AWARENESS AND THE INTENTION TO AVAIL VARIABLE UNIT-LINKED INSURANCE POLICIES AMONG RESIDENTS OF SAN PABLO CITY, LAGUNA

Abstract

The main objective of this study is to assess the level of awareness and intention to avail VUL among residents of San Pablo City. An adapted and modified survey questionnaire was used to collect the data and information needed for this investigation. Cronbach’s alpha was used in the results of pilot testing conducted to determine the reliability of the research instrument. The study’s participants include 300 respondents who are potential consumers of variable unit-linked insurance policies. The study may have included both male and female respondents who are of legal age and capable of answering the survey questions. Frequency, percentage, mean, chi-square test, and spearman rho were the statistical methods employed. The research findings suggest that there are notable differences in the insurance buying behaviors of single and married individuals, influenced by factors such as financial priorities and risk perceptions. The study revealed that a significant percentage of the respondents are employed either regularly or on a contract basis. Regarding variable unit-linked (VUL) insurance, the respondents showed some understanding of its advantages but lacked knowledge on selecting the right products, interpreting terms and policies, and comprehending its adaptability as an investment. Based on these findings, insurance providers and agents can design targeted marketing campaigns and educational initiatives to enhance customer understanding of VUL insurance and improve their overall experience. By providing new policies and components benefits that appropriate to their needs. It is necessary to offer clients specific advice and direction so they are able to understand how VUL insurance may be incorporated their overall financial plan.