How COVID -19 have made it essential to buy a life cover?

How COVID -19 have made it essential to buy a life coverHow COVID -19 have made it essential to buy a life cover?

The outbreak of coronavirus (COVID-19) has landed us into a global health crisis. Effective health care services and preventive measures are the only way to get us out of this mass coronavirus outbreak. Moreover, in the wake of increasing COVID-19 cases, the role of life insurance has become more crucial than ever. We are currently living through the unprecedented times of a global pandemic where a virus is destroying lives in every corner of the globe. At this time of crisis, investing in life insurance plans, India can be a much-needed saving grace, financially. The trends, as seen over the past few months, are beyond belief and require us to be more careful and prudent while handling our health and finances. Here is how having life insurance has become a necessity in these times of a COVID-19 pandemic.

Also Read: What are various types of Life Insurance Plans? 

How Does Life Insurance Make You Better Prepare for a Global Pandemic?

One of the effective ways to limit the spread of coronavirus is to stay inside our houses most of the time and practice social distancing whenever going out. Also, it is crucial that you wear protective masks and gloves, and limit contact with unknown surfaces and people. So, what is life insurance, and how can it help better the situation we are already in?

A life insurance policy supports your family financially in case of your untimely demise. The uncertainty and unpredictability of life cannot be better witnessed than today and how it gives utter significance to buy life insurance. It not only protects your family members from the unexpected events of life and financial disasters due to instances such as accidents and critical illnesses but also gives them financial stability from the contingency of death of the earning member.

Most insurance providers have now started covering the medical expenses and treatment for COVID – 19 in their policies. If you are planning to buy a life insurance policy at this point, then you should keep in mind that insurers determine the premiums of a policy based on your health and medical history. Hence, it is practical to assume that a global health crisis like COVID-19 would have some impact on your policy acceptance and premium rates if you are currently looking to apply for life insurance.

How COVID -19 have made it essential to buy a life cover?

If you are still wondering that you should buy life insurance or not, here are the crucial benefits it offers that can change your mind:

1) Financial Security for Family

If you are the sole bread earner of your family, you already have many burdens on your shoulders, let alone being in a pandemic like coronavirus. It is obvious to worry about your family’s future in your absence. A life insurance policy takes away your burden as it guarantees to support your family in times of crisis and gives you peace of mind that they will always be secure.

2) Help in Paying Debt

To fulfil your life dreams and attain your goals, you may have required a certain amount of financial support in the form of loans, mortgages, and other types of debt at some point in time. Be it home loans or credit card debt, dealing with such liabilities can be a source of significant financial stress, without a steady income.

You may have the funds to pay off some of the loans today; however, your family may find it challenging to manage them in case of your unfortunate demise, owing to the loss of income. Thus, taking a life insurance policy makes sure that your family remains financially stable to meet your loan and mortgage repayments, even in your absence.

3) Long Term Goal Fulfillment

Having life insurance is protection for you and your loved ones that can minimize or potentially eliminate financial distress. It acts as a security net for your present as well as future by helping you acquire wealth for retirement or child education.

Life insurance policies, especially, Unit Linked Insurance Plans (or ULIPs), offer the dual benefit of investment and insurance. It is how you can ensure the overall growth and financial security for you and your family. You can invest in life insurance plans in India, such as child insurance and retirement plans for the fulfilment of your specific long-term goals.

Also Read: Best Term Insurance Plan in India

4) Low Premium at Young Age

Life insurance is often thought to be expensive, and therefore many people remain uninsured. We are in the middle of a global pandemic, and it is of utmost importance to have life insurance. It is crucial to remember that buying a life insurance policy at a young age say in your 20s will cost you much less than buying it later in life. The insurance premium increase with age as you tend to catch more health problems growing old.

Do proper research and make sure to confirm that if your insurance policy covers COVID-19 claims or not. Term life insurance plans help cover COVID-19 claims and hospitalization expenses as per policy terms. So, stay safe and buy the right life insurance for a stress-free life ahead.

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Suresh KP

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