant difference

24

between life protection and income continuity which both rated much aware.

(Molina, 2003)

In the study entitled “Perceived and Expected level of Service

performance of New York Life Insurance Clients”, Shiela Mae Yatang concluded

that clients patronize the traditional insurance more than variable life

insurance.Majority of the clients insure only one member of the family. There

were less government employees. (Yatang, 2003) The study also revealed that

customer satisfaction has great impact on customer perception.

The profile of the clients also has an impact on how they perceive their life

insurance plan. Dalisay B. Veneracion, in the study entitled “Perceived effects of

2008 global financial crisis to Insurance Companies in Makati City”, concluded

that the higher the educational attainment, the higher is the understanding in the

value of life insurance.

Decision to acquire life insurance is influenced by demographic, financial

and psychographic characteristics of the respondents. (Veneracion, 2010)

Based on location, barangays nearest the commercial center topped in

terms of awareness on life protection. Least aware are those barangays farthest

from the city proper. (Molina, 2003)

Synthesis

Age of clients has impact on their perception towards their insurance plan.

The study of Singh, Sirohi and Chaudhary concluded that the age of respondents

significantly determine the customer perception of service quality of life insurance

25

companies. Majority of the respondents are in the age group of 25-35 years

(42.4%). The study conducted by Reddy and Jahangir also agrees to this.

Majority of their respondents are between 31-35 years old. This implies that

insurance clients are young.

Another factor influencing clients’ perception is their level of education and

income. Clients having high educational attainment understand the value and

importance of their insurance plans, thus resulting to positive perception. The

study of Dalisay Veneracion concluded that the higher the educational

attainment, the higher is the understanding in the value of life insurance. Also,

people having enough to more than enough income more likely are the ones who

purchase insurance plans. An article in The Actuary, “Is insurance a luxury?”

revealed that in developing countries where the income distribution is not that

equitable, only those on the middle to top of the income strata considers life

insurance as a necessity. However, the study of Singh, Sirohi and Chaudhary,

states that annual income does not have significant impact on customer

perception towards service quality of life insurance providers.

Culture also influences how clients perceive life insurance. Raymund

Camat, in his blog, states that life insurance is not so popular for Filipinos

because it talks about death which is a sensitive topic to discuss. They find it a

discomfort to talk about life insurance since it tackles about the event of dying or

losing their loved ones. Perception like this calls for broader awareness and

education.

CHAPTER 3

26

RESEARCH METHODOLOGY

This chapter discussed the design and procedures undertaken during the

conduct of the study. It presented the research method used, respondents of the

study, sampling technique, research instrument, validation of instrument, data

gathering procedures and statistical treatment of data.

Research Method Used

Collins and Hussey (2009) defined methodology as an approach to how

the research is done. It is made of methods which serve as ways of collecting

and analyzing data.

This study made use of descriptive research method which involves either

identifying the characteristics of an observed phenomenon or exploring possible

correlations among two or more phenomena. It is designed to gather about the

present existing condition needed in the study. Marczyk (2005) stated that

descriptive research method can give essential data about the average member

of a group, or by gathering data on a large enough group of people. Further, the

researchers chose the survey strategy because it seeks the opinion of a sample

about a specific subject matter.

As used in this research, data gathered and analyzed are data on selected

insurance clients’ profile such as age, gender, marital status, no. of family

dependents, highest educational attainment, occupation, range of monthly

income, name of life insurance and type of life insurance plan, term of life

27

insurance and monthly minimum payments. In addition, data regarding clients’

perceptions to the importance of the different features of a life insurance plan,

reason of availing the plan, problems encountered and their proposed solutions

are also treated.

Respondents of the Study

As a result of limited data on the total population, cost and time

constraints, information from a sample size of 55 selected insurance clients from

different insurance companies was able to gather.

Sampling Technique

In selection of respondents, convenience sampling was used. It is a non-

probabilistic sampling technique where subjects are selected because of their

convenient accessibility and proximity to the researcher. A non-probabilistic

sampling technique is a sample technique where the samples are gathered in a

process that does not give all the population equal chances of being selected. It

was used for three reasons. First, getting the total population of each SEC-

registered insurance company is difficult which is required for the use of any

random sampling technique. In addition, the clients are scattered which makes it

very complicated to contact each of them individually. Lastly, the researchers

have limited time and resources to conduct the study.

Research Instrument

28

The data collected can be categorized into primary or secondary data. For

this research study, both data collection have been taken. Collis and Hussey

(2009) explained that primary data are those information that come from original

sources through the use of instruments like surveys or through interviews. On the

other hand, the secondary data pertains to the published and unpublished

information.

Among the various methods, which can be used to collect the primary

data, the researcher has adopted two methods which are structured

questionnaire method and unstructured interview method.

The researcher has prepared structured questionnaires, which contained

predominantly multiple choice questions, to gather respondents’ opinions with

regard to the problem. The questionnaire was partly adopted from the

questionnaire developed by Dr. Ganesh Dash and Tulika Sood, assistant

professors of Jaipur National University in India, in their dissertation entitled “Why

should one invest in a Life Insurance Product?” By all means, the researchers

designed the questionnaires in a proper form to accommodate sufficient and

relevant information required from the respondents.

The questionnaire has fourth parts. The first part concentrated on the

profile of the respondents. The second part was subdivided into two sections.

