Life insurance is probably one the list of those things that you never even think about until you find yourself facing certain dangers and thus realizing that you should have done something about it much sooner. There are a lot of things that fall into this category, but life insurance is certainly high on the list and that’s probably because nobody wants to think about death. Yet, I believe we can all agree that it is something that needs to be thought about and that needs to be taken into consideration, at least for the sake of protecting your loved ones.
Over the past year, we have all started thinking about death much more often and we have the coronavirus to blame for that. If this virus has taught us anything, then it’s the fact that life is definitely precious and that we should enjoy it immensely and in any way we can. Yet, it has also taught us that we need to think about what might happen with the members of our family if the virus managed to take our lives. I am not only talking about the idea of staying protected in order to avoid putting your family through a grieving period.
I am also talking about the idea of picturing the worst case scenario, i.e. you passing away due to the consequences of this virus and thus asking yourself if your family members would be financially covered enough to survive a certain period, especially if the shifts in economy have caused them to lose their jobs. And, we all know that the economic downfall is another consequence of the coronavirus and that a lot of people are negatively affected by it. While finances might be the last thing on your mind when a threat like this is lurking, the truth is that you should actually think about it more thoroughly, for the sake of your family.
That is why today I have decided to talk to you about the coronavirus and life insurance, and you can always learn more about this from Low or another rather useful source that can provide you with the information you need. As for my part, I have decided to answer some of the most common questions that you might have regarding the coronavirus and life insurance policies. Getting the answers to those questions will certainly help you understand in which direction you should actually move and whether getting insured right now is the right option for you.
Of course, I am sure that you also have some other important questions, such as the one connected to the idea of where you should get insured, but let us for now stick with the most common ones, i.e. those that will get you acquainted with the basics of life insurance and the coronavirus. If you find that you need some more answers to some more questions after reading this article, you can always search for the information you need online. Or, you can contact an insurer or two and let them answer your questions and thoroughly explain everything to you.
In fact, I believe that the option of talking to a few insurers, as well as brokers, and hearing their thoughts about this is definitely always a great idea, meaning that you should do it even if the answers to the questions below manage to clarify things for you. After all, getting more information will certainly help you understand everything better. Plus, getting information from experts will be even more helpful. In any case, let us now start answering those questions that I have mentioned.
1. Are You Already Covered?
The first question that will definitely be on your mind is whether the life insurance policy that you might already have actually has you covered for the coronavirus. This is a legitimate question, but it is also the one that some people might not even think about, as they would just assume that they are covered and move on. Well, I can completely understand those people that wouldn’t even ask the question and that would just assume this to be covered by their policy, but here’s the thing. It all depends on the precise terms of your policy.
Generally, if you already have life insurance in place, the coronavirus will be covered by it just like any other disease, meaning that you won’t have to worry about it. Yet, you should still do yourself a favor and check that with your insurer. If you, however, have a policy that only covers you for accidents and no illnesses, then you certainly cannot expect to be covered for the coronavirus. So, to sum things up, it all depends on the type of insurance you have and your specific policy.
This is what you need to know about life insurance and this virus: https://www.forbes.com/uk/advisor/personal-finance/2020/10/26/life-insurance-and-covid-19-all-you-need-to-know/
2. Can You Get Insured Quickly?
Now, if you haven’t even thought about life insurance before, you will probably start thinking about it now. That will lead to you wondering whether you can get your policy quickly, because you certainly don’t want to wait for ages, especially not now that the coronavirus is spreading and endangering everyone’s lives. You want to act quickly and you want to know if there is a way for you to get insured in a short period of time.
Fortunately for you, the answer to this question is yes. You can definitely get approved quickly, if you just find the right company to get your insurance from. Instead of having to wait for around eight weeks, you might even find a company that will get you approved almost immediately. The best part is, all you would have to do is make a phone call and explain what it is that you are looking for.
3. Is It A Good Time To Get Life Insurance?
The current situation might make you wonder whether now is actually a good time to get life insurance. You might start thinking that the insurance companies will take advantage of the panic that the virus is causing and thus offer some pretty poor conditions at high fees. Yet, while you might come across certain companies like these, the truth is that this is definitely not a general rule and that you shouldn’t worry think about it like this.
The bottom line is, though, that you will need to be careful about which company you are working with in this process. After all, there have always been some great and some poor insurers and this hasn’t changed after the pandemic started. So, if you make your choice carefully, it is definitely a good time to get insured.
4. Will My Pre-Existing Conditions Make Things More Difficult?
If you have some pre-existing medical conditions that might make you more vulnerable to this particular virus, then you could be regarded as a high level risk. This means that some of the companies you come across might not be willing to insure you, given that they would be entering a risky agreement as well. Still, while your pre-existing conditions might make things a bit more difficult, the simple truth is that you’ll still be able to get your coverage if you find the right company.