Investing in Life Insurance Amidst The Pandemic

​Everyone is vulnerable to fatal misfortunes, even more so in this time of global crisis. Planning about one’s death may feel uncomfortable but it does not have to revolve around the negative. The thought of securing financial stability for loved ones in case of tragic accidents is one positive view of motivation. 

Permanent Life Insurance
Permanent life insurance is one type of life insurance that offers life insurance to the investor. The client pays the specified premiums set and will no longer have to worry about expiration. These plans, however, are usually more expensive and are advised against by financial advisers.

1. Are offered with savings or investment components that are tax-free and can be loaned.
2. Whole life insurances are the most expensive type which offers a fixed amount for the benefactors in case of death.
3. Universal types separate investment and death benefit components, both of which are customizable to cater to one’s current interests.
4. Accelerated benefits could be loaned for when one is diagnosed with a life-threatening disease like stroke, cancer, etc.

Term Life Insurance
Term life insurance, on the other hand, compensates for a predetermined sum in case of unforeseen fatal accidents. The policy is also temporary but is cheaper, allowing one to invest in other ventures while still having insurance.

1. All premiums paid by the insured person cover the insurance protection cost.
2. The face value of the policyholder is paid directly to the beneficiary upon the processing of documents after death.
3. Expires after an indicated period and thus will have to be renewed or could be converted into permanent life insurance.

Right Time for Investment
Securing the future for loved ones is a crucial responsibility as no one could predict what could happen next. Although everyone should have life insurance because of its necessity, the right timing for investment should be taken into consideration.

Every adult, working member of the household should be covered by parent’s insurance.
Those with huge financial responsibilities like credit card debt or mortgage should invest to lessen burdens for the family.

Those with medical conditions that could potentially be fatal or those that work at high-risk jobs.

Conclusion
Living in this pandemic has taught the American society that life is temporary and that planning is important. Plenty of circumstances could cause misfortune, but investing in life insurance could ensure the security of one’s loved ones.

At Insurance Marketplace, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (541) 779-017. Get your free quote today by CLICKING HERE.