The first section pertained to the perception of insurance clients to the degree of

importance of each aspect namely objective, term, benefits, risks and investment

value in their life insurance plan. Likert scale was used to modify the answers of

the respondents considering five (5) options with the corresponding scale. The

29

options are Very Important, Important, Less Important, Not Important and

Indifferent. Respondents are requested to check the bracket represented by each

option. Regarding on their perception of the most significant aspect covered by

life insurance plan was stated in the second section. On the other hand, the third

part, composed of three sections, presented the perception of insurance clients

to the importance of their life insurance plan. The first section listed the main

reason why clients avail a life insurance. The second section showed client’s

opinion of whether they feel more protected having life insurance. Their

perception regarding cost and benefit was presented on the last section. Lastly,

the last part listed the problems they encountered in having life insurance plan

followed by their proposed solutions. The responses have been collected through

personal and online survey.

In addition, the researcher conducted personal unstructured interview with

an insurance agent to gather more information and statistical data.

The secondary data is collected with the help of an insurance agent in

Manulife, and through using Website, Internet etc.

Validation of the Instrument

Validity refers to the degree on which of which our test or other measuring

device truly measures what it intends to measure. The researchers used the

content validity type for the validity of the instruments used. Steps taken by the

researchers under the content validity include documentary analysis.

Data Gathering Procedure

30

The researchers spent great time in developing their questionnaire. In

order to develop a well-sufficient and relevant questionnaire, in depth literature

review about the importance of life insurance plan was carried out. The

researchers conducted the survey individually to their acquaintances and their

referrals. It was difficult for them to find respondents because they know only few

people who have life insurance plan. The researchers conducted their survey

through personal and online.

Before the start of the survey, the research's purpose, importance and

objectives were first explained to the respondents. The selected insurance clients

were also given the assurance that the information they had provided will be

used solely for the purpose of the study as well as their identities will remain

confidential. All the questions found in the questionnaire seek to find only to the

perception of selected insurance clients on the importance of life insurance and

wealth management. Some of the questionnaires were not retrieved and some

were left unanswered.

The result will be tallied and tabulated according to the frequency of items

answered by the respondents. It will be interpreted by using various statistical

tools.

Statistical Treatment of Data

1. Frequency and Percentage Distribution

The frequency and distributions were used to classify the respondents

according to personal background variables such as age, sex, marital status,

31

number of family dependents, highest educational attainment, occupation,

range of monthly income and name of insurance company. It showed the

actual number of occurrences of values within an interval. The frequency also

presented the actual response of the respondents to a specific question or

item in the questionnaire.

In addition, percentage distribution was also used. It showed the

occurrences in an interval as a percentage of the total number of occurrences

in the set. The percentage of each item or question is computed by dividing it

with the sample total number of respondents who participated in the survey.

The formula used in the application of this technique is:

% = (f/n) x 100

where:

% = percentage

f = frequency

n = number of cases or total sample

2. Ranking

This is a descriptive measure to describe numerical data in addition to

percentage. Ranking was used in the study for comparative purpose and for

sharing the importance of items analyzed.

3. Independent Sample T-test

32

The independent-samples t test evaluates the difference between the

means of two independent or unrelated groups. It evaluate whether the means

for two independent groups are significantly different from each other. It does not

violate any of the three assumptions: The scores in your data represent a

random sample from the population under study; the distribution of the mean of

your sample is normal; and the variances of the different groups studied are very

similar.

With an independent-samples t test, each case must have scores on two

variables, the grouping (independent) variable and the test (dependent) variable.

The grouping variable divides cases into two mutually exclusive groups or

categories, such as boys or girls for the grouping variable gender, while the test

variable describes each case on some quantitative dimension such as test

performance. The t test evaluates whether the mean value of the test variable

(e.g., test performance) for one group (e.g., boys) differs significantly from the

mean value of the test variable for the second group (e.g., girls).

4. One-Way Analysis of Variance (ANOVA)

The one-way Analysis of Variance (ANOVA) can be used for the case of a

quantitative outcome with a categorical explanatory variable that has two or more

levels of treatment. The term one-way, also called one-factor, indicates that there

is a single explanatory variable with two or more levels, and only one level of

treatment is applied at any time for a given subject. It has four basic

assumptions: The expected values of the errors are zero; the variances of all

33

errors are equal to each other, the errors are independent and they are normally

distributed.

CHAPTER 4

34

PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA

In this chapter, the data gathered from the selected insurance clients are

presented, analyzed and interpreted. The following variables were illustrated and

discussed: age of the respondents, sex, civil status, no. of family dependents,

highest educational attainment, occupation, range of monthly income, and name

of insurance company together with their perception about the importance of life

insurance. The results of the survey responded by the 55 selected insurance

clients was also discussed.

I. Profile of the Respondents

Table 1.1Age of the Respondents

Age Frequency Percentage20 to 30 28 50.91%31 to 40 17 30.91%41 to 50 5 9.09%

51 and above 5 9.09%Total 55 100.00%

Table 1.1 shows the age of respondents, with 20-30 years old as the

highest interval with 28 respondents or 50.91 percent, followed by 31-40 years

old with 17 respondents or 30.91 percent, 41-50 years old with 5 respondents or

9.09 percent and 51 years old and above with 5 respondents or 9.09 percent.

