Here we are in week... whatever.. of the pandemic, and you've got your sourdough recipe down pat. You've canceled travel plans, done virtual family game nights, attended drive-in theater concerts, maybe even starting your own Tik Tok channel. Maybe you've even taken a hard look at your family's finances.
You wouldn't be alone. Life Happens recently conducted a survey that polled more than 2,000 adult Americans about how the pandemic changed their financial views and behaviors. Their “Tough Talks During COVID-19” survey results showed that dramatic changes are taking place.
For starters, more than two-thirds (67%) of respondents said that COVID-19 has served as a wake-up call to reevaluate their finances. Americans aren't known for being savers, but the pandemic has made people sock away money by cutting out needless purchases.
What’s more, 66% of respondents believe that COVID-19 helped them better understand life insurance. Meanwhile, a quarter (25%) of respondents have bought life insurance for the first time because of it.
COVID-19 made many of us seriously consider our mortality for the first time. It’s sadly shown us that no one—not even the young and healthy—are assured a long life. And that an untimely passing all too often leaves the ones left behind on shaky financial ground.
That’s where life insurance can be a financial lifeline. It provides funds that let your family maintain their standard of living when your earnings are no longer in the picture.
Life insurance is probably a lot less expensive than you think. Many people are surprised to learn that a healthy 30-year-old can get a $250,000 20-year level term policy for just $13 a month. With this policy, your loved ones would receive $250,000 if you were to pass away between the ages of 30 and 50. (And they’d receive the full $250,000, since life insurance proceeds almost always pass on tax free.) To get an idea of how much life insurance you’d need, check out our Life Insurance Needs Calculator.
If you’re wondering if you have enough life insurance, you may also be wondering what you can do about it. With physical distancing protocols in place for much of the nation, you may think your insurance agent’s office is closed, and you may be asking yourself if you can even get life insurance during the worst pandemic the U.S. has seen in at least a century. The good news is you still can.
Most insurance agents and agencies are still operating in some capacity, whether that be doors open, phone appointments, online meetings or text and email. There are options to allow you to meet with a qualified professional and get the answers you need about your coverage, and to apply for more insurance if that's the best option for you.
The insurance carriers have also taken a huge leap forward in terms of their underwriting processes and technologies in response to the pandemic. More options exist for issuing policies without contact, and without the need for a physical exam. Some are using voice signatures, some email signatures, and your insurance agent will be able to find the option that suits you best.
So, although you may already be struggling to balance homeschooling your children, having to run back to your car in the grocery store parking lot because you forgot your mask, and trying to teach grandma how to connect to your Zoom call, getting the life insurance you need now can give you one less thing to worry about later.
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Greg Stadler is a veteran life insurance agent and marketer, located in Green Bay, WI.