Staying Ahead of Life and Death Stakes During the Pandemic

More than a year since COVID-19 first hit the country, the virus remains a serious threat to the lives of millions of Filipinos. The spread has yet to really slow down to the point where we could go back to our normal lives. We still have to take extra precautions in nearly everything we do. Despite all our efforts, we can’t really be certain that we’re one-hundred percent protected. As such, it’s wise for you to prepare for the worst before it even happens.

Continuing where I left off last week, these preparations are actually for the benefit of your loved ones rather than yourself. Of course, you’re free to make your own preparations for yourself. But what I want to highlight here are the things you can do for your dependents in the event that you’re put through the wringer and don’t make it back.

Organize Your Insurance Policies

Among the important financial documents that you need to take care of before you breathe your last are your insurance policies. The three policies you can start with are your life insurance, retirement insurance, and health insurance.

Life insurance lets your beneficiaries claim a sum of money when you pass away. This money is not only meant to cover your salary for your dependents but also help them pay off funeral expenses along with other debts you might still have. The same goes for retirement insurance. Meanwhile, health insurance helps cover for any expenses you might incur if you receive medical attention.

In case you don’t have any of these policies, you should definitely consider purchasing them. You might already have some form of life and health insurance from your employer, but it’s probably not enough to cover your needs. If that’s the case, it’s best to get on top of it immediately.

These policies all lessen the financial burden that your loved ones have to shoulder for you. They bring you peace of mind in knowing that they’ll be financially protected when you’re no longer around.

But if your beneficiaries don’t know what policies you have, they can’t make a claim. So ensure that you put all your policies together and let them know about it.

Keep Beneficiaries Current

It’s equally important to update the beneficiaries on your existing policies, as I’ve discussed previously. This is something that’s usually overlooked by a lot of people even though it shouldn’t be.

Make no mistake about it, life brings a lot of changes over time; our statuses change; and our relationships change. Who you may have designated as your beneficiary when you bought your insurance policy might not be the same person you want claiming its proceeds down the line. That’s why it’s a good habit to go back and update the beneficiaries of your purchased policies every time there are major life events. These include having children, marriage, deaths, or separation.

If you haven’t done it yet before or in a long while, this might be a good time to do so. Again, it’s better to be safe than sorry. You don’t want the sum of your policies going to the people you don’t intend it for. It’s a simple process that can spare your family from a world of headaches in the future.

List Remaining Debts If You Have Any

If you have any unpaid debts, such as bank loans or credit card bills, tell your loved ones about it as well. It might not make for a great conversation, but letting them know makes it a lot easier for them to settle these debts when you’re gone. You surely don't want them to get caught off guard by a hefty bill coming out of nowhere, right?

Obviously, if you have the money to pay off these debts yourself, do it as soon as you can. It’s best not to leave your family with more burden than what they already have to deal with.

You might also want to share your bank details to a trusted loved one This allows the person to have access to your money in case the need arises that he or she has to pay anything on your behalf.

As I’ve said before, dealing with matters concerning death is never pleasant. But we’re now living through a period of uncertainties. And we don’t know when it’ll end. It’s sometimes easy to think that we might be too young or too healthy to be affected by all of this. How sure are we though?

There’s no such thing as “too soon” when you’re preparing for death. Yes, all of these might take time and effort. However, you don’t have to accomplish them all in a day. Take your time. They are, after all, an act of love; a sacrifice you’re making for your loved ones in case you find yourself in a life and death situation. If that does happen one day, you’ll look back and be thankful that you’ve had all these in order when you had the chance.