Molina, Nolito “Unpublished Masteral Thesis, University of Nueva Caceres , 2002.
Keywords: Awareness on Life Insurance Benefits
This study was undertaken to determine the level of awareness on benefits of life insurance program, Naga City , C/Y 2003. 2001. It tried to answer the following Questions: 1) What are the benefits offered to policyholder by lide insurance program? 2) What is the policy holders level of awareness on the benefits along life protection and income continuity? 3) Is there a significant difference in the clientele's level of awareness between types and among barangays?
The descriptive-evaluative method was used in this study to determine the level of awareness of the policy holders on the benefits offered by the life insurance program to selected residents of the ten Naga City barangays who served as respondents of this study.
Findings of the study were: 1) Along life protection, benefits are medical expense fund, long term care fund and emergency fund; along income continuity, disability, retirement and death benefits. 2) Level of awareness on life protection benefits was 4.00 or much on provision of medical expense coverage; next, 3.98 or much on emergency fund, and last, 3.69 or much on long term care, with a grand mean of 3.89. Among barangays, the four near and four nearest the city proper were much and very much aware or 4.12 and 4.20 respectively of the insurance benefits; and, least aware were those farthest from the city with 3.35 and the grand weighted mean was 3.89. As for retirement benefits, level of awareness was 4.00; or much aware; next, death benefits with 3.87; also much aware and the last disability benefits, with 3.78; or least aware. In terms of location, the nearest barangay rank first, with 4.16; next, barangays near the city proper, with 3.95 and the least were the farthest barangay, with weighted mean of 3.55 3) Between life protection and income continuity, computed value of 1.64 was lower as against the tabular value of 2.35 at .05 level of significance. And among the three groups of barangays, the computed value of 32.89 was higher than the tabular value of 3.49.
Major conclusions: 1) Life protection benefits are provided to the policy holders to cushion the impact of accidents, illness and emergency and income continuity benefits were offered to the insured to provide income continuity benefits were offered to the insured to provide income replacement to the beneficiaries in times of his disability or death to cushion the impact of the loss of income. 2) level of awareness along life protection, highest on the provision of medical expense coverage, next emergency fund and lowest was long term care; and based on location of barangay nearest the commercial center topped in terms of awareness along life protection, next were those near barangay; and lowest were those farthest whereas along income continuity, awareness was highest on the clean up fund, next, retirement income and lowest or critical period was family dependency period income. And on the whole among the three group of barangays, nearest to city proper had the highest level of awareness; followed by the near and farthest barangays which were the lowest respectively. There was no significant difference in the level of awareness between life protection and income continuity which both rated much awareness between life protection and income continuity which both rated much awareness only; however there was a significant difference in the level of awareness among the three groups of barangays where were each group had a varying level of comprehension of the life protection and income continuity benefits.