Put yourself at ease by protecting those you love
08 June 2021
The COVID-19 outbreak has been a global health emergency that has escalated into an economic crisis. As people struggle to find jobs, make ends meet, and manage the emotional and mental stress of not knowing when this pandemic will all be over, one thing remains certain—now is the perfect time to make changes in the way we handle our finances.
Don’t know how to start? Here are 3 adjustments you can make as you face these challenging times:
1 Re-evaluate your cash flow and compute your expenses.
Whether in a pandemic or not, regular assessment of your savings vis-à-vis your spending is a wise practice. If you’re suffering a pay cut, you might want to reevaluate your current expenses and determine where you can cut costs. Base your expenses on your new income bracket. For example, if your salary is down by 20 percent, consider cutting your costs by at least 20 percent.
Go through your essential expenses one by one. Limit nice-to-have items such as restaurant meals and gym memberships. Take this time to learn new recipes and try out different workout regimens online. When buying groceries, revise your usual list and opt for an affordable version.
2 Have your emergency fund ready.
Because of its purpose, your fund should be in cash or liquid assets and must be accessible and available anytime you need it. An emergency fund is different from non-liquid assets such as life insurance plans that mature after some years, or real estate that cannot be sold or converted into cash right away. It should only be used in unforeseen, sudden events like accidents, a retrenchment, or home repairs.
How much should you set aside for your emergency fund? A helpful rule of thumb is that it should cover six months’ worth of spending, including payment for rent or mortgage, utilities, and other monthly payables such as food, planned medical expenses, and insurance premiums.
3 Create a crisis plan.
Once you’ve figured out your cash sources for an emergency, identify all possible financial options during a crisis, particularly the ongoing pandemic. Your crisis plan may include steps such as getting the best value out of smaller non-cash assets like membership reward points and gift cards, determining which luxury purchases to let go, and exploring government-supported aid. These measures could boost your cash inflow and/or decrease your costs, helping you get through this time.
The challenges of adapting to new things during this pandemic shouldn’t get in the way of making sound financial decisions. Plan for a future with more peace of mind and fewer worries by investing in MedLife Protect Plus, an affordable variable life insurance plan that provides medical care coverage and up to 90 times the basic annual premium when most needed. Another budget-friendly option is Critical Care 100, a health and life insurance plan that covers up to 100 critical illnesses until the age of 100, helping you make sure you spend more time with those who matter.
Contact us through this inquiry form and find out how you can protect yourself from any crisis with the help of these life insurance plans.
You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!
Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.
The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.
Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.
In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.
Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.
It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.
Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.
It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy.