Realizations and lessons learned from COVID-19

And why it’s important to be financially prepared for anything, pandemic or not…

This pandemic has made it tough for many of us to keep a positive spirit. But what made it a lot tougher was it came like a thief in the night. While we were given a few days to ready ourselves for the lockdown, the actual scenario of how our lives would change from then on is something I still struggle with. I know of many people who were just about to leave for another country to work and of some people who quit their jobs to find something better. But when COVID-19 struck, they found themselves with nothing. No work…. And nothing to tide them over. And the worst part is, they had no one to turn to as many people also had to prioritize their families and their own needs.

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 give 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. 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.

3. Time to set your financial priorities straight

Now is the time to think about what your priorities are. Is it a new phone? A video game console? New shoes? Or is it paying your electric bill or making sure you have your pantry well stocked? Knowing which things should be paid for and what items need to be purchased first will make a difference on the quality of life for you and your loved ones.

4. Information is key

This year we’ve seen how the right information can actually save lives. From patients’ travel histories to accurate, science-based news about masks and social distancing. But a lot of information is still out there, and not all of it is checked.  So when reading the news, check the source. Is it from a reputable channel, agency, or publication? Are the statistics and studies from credible research or government organizations? Let’s all be vigilant in spotting fake news.

5. It pays to be prepared

The pandemic has showed 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.