Most Americans don’t have life insurance or they’re underinsured. But as you may know, regardless of your situation, adequate life insurance coverage is an important part of long-term financial planning.
As the pandemic continues to unfold, many are reconsidering their options and thinking about finally taking the step to get the coverage they need.
If this sounds like you, here’s what to know right now:
Who needs life insurance?
The short answer is “everyone.” Even young adults should have enough coverage for funeral and burial costs, as this protects the family from having to bear those expenses themselves.
Term vs. Permanent Life Insurance
Term life insurance comes with a predetermined end date such as 5, 10, 15, 25 or 30 years. This type of policy can be an essential safety net during your prime working years and while you still have a mortgage on your home.
There are different types of permanent life insurance. But as the name suggests, permanent life insurance offers lifelong coverage. Guarantees and other features vary by the type of policy.
The Effects of Coronavirus on Life Insurance
If you’re shopping for a new life insurance policy or want to expand your coverage, you may be wondering if it’s still possible to apply for life insurance right now. Yes, you can still apply. Just know that it may take a little longer than usual for many of the same reasons that other industries are experiencing delays.
If you’re concerned about changes to an existing policy, don’t worry. As long as you stay current on your premiums, your policy will remain active and function as usual.
Do you have questions about an existing policy? Do you want to make sure you have the coverage you need? Reach out to discuss your options today.