December 12, 2022

Life Insurance Paid Off During COVID: Prepare for the Unknown

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Here's why life insurance paid off during COVID, and why it's important to have coverage in advance of the next pandemic.

The COVID-19 pandemic has been a difficult and uncertain time for individuals and families around the world. One of the most important things that people can do to protect themselves and their loved ones during this time is to have a solid financial plan in place.

One key component of a financial plan is life insurance. Life insurance is a type of insurance that provides financial protection for your loved ones in the event of your death. It can help cover the cost of funeral expenses, outstanding debts, and lost income.

But why is life insurance especially important during the COVID-19 pandemic? Here's why life insurance paid off during COVID, and why it's important to have coverage in advance of the next pandemic:

  • Financial protection. The COVID-19 pandemic has caused economic uncertainty and financial challenges for many people. Life insurance can provide financial protection for your loved ones in the event of your death, helping to cover the cost of funeral expenses, outstanding debts, and lost income. This can provide peace of mind and financial security for your family during a difficult time.
  • Payouts made as promised. Despite the challenges and uncertainties of the COVID-19 pandemic, life insurance companies have continued to pay out benefits to policyholders as promised. According to the Canadian Life and Health Insurance Facts, in 2020 life and health insurers paid out $97 billion in benefits including $8.4B in death benefits and $5.9 billion paid to living policyholders as disability benefits, cash surrenders, or dividends.
  • Future pandemics. The COVID-19 pandemic has shown that global health crises can happen at any time, and they can have a significant impact on individuals and families. Having life insurance in place can provide financial protection and peace of mind in the event of a future pandemic. It's important to consider getting life insurance coverage in advance of the next pandemic, so that you and your loved ones are prepared for any eventuality.

The COVID-19 pandemic has shown the value of having life insurance as a financial safety net. It can provide financial protection and peace of mind for policyholders and their loved ones during uncertain times. If you don't already have life insurance, consider getting coverage in advance of the next pandemic.

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