Table 1.2Gender of the Respondents

35

Gender Frequency PercentageFemale 35 63.64%

Male 20 36.36%Total 55 100.00%

Table 1.2 shows that 35 or 63.64 percent of the respondents are female

while 20 or 36.36 percent of the respondents are male.

Table 1.3Civil Status of the Respondents

Civil Status Frequency PercentageSingle 31 56.36%

Married 22 40.00%Widow 2 3.64%

Legally Separated 0 0.00%Annulled 0 0.00%Others 0 0.00%Total 55 100.00%

Table 1.3 shows that most of the respondents are single with 31

respondents or 56.36 percent, followed by married with 22 respondents or 40

percent, widow with 2 respondents or 3.64 percent, while there are no legally

separated or annulled respondents.

Table 1.4Number of Family Dependents of the Respondents

Number of Family Dependents Frequency PercentageNone 18 32.73%

Less than 3 24 43.64%3 to 5 10 18.18%

More than 5 3 5.45%Total 55 100.00%

36

Table 1.4 shows that 24 respondents or 43.64 percent has less than three

dependents followed by no dependent with 18 respondents or 32.73 percent,

three to five dependents with 10 respondents or 18.18 percent and more than

five dependents with 3 respondents or 5.45 percent.

Table 1.5Highest Educational Attainment of the Respondents

Highest Educational Attainment Frequency PercentageHigh School Graduate 6 10.91%

College Graduate 43 78.18%Masteral 4 7.27%Others 2 3.64%Total 55 100.00%

Table 1.5 shows that 43 respondents or 78.18 percent are college

graduate, followed by high school graduate with 6 respondents or 10.91 percent,

masteral with 4 respondents or 7.27 percent and others with 2 respondents or

3.64 percent.

Table 1.6Occupation of the Respondents

Occupation Frequency PercentageService 6 10.91%

Business/ Self-employed 9 16.36%Professional 40 72.73%

Others 0 0.00%Total 55 100.00%

Table 1.6 shows that 40 respondents or 72.73 percent are professionals,

followed by engaged in business or self-employed with 9 respondents or 16.36

percent, service occupation with 6 respondents or 10.91 percent and lastly others

37

with 0 respondents or 0 percent.

Table 1.7Range of Monthly Income of the Respondents

Range of Monthly Income Frequency PercentageLess than P25,000 18 32.73%P25,000 to P50,000 31 56.36%P50,000 to P75,000 3 5.45%P75,000 to P100,000 3 5.45%More than P100,000 0 0.00%

Total 55 100.00%

Table 1.7 shows that 31 respondents or 56.36 have a range of monthly

income of P25,000 to P50,000 , followed by a a range of monthly income of less

than P25,000 with 18 respondents or 32.73 percent, range of monthly income of

P50,000 to P75,000 and P75,000 to P100,000 with 3 respondents or 5.45

percent and lastly, range of more than P100,000 with 0 respondents or 0 percent.

Table 1.8Name of Insurance Company of the Respondents

Name of Insurance Company Frequency PercentageManulife 1 1.82%Sun life 19 34.55%

Philam Life 18 32.73%Insular Life 3 5.45%Pru Life UK 5 9.09%

Others 9 16.36%Total 55 100.00%

Table 1.8 shows that 19 of the respondents or 34.55 percent are insured

by Sun life, followed by 18 respondents or 32.73 percent insured by Philam Life,

9 respondents or 16.36 percent are insured by others, 5 respondents or 9.09

38

percent are insured by Pru Life UK, 3 respondents or 5.45 percent are insured by

Insular Life and lastly 1 respondent or 1.82 percent is insured by Manulife.

II. Perception of Insurance Clients to the Aspects and Features of their Life Insurance Plan

Table 2.1Age versus Perception of Selected Insurance Clients

MeanComputed

F-valueP-value Decision Remarks

20 to 30 years old 4.36

0.17 0.917Failed to reject Ho

Not significant

31 to 40 years old 4.3541 to 50 years old 4.52

51 years old and above

4.32

Ho: There is no significant difference between the age of the selected insurance


management.

H1: There is a significant difference between the age of the selected insurance


management.

Table 2.1 shows the One-way ANOVA between the perception of the

selected insurance clients on the importance of life insurance and wealth

management when grouped according to their age. From the general rule, we

reject the null hypothesis if the p-value is less than 0.05 otherwise we fail to

reject. From the analysis of this study, the p-value is less than 0.05. Therefore,

we fail to reject the null hypothesis which means there is no significant difference

39

between the perception of the selected insurance clients on the importance of life

insurance and wealth management and their age.

Table 2.2Gender versus Perception of Selected Insurance Clients

MeanComputed


Female 4.441.43 0.158

Failed to reject Ho

Not significantMale 4.24

Ho: There is no significant difference between the sex of the selected insurance


management.

H1: There is a significant difference between the sex of the selected insurance


management.

Table 2.2 shows the independent sample t-test between the perceptions

of selected insurance clients when grouped according to their sex. From the

general rule, we reject the null hypothesis if the p-value is less than 0.05

otherwise we fail to reject. From the analysis of this study, the p-value is less

than 0.05. Therefore, we fail to reject the null hypothesis which means there is no

significant difference between the perceptions of selected insurance clients when

grouped in terms of their sex.

