I do live in a state of constant dread of losing my phone, or having it break down, or getting a new phone now, but at least things are "secure" again *sigh
If you have an old phone you don't use anymore, like your previous smartphone for example. Set it up on that as well and have it stored somewhere you know it is. Also make sure to charge it every couple months to make sure the battery stays healthy.
Well, I ditched my old phone because the battery is practically dead.
And my point is not, that I don't have a mitigation at hand, but it's stupid that I even need that mitigation. Essentially, the security providers offloaded their incompetence and/or unwillingness to pay insurances onto all of their users.