MILLENNIALS are becoming the key growth driver for the country’s pre-need industry as younger Filipinos increasingly embrace advance memorial planning, top industry stakeholders said.
Cosmopolitan Funeral Homes Inc. chairman and president Renato Dychangco said Filipinos have become more open to discussing death and planning ahead, a shift that is helping expand the pre-need market.
“People have changed and accepted these things because, in reality, we all have to face them. Preparing for any eventuality helps ease the financial burden on the family left behind,” Dychangco said in an interview during the company’s 75th anniversary celebration on June 6, 2026.
He said the company partnered with cooperative-backed Cosmo Climbs Life Plans Inc. (CCLPI), describing it as the first collaboration between a private funeral service provider and the cooperative sector in the Philippines.
The partnership gives Cosmopolitan access to a network of about 4,700 affiliated cooperatives nationwide.
CCLPI president Mansueto dela Peña said the company has introduced seven-year and 10-year payment terms after a market study showed millennials account for about 45 percent of the cooperative sector’s membership.
“We have undergone a study on the millennials. Based on the cooperative sector, the millennial group is very receptive, which is why we launched longer amortization periods of seven and 10 years,” dela Peña said.
He said many millennials are already purchasing life plans not only for themselves but also for their parents, noting that the plans are transferable and assignable.
Dela Peña said CCLPI now has more than 52,000 plan holders nationwide, with plans valued at about P2.1 billion. Monthly premiums start at P540 for a memorial plan with benefits worth P60,000, with coverage that can be increased to as much as P1 million.
He said the company invested heavily in digital payment and monitoring systems to make premium payments more convenient and transparent for clients.
Pre-need now stable
Dychangco said the pre-need industry has become more stable after tighter regulation by the Insurance Commission, with only about 14 to 15 licensed pre-need firms remaining from more than 100 companies previously operating in the country.
“The Insurance Commission tightened regulations to protect the public and ensure companies have the necessary funding to honor future claims,” he said.
He also cautioned the public against informal memorial contribution schemes that operate without regulatory oversight or trust funds.
Cosmo Museum
As part of its diamond anniversary celebration, Cosmopolitan opened the Cosmopolitan Legacy Museum, which chronicles the company’s 75-year history through photographs, historical artifacts, stories, heritage pieces and memorabilia documenting the evolution of funeral care in Cebu.
The museum also aims to encourage more open conversations about death, remembrance and legacy, while promoting the importance of advance planning and compassionate end-of-life care. / KOC