Many of our lives have changed due to the COVID-19 pandemic.  Our new normal has us wondering whether we need to purchase life insurance for our family.  With life insurance you can be certain that your family will be financially stable in your absence.  Depending on coverage, family benefits include income replacement and funds to pay off mortgage, debts, or college education.

If you already have life insurance, we recommend you review your policy limits.  And make sure it is updated to meet your needs in the current environment.  Also, rest assured insurance companies cannot make changes to an active policy not even during a global pandemic.

Here is what you need to know if you are thinking of activating life insurance coverage:

  • A complimentary medical exam will be scheduled following strict CDC guidelines.
  • Insurance companies may implement age limits because the full effects of the virus are unknown.
  • You must be specific on your application about your travel history or plans.  If you have traveled to high-infection areas your application may be postponed for a brief time period.
  • Because there is no “one size fits all policy” you will need to choose the right type of policy, coverage, and carrier that meets your needs.
  • Getting rates is not a commitment to activating a policy, it allows you to set a budget to make the appropriate decision.  So do not wait to get your rate, just make sure your family is protected now.

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There are several basic kinds of life insurance.  These are 2 of them:
  • Term life insurance allows you to pay a specific premium for a defined term such as 10,20, or 30 years.  If you pass away during that time period a death benefit is paid to your beneficiaries.  But when the term is over you must get new coverage or go without it.  If you no longer need it, you can walk away with only losing the premiums that have already been paid. 
  • Whole life insurance is permanent life insurance coverage that lasts your entire life.  You can borrow against a whole life insurance policy as it has a cash value option.

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Throughout the pandemic, life insurance companies have remained consistent and prices are expected to remain the same.  If you carry term life insurance, you can expect few to no changes in premium.  Insurers may change their underwriting process when assessing risks of new policyholders as the pandemic continues.

Click Here for a complimentary Life Insurance Appointment