The Coronavirus Disease 2019 (COVID-19) pandemic has brought immense impact not only on our health and lifestyle but also on our finances. Certainly, this crisis showed that there is wisdom in securing our financial security through insurance coverage.
In these unprecedented times, getting an insurance policy gives you the ability to prepare for anything that may happen in the future—be it illness, hospitalization, retirement, or even death.
Studies show that young adults nowadays are more open to getting insured especially now that we are in the pandemic. They are more aware of the impact of COVID-19 as a public health crisis and thus, they are taking the necessary steps to protect themselves not only from the disease but from its financial burden.
Insurance companies in the Philippines have also made their products more affordable and accessible to meet this growing need. So, it is really time to secure financial protection that will give you the confidence should unforeseen things happen during this COVID-19 pandemic. Here are some of the benefits of having an insurance plan:
1. Secure your finances
Uncertainties in this pandemic such as losing a job or getting sick and hospitalized will surely put you into a dire situation. Life insurance protects your income and savings as you work on financing these unexpected expenses. Also, it ensures that your finances won’t get depleted from a single emergency. You’re confident that your money can still supplement you and your family’s future plans. In the event of your passing, however, life insurance can also provide your family financial support so they too, can enjoy the fruits of your hard work.
2. Pay off debts
In case anything happens to you, life insurance will serve as a replacement so you can pay off outstanding debts and other expenses. This can be a huge stress reliever for you and your family, especially during uncertain times. Without the burden of debts, you can move on to achieving your goals and live a financially independent life.
3. Protect your loved ones
Having life insurance could bring so much financial security for your family. It can give you additional cash which you can use to achieve financial goals, such as buying a house or traveling abroad. Also, parents may get Variable Universal Life (VUL) insurance for the college fund of their children. Likewise, a VUL plan allows them to potentially grow money to maintain your family’s quality of life without compromises.
VUL has a built-in cash value invested in stocks, bonds, and mutual funds which can be withdrawn should the need arise.
4. Support your future plans
With life insurance, you will be able to protect your savings as you work on building a better future for yourself and your loved ones. If you are a parent, these may include securing your child’s future and retirement plans. It is your responsibility to ensure that your family has enough coverage as they grow older. Life insurance also ensures that your retirement savings will last you for life.
5. Peace of mind
Having life insurance can give you peace of mind as you will have to confidence to deal with unexpected expenses in case of medical emergencies such as COVID-19. It will also put you at ease about your family’s financial security, allowing them to live the life you always imagined for them.
Being insured lets you focus on other things that matter, like building relationships and working hard to set your plans to work.