Life insurance is no more ‘NICE to have.’ It’s a NEED to have. The coronavirus pandemic has caused inevitable vulnerability and shifted customer focus with unrivaled speed and magnitude. With the world shut down and media reports loaded up with news of the tragic death toll, individuals are mindful that great well-being and long life are not a given they can underestimate. People are currently trying to learn what type of coverage they need and address hazards.
Meanwhile, insurance agencies have been speeding to attune their operations, expand to a digital medium, and address client issues. Initial media reports discussed COVID-19 concerns prompting expanded online life coverage deals, with Forbes magazine even reporting the proof of “panic shopping.”
Why are life insurance premiums at an all-time low?
Individuals overestimate life coverage expenses by almost three times, as per a research conducted by LIMRA and the LIFE Foundation, a non-profit insurance educational organization.
Life Insurance premiums are at an all-time low. The cost of basic term life insurance has fallen by 50% over the last decade.
The pandemic has made it easier to acquire insurance for most US citizens. As per the new initiatives rolled out by a few insurance companies, in-person medical exams and acceptance of digital signatures has been accepted and continued.
The havoc caused by the pandemic might have triggered a rise in life-insurance rates. However, with the innovations in medical science offering a higher quality of life, people are living longer in this modern age. Longer lives mean lower payouts for life insurance companies. If the probability of you dying sooner is low, insurance agencies will have less to pay out on policies than in times past.
Why opt for a Life Insurance now?
Life Insurance is a premium protection plan for people whose only source of income is the ability to work. In fact, opting for life insurance in the US ensures that an individual is not left without cash, even in the worst of circumstances.
Every individual with a successful course of life reaches the retirement age. When a person is no longer able to dedicate his energy to work, life insurance creates pension capital for him. The pension he receives will feed him for the rest of his life.
If a person loses his life due to an accident or a disease, the person’s family will lose a source of income if there’s no personal capital created. However, with a person’s life insurance policy, the insurance payment serves as the income, securing the family members’ stability.
To put it simply, a life insurance policy is a tool that guarantees the monetary security and prosperity of a family in different life circumstances. The policy also covers an event with a 100% probability. This ensures peace of mind, to say the least.
As premiums depend on age and well-being, it is wise to get coverage when you’re healthy and young. For most Life Insurance policies, charges will be secured at that rate over the life of a policy and can’t be raised because of a change in health status. You can consult with an insurance agent to get detailed insights and make an informed decision regarding buying a Life Insurance plan.
The best time to buy an insurance policy is NOW
There are 95 million Americans without life insurance, as indicated by LIMRA, an insurance industry research group.
They celebrate September as Life Insurance Awareness Month, making it ideal to check out life insurance plans. As the number of companies and the myriad insurance options are likely to change soon, now is the best time to buy a life insurance policy.
If you’re looking for life insurance:
- Know the reason behind your buy, and the benefits you avail from the plan. This will help you figure out the perfect plan.
- Do research about the company you buy from. Ensure that the company won’t go under before your policy ends.
- Look out for a financial professional who can simplify the complex insurance jargon.
On a normal day, buying an insurance policy would mean a few outings by an agent to your home/office, talking about premiums, and often having the agent fill-up the form after mandatory signatures. You may also be compelled to purchase a policy in haste or being approached to not reveal clinical history.
Now, each one of those concerns can be taken care of as insurance agencies are legitimately selling items through their business staff using video and telephonic connections. Form filling is live, and your physical health conditions are learned through a couple of inquiries asked by the salespersons. Consumer costs are inevitable from going up, and the policy selection may go down. Act fast if you need a policy, or if you foresee requiring one soon.
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