Why having insurance is a game changer for freelancers and gig workers

The nature of the hustle

In the Philippines, a growing number of people are embracing remote work and the gig economy. Did you know that, even before the global shift brought by the pandemic, we already had more than 1.5 million freelancers? And that number has only grown.

Many Filipinos took the leap into remote or gig work for reasons close to the heart—like the chance to be there for their kids after school, or to care for aging parents. Others were looking for a way out of the grueling commute or to find jobs that just weren't available locally.

Challenges faced by freelancers and gig workers

Remote and gig work often promise flexibility, but the trade-off can be unpredictability. Jobs might ebb and flow, and paychecks can too. And if you're a breadwinner, that uncertainty doesn't just affect you—it touches your whole family. So even as you cherish those extra moments at home, there's that niggle of concern about making ends meet and staying healthy.

Let's talk about those health concerns for a second because they're real. Without the safety nets often provided by traditional employment, remote and gig workers can find themselves vulnerable. And while we'd all like to think we're invincible, life has a way of throwing curveballs—be it an illness or an accident.

Health issues due to irregular hours and financial pressures

Freelancers and gig workers often face unique health problems. Long hours, irregular schedules, and constant pressure to find new work can lead to stress and burnout. Physical health can also suffer, especially for those in demanding roles like delivery drivers. Common health issues include:

• Mental health: Anxiety and depression due to job insecurity and isolation.
• Physical health: Problems from prolonged sitting or repetitive tasks.
• Chronic Conditions: Lack of regular check-ups can lead to undiagnosed and untreated conditions.
• Physical injury: Accidents can happen which could result in physical injury, total disability or loss of life.

Insurance can make a difference to the lives of gig workers and freelancers

Given these realities, insurance is crucial for freelancers and gig workers. Here are some types of insurance they should consider:

1. Life Insurance: Provides financial security for your loved ones in case of your untimely death. It ensures they are taken care of even if you're not around.
2. Investment-Linked Insurance: Combines life insurance with investment opportunities. It helps you grow your wealth while providing coverage.
3. Critical Illness Insurance: Offers a lump sum payment if you're diagnosed with a serious illness like cancer or heart disease. This money can cover medical bills and daily expenses, allowing you to focus on recovery.
4. Accidental Death Insurance: Provides financial support to your family if you die in an accident. It's especially important for those in high-risk jobs.

Our recommendations

Money shouldn’t be a stumbling block to having a safety net for you and your family, especially when so much is at stake. FWD The One is an affordable life insurance plan you can customize according to your needs and lifestyle. Starting at just PHP 330 on year 1, you can also add critical illness and accidental death benefit to get more coverage. Interested? Get an instant quote.

For breadwinners on a limited budget, FWD SmartStart Lite is perfect for those looking to get their first insurance to help them raise a family or even support their parents. Starting at PhP1,200 monthly, policyholders can sustain their responsibilities and keep it within their budget while getting comprehensive coverage for accidental death and critical illness plus a waiver of premium. Life insurance and hospital cash benefits can also be availed as add-on benefits. It also comes with Guaranteed Milestone Increase Benefit, which offers a pre-approved one-time increase in coverage amount when they hit major life milestones— from getting married, having or adopting a baby, owning a new real estate, graduating from university, retiring, to celebrating their policy’s 10th anniversary. Customers can also get as much as 200% of their policy fees back as a reward for keeping their policy active and paid through the Fee Reinvestment Benefit. Want to know more? Learn the full list of benefits here.

In a world of uncertainty, insurance gives assurance

Imagine being able to focus on your work, or enjoy your free time, without that cloud of "what ifs" raining on your parade. That peace of mind, that's what insurance is all about. And in a world where your next paycheck might rely on a good internet connection or a five-star rating from a client, it's one form of stability you can count on.

Incorporating insurance into your financial planning is like building a robust foundation for your home. It helps ensure that the life you're working so hard to build and the family you're providing for can weather any storm. And storms, as much as sunshine, are part of life's package.

Don’t know where to start? Find out about your options for your financial situation by getting a free consultation.