Life insurance is recognized as a vital tool for financial protection and risk management as it assists in minimizing financial risks related to unexpected occurrences. However, the number of people insured in the Philippines remains low. The study aims to provide information about the variables influencing the perceived purchasing of life insurance among Filipinos integrating the Theory of Planned Behavior. 514 participating respondents answered the online survey questionnaire with 53 questions. Structural equation modeling determined that media (M) affects generational cohort (GC); external influences (EI), personal experience and knowledge (PKE), and financial health (FH) affect social norms (SN); FH and GC affect attitude towards behavior (AB); and SN as well as AB affects perceived behavioral control (PBC) which have a statistically significant outcome on the perception on purchasing life insurance (PL). Moreover, most of the respondents, Generation Z, tend to be more exposed to life insurance information posted in the media given their ability to access information instantly. The study’s results will contribute a new perspective in investigating the behavior of consumers who buy life insurance policies in the Philippines.