Table 2.3Civil Status versus Perception of Selected Insurance Clients

40

MeanComputed


Single 4.340.17 0.842

Failed to reject Ho

Not significantMarried 4.40

Widow 4.50

Ho: There is no significant difference between the civil status of the selected


wealth management.

H1: There is a significant difference between the civil status of the selected


wealth management.

Table 2.3 shows the One-Way ANOVA between the perceptions of

selected insurance clients when grouped according to their Civil Status. From the





grouped according to their Civil Status.

Table 2.4Number of Family Dependents versus Perception of Selected Insurance Clients

MeanComputed


None 4.45


Not significant

Less than 3 4.393 to 5 4.16More than 5 4.40

41

Ho: There is no significant difference between the no. of family dependents of the



H1: There is a significant difference between the no. of family dependents of the




selected insurance clients when grouped according to the no family dependents.

From the general rule, we reject the null hypothesis if the p-value is less than

0.05 otherwise we fail to reject. From the analysis of this study, the p-value is

less than 0.05. Therefore, we fail to reject the null hypothesis which means there

is no significant difference between the perceptions of selected insurance clients

when grouped according to the no. of family dependents.

Table 2.5Highest Educational Attainment versus Perception of Selected Insurance Clients

MeanComputed


High School Graduate

4.37


Not significantCollege Graduate 4.34

Masteral 4.35Others 4.90

Ho: There is no significant difference between the highest educational attainment


42


H1: There is a significant difference between the highest educational attainment




selected insurance clients when grouped according to their highest educational

attainment. From the general rule, we reject the null hypothesis if the p-value is

less than 0.05 otherwise we fail to reject. From the analysis of this study, the p-

value is less than 0.05. Therefore, we fail to reject the null hypothesis which

means there is no significant difference between the perceptions of selected

insurance clients when grouped according to their highest educational

attainment.

Table 2.6Occupation versus Perception of Selected Insurance Clients

MeanComputed


Service 4.40


Not significant

Business / Self-employed

4.44

Professional 4.35

Ho: There is no significant difference between the occupation of the selected


wealth management.

H1: There is a significant difference between the occupation of the selected


43

wealth management.


selected insurance clients when grouped according to their occupation. From the





grouped according to their occupation.

Table 2.7Range of Monthly Income versus Perception of Selected Insurance Clients

MeanComputed


Less than P25,000 4.4222


Not significant

P25,000 to P50,000 4.3161P50,000 to P75,000 4.5333P75,000 to P100,000

4.4000

Ho: There is no significant difference between the range of monthly income of the



H1: There is a significant difference between the range of monthly income of the




selected insurance clients when grouped according to the range of their monthly

44

income. From the general rule, we reject the null hypothesis if the p-value is less

than 0.05 otherwise we fail to reject. From the analysis of this study, the p-value

is less than 0.05. Therefore, we fail to reject the null hypothesis which means

there is no significant difference between the perceptions of selected insurance

clients when grouped according to the range of their monthly income.

Table 2.8Name of Insurance Company versus Perception of Selected Insurance Clients

MeanComputed


Manulife 3.80


Not significant

Sun Life 4.59Philam Life 4.23Insular Life 4.27Pru Life UK 4.12Others 4.40

Ho: There is no significant difference between the name of the insurance

company of the selected insurance clients to their perception on the importance

of life insurance and wealth management.

H1: There is a significant difference between the name of the insurance company




selected insurance clients when grouped according to the name of their

insurance company. From the general rule, we reject the null hypothesis if the p-

value is less than 0.05 otherwise we fail to reject. From the analysis of this study,

45

the p-value is less than 0.05. Therefore, we fail to reject the null hypothesis which

means there is no significant difference between the perceptions of selected

insurance clients when grouped according to the name of their insurance

company.

Table 2.9Perception of Insurance Clients to the Most Important Feature of a Life Insurance

List of Features Frequency PercentageA saving scheme with good return 26 47.27%

A tax-saving plan 17 30.91%Financial security for the family 9 16.36%

Risk coverage 3 5.45%Saving for pension 0 0.00%

Others 0 0.00%Total 55 100.00%

Table 2.9 shows that 26 respondents or 47.27 percent perceives that the

most important feature of life insurance is a saving scheme with good return,

followed by tax saving plan with 17 respondents or 30.91 percent, and financial

security for the family with 9 respondents or 16.36 percent.

III. Perception of Insurance Clients to the Importance of their Life Insurance Plan

Table 3.1Main Reasons of Availing Life Insurance Plan

List of ReasonsFrequenc

yPercentag

eIt is required by the company I am currently

employed in. 18 32.73%

46

It is a source of savings and investments. 17 30.91%It is a source of cash payment for expenses such as funeral service and hospital and medical bills in case

of death. 7 12.73%It serves as security or assurance in a form of cash

value in case of need 6 10.91%It serves as a replacement to income in a form of

non-taxable death benefit in case of death. 4 7.27%It is a source of cash payment for liabilities,

mortgages or business commitments in case of death. 1 1.82%

It serves as Inheritance for my heirs. 1 1.82%I was persuaded or influenced by others. 1 1.82%

Others 0 0.00%Total 55 100.00%

Table 3.1 shows the main reason of the respondents of availing life

insurance plan. The reason with highest percentage is the company they are

currently employed in requires them to do so with 18 respondents or 32.73

percent, followed by reason that it is a source of savings and investments with 17

respondents or 30.91 percent and third is the reason that it is a source of cash

payment for expenses such as funeral service and hospital and medical bills in

case of death with 7 respondents or 12.73 percent.

