IF there’s one lesson we must take to heart in the many months we have been coping with the coronavirus disease 2019 (Covid-19) pandemic, it is this: we cannot eliminate risks and uncertainties in our lives, but we can nevertheless take steps to avoid their worst consequences. We are never totally powerless even in the face of the most serious threats. Case in point: there is yet no vaccine for Covid-19, but by observing certain health and protection protocols, medical experts believe we can reduce the risk of contracting the virus by nearly 99 percent. The key is preparedness for the expected as well as the unexpected.

Physical well-being should not be our only concern during this new normal situation. Equally vital is our financial health. For the same reason we wear face masks and face shields for personal safety, we must likewise ensure that we and our loved ones are protected against the threat of severe financial loss from Covid-19. What is actually most disturbing to many are the financial consequences of being a victim of the pandemic. If a breadwinner loses his life, the income he provides his family is also gone forever at a time when the economy is battered and jobs are scarce. Equally fearful is the cost of being hospitalized because it can easily wipe out a person’s life savings or plunge the family into deeper debt.

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