The Impact of COVID-19 on Life Insurance
The COVID-19 pandemic has brought significant changes to our world, affecting everything from daily routines to long-term plans. Despite these changes, one thing remains constant: the importance of having life insurance. If you have been delaying the decision to get life insurance, or if you are considering increasing your coverage, here are three key reasons to reevaluate your options.
Financial Protection
Life insurance serves as a crucial financial safety net for your family, offering protection against unforeseen events. Shockingly, only half of Americans currently own a life insurance policy, as revealed by the 2020 Lincoln Financial Group Life Insurance Awareness Month Survey. The pandemic has underscored the value of life insurance, with a significant number of individuals acknowledging its importance in light of current circumstances.
More Than Just a Safety Net
Beyond providing financial security in the event of a tragedy, life insurance offers various living benefits that may surprise you. The survey highlighted that people often purchase life insurance to cover funeral expenses and replace lost income for their families. However, there are policies available that go beyond these traditional benefits, offering supplemental retirement income, coverage for long-term care expenses, and protection for businesses.
Accessibility and Affordability
Contrary to common misconceptions, applying for life insurance can be straightforward and budget-friendly. Many individuals hesitate to obtain coverage due to perceived costs and competing financial priorities. In reality, life insurance can be quite affordable, especially for healthy individuals. Furthermore, technological advancements have streamlined the application process, making it easier and quicker than ever before.
In conclusion, life insurance is a critical tool for financial planning, helping families safeguard their assets and legacy. I recommend consulting with a financial or insurance professional to assess your needs, ensure your coverage aligns with your goals, and explore additional options if necessary.
(Disclaimer: Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. The survey mentioned was conducted by ENGINE INSIGHTS in July 2020. The opinions expressed in this content are those of the authors as of the specified date. LCN: 3246616-091720)
