The COVID-19 pandemic has changed so much of our world, from day-to-day activities to long-range plans. But one thing hasn’t changed: the need for life insurance. If you have put off getting it—or more of it—here are three reasons to take a closer look now.
1. Life insurance offers financial protection.
And it can be your family’s financial bedrock, providing protection against unforeseen events. Unfortunately, many people are uninsured or under insured: Most clients may have Mortgage Protections Life Cover but that covers the banks ass not yours.
The COVID-19 pandemic, however, has put the value of life insurance back into the spotlight. Now more than ever young families are seeing the need to protect their loved ones and themselves against the financial loss of death.
2. There’s more to life insurance than you may think, including living benefits.
The main reason for purchasing life insurance is to cover funeral related expenses and to replace lost income to their family.
That make’s perfect sense. In its purest form, as a source of income replacement when someone dies, the tax-free death benefits of life insurance ensures your loved ones are taken care of financially so they can payoff funeral expenses and debt.
But there are also policies that also provide “living benefits” that can address holistic financial needs such as:
• Providing Lump sum for serious illness
• Paying income if unable to work due to illness or injury
• Protecting a business
Your life insurance policy can do much more than just provide a lump sum on death!
3. Applying for life insurance may be easier and less expensive than you think.
The top two obstacles people we have come across for not having life insurance were the cost and competing financial priorities. But in reality, life insurance can be pretty affordable. In fact, if you’re healthy, you may be able to get life insurance for less than your monthly utility bill or the amount you spend each week on your daily morning coffee. The wide range of options available mean there is a policy to fit different budgets.
Want to take care of everything completely electronically? This is actually already possible! You can receive a quote and apply for a policy online, and then have the policy signed and delivered electronically. Many insurance companies even offer the opportunity for healthy individuals to bypass underwriting labs. Today, policies can potentially be issued in as little as 20 minutes.
While the global pandemic has increased awareness around the need for life insurance, life insurance should always be viewed as an important financial planning tool that can help families build, manage, protect and pass on their assets and legacy. I’d encourage you to speak us to help you determine where life insurance fits into your financial plan, ensure the cover you have continues to meet your needs, or explore your options if you need cover or more of it.
I would highly recommend Low Cost Life Cover.ie