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PERCEPTION OF SELECTED INSURANCE CLIENTS TO THE IMPORTANCE

OF LIFE INSURANCE AND WEALTH MANAGEMENT

__________________________

An Undergraduate Thesis
Presented to the Faculty of the College of Accountancy
Polytechnic University of the Philippines
Sta. Mesa, Manila

_________________________

In Partial Fulfillment of the Requirements for the Degree


Bachelor of Science in Accountancy

________________________

By
BEO, Kimberly M.
GONZAGA, Daneth Alexandra D.S.
GONZALES, France Arabelle P.
OJEDA, Loraine Joy M.
BSA IV-4
October 2015

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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-GERONIMO


Adviser

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. SARMIENTO
Dean, College of Accountancy

October 2015

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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.
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.

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ABSTRACT

Title:

Perception of Selected Insurance Clients to the


Importance Of Life Insurance And Wealth
Management

Researchers:

Kimberly M. Beo
Daneth Alexandra D.S. Gonzaga

France Arabelle P. Gonzlaes


Loraine 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.
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 2030 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

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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.
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

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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 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.

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TABLE OF CONTENTS

TITLE PAGE .........


CERTIFICATION AND APPROVAL SHEET
ACKNOWLEDGMENT .
ABSTRACT
TABLE OF CONTENTS ..
LIST OF TABLES .

Page
i
ii
iii
v
ix

CHAPTER 1

THE PROBLEM AND ITS BACKGROUND ...


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

CHAPTER 2

REVIEW OF RELATED LITERATURE


AND STUDIES ..
Foreign Literature ..
Local Literature ..
Foreign Studies ..
Local Studies ..
Synthesis .

CHAPTER 3

CHAPTER 4

RESEARCH METHODOLOGY ..
Research Method Used
Respondents of the Study
Sampling Technique ..
Research Instrument .
Validation of the Instrument ..
Data-Gathering Procedure
Statistical Treatment of Data
PRESENTATION, ANALYSIS, AND
INTERPRETATION OF DATA .

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1
1
2
3
5
6
8
9
9
11
14
14
18
20
23
24
26
26
27
27
28
29
30
30
34

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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 ..
CHAPTER 5

SUMMARY, CONCLUSIONS,
AND RECOMMENDATIONS .......
Summary of Findings

Conclusions .
Recommendations .

BIBLIOGRAPHY
APPENDIX ..
CURRICULUM VITAE ..

34
38
45
47
49
49
51
52
54
57
61

LIST OF TABLES

TABLE
1.1
1.2
1.3
1.4

Age of the Respondents


Gender of the Respondents

Civil Status of the Respondents ..


Number of Family Dependents of
the Respondents
.

PAGE
34
35
35
35

1.5

Highest Educational Attainment of


the Respondents .

36

1.6

Occupation of the Respondents

...

36

1.7

Range of Monthly Income of the


Respondents

37

1.8

Name of Insurance Company of


the Respondents .

37

2.1

Age versus Perception of Selected


Insurance Clients .

38

2.2

Gender versus Perception of Selected


Insurance Clients .

39

2.3

Civil Status versus Perception of Selected


Insurance Clients .

39

2.4

Number of Family Dependents versus


Perception of Selected Insurance Clients

40

Highest Educational Attainment versus


Perception of Selected Insurance Clients

2.5

41

2.6

Occupation versus Perception of Selected


Insurance Clients .

42

2.7

Range of Monthly Income versus Perception


of Selected Insurance Clients ...

43

2.8

Name of Insurance Company versus Perception


of Selected Insurance Clients
.

44

2.9

Perception of Selected Insurance Clients


to the Most Important Feature of a Life Insurance ..

45

3.1
3.2

Main Reasons of Availing Life Insurance Plan


Perceived Protection in having Life Insurance

..
...

45
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

...

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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
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
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 1980S, 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. Vietnams 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.

