Life Insurance: A Necessity In A Pandemic World

​Since the year 2020 started, the COVID 19 pandemic, has affected almost all countries. Deaths rose exponentially, and a lot of families lost a loved one. A life insurance policy helped a lot during this time of need. It protects your loved ones financially due to a pandemic-related death.

Life Insurance Policy Uses
It is a binding contract to provide financial support to surviving beneficiaries. Even after the insured's death. It also serves as a financial safety net by aiding in replacing your income. It can also serve as an inheritance for a loved one. Particularly, it is the payment for your final cost such as:

• Funeral or burial costs
• Medicals that were not covered by health insurance
• Settlement costs of your estate
• Unpaid obligations

Application during the pandemic
The pandemic affected many people worldwide, especially those just applying for a policy. It is natural for people to consider the relevance of life insurance. Insurers are offering new whole life and term policies. But getting covered could take longer and more expensive.

What Could Affect Your Application
People in a high-risk group or who traveled to a hot zone have experienced delays in their coverage. Some insurers have stopped selling policies to clients older than a certain age. And if you contract the coronavirus, they either delay it for days or wait for your full recovery. Due to the pandemic, other insurance companies removed the necessity of medical exams.

The Payout for COVID-19 Related Deaths
People worldwide have already died from COVID-19. Those people who had life insurance more than likely had coverage and had payouts for their death. But, there are some exceptions. The insurer might refute your beneficiaries claim if:

• Your application is incomplete or inaccurate
• Lapses in the payment of insurance premiums
• Have only an accidental death policy

Conclusion
The world is still experiencing COVID-19 pandemic effects. Life insurance makes a difference in death. Anyone who is a breadwinner should have an adequate life insurance policy. It will serve as a safety net of income for your loved ones. It will also help them to survive the pandemic.

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) 779-0177. Get your free quote today by CLICKING HERE.