Table 3.2Perceived Protection in having Life Insurance

Frequency PercentageYes 52 94.55%No 2 3.64%

No Answer 1 1.82%Total 55 100.00%

Table 3.2 shows that 52 respondents or 94.55 percent perceive that they

are more protected having life insurance, 2 respondents or 3.64 percent perceive

otherwise, and 1 respondent or 1.82 percent has no say at all.

47

Table 3.3Perceived Benefits over Costs in having Life Insurance

Frequency PercentageYes 51 92.73%No 3 5.45%

No Answer 1 1.82%Total 55 100.00%

Table 3.3 shows that 51 respondents or 92.73% perceives that the

benefits of their life insurance plan outweigh its cost, 3 respondents or 5.45

percent perceives otherwise and 1 respondent or 1.82 percent has no say at all.

IV. Problems Encountered and Proposed Solutions

Table 4.1Problems Encountered in having Life Insurance

List of Problems Frequency Percent

High cost of availing a life insurance plan 20 28.99%Limited coverage of benefits 16 23.19%

Insufficient or lack of education regarding the financial risk of life insurance 11 15.94%

Low quality of service 7 10.14%Mistrust or disbelief in the ability of the insurance companies to provide good service 7 10.14%Inconvenience or difficulty in applying for life insurance or paying premiums 4 5.80%Others 4 5.80%Total 69 100%

Table 4.1 represents the problems encountered by the selected insurance

clients. The high cost of availing a life insurance represents the most common

48

problems encountered by the selected insurance clients with a percentage of

28.99 %. The limited coverage of benefits of life insurance got the second to the

most problem faced by the selected insurance clients with a percentage of 23.19

%. The insufficiency or lack of education regarding the financial risk of life

insurance is third to the highest with a percentage of 15.94%. The low quality of

service of insurance companies and the mistrust or disbelief in the ability of the

insurance companies to provide good service has the same percentage of

10.14%. Inconvenience or difficulty in applying for life insurance or paying

premiums is the least of the problem dealt by the selected insurance clients with

a percentage of 5.80%. Four of the insurance clients answered that they did not

encounter any problem in having a life insurance with a percentage of 5.80%.

Table 4.2Proposed Solutions to the Problems Encountered in having Life Insurance

List of Solutions Frequency Percent

Offer more affordable life insurance plan 20 29.41%

Display greater transparency regarding costs, risks and benefits of the customer’s insurance coverage. 16 23.53%Expand benefits of the coverage 10 14.71%

Exert more effort in advocating about the importance of life insurance 7 10.29%

Extensive development of the micro insurance 6 8.82%Offer higher quality of customer service 5 7.35%Others 4 5.88%Total 68 100%

In contrast to the problems identified by the selected insurance clients,

Table 4.2 represents their proposed solutions to those problems. To offer more

affordable life insurance plan is the most preferred by the selected insurance

49

clients with a percentage of 29.41. Next is to display greater transparency

regarding costs, risks and benefits of the customer’s insurance coverage with a

percentage of 23.53%. Third to the most preferred solution is to expand benefits

of the coverage of the life insurance with 14.71%. To exert more effort in

advocating about the importance of life insurance is the fourth to the most

chosen solution with a percentage of 10.29%. To have an extensive development

of the micro insurance is placed fifth with 8.82%. The least of the preferred

solution is to offer higher quality of customer service with 7.35%. Four of the

selected insurance clients answered none with 5.88%.

CHAPTER 5

SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS

This chapter discussed the summary of findings gathered from the

analysis of data including the conclusions and recommendations drawn from the

results of the analysis.

Summary of Findings

The main purpose of the study is to determine the perception of selected

insurance clients on the importance of life insurance and wealth management. To

accomplish that goal, this study determined first the general profile of the

respondents which includes all the necessary variables like: age, sex, civil status,

number of family dependents, highest educational attainment, occupation, range

of monthly income and name of insurance company. The study also seek the

50

view of the selected insurance clients on the aspects and features of life

insurance, their perception on its importance and the problems encountered with

their proposed solution. Altogether, the study pursues to prove or disprove if

there is a significant difference between the profile of the selected insurance

clients and their perception on the importance of life insurance and wealth

management. The non-probabilistic convenience sampling was used in obtaining

the respondents of the study and the information were gathered through

structured questionnaire and unstructured interview. In order to obtain and

interpret the data essential in satisfying the aim of the study, the method of

frequency and percentage distribution, ranking and one way ANOVA was used to

analyze the data presented in tabular form with narrative descriptions.

From the data gathered and analyzed, the following are the findings of the

study:

1. Frequencies on the Profile of Selected Insurance Clients:

a. Age - Majority of the selected insurance clients have an age between 20-

30 years.

b. Gender - The study has more female than male respondents.

c. Civil Status - Most of the respondents are single, followed by married and

the least, widow respondents

d. Number of Family Dependents - Most of the respondents have less than 3

dependents.

e. Highest Educational Attainment - The respondents are mostly college

graduate.

51

f. Occupation - Majority of the selected insurance clients are professionals.

g. Range of Monthly Income - The highest number of respondents have a

range of income of P25,000 to P50,000

h. Name of Insurance Company - Sun life insurance has the highest number

of life insurance clients in this study.

