The coronavirus is currently changing life as we know it. Gatherings of more than 25 people are discouraged in many places. Entire school districts are closed. People who normally commute to the office every day are working from home. And even if you don’t have any reason to self-quarantine, the authorities are encouraging everyone to practice social distancing.
COVID-19 Predictions
According to The New York Times, between 160 million and 214 million people in the U.S. could become infected with the coronavirus. Even worse: between 200,000 and 1.7 million people could die. Let’s face it: COVID-19 is scary — especially because the infection rates are so high and there’s no vaccination yet.
Is It Time to Buy Life Insurance?
Considering these alarming statistics, it’s not surprising if you’re wondering whether or not it’s time to buy life insurance. And you’re not alone — many life insurance companies have seen an increase in the number of applications since the start of the virus.
If you don’t yet have life insurance but you do have dependents, now is definitely a good time to buy a policy. Forbes reports that a traditional policy — for example, term life insurance — can function as a good financial safety net. It covers death due to all causes — except for suicide within the first two years.
Policies That Are Limited
Note that other types of policies are more limited and don’t offer the same kind of financial security. For example, a guaranteed issue policy with graded benefits is easier to obtain because it doesn’t require a medical exam, but it won’t pay out the full death benefit until the policy has been in effect for several years.
Accidental death and dismemberment life insurance also won’t offer coverage for the coronavirus, since it only covers deaths that are accidental — like a collision or fall.
Don’t Panic — Get the Expert Assistance You Need
If you’re concerned about the coronavirus and want to ensure that your loved ones are taken care of in the event you pass away, it’s important not to panic. Instead, contact our offices to speak with one of our knowledgeable agents. We’re an independent life insurance broker, which means we don’t work for one single company. We’ll listen to your concerns and answer any questions you may have — and then we’ll help you select the best policy for your specific situation. Contact us today for more information.