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 individuals 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
Profile Framework
The conceptual framework discussed the structure of the entire study to
Age
Survey
Tables represent
Gender
the evaluations
be taken. The study used the systems approach. The system has
three frames
Civil Status
Unstructured
conducted.
Number
of went through theInterview
composed
of input
process or operation and emerged as the
Family
Solutions
Dependents
output.
Research
Recommendations
Highest
for:
Educational
Limiting the
Statistical
Attainment
scope of the
Analysis
INPUT
PROCESS
OUTPUT
Occupation
study to one
Frequency
Range of
insurance
and
Monthly Income
provider
Percentage
company
Name of
Ranking
Change of
Insurance
Sample T-test
Company
Sampling
One-Way
Technique
ANOVA
Perceptions to the
Additional items
Importance of Life
to be included
Insurance based
in the Likert
on:
Scale
Aspects
Features
Reasons of
Availing

The input contains the leading variables needed includes the profile of the
FEEDBACK
respondents namely age, gender, civil status, no. of family dependents, highest
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;
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?
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
clients to their perception on the importance of life insurance and wealth
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
insurance clients to their perception on the importance of life insurance and
wealth management.
g. There is no significant difference between the range of monthly income of the
selected insurance clients to their perception on the importance of life insurance
and wealth management.
h. 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.
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.
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 childrens 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 wont 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
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.
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.

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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 lumpsum 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;
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.

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CHAPTER 2
REVIEW OF RELATED LITERATURE AND STUDIES
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 ones 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

12

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

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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 customers 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 peoples 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
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.

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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 countrys 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
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

15

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 todays 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.
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

16

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 doesnt 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-

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


mgaganyangbagay,

kakasimulako

pagmalaki-lakinaangsahodko.

pa
At

langsabagong
saka

work

gusto

ko.

Sakana,

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.

17

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)
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)

18

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 consumers 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
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)

19

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
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

20

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


clients perception. The study of Nonito Molina entitled Life Insurance Program:
Prospective Clienteles 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
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)

21

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
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

22

losing their loved ones. Perception like this calls for broader awareness and
education.
CHAPTER 3
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
insurance and monthly minimum payments. In addition, data regarding clients
perceptions to the importance of the different features of a life insurance plan,

23

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 nonprobabilistic 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 SECregistered 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
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.

24

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
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 clients

25

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
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

26

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,
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

27

percentage. Ranking was used in the study for comparative purpose and for
sharing the importance of items analyzed.
3. Independent Sample T-test
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

28

assumptions: The expected values of the errors are zero; the variances of all
errors are equal to each other, the errors are independent and they are normally
distributed.

CHAPTER 4
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.

29

I.

Profile of the Respondents


Table 1.1
Age of the Respondents
Age
20 to 30
31 to 40
41 to 50
51 and above
Total

Frequency
28
17
5
5
55

Percentage
50.91%
30.91%
9.09%
9.09%
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 1.2
Gender of the Respondents
Gender
Female
Male
Total

Frequency
35
20
55

Percentage
63.64%
36.36%
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 1.3
Civil Status of the Respondents
Civil Status
Single
Married
Widow
Legally Separated
Annulled
Others
Total

Frequency
31
22
2
0
0
0
55

Percentage
56.36%
40.00%
3.64%
0.00%
0.00%
0.00%
100.00%

30

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 1.4
Number of Family Dependents of the Respondents
Number of Family Dependents
None
Less than 3
3 to 5
More than 5
Total

Frequency
18
24
10
3
55

Percentage
32.73%
43.64%
18.18%
5.45%
100.00%

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 1.5
Highest Educational Attainment of the Respondents
Highest Educational Attainment
High School Graduate
College Graduate
Masteral
Others
Total

Frequency
6
43
4
2
55

Percentage
10.91%
78.18%
7.27%
3.64%
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.

31

Table 1.6
Occupation of the Respondents
Occupation
Service
Business/ Self-employed
Professional
Others
Total

Frequency
6
9
40
0
55

Percentage
10.91%
16.36%
72.73%
0.00%
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
with 0 respondents or 0 percent.
Table 1.7
Range of Monthly Income of the Respondents
Range of Monthly Income
Less than P25,000
P25,000 to P50,000
P50,000 to P75,000
P75,000 to P100,000
More than P100,000
Total

Frequency
18
31
3
3
0
55

Percentage
32.73%
56.36%
5.45%
5.45%
0.00%
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 1.8
Name of Insurance Company of the Respondents
Name of Insurance Company