2. There is no significant difference between the profile of the selected

insurance clients to their perception on the importance of the aspects of life

insurance as to its objective, term, benefits, risks and investment value.

3. The saving scheme with good return is the most significant feature of life

insurance for the selected insurance clients.

4. Most of the selected insurance clients avail life insurance plan because it is

required by the company they are currently employed in.

5. Almost all of the selected insurance clients agree that they feel more

protected in having a life insurance.

6. Almost all of the selected insurance clients perceive that the benefits of their

life insurance plan outweigh its cost.

7. It is the high cost of availing a life insurance plan that most of the selected

insurance clients encounter.

8. Most of the selected insurance clients propose that insurance companies

should offer more affordable life insurance plan.

Conclusions

52

From the results of the analyses from the previous chapter, we have

concluded the following:

1. There is no significant difference between the age of the selected insurance


management.

2. There is no significant difference between the sex of the selected insurance


management.

3. There is no significant difference between the civil status of the selected


wealth management.

4. There is no significant difference between the no. of family dependents of the



5. There is no significant difference between the highest educational attainment



6. There is no significant difference between the occupation of the selected


wealth management.

7. There is no significant difference between the range of monthly income of the



53

8. There is no significant difference between the name of the insurance company



Recommendation

In light of the conducted study, the following recommendations are made:

1. The scope of this study does not limit the number of insurance providers or

companies for qualified respondents. In order to limit the scope of this study,

future researchers should choose only one insurance provider or company for

the whole sample of respondents.

2. The sampling techniques used in this study has the disadvantage of inability to

represent the whole population of respondents. Future researchers should use a

different sampling technique in order to generalize the result of the study.

3. Future researchers should improve the questionnaire and add more items to

be included in the Likert scale to have a more detailed result.

54

BIBLIOGRAPHY

Electrical Sources

The Actuary. (n.d.). Is insurance a luxury? Retrieved August 17, 2015 from http://www.theactuary.com/archive/old-articles/part-3/is-insurance-a-luxury-3F/

Fidelity Investments. (n.d.). What is Life Insurance? Retrieved August 17, 2015 from https://www.fidelity.com/life-insurance-planning/what-is-life-insurance

Harriman, P. E. (2012, Jan 20). Defy Popular Perception: Overcome the Life Insurance Taboo. Retrieved August 17, 2015 from http://www.lifehealthpro.com/2012/01/20/defy-popular-perception-overcome-the-life-insurance/

Leyes, M. (2015, April 14). The No. 1 Reason People Don’t Buy Life Insurance and Why They Are Wrong. Retreived August 17, 2015 from https://www.lifehappens.org/blog/the-no-1-reason-people-dont-buy-life-insurance

55

Life Insurance Statistics And Facts, 2015. (n.d.). Retrieved August 17, 2015 from http://www.bestliferates.org/blog/2015-life-insurance-statistics-and-facts/

Ohio Department of Insurance [ODI]. (n.d.). Consumer Tips: Understanding the Importance and Basics of Life Insurance. Retrieved August 17, 2015 from http://www.insurance.ohio.gov/Newsroom/Tips/Pages/Basics.aspx

Public overestimate life insurance cost by nearly 400%. (2015, June 22). Retreived August 17, 2015 from http://therightmortgage.co.uk/public-overestimate-life-insurance-cost-by-nearly-400/

Western Federal Credit Union Resource Center. (n.d.). The Importance of Life Insurance. Retrieved August 17, 2015 from https://www.western.org/importance-of-life-insurance

Camat, R. (2012, December 19). Importance of Life Insurance to Filipino Families. Retrieved August 17, 2015 from http://www.moneytalkph.com/insurance/importance-of-life-insurance-to-filipino-families/

Co, M. (n.d.). What people think about life insurance. Retrieved August 17, 2015 from http://financialplanningnuggets.blogspot.com/2012/06/thoughts-on-life-insurance.html

Mag-Invest Ka Pinoy! (n.d.). Happily Ever After. Retrieved August 17, 2015 from http://www.maginvestkapinoy.com/2014/02/happily-ever-after.html

Riego , J. M. (2014, October 29). Where to put your money: Life insurance. Retrieved August 17, 2015 from http://www.businessmirror.com.ph/where-to-put-your-money-life-insurance/

Ahmed, A. (2013, February). Perception of Life Insurance Policies in Rural India.Retrieved August 17, 2015 from the World Wide Web: www.arabianjbmr.com/pdfs /KD_VOL_2_6/3.pdf

Dash, G.,&Sood, T. (2013, January).Why Should One Invest In A Life Insurance Product: An Empirical Study.Retrieved August 17, 2015 from the World

56

Wide Web: http://www.researchersworld.com/vol4/vol4_issue1_2/paper_05.pdf

Lepineux, F., de Bettignies, H.C., & Tan, C.K. (2006, February). The Insurance Business and its Image in Society: Traditional Issues and New Challenges.Retrieved August 17, 2015 from the World Wide Web: www.insead.edu/facultyresearch/research/details_papers.cfm?id=16250

Singh, S., Sirohi, N., & Chaudhary, K. (2014). A Study of Customer Perception towards Service Quality of Life Insurance Companies in Delhi NCR Region. Retrieved August 17, 2015 from the World Wide Web: http://www.journalofbusiness.org/index.php/ GJMBR/article/view/1563

Reddy, R., & Jahangir, Y. (2015, January). Customer Perception Towards Life Insurance Services in Rural Market. Retrieved August 17, 2015 from the World Wide Web: http://www.theglobaljournals.com/ijar/articles.php?val=NTUyOA==&b1=373&k=94

Unpublished Materials

Molina, N. (2003, October). Life Insurance Program: Prospective Clientele’s Level of Awareness. Unpublished Masteral Thesis. University of Nueva Caceres, Naga City.

