Some few folks don’t own life insurance cover whereas others are thinking about their own mortality due to the corona virus pandemic. On the contrary, some individuals believe that they have enough life insurance or other assets to protect their family in the event of a sudden demise.
Application of life insurance has definitely been on the rise due to the Covid-19 pandemic. Covid-19 is not exclusion coverage to those with existing life insurance coverage, but it can possibly impact new applications depending on your life insurance provider. With that said, below are some crucial steps that can possibly ensure you have enough life insurance coverage.
Talk To A Financial Planner
If maybe you’ve been stressed by your finances on a certain year, you can talk to a financial planner to see what you can do to rebuild your finances and even develop a plan for a more stable financial future. Different peoples’ circumstances varyand that’s definitely the benefit of a good financial planner as he or she might meet you at your level and plan according to your budget and needs.
Insurance, particularly life insurance can be a tool to build wealth. Therefore, it’s indeed essential to start with your bank to see if it offers financial counseling. You can as well contact your life insurance agent to see if they have financial planning.
Review Your Current Life Insurance
It’s indeed vital to evaluate your personal life insurance policies to see if it might need any changes. If maybe you have life insurance quotes, then you should maintain it since it can be difficult to get another one especially in this Covid-19 period. Some insurance providers normally ask whether an applicant tested positive or was exposed to someone with Covid-19 within thirty days.
If so, your application might be postponed especially if your pre-existing conditions put you at a great risk for the Corona virus. Some insurance providers offer conditional coverage while an application is in the underwriting stage. Other carriers might offer conditional coverage as well though some have suspended it due to the pandemic.