WHY IT IS IMPORTANT TO HAVE LIFE INSURANCE DURING THE COVID 19 PANDEMIC

Coronavirus (COVID-19) has undoubtedly caught the whole world by surprise, and has, in turn, shook everyone even to their very core. Having originated – read as “started” – from Wuhan in China, we have seen the virus spread across the world, pushing the total numbers of affected persons to over 2.7 million, with more than 190,000 recorded deaths, as and April 24, 2020. To this end, this pandemic has pushed many to a state of wonder – is Coronavirus covered by life insurance? 

Consequent to this, in this article, we will take a rather brief yet comprehensive look at how life insurance companies are responding to the pandemic, both with existing and new policies. And ultimately, why it is important to have life insurance during the COVID 19 pandemic.

But firstly, is the Coronavirus covered by life insurance?

If the life insurance industry has caught a wave or accurately seen this pandemic coming, they may have most likely made specific provisions for it, such that it will prevent them from paying coronavirus death claims.

However, they did not. So, the answer to the above asked question is "Yes."

Once you have an active life insurance plan – read as policy – and you do not cease paying premiums, you can be sure of having all your beneficiaries paid in the case of your death from Coronavirus.

Importance of Life Insurance During Covid-19 Pandemic

Typically, there are several benefits that one would enjoy from having a life insurance policy during this period of pandemic. Hence, the reason you must have one.

In this section, we would be analyzing a few of these benefits:

1.      Your life insurance policy may suffice in paying your bills during this period of lockdown.

2.      Life insurance policies also cover all your hospitalization charges.

3.      It also includes all expenses incurred during the post-hospitalization and recovery period.

These advantages are possible, most notably because Coronavirus is a new disease, and automatically doesn't come under any pre-existing illnesses. In the same vein, you should know that these advantages do not suffice in all insurance companies. Nevertheless, you can be sure of enjoying all of them, and even more, by having life insurance with Living Benefits.

Living Benefits is a unique rider with whom you can purchase your insurance policy, and expect to benefit payout cash benefits when you are diagnosed with a life-threatening disease, such as COVID-19.

However, should you have no insurance policy and willing just to apply, you may have to wait for approval, especially if you have recently traveled to areas with high confirmed cases of the virus.

The reason why it is important to have life insurance during the COVID-19 pandemic cannot be overemphasized. However, to protect yourself and family efficiently during these trying times, ensure that you practice all the safety measures as advised by WHO, and ultimately stay clear from areas that the virus has hit the hardest.