In recent years, there has been a growing awareness of the importance of good health. As people have become more health-conscious, they have begun to recognize that taking care of their bodies can have a significant impact on their overall well-being. Along with this increased focus on health has come a greater understanding of the ways in which our health can impact other areas of our lives, including our personal finances.
Studies have shown that there is a strong link between good health and financial stability. For example, individuals who suffer from chronic illnesses may face high medical bills and a reduced ability to work, which can impact their income and savings. On the other hand, those who prioritize their health may be more productive at work, have lower healthcare costs, and enjoy a better quality of life overall.
Given the importance of good health to our financial well-being, it’s no surprise that many people are seeking ways to improve their health and wellness. From adopting healthier eating habits to incorporating regular exercise into their routines, individuals are taking steps to protect their health and their finances.
Let’s explore some of the ways in which your health can impact your personal finances, and reasons to stay healthy in order to maintain financial stability.
Medical expenses
One of the most obvious ways in which your health can impact your personal finances is through medical expenses. If you have a chronic illness or injury, you may have to spend a lot of money on medications, doctor visits, and other healthcare-related costs. Even if you’re generally healthy, unexpected medical emergencies can quickly add up, leading to a significant financial burden.
Lost income
If you become ill or injured and are unable to work, you may lose income, which can impact your ability to pay bills and save money. This is especially true if you don’t have paid sick leave or disability insurance through your employer. Even a short period of lost income can be difficult to manage, so it’s important to have a financial plan in place in case of illness or injury.
Productivity
Your health can also impact your productivity at work, which can have a direct impact on your income. If you’re frequently sick or fatigued, you may not be able to perform at your best, which could lead to missed opportunities for promotions, raises, or bonuses.
Lifestyle choices
The lifestyle choices you make can also impact your personal finances. If you eat a healthy diet, exercise regularly, and get enough sleep, you may be less likely to develop chronic illnesses that can lead to expensive medical bills. On the other hand, if you smoke, drink excessively, or engage in other risky behaviors, you may be more likely to experience health problems that can impact your finances.
Long-term planning.
Finally, your health can impact your ability to plan for the future. If you have a chronic illness, you may need to save more aggressively for retirement or plan for the possibility of long-term care. Additionally, if you’re in poor health, you may not be able to work as long as you had planned, which could impact your retirement savings.
It’s clear that your health and personal finances are closely intertwined. By taking care of your health and planning for the unexpected, you can ensure that you’re in the best position possible to manage your finances and achieve your financial goals.
Recently, Sun Life held a series of Sun Talks, the first of which dwelt on “Unlocking Your Health Goals.” This talk was designed to help attendees understand the importance of good health, and to offer practical advice on how to improve their physical and mental well-being.
One of the key takeaways from the Sun Talks was the importance of balancing mental, physical and social well-being in order to maintain financial health. Sun Life’s Affinity Partnership Manager Health & Accident Team Francesca Tolentino and Financial Advisor/Sales Manager Garett Maralit shared their personal experiences and financial health journeys to drive home important points and provide inspiration to their audience.
Another key theme of the Sun Talks was the importance of self-care. Many of us lead busy, stressful lives, and it can be difficult to find time for ourselves. However, taking care of ourselves is essential for our overall health and well-being. Getting enough sleep, taking time to relax and unwind to spending time with family and friends can help us stay physically and mentally healthy.
The Sun Talks also addressed the importance of financial planning for health-related expenses. Good health is closely linked to financial stability. By planning ahead for medical expenses and saving for unexpected health-related costs, individuals can protect themselves and their families from financial hardship in the event of illness or injury.
With the varying health needs and budgets of Filipinos in mind, Sun Life offers healthcare and life insurance packages to help you better cope with life’s emergencies:
- SUN Fit & Well. Offers critical illness and life insurance benefits until age 100 with bonus disease prevention programs.
- SUN Senior Care. Addresses the evolving life and health protection needs of seniors.
- SUN Cancer Care. Enables you to live a healthier life and helps you to be financially prepared so you can be in control should cancer strike.
- SUN LifeAssure. Provides protection benefit against any of the covered critical illness conditions.
- SUN Healthier Life. Provides protection benefits to help you get through any stage of a critical illness.
- SUN First Aid. Provides cash benefits so you can worry less about costly medical bills due to hospital confinement or surgery.
- SUN Maiden and SUN Maiden Plus. Provide life insurance coverage to secure your loved ones future against life uncertainties and health protection benefits that can help cushion the financial impact caused by any of the covered female-specific illnesses and surgeries.
- SUN ICU Protect. Enables you to live a healthier life as well as ensures your financial health is well-taken care of should any life-threatening conditions happen.
The Sun Talks on “Unlocking Your Health Goals” offered valuable insights and practical advice for individuals looking to improve their health and well-being. By taking small, achievable steps towards our health goals, practicing self-care, and planning ahead for health-related expenses, we can ensure that we’re taking care of both our bodies and our finances.
In line with its commitment to help Filipinos live healthier lives, Sun Life also launched GoWell Studio, an on-demand holistic wellness platform which houses top-notch content such as follow-along exercise programs, guided meditation sessions, various masterclasses, short courses, and healthcare awareness and education.
It also holds various health and wellness symposia in partnership with healthcare and pharmaceutical companies, as well as sports events, to spread information on the importance of health.
Those who wish to know more about Sun Life’s health and accident insurance products are encouraged to consult a Sun Life advisor or visit sunlife.com.ph.
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2022, Sun Life had total assets under management of CAD 1.33 trillion. For more information, please visit http://www.sunlife.com.
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