Yatang, S. Perceived and Expected level of Service performance of New York Life Insurance Clients.Unpublished Masteral Thesis. University of South Eastern Philippines

Veneracion, D. Perceived effects of 2008 Global Financial Crisis to Insurance Companies in Makati City. Unpublished Masteral Thesis. University

57

APPENDIXQUESTIONNAIRE WITH COVER LETTER

Good day!

We, the fourth year BSA students of PUP-Manila, are conducting a research entitled “Perception of Selected Insurance Clients to the Importance of Life Insurance and Wealth Management.” This survey will serve as an instrument in the fulfillment of the said study. Kindly fill-up the questionnaire with honesty. Any information obtained in connection with this study will remain confidential. Thank you very much for your cooperation.

Truly yours,

The Researchers

PERCEPTION OF SELECTED INSURANCE CLIENTS TO THE IMPORTANCE OF LIFE INSURANCE AND WEALTH MANAGEMENT

SURVEY QUESTIONNAIRE

Part I. Profile

Direction: Please check the space provided that corresponds to your answer.

1. Name (Optional) _______________________________

2. Age [ ] 20 to 30 [ ] 41 to 50[ ] 31 to 40 [ ] 51 and above

58

3. Gender[ ] Female [ ] Male

4. Civil Status[ ] Single [ ] Legally Separated[ ] Married [ ] Annulled[ ] Widow [ ] Others, pls. specify ______________

5. No. of family dependents[ ] None [ ] 3 to 5[ ] Less than 3 [ ] More than 5

6. Highest Educational Attainment[ ] High School Graduate [ ] Masteral[ ] College Graduate [ ] Others, pls. specify ______________

7. Occupation[ ] Service [ ] Professional[ ] Business / Self-employed [ ] Others, pls. specify ______________

8. Range of Monthly Income[ ] Less than P25,000 [ ] P75,000 to P100,000[ ] P25,000 to P50,000 [ ] More than P100,000[ ] P50,000 to 75,000

9. Name of Insurance Company [ ] Manulife [ ] Insular Life[ ] SunLife [ ] Pru Life UK[ ] PhilAm Life [ ] Others, pls. specify ______________

Part II. Perception of Insurance Clients to the Aspects and Features of their Life Insurance Plan

A. Degree of importance of each aspect

Direction: Please check the corresponding bracket that shows your degree of importance with the following statements.

5 - Very Important4 - Important3 - Less important2 - Not important1 - Indifferent

5 4 3 2 1

1. Objective of Life Insurance(to provide security or protection if the family's income is cut off because of death) [ ] [ ] [ ] [ ] [ ]

59

2. Term of Life Insurance(coverage for a certain period of time, or a specified "term" of years ) [ ] [ ] [ ] [ ] [ ]

3. Benefits of Life Insurance(preparation for different life uncertainties) [ ] [ ] [ ] [ ] [ ]

4. Risk Protection of Life Insurance(that the life insurance is not beneficial or the quality of service is bad) [ ] [ ] [ ] [ ] [ ]

5. Investment Value of Life Insurance(provides the dual benefits of savings and security)

[ ] [ ] [ ] [ ] [ ]

B. Which is the most important feature that every life insurance plan should cover?


[ ] A tax-saving plan[ ] A saving scheme with good return[ ] Financial security for the family[ ] Risk coverage[ ] Saving for pension[ ] Others, pls. specify _______________________________

Part III. Perception of Insurance Clients to the Importance of their Life Insurance Plan


A. What is your main reason of availing life insurance plan?

[ ] It is required by the company I am currently employed in.[ ] It serves as a replacement to income in a form of non-taxable death

benefit in case of death.[ ] It is a source of cash payment for expenses such as funeral service

and hospital and medical bills in case of death.[ ] It is a source of cash payment for liabilities, mortgages or business

commitments in case of death.[ ] It serves as Inheritance for my heirs.[ ] It is a source of savings and investments.[ ] It serves as security or assurance in a form of cash value in case of

need

60

[ ] I was persuaded or influenced by others.[ ] Others, pls. specify _______________________________

B. Do you feel more protected having a life insurance?

[ ] Yes [ ] No

C. Do you think the benefits and importance of your life insurance plan outweigh the costs?

[ ] Yes [ ] No

Part IV. Problems Encountered and Proposed Solutions

Direction: Please check the space provided that corresponds to your answer/s.

