By Dan Schulte, Senior Vice President and Manager, Annuities and InsurancePrint This Post
The COVID-19 pandemic has illustrated just how quickly lives can change due to illness and/or death. The outbreak has resulted in many people thinking about how to increase the financial security of their families, now and into the future. This has put reviewing life insurance needs front-and-center in many planning discussions. Whether you’ve been putting off buying life insurance for years, or it has suddenly hit your radar, there’s never a bad time to make a financial plan and lock in coverage. The purchase of life insurance can help alleviate anxieties by providing an income-tax free, lump sum death benefit to your family in case you die early or unexpectedly. This can be used to replace lost income and/or fund other needs.
While the planning discussion surrounding death is often uncomfortable, it is necessary to ensure you have the proper amount of life insurance for your family to maintain their current and future lifestyle should you die. If the income you earn would suddenly stop, due to death, could your family continue to meet their financial obligations, such as paying the rent or mortgage, paying bills, daily living expenses, or even sending a child to college? If you are a business owner, would your business survive after losing you or another key employee? These are the kinds of frank discussions that need to happen to make sure the proper type and amount of coverage is in place.
Life Insurance Buying During the Pandemic
Historically, lab work, doctor visits, documentation and in-person meetings have made the whole underwriting experience lengthy and cumbersome. Because of the pandemic, many insurance companies have implemented streamlined underwriting programs to improve the process. Some insurance companies have adapted these programs to utilize technology and electronic signatures to improve the process. In addition, in some cases, younger and healthier applicants are not required to complete a medical exam. These improvements have resulted in a less invasive and speedier process.
The Time for Life Insurance Is Now
The truth is, even when there is not a global pandemic, none of us know when we are going to die. Don’t let your family suffer financially should the unexpected happen. Your Edwards financial advisor can review your situation and current policies to ensure you have the proper amount and type of insurance to protect your family or business should your income be halted due to an unforeseen death.