How COVID-19 Has Affected the Way People Buy Life Insurance

COVID-19 has changed how we go about doing many things. This includes buying life insurance. Before the pandemic, many people would buy term policies to save money. Now, amid the pandemic, more people are re-evaluating their needs and trying to find a policy that will help to protect their families if the worst happens.

Before the pandemic, most of the questions concerning life insurance had to do with accidental death or how to lower your premiums. During the pandemic, many of the questions have to do with what will happen if someone dies from COVID-19,

Know What Questions to Ask

Before buying any type of life insurance, it’s important to know what questions you should ask. During the pandemic, there may be a few significant changes that will make one type of policy more beneficial than the others. Find out the benefits of each type of policy. Many policies have a built-in savings feature that will allow you to use the equity in your policy if you have an emergency. Knowing what questions to ask will put you on the right track to buy the right policy for you and your family’s needs. Learn a little about your financial needs. Don’t be afraid to ask questions.

International Travel Remains to Be a Concern

Even though almost a year has passed since the beginning of the pandemic and even with the introduction of vaccines, international travel remains a concern. Most applications for new life insurance policies were postponed for a certain period (30 days or more) after travel. Domestic travels haven’t been subject to similar postponements. If you plan to travel internationally this year, you can expect a delay of about 30 days on your new policy.

Better Prices Are Available

Because of the economy and the fluctuation in interest rates, the premiums on many life insurance policies are lower than in the past. This is beginning to change, however. If you are interested in buying a life insurance policy, now is the best time to start shopping around. Comparison shopping is a great way to find out what is available and what you can afford before the premiums start to go back up. Remember, the younger you are when you buy your policy, the less your premiums will be.

Determine How Much Life Insurance You Need

Everyone’s life insurance needs will be different. In some cases, life-changing events may alter the amount of insurance you need. A marriage, divorce, or the birth of a child are all possible lifestyle changes that will affect how much life insurance you will need to protect your family and secure their financial future. Know how much debt you have and how much it will take to pay for your family’s living expenses for a year or more. This information will give you a good idea of how much life insurance you may want to purchase.

Understanding how life insurance works and knowing how much you need will help you get the right policy. Purchasing any type of insurance during the COVID-19 pandemic may be a challenge. Talking to your insurance agent will give you the information you need to buy wisely.  If you have additional questions about life insurance, contact the experts at Duane Weber Insurance, Inc. in Kent, Washington, today. We provide the best coverage you need.