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Specifically, the study aimed to:
(1) obtain the respondents’ profile with regard to age, sex, educational attainment, occupation, and monthly family income.
(2) determine the respondent’s level of awareness of the benefits of life insurance services to its holders in terms of hospitalization, loan, burial and cash surrender value. (3) find out the significance on the respondent’s awareness when grouped according to profile variable; and
(4) propose recommendations that can be used to promote better awareness on the benefits of life insurance services to its holders. The study made use of descriptive method.
There were 200 respondents chosen through purposive sampling.
Data gathering tool was a questionnaire.
The statistical treatments used were percentage, weighted mean, independent t-test and one-way analysis of variance. Out of 200 respondents: Age bracket 21 to 25 had the highest frequency of 49 or 24.5 percent while ages 51 to 55 had only 7 respondents or 3.5 percent.
129 or 64.5 percent were female and the other 71 or 35.5 percent were male.
Most of the respondents were college graduates with 92 or 46 percent.
Sixty-four or 32 percent were government employee.
Most of the respondents have a monthly family income of Php10,000 to Php20,000 with 116 or 58 percent. The respondent’s level of awareness of the benefits of insurance services in terms of hospitalization were aware as given by the composite mean of 2.89.
The respondents were found aware on the benefits in terms of loans, burial and cash surrender value with a composite mean of 2.94, 3.16, and 2.95 respectively. , only occupation variable in hospitalization, loan, and cash surrender value has a rejected Ho which means that there is a significant difference. Only occupation variable in hospitalization, loan, and cash surrender value has a rejected Ho which means that there is a significant difference. It was revealed that in terms of loan benefits, educational attainment has also a rejected Ho.
The remaining profile variables have no significant difference to the four variables namely: hospitalization, loan, burial, and cash surrender value. Low income households find it hard to cope with the risks brought about by an illness or injury, death of a family member, man-made calamities and natural disasters.
Most people worldwide believe that the world is getting riskier. There are events in life where uncertainties happen.
This is when life insurance takes its part-- a risk-handling tool shall be in an individual’s hand to lessen the financial losses that are to be incurred and this is insurance’s role.
Life insurance covers events such as death, diagnosis of a terminal illness or of a critical illness, disability due to ill health, permanent disability, accidental death, or requirement for long term care.
It serves as a help for those people who are not capable of paying their expenses due to their illnesses or other incapacities.
Life insurance is a booming sector in today’s economy.
Purchasing life insurance is an important investment in your future and that of the people you love. This study aims to determine the awareness of individuals as to the benefits of life insurance services in Padre Garcia, Batangas.
Specifically it sought to answer the following questions: 1.What is the profile of the respondents in terms of:
1.5Monthly Family Income. 2.What is the respondent’s level of awareness as to the benefits of the insurance services in terms of:
2.3Burial Benefits; and
2.4Cash Surrender Value. 3. Is there significance on the respondents’ awareness when grouped according to profile variables?
4. Based on findings, what recommendation can be proposed? The findings in this analysis would be beneficial: To the residents of Padre Garcia, Batangas, this study will give them more information and deeper understanding about the benefit they can get from availing different kind of life insurance services.
Those who are newly enlisted members will be as knowledgeable and aware as those who are old in the service.
To the insurance beneficiaries, awareness also on the benefits that the policy holder have availed for them will enable them to claim the benefits due to their benefactors.
To the government employees together with their beneficiaries, this study will further inculcate into their minds the awareness on the monetary and non-monetary assistance and services accorded to them by the system. This will trigger them to claim for their rightful benefits when due. To the heads of the different agencies and insurance companies, having adequate knowledge on the benefits will enable them to provide information and assistance to their subordinates or constituents, particularly in their need.
To Batangas State University, this will serve as a valuable source of information necessary to learning and gaining knowledge on the area of the study.
To the present researchers, this will enlighten their minds and give answers to their questions. This will serve as their stepping stone for more studies to come. It will be one of their accomplishments for this will be a source of information for those who have a concern in this topic.
And lastly to the future researchers, this study will serve as a reference for them in further improvement and enrichment of the study. This study will determine the profile of the respondents in terms of age, gender, educational attainment, occupation and monthly income of the family.
The study is further limited to the answers of 200 respondents in different barangays in Padre Garcia, Batangas.
To gather the relevant information needed in the study, the researchers have used questionnaires and unstructured interview.
The respondents that the researchers have chosen are those who possess several criteria.
