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What the Pandemic Taught Us About Financial Preparedness

iQuanti: The pandemic has been extremely difficult in many ways, but it has also taught us a great deal about what it means to be prepared

iQuanti: The pandemic has been extremely difficult in many ways, but it has also taught us a great deal about what it means to be prepared. With too many families in crisis following the world shutting down, it’s become increasingly clear how vital it is to be prepared for the unexpected.


From life insurance policies to rainy day funds, here are a few tools you might want to incorporate moving forward. 


1. Emergency Funds


The country shut down in a matter of days in response to COVID-19 sweeping the states. For many families without an emergency fund, a sudden lapse in work left them stranded. Whether it be that families were busy making ends meet and didn’t have the funds to invest in savings, or people simply didn’t realize the need to, it’s fair to say that everyone now has an idea of how important a reserve can be. 


If you found yourself without access to cash during the worst parts of the pandemic, now may be the time to begin planning for the next time something unexpected occurs, if you’re able to. Experts recommend creating a fund equal to six months of living expenses or more.


If there is a medical expense, car problem, or job loss in the future, you can be prepared for any one of life’s unexpected expenses. 


2. Insurance Policies


While it might be intimidating to think about your life, or any loved one’s life coming to an end, it’s something you’ll be glad you planned for. Now more than ever, having a backup plan for the passing of loved ones is monumental in surviving after their death. Life insurance funds can be used to pay for end-of-life expenses, mortgages, support children, and other living expenses. 


Wondering how to find a life insurance policy? Life insurance quotes are easier to find than ever online, and you’re able to compare options right from the comfort of your home. The best thing you can do for your loved ones, estate, and legacy is to be prepared.


Life insurance isn’t the only insurance policy to consider. It also became clear through the pandemic just how important good healthcare can be. Switching from a low-cost, high-deductible plan can be another way to prepare for life’s worst surprises. 


3. Wills 


Just as life insurance rose in discussion due to the pandemic, so did the need for wills, trusts, and end-of-life wishes. Everything can change in an instant, and it can be scary to be ill-prepared in the case of death. Whether you’re young and healthy or nearing old age, it’s important to be prepared for anything regardless. Wills are created to help the living honor requests and sort assets upon death and are legally binding, which may help to avoid conflict for your loved ones. 


4. Budgets


Ironing out financial details to ensure that you have more coming in than going out became a matter of survival during the pandemic. News stations across the country covered record-high unemployment numbers in 2020, showing that too many states were painfully slow in sending out unemployment benefit payments. 


Sometimes, that meant families relied on cash reserves if they were lucky enough to have any, while they waited months for their first unemployment payments to come in. Budgeting goes hand in hand with savings, and both became increasingly necessary as a result of the pandemic.


There are many resources out there that cover budgeting in varying degrees of rigidness. Pick one that fits your needs and follow it to both grow your savings and make sure you have enough funds to cover what you need when you need it. 


Preparedness is Key


The pandemic taught many lessons, but one of its greatest takeaways was to prepare for life’s uncertainties.


The best thing you can do for your family is to iron out the details before it’s too late or too difficult to do so. There are many tools to help you prepare, but be sure to build your finances and reserves. Also, be sure to plan for both the inevitable and unexpected by looking at things like a will and life insurance.

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