24/01/2023
One aspect of wealth management is risk management and one risk area when it comes to financial loss is the changes in health of its stakeholders. In the past years we have seen financial collapse due to illnesses.
One factor that affected such loss could be because many people were not ready for the emotional, physical and financial burden that the the COVID virus has brought. Of which are:
Health wise people were not healthy enough to carry on with the daily tasks.
People were also restricted with movement thus affecting ability to earn money and transact.
On top of the usual medical expenses, the cost of PPE us has more than doubled the medical bill.
There has been shortage of materials, groceries, basic needs and medical supplies and even human resources pushing prices higher than usual.
Many more can said but the bottom line is a lot of us were unprepared for what the COVID pandemonium has brought. That is why I advocate for health insurance to supplement inevitable financial risks.
