There’s no better time to have life insurance than right now.

We are living in arguably the most difficult times ever since the turn of the millennium. We are facing an invisible enemy. A deadly virus. A lingering threat to our collective mortality. And while we have great hopes for a solution to emerge in a few months, the threat stares us grimly in the face. That makes it ever more important for everyone to take all the steps they have to in order to ensure that they have life insurance, for their sake and for the sake of their loved ones.

At the beginning of 2020, not many would have imagined that we would be at this stage. Admittedly, there were reports of a virus in some parts of the world even as early as late last year and January this year. But at that time, the danger seemed very far from home. It wouldn’t come to us. It would most likely stay where it started, away from our borders, or so we thought. But at the last week of April 2020, we understood that a real problem had come.

Look at the statistics: On the 23rd of March, the United States had only 79,000 cases of the coronavirus. And the casualties were just under 1,200. Then, in the hierarchy of the nations who had been mostly hit by the coronavirus, it was the 4th. A month later, the figures did not just double. They exploded. On the 25th day of April, the total number of cases had risen to 929,000. While the death toll stood at 52,000. The worst Covid-19 figures on the planet.

Why Bother Buying Life Insurance Now?

A lot of people do not know how important life insurance is. If you are in doubt, try this: go to the streets, ask around. You would be lucky to get a quarter of a dozen reasons why an individual takes out life insurance.

Statistics also show that only about 40 percent of adults have life insurance in place. This means that the idea of life insurance is still very novel to the minds of many. But there are numerous great reasons to pick up the phone, get in contact with the insurance company (Selfless plug, Vivna Inc.), and set things in motion to attain a life insurance policy.

In a world where life can be short and death inevitable, life insurance serves the main purpose of providing financial protection for the surviving dependents of a policyholder after his death.

Apart from being a good stream of income from which your dependents can cater to their everyday expenses, it could also be used to address many other pressing liabilities. The benefits obtained under life insurance can help pay for college tuition. It could assist in paying for a mortgage or car loan. It could also settle a credit card debt. All of these things are major issues that your loved ones would have a very hard time dealing with in the unfortunate event that you are not around to help and have not made provision for support afterward.

You may not know this, but life insurance benefits do not receive the same tax treatment as other income sources. Although the tax schemes vary from one state to another, it is a norm that the first set of funds received from a life insurance policy is tax-free. What this means for the beneficiary is more value on the money received from the life insurance policy, more disposable income, and at least one reason to smile in the aftermath of a loved one’s demise.

 

Can I still get a Life Insurance policy?

Interestingly, there has been a recent increase in the number of people seeking to get a life insurance policy. There is also the worry that insurance companies would not be keen to sell life insurance policies at the moment due to the COVID-19 outbreak.

The good news is; yes, you can still get coverage. Many insurance companies are still qualifying individuals for and approving life insurance policies.

However, it is almost impossible to get life insurance if one is discovered to be infected with the coronavirus. Typical insurance policies would not admit someone with a terminal illness and though the casualty rate of the coronavirus is relatively low when compared to other diseases, it is still regarded as a terminal illness. But a person diagnosed of covid-19 could still get a life insurance him coverage two to three months after recovery. It all depends on the specifics of your circumstances and speaking to a professional can help you get all the answers you need to make an informed decision.

What to Look at Before Getting a Life Insurance Policy

Before you apply for life insurance, it is better to look into your financial situation and determine how much money would be required to maintain your beneficiaries’ standard of living or meet the need for which you’re purchasing a policy. Many people do not do this analysis thoroughly before buying a life insurance and therefore end up getting a policy that will do little to support their family when they die.

If you bring in about 65 per cent of the family’s income and your kids are  between three and five years old, you would choose to get sufficient insurance to take care of your financial responsibilities until they are all grown up and capable of  supporting themselves. You might research on the cost of hiring a housekeeper and a nanny, the cost of day care and a cleaning company, then maybe include some school tuition. Add up what these costs would be over the next 13 to 15 years, include more money for inflation, and that’s the death benefit you might want to buy—if you can afford it.

The bottom line:

In all honestly, Life insurance is a very sensitive subject. One that many people do not like talking about. Some might even say it is equivalent to making a will. A sad reminder perhaps, that one day, one might have to goodbye to friends, family and well-wishers, in possibly horrific circumstances, such as one we are currently witnessing.

But the truth is that one can control death – or what happens in life.  Today it may be the threat of covid-19. Tomorrow it could be another thing entirely. The future is unpredictable. And why we do not know the day we would die or how it may happen, we can do our best to ensure that our loved ones are well taken care of when it eventually happens.

If you believe you require an additional life insurance policy or you’re buying your first life insurance policy for yourself, family, or to help you through the Covid-19 pandemic outbreak feel free to reach out to our professional agents and see what health insurance program might be right for you, that can help you through this time.  Call Vivna, Inc. today to learn more here: 866.793.2301