Frequency

Percentage

32

Manulife
Sun life
Philam Life
Insular Life
Pru Life UK
Others
Total

1
19
18
3
5
9
55

1.82%
34.55%
32.73%
5.45%
9.09%
16.36%
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
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 2.1
Age versus Perception of Selected Insurance Clients

Mean
20 to 30 years old
31 to 40 years old
41 to 50 years old
51 years old and
above

4.36
4.35
4.52

Computed
F-value

P-value

0.17

0.917

Decision

Remarks

Failed to
Not
reject Ho significant

4.32

Ho: 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.
H1: There is a significant difference between the age of the selected insurance
clients to their perception on the importance of life insurance and wealth
management.

33

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
between the perception of the selected insurance clients on the importance of life
insurance and wealth management and their age.
Table 2.2
Gender versus Perception of Selected Insurance Clients

Female
Male

Mean

Computed
F-value

P-value

4.44
4.24

1.43

0.158

Decision

Remarks

Failed to
Not
reject Ho significant

Ho: There is no significant difference between the sex 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 sex of the selected insurance
clients to their perception on the importance of life insurance and wealth
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

34

significant difference between the perceptions of selected insurance clients when


grouped in terms of their sex.
Table 2.3
Civil Status versus Perception of Selected Insurance Clients

Single
Married
Widow

Mean

Computed
F-value

P-value

4.34
4.40
4.50

0.17

0.842

Decision

Remarks

Failed to
Not
reject Ho significant

Ho: There is no significant difference between the civil status 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 civil status of the selected
insurance clients to their perception on the importance of life insurance and
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
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 Civil Status.
Table 2.4
Number of Family Dependents versus Perception of Selected Insurance Clients

Mean
None

4.45

Computed
F-value

P-value

Decision

Remarks

0.72

0.544

Failed to

Not

35

Less than 3
3 to 5
More than 5

4.39
4.16
4.40

reject Ho significant

Ho: 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.
H1: There is a 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.
Table 2.4 shows the One-Way ANOVA between the perceptions of
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 2.5
Highest Educational Attainment versus Perception of Selected Insurance Clients

Mean
High School
Graduate
College Graduate
Masteral
Others

Computed
F-value

P-value

0.77

0.515

Decision

Remarks

4.37
4.34
4.35
4.90

Failed to
Not
reject Ho significant

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

36

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


insurance and wealth management.
Table 2.5 shows the One-Way ANOVA between the perceptions of
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 pvalue 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 2.6
Occupation versus Perception of Selected Insurance Clients

Mean
Service
Business / Selfemployed
Professional

Computed
F-value

P-value

0.15

0.859

Decision

Remarks

4.40
4.44

Failed to
Not
reject Ho significant

4.35

Ho: There is no significant difference between the occupation 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 occupation of the selected
insurance clients to their perception on the importance of life insurance and
wealth management.
Table 2.6 shows the One-Way ANOVA between the perceptions of
selected insurance clients when grouped according to their occupation. From the
general rule, we reject the null hypothesis if the p-value is less than 0.05

37

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

Mean
Less than P25,000
P25,000 to P50,000
P50,000 to P75,000
P75,000 to
P100,000

4.4222
4.3161
4.5333

Computed
F-value

P-value

0.28

0.840

Decision

Remarks

Failed to
Not
reject Ho significant

4.4000

Ho: There is no significant difference between the range of monthly income 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 range of monthly income of the
selected insurance clients to their perception on the importance of life insurance
and wealth management.
Table 2.7 shows the One-Way ANOVA between the perceptions of
selected insurance clients when grouped according to the range of their monthly
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.

38

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

Manulife
Sun Life
Philam Life
Insular Life
Pru Life UK
Others

Mean

Computed
F-value

P-value

3.80
4.59
4.23
4.27
4.12
4.40

1.61

0.175

Decision

Remarks

Failed to
Not
reject Ho significant

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
of the selected insurance clients to their perception on the importance of life
insurance and wealth management.
Table 2.8 shows the One-Way ANOVA between the perceptions of
selected insurance clients when grouped according to the name of their
insurance company. From the general rule, we reject the null hypothesis if the pvalue 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 name of their insurance
company.
Table 2.9
Perception of Insurance Clients to the Most Important Feature of a Life Insurance
List of Features

