Are Canadians Buying More Life Insurance Due to the COVID-19 Pandemic?
The COVID-19 pandemic made many Canadians realize how important life insurance is. Many who had never considered purchasing it before suddenly started considering it, and many people with existing coverage reviewed their policies. Figures indicate that the number of Canadians who bought, or are planning to buy life insurance since the onset of the pandemic is about 44%.
Depending on the type of life coverage required, the cost is one of the major factors many people consider. Permanent and term life insurance have huge premium differences, and many people don’t realize this.
Buying More Life Insurance Due to the COVID-19:
Finances are Causing Anxiety
Considering the effects of the epidemic so far, and the uncertainty surrounding its duration, Canadians with dependents are uncertain about their financial future. Austerity measures cannot be ruled out in the future, causing many people to fear losing their employment.
Unfortunately, a great number of Canadians rely on their employers for life insurance coverage. Relying only on workplace benefits puts these people at a larger financial risk since these can cease if employees are laid off.
Surveys indicate that most Canadians are tightening their budgets when it comes to their clothing, entertainment, and travel, but are preferring to maintain their life insurance.
Buying More Life Insurance Due to the COVID-19:
What do Canadians Feel About Life Insurance?
Most Canadians believe that life coverage is very important, but several factors are holding them back when it comes to deciding to insure their lives. Two of the most important are that they believe it is too expensive and that there is no way for them to shop and compare policies online.
What they don’t realize is that there are several digital brokers online where they can start their initial search and compare prices. GetCovered is one of the best online services allowing interested parties to complete the whole application online and get quotes from the best Canadian life insurers. The whole process is easy to understand and transparent, offering a whole range of price comparisons.
For those people that still prefer more traditional ways of getting information and purchasing coverage, online services offer them telephonic quotes or advice from a professional advisor.
Buying More Life Insurance Due to the COVID-19:
Cost of Life Insurance
Many Canadians still have the perception that life insurance is too expensive, but this is not true. Many don’t realize they have a choice of two types of life insurance: permanent and term. Permanent insurance is far more expensive than term life because of the duration of the policy.
Professional insurance advisers say that most families don’t need expensive life coverage. Term life allows them to have the peace of mind for the years they need the coverage most; when they have a young family that would suffer if the main income of the household was permanently removed. Term policies can have a duration of anything between 10 and 40 years, depending on the debts of a family and the dependents.
On the other hand, for those people wanting to add a savings component in a policy that offers life insurance coverage without term restrictions, permanent coverage is for them.
Buying More Life Insurance Due to the COVID-19:
How to Save on Life Insurance?
Canadians mostly value their life coverage, and very few with existing policies are considering reducing them. There are several ways to save money on existing life insurance policies during these uncertain times:
- Looking for less expensive alternatives
- Instead of renewing an existing policy, getting a new one
- Term life coverage can replace more expensive mortgage insurance
- Permanent coverage is not for everyone, a better option is term policies
- Medically underwritten policies are cheaper than non-medical ones
- Ex-smokers can apply for reduced rates after quitting for over a year
Buying More Life Insurance Due to the COVID-19:
Conclusion!
Getting a life insurance policy is more affordable and easier than you think. Whether you are thinking of getting one or have one that you think you can improve on, use your online broker to work out the cost.
An expert advisor is the best person to help you secure your family’s financial future and guide you to find the best life insurance type. A financial advisor or insurance agent will assess your financial needs, look at the existing life insurance policies you may have. They will find a way to cover all your life insurance needs within your budget.
The life insurance process during the covid-19 pandemic is done entirely online. Thanks to our expert advisers who are entirely comfortable with the online life insurance & investment platform, you can take advantage of their expert opinion about if nothing has changed by taking your age, and health, liabilities, and goals into consideration. At Apluswealth, you can get a quote, compare quotes, and find the life insurance quote you feel comfortable with. Our life insurance advisors will provide you with quotations and the most suitable policy types.
Contact our expert advisers today and find out which is the best life insurance for you.
Email: Contact@apluswealth.com
Tel: 1-888-461-6120