Should I buy life insurance during COVID-19?
A common question being asked during these difficult times, and we would advise you to buy NOW if you have been putting off the decision to buy life insurance. If you are diagnosed with COVID-19 while an application is pending approval, any offer will be postponed until you have fully recovered plus an undetermined amount of post-recovery time, likely at least 6-12 months. Since the situation is still developing, there are no clear answers yet, but insurance companies are generally risk-averse. Even after you have fully recovered, insurance companies don’t know the long-term effects of COVID-19 yet and may be cautious to approve people for life insurance that were diagnosed as positive, even if they have already recovered. They may also want to charge a higher price to compensate for the additional risk.
There has been a tendency in the younger population to feel invincible to this virus since initial reports stated that deaths were mostly occurring in older people with health problems. However, more recent analysis from around the world has shown that people under age 50 are still at significant risk of being hospitalized or need to be treated in the ICU for this virus. If your family depends on your ability to support them, life insurance is extremely important regardless of your age.
The risk of death among older age groups that have contracted COVID-19 is significantly higher, with reported mortality rates up to 14-18% in the over-70 population, and mortality rates in the 50-70 age group being between 3-5%. People with medical conditions that weaken the immune system, such as diabetes, are at higher risk than the healthy population.
If you have been putting off a life insurance purchase, now is the time to act.
Life Insurance is an unmatched form of financial protection for your family and business. We always say it’s best to get your coverage set up while you’re young and healthy. If you contract the coronavirus and develop symptoms, you will be postponed from getting coverage until after you recover.
Concerned about money?
What should you do if you’re concerned about money? Your job?
It’s always important to make sure you’re comfortable writing the check before buying any life insurance. If you need life insurance, but want to keep your costs down, we strongly recommend considering buying a smaller policy now for a shorter term and then re-visiting the coverage later to supplement it and increase the total in force once your income flow has stabilized.
How do I get a quote?
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