4 things to know about life insurance during a global health crisis - Business Insider

reports that online life insurance agency LifeQuotes has seen a 29% increase in application since January 20.

While Kade says there's no certainty that the increase is tied to the virus, she suspects it's gotten people thinking about life insurance who would have normally put it off. "It's scary, but also a good excuse to do something that even when the panic abates, you'll be glad you'll have done," Kade said. Anyone who already has life insurance doesn't need to worry about their policy — it's already in place, and no virus could change that.

If anything should happen to you, your policy will cover it. Nothing will change, and so there's really no need to worry. Even if you're in an affected area, your policy and monthly premiums aren't likely to change — the rate you have is locked in for the entire term of your policy. Insurance prices are constantly fluctuating, due to many factors.

Kade expects prices to hold steady in the short term, without much change. "If you're a healthy young person and you're applying for life insurance, your rates shouldn't be changed due to this Coronavirus," she said. "The underwriting process is the same if you apply today as if you were to have applied two months ago."

In the long term, anything could happen. But, anyone concerned about a potential future price increase could benefit from applying now.Lying on your life insurance application could cost you, and it's not worth risking your policy's validity to save a few dollars.

Thanks for info.

Disability Insurance is much more important! Even with SSDI, breadwinner can't support a family. 1. Check your employer's plan 2. Buy enough to cover self and dependents

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Robert Reich on unemployment during this public health crisis - Business Insider'We don't want stimulus and jobs. We want people to stay home to combat the health crisis and need to provide them with the income to get through it.'
Source: BusinessInsider - 🏆 729. / 51 Read more »

COBRA health insurance was right for my family but cost a fortune - Business Insider'The Cadillac coverage we normally got from her work translated to COBRA payments in excess of $2,700 per month — for two people in their 30s.'
Source: BusinessInsider - 🏆 729. / 51 Read more »

10 things in tech you need to know today - Business InsiderYoutube rivals TikTok. Europe readies smartphone trace. Legere makes Swift exit.
Source: BusinessInsider - 🏆 729. / 51 Read more »

10 things in tech you need to know today - Business InsiderApple buys weather app. Palantir works with CDC. NYC launches Amazon probe.
Source: BusinessInsider - 🏆 729. / 51 Read more »