Covid-19 pandemic has taken a toll on people’s way of life in ways very few could ever imagine. The unprecedented disruption caused by the deadly virus will be talked for years as some of the biggest economies in the world have crumbled amidst growing uncertainties. With the deadly virus in full swing, people are increasingly learning new lessons about the need for long term healthcare and life insurance.
A spike in COVID-19 infections, as well as deaths, has many people around the world thinking about the worst-case scenarios. The deadly virus has taken a toll on both the healthy in society as well as those with underlying illnesses. Likewise, it does not come as a surprise that people from all walks of life are thinking of what would happen should they contract the virus and fail to recover.
Most people adhere to the best standards of living as a way of averting various kinds of lifestyle illnesses. However, coronavirus has so far shown it does not choose who it infects and not. With the risk of death always high, amidst the pandemic, life insurance is increasingly turning out to be the ultimate solution for people who have dependents.
Why Life Insurance amidst COVID-19 Pandemic
People with life insurance can rest assured that the needs of their dependents or beneficiaries will be well-taken care off should they succumb to the coronavirus. Insurance companies are obligated to pay out a death benefit should life insurance policyholder succumb to the illness regardless of whether they traveled to an area with a known outbreak of the deadly virus.
Likewise, if you don’t have life insurance, you can still apply for one to protect your loved ones should the inevitable happen. While the application might take much longer to get approved depending on where you live as well as the place you have traveled recently. However, if you are in good health, you don’t need to have any concerns, as the application will certainly go through.
Even if you test positive for coronavirus, you can still file an application. However, expect the insurance company to postpone any decision on the application for 30 days until you recover fully.
Importance of Getting Long Term Care
The probability ofpeople above 65 years of developing disability and requiring long term care services is very high. Amidst the disruptions triggered by COVID-19, the need for long term care insurance is becoming increasingly clear. Long term insurance policy supplements healthcare insurance by providing coverage for routine activities such as bathing, dressing, or getting in and out that of bed that some people might not be able to perform after some time.
Long Term care insurance goes a long way in protecting once savings, given that long term care costs, when paid out of pocket, can deplete one’s savings or retirement nest quickly. With the medium cost of care in most nursing homes, about $89,297 now might be the best time to consider long term care insurance amidst the COVID-19 pandemic.
Taking long term care insurance now allows one to have more choices for care, to choose from in the future. The more money that an insurance company pays as part of the insurance policy would, most of the time, ensure the best quality care in nursing homes. For people relying on Medicaid, choices are usually limited. However, for people with long term care insurance policies, the best care in some of the best facilities in the country is assured.
Importance of Life Insurance amidst COVID-19
Amidst the coronavirus pandemic, life insurance is an essential financial tool for protecting family and loved ones. If your family depends on you financially, then life insurance would provide a much-needed income, be it for a short time when you are gone. If you’re over 50 and not sure whether you can get approved or need approval fast, then no medical exam life insurance may be an option for you.
As a parent with dependents taking life insurance is a sure way of ensuring the financial security of your loved ones when you are gone. The death benefit paid by an insurance company would go a long way in ensuring your kids get a quality education. Your dependents might also use the amount to pay off a mortgage or start a business.
While no amount of money could ever replace someone, a death benefit paid on a life insurance policy can go a long way in bringing peace of mind. The death benefit could end up protecting against some of the uncertainties in life while making it easy for them to bounce back from a tragedy.