There is just no societal reference point for a global pandemic unless you were born before the 1917 Spanish flu pandemic.
More heart wrenching than the daily network reporting of transmissions and deaths is the dire reality of not knowing what the foreseeable future holds. The shock and awe of being laid off, and the general shut-down of economic and social life is simply unimaginable.
Whether you are professional employee, business owner, public or private employee, student, caregiver, parent, unemployed, all need money to pay for daily living expenses. The society functions by the gainful contribution of everyone who in exchange for their labor earns income to purchase goods and services to satisfy present and future needs.
Admittedly there are persons who are more financially prepared than others in the unlikely event of a pandemic. Some persons/families are insured against future losses by investing in insurance products; having an emergency fund; or having multiple sources of income.
This pandemic has revealed more than anything else to learn to grow, secure and protect our money. I have a few ideas that I would like to share with my audience. Drop me a line on this link and set a time when we can talk about this.
The current covid-19 pandemic, has once again caused me to reflect on the frailty of life and the eventuality of death. And with this the importance of insurance not only as tool to repay debt in the event of death but more widely as prudent estate planning strategy. A recent published stats noted that more… Continue reading Pandemic, insurance and estate planning