Passwords are no longer sufficient to protect you.
Through 20 years of effort, we have successfully trained everyone to use passwords that are hard for humans to remember, but easy for a computer to guess.
What are ‘valuable online services’?
Probably your bank would be at the top of the list. All of these already require second factor (2FA) such as a token or mobile app to protect your account.
Do you use the same or similar passwords for all your other online services? This is a bad idea. It is now a common occurrence for online services to be hacked and their credential stores stolen and sold on the dark web which puts your password scheme in the hands of criminals, providing them with more ways to impersonate you.
On your mobile phone – use the six-digit PIN, and enable remote wipe to give you peace of mind in the (likely?) event your phone is lost or stolen.