How to shield your family’s future with life insurance during the COVID-19 pandemic
The global pandemic that started earlier this year has brought the world to a standstill. The novel Coronavirus, or commonly referred to as COVID-19, is a newly discovered virus that causes respiratory illness. COVID-19 is a part of the family of coronavirus that is known to cause SARS (Severe Acute Respiratory Syndrome) and MERS (Middle East Respiratory Symptoms) virus.
This pandemic has caused entire nations to go in lockdown in order to safeguard health. Everybody’s future has started to look uncertain and bleak not just health, but also on a monetary perspective too. Because everybody is losing their jobs and professional status quo, ideas of financial security need to be reassessed. We need now more than ever an anchor in the form of life insurance to keep us afloat. With the different types of life insurance available, such as term and ULIP plans, selecting the right insurance will be essential in safeguarding for your family.
Let us look at few ways that can be useful to shield for your family in these uncertain times –
Revisit your financial planning
You might have planned with caution earlier, but these changing times have made it necessary to revisit your financial planning. You need to ensure that the investments made are in the right avenues. One might not always consider such pandemic situations and re-analysing your financial plans is necessary. While re-analysing, make sure you pay special attention to evaluating whether your whole life insurance policy has adequate coverage in terms of sum assured for your family.
Shield for protecting your finances.
Financial planning involves making smart decisions to achieve your financial goals, be it education or your child’s marriage, but adding a protective layer to it is equally important. The different types of life insurance can be useful in adding an added safety layer. In case of an unfortunate demise of the breadwinner, the lump sum or monthly payouts can help serve as a contingency fund. Moreover, that amount can also be used to maintain their daily requirements. Any liabilities can also be paid using such insurance amounts.
Avoid delaying your purchase decision.
The premiums to your policy are influenced by varied factors, one of which is your age. Purchasing life insurance early in life will make sure you have lower premiums. Since we are living in times of economic meltdown, making quick decisions in availing insurance plans will be beneficial. Thus acting quickly will not only help you save premiums but also get a broader coverage at an affordable premium.
Purchase your safety net at a minimal price.
One of the benefits of life insurance is that there is no single plan that is available. There are myriad options that you can choose from that suit your requirements. While different plans are available at different prices depending on their features, a term policy can be available for a minimal cost offering a more substantial sum assured.
Avail insurance from home.
Due to the physical restrictions posed by the COVID-19 pandemic, purchasing life insurance by visiting your insurance company’s branch is difficult. However, you can still secure your family’s future within the safety of your home by doing the same through online means. You can visit the insurer’s website and search for the policies you want. Study and compare various policies, use a life insurance calculator and seek assistance for help if you get stuck somewhere. Within a few minutes, you can buy the policy online and pay the premiums using online platforms as well. After all, safety is of utmost importance during these times. Make use of these benefits of life insurance to protect your family in these uncertain times.
These are some of the ways you can shield your family’s future with life insurance, during this pandemic. It is important to secure your family’s future since the world is going through an economic breakdown. Even though everyone’s future seems highly uncertain, you can still take action to form some financial security to sail through the present and the near future with minimal financial difficulties.