InsuranceWala Blog: Knowledge is Power

Corona Virus and Life Insurance

March 17, 2020

Corona Virus and Life Insurance

It’s sad, but sometimes we need some bad news in our life to wake us up.  Especially when it comes to having proper life insurance in place.

Most of the time, they are things that are shocking to us like the death of a close friend or family member.  

Finding out someone you know has been diagnosed with cancer or having that annual physical that uncovers that your lifestyle has caught upwith you and now you have some chronic ailments such as diabetes, high blood pressure or cholesterol.

There is always something or another happening in ourlives.  Right now, we have the corona virus.  In 2014 it was Ebola, in 2009-10it was the swine flu.  Before that it was SARS.  The point is there are always strange and new viruses showing up in our lives.  

Many people have been wondering what will happen if they can’t contain Covid 19 in the next year? Could life insurance companies stoptaking new applications for a while?  Well,I guess it is always a possible depending upon the claims experience of various insurance companies.  Some companiesalready stopped accepting applications from people who have been traveling tothe highly affected areas.  But there isno way for us to know how they will respond in the future.

But if that concerns you, why not get a policy now while you can?  

When is the best time to buy a life insurance policy?

The best time to buy a life insurance policy is when you are healthy!  That is when you can qualifyfor the lowest possible rates and the best possible ratings.  For most people, it is also when we are younger.  Because the chances of diabetes, high blood pressure and other ailments can become more likely as weage.  

Even if you have some chronic ailments mentioned above, you may still be able to get a policy.  You may not qualify for the lowest rates, but it’s better than not having a policy at all.

The good news is that many life insurance companies are even offering policies right now without a physical exam for people who are in good health.  Today’s technology also makes itvery easy for you to find lowest rates with reputable companies.

Consider a Two Policy Approach to Life Insurance

While you are looking at life insurance policies, also consider a two-policy approach.  Get a larger low-cost term policy which you can lock in the rates for 20 or 30 yearsbut consider getting another smaller permanent policy which can include somelong-term care benefits or chronic illness riders.

It has been my experience that very few people have done any long-term care planning and by including it with your life insurance, you can knock out

Permanent life policies like indexed universal life, whole life or variable life offer variety of benefits including the ability to grow your money on a tax deferred basis, a death benefit that is income tax free andthe ability to borrow your cash values also without any taxation.  Many people also use these policies to build a tax preferred retirement plan.

Look, I have never been a fear monger.  I believe you shouldn’t live in fear.  Danger can be real, but fear is sometimes just an illusion.  But with that said, if something like the corona virus is needed to kick you in the butt to get you to buy some life insurance, something you should have done anyway a long time ago anyway, then so be it!  Let’s get you insured!

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