The COVID-19 pandemic is making many of us think more about the future. So much can feel out of our control, like our careers, health, and social connections. Despite the uncertainty, there is one thing that you can control and should focus on right now. Your family’s future wellbeing when you pass away.
Life is unpredictable and full of possibilities. Being prepared for different circumstances is key.
Why Now is the Right Time to Buy Life Insurance
One way you can ensure your family is taken care of when your time comes is through buying life insurance. Specifically, life insurance allows your family to be financially secure of when you die, relieving some of their stress during a time of mourning.
Plus, when it feels like nothing is within your control, deciding to protect your future feels empowering. You’re taking back the power that this pandemic has temporarily stolen.
Not only do you regain a sense of control over your life, but this is an excellent time to buy.
Due to the Bank of Canada dramatically decreasing interest rates, insurance companies will likely be increasing their rates. It’s too early to say which products will be affected, but it’s wise to buy now before any increases happen. Not to mention the fact that the best time to buy insurance is always yesterday. The longer you wait, the older you get, the more risk insurance companies face to insure you. Thus, the more it will cost you.
How Does COVID-19 Affect the Application Process?
If you’ve been diagnosed with the virus or are in recovery, you will likely need to wait until you are fully recovered before applying. If you have recently travelled abroad, you will also have to wait the mandatory self-quarantine time.
Once you begin the application process, know that it may take longer than usual. This is due to the changes in procedures; brokers are conducting interviews online and all parties are adjusting to using technology like never before.
The medical examination process has been affected by the COVID-19 social distancing measures. Most insurance companies are either accepting past medical records, extending the deadline for the exam, or waiving it all together. However, this will also slow down the application process.
It’s best to work with an insurance expert during this time who can walk you through the updated process. They can also help you find the right products at the right rates from companies you can trust.
Interested in Securing Your Future with Life Insurance?
Life is full of possibilities. To find the right life insurance product for you and begin the application process, contact us today.