February 21, 2023 | 12:02 amMAJORITY of new business owners in the country bought life insurance products for protection and security during the coronavirus pandemic, according to a study by The Manufacturers Life Insurance Co. , Inc. .
“These new business owners… became more conscious about preparing for financial challenges or crises, encouraging them to seek to buy life protection and security for themselves, and indicating their openness to consider financially protecting their employees,” Manulife Philippines said. The nature of their businesses also reflected market needs during the pandemic, with most of them going into food preparation and processing , retail , or delivery of essential goods and services .
The life insurer said these businesses have “flourished” amid support from communities in the country.