And why it’s important to be financially prepared for anything, pandemic or not
The “Ber” months are here- and it’s still strange to me that the coming holidays will be nothing like we ever experienced before. I can’t imagine celebrating family gatherings or office parties with social distancing measures and face shields and masks. I can’t imagine taking precautions against hugging or kissing to show love and affection. I can’t imagine having to spray gifts with disinfectants to make sure they’re free of COVID-19 particles. Such is the reality until a vaccine is finally discovered. Until the WHO tells us that the “coast is clear” and we can proceed with the “old normal”. But until then, and while the future is uncertain, we can always take steps to prepare today so we can worry less tomorrow. COVID-19 has affected our lives in different ways but the lessons we learned from it are essentially the same. Here are five lessons everyone learned or should learn, especially now that most of us are finally back to work.
1. Health is indeed wealth
Your health is your best asset—both physically and financially. Pandemic or not, protecting your health always comes first. And having good health and being in shape gives you more energy to work hard for your family while pursuing your passions. Staying healthy saves you a lot of money too. After all, getting sick is not cheap. You have to pay for medicines, treatment, and confinement. Costs for COVID-19 treatment can reach millions, and so do other critical illnesses like cancer, heart attack, renal failure, or stroke.
But if you do get sick (and often these illnesses will just strike without warning), there are ways to make sure you are financially prepared. Protection plans like FWD Insurance’s Set for Health ensure that you have the money you need to pay for any medical bills. It allows you to claim up to three times against major critical illnesses—and if you remain healthy by 75 years old, you’ll get your money back.
2. Good habits are important
For years, we’ve been told to wash our hands properly. But we never really took it that seriously. Until this year. Now, it’s one of the best lines of defense against COVID-19. With most of us being called back to work or allowed to go outside, handwashing or sanitizing our hands are even more important. Let’s not forget to regularly disinfect and clean our homes either. Other precautionary measures we learned recently leaving our shoes outside, showering and changing into new clothes immediately, and storing dirty laundry in disposable bags.
3. The importance of a rainy-day fund
It’s a good idea to have a rainy-day fund to cover expenses in case of emergencies. This is all the more relevant today during the COVID-19 pandemic. As the saying goes: hope for the best but prepare for the worst. Financial planning is important, especially if you’re the breadwinner. Life insurance plans like FWD’s Set for Tomorrow make sure that your family has the financial means to go on, protecting them from unpaid loans and sudden income loss due to death. OFWs who work abroad get additional protection, too.
4. Some of the best things in life are free.
While money can buy us a gadget, buy us some milk tea and pay the bills, the reality is that there are countless things we can enjoy for free while on lockdown. There’s the time you can spend playing with your “pamangkin”; learning new dance moves with your eldest daughter; and, learning to carry a tune or two. You can also simply sit down and engage people in conversation or healthy banter. Money cannot buy everything, specially knowledge, experiences and lasting relationships.
5. It pays to be prepared
The pandemic has shown many of us how extremely dependent we are on our paychecks and daily earnings. With no work or income for more than a month, a lot of us have struggled to make both ends meet. And this will continue with businesses laying off workers and instituting a “no work, no pay” policy. That’s why it’s important to be financially prepared and have a financial safety net so you can get through any emergency. It’s not too late to start securing your financial future today. Save. Invest. Protect. VUL plans like FWD’s Set for Life allows exactly that. You get both insurance and investment and pay for it monthly. You get to grow your money and, at the same time, secure your future – and your family’s.
COVID-19 is a call for preparedness for everyone. The pandemic took us by surprise, but we learned some valuable lessons. Now that we know better, we can prepare better—physically, mentally, and financially.
FWD Insurance is one of the few insurance companies that are digitally ready to help you financially prepare for the future. Its financial advisors are available to talk to you about your finances and help you with your financial goals via video chat or whatever channel is more convenient for you.
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