MANILA, Philippines — Sales of pre-need products slumped amid the pandemic-induced recession, with a 58.6-percent drop in the number of plans sold across the sector in 2020.
The latest Insurance Commission (IC) data showed a total of 383,082 education, life and pension plans were sold last year, nearly three-fifths lower than the 925,370 in 2019.
Last year, sales of life plans fell 58.6 percent to 379,198 from 2019’s 914,781.
Pension plan sales also declined, by 62.8 percent to 3,617 from 9,710 in 2019.
Education plans were even fewer, dropping by 69.6 percent to 267 from 2019’s 879.
In terms of sales amount, the pre-need industry’s total premium income d…
Keep on reading: Pre-need sales down 58.6% amid pandemic-induced recession