Financial Lessons Brought by the Pandemic

The COVID-19 pandemic has taught us many lessons including lessons about money. Being financially prepared for anything that might happen has been underscored during these times.

As we continue to live under the new normal, everyone should learn the value of saving and investing to cover future uncertainties.

While it is better for Filipinos to have certain layers of protection not only for themselves but for their families as well, having the knowledge about what they are availing or investing is equally important.

Products that offer protection and investment rolled into one are a great start among Filipinos wanting to have security amid these challenging times. Among the many reasons why these products are sought after even by the ordinary Juans is the security and growth it provides financially.

For people who want to invest but are concerned about having to deal with certain critical illnesses, products such as the PRUHealth Prime is perfect for them. It eases the financial burden of battling cancer with a 50% cash out upon diagnosis of pre-defined early stage cancer while giving its subscribers the ability to build a bigger health fund with its investment component.

The PRULink Elite Protector is also among the products that offer maximum life protection with payment terms that are flexible to suit your needs while letting wealth grow faster with a greater portion of premiums invested in chosen funds. On the other hand, the PRULink Assurance Account Plus is a great fit for people who want a bigger and more comprehensive protection package at a lesser cost, while allowing continuous payment with a portion of your premium investable in your chosen fund.

Filipinos who want life protection coverage and start investing at any time and can afford to pay once may want to avail the PRULink Investor Account Plus and PRUMillionaire.

Apart from having life protection and investment for ourselves and our loved ones, below are also some money lessons that we can learn during the pandemic:

Track Your Expenses and Save

Budgeting is important. Start looking at your income and expenses. There are mobile apps that track spending and manage accounts, making this step much easier. While most people are staying at home because of lockdown and other restrictions, it is the best time to find small ways to save, such as canceling unnecessary subscriptions, refraining from buying fancy or unnecessary things, and making bigger shifts, such as moving in with family members to save money on rent and shared utilities.

Take Advantage of all the Financial Relief Programs

If you’re able to receive financial aid from the government or other institutions during the pandemic, it’s smart to take that opportunity. Use that money to spend on the most important things you need daily, like food. You can also set a portion of it for your electricity and housing rental because there are businesses who are giving their consumers payment extensions.

The Best Time to Invest is Now.

Many surveys and studies show that the earlier you invest, the better. A little amount of money invested now will put more money in your pocket in the future. If you can stay disciplined, you will reach your goals. You can maximize this in the long run just by starting now and staying on track. If you need assistance, consider hiring a financial advisor and do research on which company you may invest in.

The pandemic has been a wake-up call for many people to be concerned not just about their financial security but also their health protection. Getting life protection and investment in one, can be one of the smartest things that a person can do during this time. Having health, life protection, and money growth means you can prepare for most of the hospital expenses and for anything that may happen in the future such as illness, retirement, or even death, while still growing your wealth as you achieve your life goals.

To learn more about Pru Life UK’s Insuravest products visit www.prulifeuk.com.ph.