2020 has been an uncertain year, to say the least – not just for individuals but for businesses as well. There have been countless business interruptions with many leading to owners having to close their doors to the public. It’s not just COVID-19 that resulted in all this, but also numerous counts of civil unrest, natural disasters, and more.

The Coronavirus pandemic surprised the world and forced a change, in one way or another, on everyone.  Daily reports during the worst of the pandemic brought the chilling reality or our own mortality into our homes via our televisions, computers, and mobile devices.  It reminded us that we need to plan for the future, whatever that future may be.  To make that planning easier, we have created a checklist for you.  Don't feel like you have to do everything at once.  That can make the task seem so daunting that many never start.  Just do a few things every day, and before you know it, you will have a complete life plan that will both you and your loved ones weather any event. 

In 2020, 54% of Americans owned life insurance while 91.5% of Americans owned a health insurance plan. Despite the large gap in ownership percentages, unfortunately both terms; health and life insurance, are often used interchangeably. This is a grave error that people make; one that can have direct impacts on their financial planning and ultimately, their health.

Cryptocurrency and bitcoin security has always been a fickle thing in terms of insurance. With more than 7% of Americans owning cryptocurrency, the demand for this relatively secure asset is still on the rise. As the global interest in cryptocurrency increases, governments are also looking at the asset closely now.

The harsh realities of work from home are catching up to everyone as the whole world relies on it more and more. People are getting grumpier, businesses are getting beaten and battered, and most are failing to hold their own and ensure continuity.

There is an inevitable truth that hangs above all our heads – the fact that one day we might not be around to enjoy the fruits we bore in our life. Right now, you might be taking care of your family, but what about when you’re gone? How will your property be distributed and your legacy continued? The answer is simple; legacy planning.

Taking the current financial situation into account, there is no telling when your investment portfolio may improve or face a downfall similar to that of the 2008 recession. Today, when it comes to legacy and financial planning, wealth preservation is at the top of any financial advisor’s list, telling clients to manage their assets and ‘brace for impact’.

There has been a 143% week-on-week increase in the number of wills since the lockdown started, a figure that is predicted to go up to 220% soon. Before 2019, people believed that legacy planning and creating a will was only for the rich; but that trend is changing. It is now understood that anyone wanting to secure their assets and protect their family needs to have a will.

The COVID-19 pandemic has had deep impacts on every element of our daily lives – our insurance policies and legacy planning being no exception. Many people, be it businessmen or families, have been forced to consider ‘what ifs’ that were previously a non-issue.