Frequency

Percentage

39

A saving scheme with good return


A tax-saving plan
Financial security for the family
Risk coverage
Saving for pension
Others
Total

26
17
9
3
0
0
55

47.27%
30.91%
16.36%
5.45%
0.00%
0.00%
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 3.1
Main Reasons of Availing Life Insurance Plan
Frequenc
y

Percentag
e

List of Reasons
It is required by the company I am currently
employed in.
18
32.73%
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

40

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 3.2
Perceived Protection in having Life Insurance

Yes
No
No Answer
Total

Frequency
52
2
1
55

Percentage
94.55%
3.64%
1.82%
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.
Table 3.3
Perceived Benefits over Costs in having Life Insurance

Yes
No
No Answer
Total

Frequency
51
3
1
55

Percentage
92.73%
5.45%
1.82%
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 4.1

41

Problems Encountered in having Life Insurance

List of Problems

Frequency

Percent

High cost of availing a life insurance plan


Limited coverage of benefits

20
16

28.99%
23.19%

Insufficient or lack of education regarding the


financial risk of life insurance

11

15.94%

10.14%

10.14%

4
4
69

5.80%
5.80%
100%

Low quality of service


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
Total

Table 4.1 represents the problems encountered by the selected insurance


clients. The high cost of availing a life insurance represents the most common
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 4.2
Proposed Solutions to the Problems Encountered in having Life Insurance

42

List of Solutions

Frequency

Percent

Offer more affordable life insurance plan


Display greater transparency regarding costs, risks
and benefits of the customers insurance coverage.
Expand benefits of the coverage
Exert more effort in advocating about the
importance of life insurance

20

29.41%

16
10

23.53%
14.71%

10.29%

Extensive development of the micro insurance


Offer higher quality of customer service
Others
Total

6
5
4
68

8.82%
7.35%
5.88%
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
clients with a percentage of 29.41. Next is to display greater transparency
regarding costs, risks and benefits of the customers 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

43

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
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:

44

a. Age - Majority of the selected insurance clients have an age between 2030 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.
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

45

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
clients to their perception on the importance of life insurance and wealth
management.
2. There is no significant difference between the sex of the selected insurance
clients to their perception on the importance of life insurance and wealth
management.
3. There is no significant difference between the civil status of the selected
insurance clients to their perception on the importance of life insurance and
wealth management.
4. 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.
5. 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.
6. There is no significant difference between the occupation of the selected
insurance clients to their perception on the importance of life insurance and
wealth management.
7. There is no significant difference between the range of monthly income of the
selected insurance clients to their perception on the importance of life insurance
and wealth management.
8. 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.
Recommendation
In light of the conducted study, the following recommendations are made:

46

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.

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-aluxury-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

47

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-perceptionovercome-the-life-insurance/
Leyes, M. (2015, April 14). The No. 1 Reason People Dont 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-lifeinsurance
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/publicoverestimate-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-tofilipino-families/
Co, M. (n.d.). What people think about life insurance. Retrieved August 17, 2015
from http://financialplanningnuggets.blogspot.com/2012/06/thoughts-onlife-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/whereto-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

48

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
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
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Unpublished Materials
Molina, N. (2003, October). Life Insurance Program: Prospective Clienteles
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

APPENDIX

49

QUESTIONNAIRE 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
31 to 40

[
[

]
]

41 to 50
51 and above

Female

Male

4. Civil Status
[ ] Single
[ ] Married
[ ] Widow

[
[
[

]
]
]

Legally Separated
Annulled
Others, pls. specify ______________

5. No. of family dependents


[ ] None
[ ] Less than 3

[
[

]
]

3 to 5
More than 5

6. Highest Educational Attainment


[ ] High School Graduate
[ ] College Graduate

[
[

]
]

Masteral
Others, pls. specify ______________

7. Occupation
[ ] Service
[ ] Business / Self-employed

[
[

]
]

Professional
Others, pls. specify ______________

3. Gender
[ ]

50
8. Range of Monthly Income
[ ] Less than P25,000
[ ] P25,000 to P50,000
[ ] P50,000 to 75,000
9. Name of Insurance Company
[ ] Manulife
[ ] SunLife
[ ] PhilAm Life

