For ages, the talk (or just the thought, even) of preparing for one’s death has always been taboo among Filipinos. Many of us are still not comfortable talking about our death or funeral any sooner than we must. We are not accustomed to planning for that eventuality, perhaps out of fear of leaving our families behind. Nevertheless, we know that the angel of death will come for us or for any of our families at some point in our lives which I think, should be reason enough to give importance to memorial pre-planning. Having at least one member of the family own a memorial plan should make the thought of death or dying less frightening.

My Lola died back in 2007, when I was 11 years old. The wake was held at St. Peter Chapels in Quezon Avenue but since I was still young, I didn’t realize that it was held at a funeral home back then.  My father said that my uncle had a St. Peter Life Plan and they used it for the memorial services of my Lola. From what I remember, the wake and the funeral went smoothly and at some point, looked effortless. Comparing this experience with other funerals that I have attended later on in life, my relatives seemed less fatigued then than the other bereaved families that I saw. It is only now that I realized what made the big difference – we had a memorial plan! By having a memorial plan, my dad and his siblings had experts to rely on for the funeral arrangements. They only had to call on the funeral service company to take care of the funeral service details for them.

A Memorial Plan or a Life Plan is a Pre-Need Plan that provides for the performance of future memorial services at the time of actual need in exchange for cash or installment payments. It guarantees the delivery of a memorial service package as stated in the Life Plan Contract regardless of its future cost; contrary to a Life Insurance that provides monetary compensation as indemnification arising from the loss of life, which compensation may be used for memorial services among other things. In layman’s terms, getting a Life Plan means buying memorial services in installment for future use while buying Life Insurance means putting a value on your life such that if anything happens to you, your beneficiaries will receive that amount of money which they can use for your memorial services, among other things.

In the Philippines, Life Insurance appears to be gaining ground over the past few years and has become a popular financial investment product while Life Plans remain in the backseat due to conventional schools of thought regarding memorial preplanning and misconceptions about the Pre-Need Industry in general. 

For example, it is not true that owning a life plan will speed up your death. This is a baseless myth. We do not know when the angel of death will come and Life Plan companies are not praying for that to happen pronto. Why? Because if a planholder dies, the Life Plan company will have to spend already for the memorial services. 

Another common misconception is that Life Plans are only for the Elderly. While it is true that the Elderly are more likely to pass away sooner than the healthier Millennials, Gen X-ers and Baby Boomers, we still do not know when the angel of death will come. Accidents can happen when we least expect them. We may acquire an incurable illness at any time. Life is too short and unpredictable so it is still best to be prepared. We are all going to pass away from this world, it is only a question of when. This is why while I am still young, I already got a Life Plan for myself to relieve my family of the burden of making difficult decisions at what will already be a difficult time. I believe that planning your funeral in advance, is a responsible and caring gesture that can reduce stress for your already grieving loved ones. 

Another misguided belief is that Pre-Need companies are going bankrupt. We understand that what happened with educational plans back in 2014 has created this grave concern; however, since being regulated by the Insurance Commission in 2009 (Pre-Need Code of the Philippines), our government has imposed stricter policies that protect the welfare of Pre-Need planholders. Increasing trust fund requirements of Pre-Need Companies, for instance, is intended to ensure that planholders will be able to claim what has been promised to them should business go awry. Failure of a Pre-Need company to comply with this rule will result to a revocation of its License to Sell Pre-Need Plans. Thankfully, St. Peter Life Plan, Inc. has been awarded its License to Sell Pre-Need Plans for the last 49 years.  It is just a matter of choosing the right and reputable company to trust with your hard-earned cash.

As consumers, we usually end up spending more money to buy our wants more than spending for our needs. We would rather spend on a tangible item that gives us brief moments of joy than on an intangible that will give us long-term peace of mind. We should change this mindset and start thinking not just about our future but also our family’s future. Start acting now and stop spending more money in your impractical wants.

Commodities are not getting cheaper; nor are memorial services.  Paying for future memorial services, on installment, for less than its price today is really the value of getting a Life Plan. At the time of need, financial burden is the most urgent concern. We can help our families avoid this dilemma by making these tough decisions now while we ourselves can. Buying a Life Plan for one’s family spells savings, convenience and comfort. For what it’s worth, we can never be prepared enough.

Got some feedback on this article? Email us at spgvision@stpeter.com.ph and watch out for more informative and eye-opening expositions on matters related to DeathCare in the next DeathCare 101.