THE LEVEL OF INSURANCE AWARENESS AMONG SKILLED WORKERS IN NORTH CALOOCAN CITY

Abstract

This study investigates the level of insurance awareness among skilled workers in North Caloocan City. The study examines the demographics, level of insurance awareness, and challenges faced by skilled workers using quantitative tools and questionnaires. The results show that skilled workers represent a diverse population, with significant variations in age, sex, income, occupation, and education level. The high level of education among skilled workers may enhance their understanding of insurance concepts and their ability to access advanced financial services. The key challenge identified is increasing insurance literacy and awareness within this group. By providing clear, accessible information, individuals can make better-informed decisions to protect themselves and their families. The study also highlights the financial burden that professionals might face when considering life insurance, particularly when premiums seem too high compared to the perceived benefits. Additionally, the income distribution within the studied population reflects a diverse socioeconomic spectrum, with individuals having varying financial resources and abilities to pay insurance premiums. The skilled workers' consistent responses indicate a strong general understanding of life insurance, underscoring the public's growing familiarity with this financial product. This shared understanding is crucial as it serves as a baseline of knowledge that individuals can use to guide long-term planning and financial decision-making. Moreover, the findings suggest a deeper awareness of the various benefits of life insurance, beyond just familiarity with the concept itself. The data reveals that skilled workers generally recognize the challenges they face in accessing insurance products, signaling their awareness of these barriers. This study reaffirms that life insurance is widely recognized as an essential component of risk management and financial planning, consistent with its long-standing importance in the insurance industry. Additionally, the research indicates a growing recognition of life insurance’s role in supporting retirement funds and ensuring financial stability after employment ends.