[
[

]
]

P75,000 to P100,000
More than P100,000

[
[
[

]
]
]

Insular Life
Pru Life UK
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
4
3
2
1

Very Important
Important
Less important
Not important
Indifferent
5

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

1. Objective of Life Insurance


(to provide security or protection if the
family's income is cut off because of death)

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)

51
B. Which is the most important feature that every life insurance plan should cover?
Direction: Please check the space provided that corresponds to your answer.
[
[
[
[
[
[

]
]
]
]
]
]

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
Direction: Please check the space provided that corresponds to your answer.
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
I was persuaded or influenced by others.
Others, pls. specify _______________________________

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


[
C.

Yes

No

Do you think the benefits and importance of your life insurance plan outweigh the
costs?
[ ]
Yes
[ ]
No

52
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
customers insurance coverage.
Exert more effort in advocating about the importance of life insurance.
Offer higher quality of customer service.
Others, pls. specify _______________________________

CURRICULUM VITAE

BEO, KIMBERLY M.

53

7B Mapagbigay St. Brgy. Pinyahan Quezon City


Contact No. 09279040013
Email: hhoshou@yahoo.com

EDUCATIONAL

Tertiary Education:
Philippines
Address:
Degree Program:

Polytechnic University of The


Sta. Mesa, Manila
Bachelor of Science in Accountancy

Secondary Education:
Quezon City High School
Address:
Sct. Ybardolaza Street, Diliman, Quezon
City, Metro Manila
Year Graduated:
2012

AWARDS AND RECOGNITIONS

1st Honorable Mention


Quezon City High School
2012

News Writer of the Year


Quezon City High School
2012

ORGANIZATIONAL

PUP Chapter- Junior Philippine Institute of Accountants

SEMINARS AND TRAININGS

THE ROAD: The Journey of the Future CPA


THEME: FIESTA

54

PUP Gymnasium
July 21,2012

Sharing and Bonding with the Olympians: IFRS 9 - Financial


Instruments
Claro M. Recto Hall
July 17, 2013

Flashlight Vanguard towards Exemplified Luminosity


Featuring: Money Smart
PUP Bulwagang Balagtas, NALLRC
August 5, 2015

QUASARS: Ventures Aiming Greatness to Pulsate


Professional Prominence
PUP Bulwagan Balagtas, NALLRC
August 5, 2015

Purpose-Driven Accountants
PUP Bulwagan Balagtas, NALLRC
August 26, 2015

SKILLS

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

CHARACTER REFERENCES

Prof. Elvira Dela Pena


Professor, College of Accountancy and Finance
Polytechnic University of the Philippines, Sta. Mesa, Manila

55

GONZAGA, DANETH
ALEXANDRA D.S.
40 R del Valle St. San Roque Cainta, Rizal
(+63)9358914976
gonzagadaneth@hotmail.com

EDUCATIONAL

Tertiary Education:
Philippines
Address:
Degree Program:

Polytechnic University of The


Sta. Mesa, Manila
Bachelor of Science in Accountancy

Secondary Education:
Francisco P. Felix Memorial
National High School
Address:
Cainta, Rizal
Year Graduated:
2012

ORGANIZATIONAL

PUP Chapter- Junior Philippine Institute of Accountants

SEMINARS AND TRAININGS

THE ROAD: The Journey of the Future CPA


THEME: FIESTA
PUP Gymnasium
July 21,2012

Sharing and Bonding with the Olympians: IFRS 9 - Financial


Instruments
Claro M. Recto Hall
July 17, 2013

56

KOOPERATIBA : Negosyo ng Masa, Negosyong


Pambansa, Sulong Ekonomiya
PICC
2013
Flashlight Vanguard towards Exemplified Luminosity
Featuring: Money Smart
PUP Bulwagang Balagtas, NALLRC
August 5, 2015

