Realizations and lessons learned from COVID-19 And why it’s important to be financially prepared for anything, pandemic or not 

Pre-pandemic, the slew of activities and places we could visit seemed endless. We found ourselves making plans, left and right, where best to go or what movie to watch in the cinema. Little did we know that our planning would be pointless as COVID-19 did not only destroy the global health care system, but also put our itineraries to a grinding halt. There was just no way around it.  All we could do is make new plans- with focus on health, safety and day-to-day survival.

Because 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 unless you have a health bond 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. 

  1. 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. 

  1. 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.

  1. Surrounding yourself with family and real friends is a must

Safeguarding and nurturing relationships with family, true friends and your romantic other- are the most important things during this pandemic. If there was such a time that we took them for granted, this is the time we should make it up to them.  This is the time when being closer to them will help you draw the kind of strength and patience you never knew existed so you can face the uncertainties of the new normal. 

It is also nice to take care and bond with your pet if you have one.  You can get pet grooming tools to keep them smelling good and clean all the time.

  1. 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. 

Forget about your old habits of spending and buying for your hobbies for awhile. Just like that TenPoint crossbow hard case you were not able to take out for awhile because of the lockdown.  It is a good investment though for your crossbows but don’t buy anything more than that for now until everything get settled.

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.