Life Insurance in the Time of Pandemic: Why It’s Important

Having financial protection is one of the best ways to prepare and provide the best future for and your loved ones
By Kaydee Dela Buena

Life insurance in the time of pandemic
Having life insurance can easily put you at ease.
COVID-19 has people grappling with the “new normal.” In just weeks, our lives have been completely turned upside down. We’ve turned our homes into makeshift offices, learned to wash our hands obsessively, and hoarded all sorts of hygiene goods. With each headline, the situation becomes more and more complicated, confirming that the life we knew our whole lives will never return. 

If these unprecedented times have you worrying about the future, you’re not alone. It’s time to plan your future more carefully—not just for you, but also your loved ones. 

It’s time to secure financial protection that will give you the confidence that no matter the situation, you and your family are financially protected. 

Protect those you love

Having life insurance could work towards your family’s financial security. If you’re married, life insurance can provide additional cash you can use to fulfill financial goals, such as buying a house or traveling abroad. 

If you’re a parent, a VUL life insurance can help save for his or her college fund. Similarly, having life insurance allows you to continue working on your goals, worry-free, because you’ve financially prepared. Plus, having a VUL plan allows you to potentially grow your money to maintain your family’s quality of life without compromising your own.

Take care of debts

Let go of the worries of the future and live a life that’s focused on the “now.” For you and your family’s peace of mind, having life insurance can pay off any outstanding debt, in case anything happens to you. Eliminating debt can be a huge stress reliever, especially during unprecedented times. Without the added burden, you can move on to achieving your goals and live a financially independent life. 

Protect your finances

While the long-term ramifications of COVID-19 are yet to be known, we can’t overlook its financial and economic impact. Your income has now become your greatest asset. Imagine if all of a sudden you have to deal with the loss of your job or worse, a medical emergency. Life insurance protects your savings as you work on financing these unexpected expenses. Moreover, 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. 

Support long-term goals

These long-term goals include securing your child’s future and retirement plans. As a parent, it’s 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. This is called as an annuity. It works like a pension plan wherein you put money into a life insurance product. In return, you get a stream of income monthly for as long as you live. 

Peace of mind 

Having life insurance can easily put you at ease. You’re confident that you can deal with unexpected expenses in case of accidents and medical emergencies, nor do you have to worry about your family’s financial security, allowing them to live the life you always imagined for them. Let life insurance take care of these concerns. Your only job now is to focus on other things that matter, like building relationships and working hard to set your plans in motion. 

At FWD, our financial advisors can assist you in finding the best insurance solution for you and your family. Whatever your situation may be, getting life insurance can provide you the security and peace of mind you need, with one less thing to worry about, especially in a time of a global pandemic.