QUASARS: Ventures Aiming Greatness to Pulsate


Professional Prominence
PUP Bulwagan Balagtas, NALLRC
August 5, 2015

Purpose-Driven Accountants
PUP Bulwagan Balagtas, NALLRC
August 26, 2015

SKILLS

Excellent Oral and Written Communication


Sound Knowledge of Management and Accounting
Critical thinking

CHARACTER REFERENCES

Mr. Alberto Goto


Faculty
Francisco P. Felix Memorial National High School

Atty. Rey Daniel Gonzaga


Uncle
Cainta, Rizal

Mrs. Connie Madrid


Faculty
Francisco P. Felix Memorial National High School

57

GONZALES, FRANCE
ARABELLE P.
Blk 348 Lot 17 Leek St., Pembo, Makati City
8826458/09497576654
france_112195@yahoo.com

EDUCATIONAL

Tertiary Education:
Philippines
Address:
Degree Program:

Polytechnic University of The


Sta. Mesa, Manila
Bachelor of Science in Accountancy

Secondary Education:
Benigno Ninoy S. Aquino
High School
Address:
Aguho St., Comembo, Makati City
Year Graduated:
2012

ORGANIZATIONAL

PUP Chapter- Junior Philippine Institute of Accountants

AWARDS AND

Scholar
Bigay Pagmamahal Foundation Inc.
Makati City
2012-present

SEMINARS AND TRAININGS

THE ROAD: The Journey of the Future CPA


THEME: FIESTA
PUP Gymnasium
July 21,2012

58

Sharing and Bonding with the Olympians: IFRS 9 - Financial


Instruments
Claro M. Recto Hall
July 17, 2013

Flashlight Vanguard towards Exemplified Luminosity


Featuring: Money Smart
PUP Bulwagang Balagtas, NALLRC
August 5, 2015

QUASARS: Ventures Aiming Greatness to Pulsate


Professional Prominence
PUP Bulwagan Balagtas, NALLRC
August 5, 2015

Purpose-Driven Accountants
PUP Bulwagan Balagtas, NALLRC
August 26, 2015

SKILLS

Excellent Oral and Written Communication


Sound Knowledge of Management and Accounting
Critical thinking, love for knowledge and development

CHARACTER REFERENCES

Ms. Norma G. Tumambing


Education Department Head
Makati City Hall
8954929/ 8954928

Mrs. Milet S. Ilarde


Faculty
Benigno Ninoy S. Aquino High School
09192697341

Mr. Dixjestter O. Villarin


Smart Promoters/ Samsung Consultant
09268155966

59

OJEDA, LORAINE JOY


M.
Blk 5 Lot 23 Moncarlo Village Ampid San
Mateo, Rizal
09051575580
ojeda_loraine@yahoo.com

EDUCATIONAL

Tertiary Education:
Philippines
Address:
Degree Program:

Polytechnic University of The


Sta. Mesa, Manila
Bachelor of Science in Accountancy

Secondary Education:
Nuestra Senora de Aranzazu
Parochial School
Address:
San Mateo, Rizal
Year Graduated:
2012

ORGANIZATIONAL

Member - Junior Philippine Institute of Accountants


Member - PUPSONS (PUP Seeds of the Nations)

AWARDS AND

3rd Honorable Mention


Nuestra Senora de Aranzazu Parochial School
2012

Scholar
Municipality of San Mateo
2012-Present

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SEMINARS AND TRAININGS

THE ROAD: The Journey of the Future CPA


THEME: FIESTA
PUP Gymnasium
July 21,2012

Tour in Philippine Stock Exchange Commission


PSE, Ortigas
May 20, 2014

Flashlight Vanguard towards Exemplified Luminosity


Featuring: Money Smart
PUP Bulwagang Balagtas, NALLRC
August 5, 2015

QUASARS: Ventures Aiming Greatness to Pulsate


Professional Prominence
PUP Bulwagan Balagtas, NALLRC
August 5, 2015

Purpose-Driven Accountants
PUP Bulwagan Balagtas, NALLRC
August 26, 2015

SKILLS

Excellent Oral and Written Communication


Computer skills (MS Word, Excel, and PowerPoint)
Sound Knowledge of Management and Accounting

CHARACTER REFERENCES

Mrs. Concepcion M. Vedasto


Faculty, Accounting Department
College of Accountancy and Finance
Polytechnic University of the Philippines

Mrs. Purificacion Singueo


Principal

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Nuesta Senora de Aranzazu Parochial School

Mrs. Gene Anden


Faculty
Nuesta Senora de Aranzazu Parochial School