These include that the respondents should be a holder of a life insurance policy with an age of 21 years old and above and a monthly family income that ranges from Php 10,000.00 and above. CHAPTER III The researchers used the descriptive method of research.
In order to get answers from the researchers’ questions, feedback form or questionnaires will be given out to the individuals of Padre Garcia, Batangas, including both men and women.
The statistical treatments used were percentage, weighted mean, independent t-test and one-way analysis of variance. CHAPTER V SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS Findings: 1.Profile of the Respondents
1.1Age. Majority of the respondents are from ages 21-25 years old with an equivalent percentage of 24.5 percent.
1.2Sex. Female respondents constitute 64.5 percent while male respondents are 35.5 percent. It therefore shows that most of the insured in Padre Garcia, Batangas are female.
1.3Educational Attainment. College graduates composed the majority of the total respondents with 92 of frequency or 46 percent.
1.4Occupation. Thirty-two percent of the total respondents, which is the majority, are government employees which is 64 in number.
1.5Monthly Family Income. Majority of the respondents have a monthly family income that ranges from Php 10,000.00 to Php 20,000.00. 2.Assessment on the respondent’s awareness as to the benefits of life insurance services in terms of: 2.1Hospitalization Benefits. “Daily Hospitalization Income Benefit” made the highest weighted mean of 2.98 with a verbal interpretation of “agree”. On the other hand, “Intensive Care Unit Benefit” made the lowest weighted mean of 2.83 with a verbal interpretation of “agree”. The composite mean was 2.89 which were also interpreted as “agree” 2.2Loan Benefits. ”The loan may be renewed anytime for as long as there are net proceeds” made the highest weighted mean of 3.01 with a verbal interpretation of “agree”. On the other hand, it was revealed that “educational loan made the lowest weighted mean of 2.87 which also have a verbal interpretation of “agree”. The composite mean of 2.94 was also interpreted as “agree”. 2.3Burial Benefits. “The company may facilitate the Memorial Service Arrangements for the deceased and administer the amount of the burial benefit to pay the company’s accredited servicing mortuaries directly” has the highest weighted mean 3.23 of with a verbal interpretation of “agree”. It was also found out that has the lowest weighted mean of 3.08 with a verbal interpretation of “agree”. The composite mean of 3.16 was interpreted as “agree”. 2.4 Cash Surrender Value.
The benefit which obtains the highest weighted mean of 3.08 was “A member can withdraw the money and receive it in cash” while it was also revealed that “A member can obtain pre-paid permanent life insurance for a reduced death benefit´ has the lowest weighted mean of 2.86. The composite mean of 2.95 was interpreted as “agree” Conclusions 1.The majority of the respondents were in the age bracket of 21-25 years old, female, college graduate, government employee with a monthly family income of Php 10,000.00 to Php 20,000.00. 3.Significance on the respondents’ awareness when grouped according to profile variables It was revealed that only the occupation variable in hospitalization, loan, and cash surrender value has a rejected Ho which means that there is a significant difference.
Moreover, it was revealed that in terms of loan benefits, educational attainment has also a rejected Ho.
While the remaining profile variables have no significant difference with regards to the four variables namely: hospitalization, loan, burial, and cash surrender value. 4. The recommendations that can be proposed to enhance the awareness of to the benefits of life insurance services
Researchers have suggested different activities to enhance the level of awareness of insurance services. 2.The respondents agree that they are aware on the benefits of life insurance services in terms of hospitalization, loan, burial and cash surrender value. 3.In general, there is no significant difference between the respondents’ awareness when grouped according to profile variables. 4.After a thorough evaluation of the said study, researchers found some suggested activities to enhance the level of awareness with regard to the benefits of life insurance services. RESEARCH METHODOLOGY THE PROBLEM AND ITS BACKGROUND Recommendations (cc) photo by medhead on Flickr 1. Insurance companies may opt to make use of more effective advertisements in communicating the benefits that an insured could avail. 2.The results of this study must be communicated to everyone concerned, as this has noted the advantage of getting an insurance policy. 3.Studies relative to this research must be conducted so as further evaluate the related issues. Hence the academic community should use the results of this study for future similar studies. "AWARENESS OF INDIVIDUALS AS TO THE BENEFITS OF LIFE INSURANCE SERVICES IN PADRE GARCIA, BATANGAS" Proponents Araño, Rachel A. De Guzman, Rose Ann M. Latade, Arlene L.