Ready, Set, Survive: How to Prepare for Emergencies
Are you mentally and financially prepared for the next typhoon, earthquake, or human-caused disaster? Here are a few objectives you can accomplish today.
Due to its geography, the Philippines is also vulnerable to other calamities such as landslides, floods, storm surges, and tsunamis. Aside from the obvious impact of these hazards, they also have a significant effect on personal finance.
Fortunately, the financial burden of these calamities can be lessened. It takes proper foresight and the necessary preparations to mitigate potential problems.
1. DISASTER KIT
What it contains:
1. Food that requires minimal to no preparation like canned goods and breads
2. Bottled water
3. Medicines and disinfectants
4. Clothes to protect from cold and the rain
5. Trash bags that can serve as raincoat and/or blanket
6. Transistor or crank radio
7. Flashlight
8. Extra batteries for cellphones and other critical gadgets
9. Portable generator
2. LIFE INSURANCE
Life insurance is not just about passing away and leaving a considerable amount to your family. In some life insurance policies, especially those with investment opportunities, owners can “borrow” or withdraw their earnings to cover natural disasters such as flooding.
Cost: around P1,000/month but also depends on the provider and type of policy.
Please take note that life insurance policies are tailor-fit for each individual, based on many factors, such as age and health, among many others.
You can check out different life insurance solutions or reach out to a Sun Life advisor by scheduling an appointment here.
3. TRAVEL INSURANCE
Flight cancellations and vehicular accidents are banes from bad weather. Get travel insurance that shoulders and even compensates for delays and other inconveniences from lost baggage to medical emergencies. Sun Life Byahero Protect offers comprehensive accident insurance with hospital income benefit and burial benefit for land travel accidents.
4. EMERGENCY FUND
Your emergency fund will be the lifeline you'll need after a devastating event. It is the safety net that you can fall back on, sparing you from financial distress when unplanned expenses arise. If possible, save at least 3-6 months up to 1-2 years’ worth of expenses to account for concertainties. Numerous Sun Life policies, like Sun Life Secure Income, offer cash payouts and income continuance benefits that will help you through tough times.
Anticipate emergencies and prepare in advance to prevent future inconveniences and possible expensive costs. With ample preparation, you can weather through life’s uncertainties. TALK TO AN ADVISOR TODAY..
ALSO READ: Routines, not resolutions: Building financial habits that stick