A. What are the problems you encountered in having life insurance plan? (may be more than one)

[ ] High cost of availing a life insurance plan[ ] Limited coverage of benefits[ ] Low quality of service[ ] Insufficient or lack of education regarding the financial risk of life

insurance[ ] Mistrust or disbelief in the ability of the insurance companies to provide

good service[ ] Inconvenience or difficulty in applying for life insurance or paying

premiums[ ] Others, pls. specify ______________________________

B. What are your proposed solutions to the problems that you have encountered in having a life insurance plan? (may be more than one)

[ ] Offer more affordable life insurance plan.[ ] Expand benefits of the coverage.[ ] Display greater transparency regarding costs, risks and benefits of the

customer’s insurance coverage.[ ] Exert more effort in advocating about the importance of life insurance.[ ] Offer higher quality of customer service.[ ] Others, pls. specify _______________________________

61

CURRICULUM VITAE

BEO, KIMBERLY M.7B Mapagbigay St. Brgy. Pinyahan Quezon CityContact No. 09279040013Email: [email protected]

Tertiary Education: Polytechnic University of The PhilippinesAddress: Sta. Mesa, ManilaDegree Program: Bachelor of Science in Accountancy

Secondary Education: Quezon City High SchoolAddress: Sct. Ybardolaza Street, Diliman, Quezon

City, Metro Manila

EDUCATIONAL

62

Year Graduated: 2012

AWARDS AND RECOGNITIONS

1st Honorable MentionQuezon City High School 2012

News Writer of the YearQuezon City High School 2012

PUP Chapter- Junior Philippine Institute of Accountants

THE ROAD: The Journey of the Future CPATHEME: FIESTAPUP Gymnasium July 21,2012

Sharing and Bonding with the Olympians: IFRS 9 - Financial Instruments Claro M. Recto HallJuly 17, 2013

Flashlight Vanguard towards Exemplified Luminosity Featuring: Money SmartPUP Bulwagang Balagtas, NALLRCAugust 5, 2015

QUASARS: Ventures Aiming Greatness to Pulsate Professional ProminencePUP Bulwagan Balagtas, NALLRCAugust 5, 2015

Purpose-Driven AccountantsPUP Bulwagan Balagtas, NALLRC

ORGANIZATIONAL

SEMINARS AND TRAININGS

63

August 26, 2015

Excellent Oral and Written Communication Sound Knowledge of Management and Accounting Proficient in use of Microsoft Office (Word, Excel, Powerpoint) Ability to learn new technologies

Prof. Elvira Dela PenaProfessor, College of Accountancy and FinancePolytechnic University of the Philippines, Sta. Mesa, Manila

GONZAGA, DANETH ALEXANDRA D.S.40 R del Valle St. San Roque Cainta, Rizal(+63)[email protected]


Secondary Education: Francisco P. Felix Memorial National High School

Address: Cainta, RizalYear Graduated: 2012

EDUCATIONAL

ORGANIZATIONAL

SKILLS

CHARACTER REFERENCES

64




KOOPERATIBA : “Negosyo ng Masa, Negosyong Pambansa, Sulong Ekonomiya” PICC2013



Purpose-Driven AccountantsPUP Bulwagan Balagtas, NALLRCAugust 26, 2015

Excellent Oral and Written Communication Sound Knowledge of Management and Accounting Critical thinking


SKILLS


65

Mr. Alberto GotoFacultyFrancisco P. Felix Memorial National High School

Atty. Rey Daniel GonzagaUncleCainta, Rizal

Mrs. Connie MadridFacultyFrancisco P. Felix Memorial National High School

GONZALES, FRANCE ARABELLE P.Blk 348 Lot 17 Leek St., Pembo, Makati City8826458/[email protected]


Secondary Education: Benigno “Ninoy” S. Aquino High SchoolAddress: Aguho St., Comembo, Makati CityYear Graduated: 2012


EDUCATIONAL

ORGANIZATIONAL

AWARDS AND

66

ScholarBigay Pagmamahal Foundation Inc.Makati City2012-present






Excellent Oral and Written Communication Sound Knowledge of Management and Accounting Critical thinking, love for knowledge and development


SKILLS


67

Ms. Norma G. TumambingEducation Department HeadMakati City Hall8954929/ 8954928

Mrs. Milet S. IlardeFacultyBenigno “Ninoy” S. Aquino High School09192697341

Mr. Dixjestter O. VillarinSmart Promoters/ Samsung Consultant09268155966

OJEDA, LORAINE JOY M.Blk 5 Lot 23 Moncarlo Village Ampid San Mateo, [email protected]


Secondary Education: Nuestra Senora de Aranzazu Parochial SchoolAddress: San Mateo, RizalYear Graduated: 2012

Member - Junior Philippine Institute of Accountants Member - PUPSONS (PUP Seeds of the Nations)

EDUCATIONAL

ORGANIZATIONAL

68

3rd Honorable MentionNuestra Senora de Aranzazu Parochial School2012

ScholarMunicipality of San Mateo2012-Present


Tour in Philippine Stock Exchange Commission PSE, Ortigas May 20, 2014




Excellent Oral and Written Communication Computer skills (MS Word, Excel, and PowerPoint)

AWARDS AND


SKILLS

69

Sound Knowledge of Management and Accounting

Mrs. Concepcion M. VedastoFaculty, Accounting DepartmentCollege of Accountancy and FinancePolytechnic University of the Philippines

Mrs. Purificacion SingueoPrincipalNuesta Senora de Aranzazu Parochial School

Mrs. Gene AndenFacultyNuesta Senora de Aranzazu Parochial School


perception of selected insurance clients to the importance of life insurance and wealth management

Documents