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Louise Maureen Simeon - The Philippine Star
May 27, 2025 | 12:00am
MANILA, Philippines — The majority owner of premier memorial services provider Heritage Park is coming up with more affordable products that would cater to the increasing number of working millennials and Gen Zs.
On the sidelines of the Philippines First Insurance (PFI) Group study launch yesterday, pre-need firm PhilPlans First Inc. said it hopes to increase the number of memorial plans it can sell this year.
As such, PhilPlans chairman Jaeger Tanco said pricing is a primary factor that could drive the increase.
“There are different markets for different products. We want to come up with products that can also cater to different markets,” Tanco said.
“It does not mean that we bring down, for example, the price for Heritage. It simply means that we are coming out with newer, more affordable products and the price point is something we are looking at,” he said.
The Heritage Park in Taguig City is a majority owned subsidiary of PhilPlans.
Currently, the company is selling memorial plans geared toward Heritage.
Tanco emphasized that there are markets that can afford higher pricing and those who may not be able to pay as much. As such, there is a need to come up with products for certain segments and take into consideration their capacities.
For reference, a memorial plan for Heritage ranges from P350,000 to as much as P700,000. Its cremation services, on the other hand, are priced from P150,000 to P450,000.
Tanco said the planned new products also target the increasing number of millennials and Gen Zs in the workforce through simplified insurance products, tech-enabled customer service and financial planning.
Last year, PhilPlans sold 2,572 memorial plans valued at P407 million. However, this was significantly lower from the 4,558 plans worth P657 million in 2023.
Meanwhile, based on the survey respondents, Filipinos are opting for life insurance and health insurance, both at almost 70 percent. Only about a quarter are covered with burial insurance.
The major barrier for availing insurance products is largely on the pricing, with 67 percent saying they lack enough money to buy while 30 percent believe that insurance products are expensive.
Similarly, pricing is the top three considerations in terms of product features, apart from the insurance type and the standard benefits and coverage.
In terms of unforeseen events, the loss of life ranked third among the respondents, only next to health emergencies and accidents.
