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Continuing from the past two weeks of articles, we now focus on the remaining two pillars of EnRich Cash, Debt, Risk and Wealth or EnRich CD-RW: that of risk and wealth management.
When times are difficult, many households immediately look for expenses to cut. While that may be sound, unfortunately, insurance premiums are often among the first to go.
That can be dangerous. Inflation does not only increase the prices of food and utilities but also raises the cost of hospitalization, medicines, car repairs, home reconstruction and even funeral expenses. A single emergency can easily undo years of hard work. So, instead of canceling policies outright, we need to consider making adjustments.
People need to review existing life insurance policies as some may have accumulated dividends or cash values that can be tapped to help pay premiums and even other expenditures. If maintaining several policies has become difficult, it would be best to prioritize keeping coverage on the breadwinners and policies that protect against catastrophic losses.
