Why You Need Life Insurance in the Covid Era
Tomorrow is never promised and the end is inevitable. So, how do you prepare for tomorrow? This is a burning question, especially in a pandemic environment when there are threats to life and health, which are not well understood.
Life insurance is one way to hedge these threats. It makes sense to have life insurance regardless of your income at the moment since you never know what will occur. Each year, a lot of people succumb early due to diseases, accidents, or other unforeseen conditions. Now there is another peril on the horizon.
If you are the primary breadwinner in your household, your critical illness or passing might be catastrophic for your family, making it difficult for them to sustain their way of living, including your home’s mortgage payments.
Here are several excellent reasons to purchase life insurance, particularly at a time like this when the world has survived a pandemic.
Guaranteed Family Protection
If you have a family or other dependents, the money you get through life insurance is the safety net for your family’s financial future. Your beneficiaries will get a lump sum payout paid in full upon your passing, or they may get monthly payments. It is essential protection that will be there when your family needs it most. Your family also requires insurance to cover outstanding debts, such as the mortgage, credit cards, and auto loans.
To Provide a Source of Cash During Your Lifetime
Life insurance can also provide the insured access to money from the policy’s death benefit while they’re still alive. These funds can be used to pay for expenses associated with terminal or chronic illness. Some policies allow you to borrow money tax-free and use it as collateral for a loan.
These life insurance-backed loans can help you achieve big and modest financial goals during your lifetime, such as paying for college, making home improvements, and taking a big trip.
Increased Uncertainty and Risk
Covid has changed the way we look at life and even life expectancy. The average American’s life expectancy has dropped by 1.8 years – according to the federal mortality data from 2022. With heart disease and cancer still leading the list of major causes of death in the United States, we have another one on the list – Covid.
With such a spike in uncertainty regarding health and life, you want to keep your family’s future secure. With Bubble’s comprehensive and easy-to-buy policies, you’re sure to find the right one that fits your family.
When Your Job Is Risky
If your occupation is hazardous, life insurance might assist you in managing the risk and potential consequences of the daily dangers you confront. This includes premature death, a loss of income due to illness, or being disabled.
To Leave an Inheritance
You can leave your family a legacy even if you have nothing else to leave them by purchasing life insurance and naming them as beneficiaries.
This is an excellent method to secure your children’s financial future and prepare them for future financial pitfalls.
The world is more uncertain and risky these days. But you can manage these risks. Get in touch with Bubble Insurance to get life insurance options that support your goals and help you make the right choices for your family.