The Pandemic’s Push for Life Insurance: Why You Should Buy

COVID-19 has made everyone reevaluate where they are in life. Folks have lost their jobs and made career changes in response to this unfair turn of events. Children have lost their parents and have to bear unimaginable aftermaths due to these tragedies. 

It’s scary to think about the future and our mortality, but when sickness takes many people, that’s what happens. A pandemic gets you thinking about how to prepare for the worst, even as you attempt to live your best life. 

One way to have peace of mind is to invest in life insurance. These policies help make sure you won’t be leaving your family members in a bind in the aftermath of something horrible.

Life insurance rates by age vary tremendously. While many people think of life insurance as being something only older people need, that’s not the cae. Even younger people are now considering buying one because of the recent pandemic happenings. 

We’ll talk about the pros and cons of buying life insurance at a young age, what you can do to get better rates, and some tips for being positive in the face of a negative whirlwind. 

What factors affect life insurance rates?

Life insurance companies want to give their customers the chance to protect themselves from financial hardship. They also want to make a profit. How do these two seemingly different ideologies mesh to benefit both parties?

People who want to buy life insurance are usually financially responsible for other people in their lives. Whether this is a spouse or a child, a breadwinner can’t provide from the grave, and death has been a topic of discussion during the last 18 months for obvious reasons. 

Life insurance is misunderstood as a sign of weakness or admittance that you are close to your demise. It shouldn’t be considered anything of the sort. Life insurance companies don’t want to work with people who are sick, elderly, or pose a huge risk of dying without imposing massive rates. 

Life insurance companies want to work with clients who will pay them a monthly fee with minimal risk of ever paying out a cash settlement. This means people who have preexisting conditions and folks who smoke or drink or put other substances in their bodies are going to get increased rates. 

On the other hand, those who are on a vegan diet and exercise for an hour a day ? They get cheaper rates.

What is a win for both the client and the insurer? A win is when a healthy individual knows that their $15 a month for life insurance will give their family a backup plan if anything terrible happens in the future. 

In return, the insurance company knows they won’t likely have to give a cash settlement. They get free money every month just to provide peace of mind. 

Why should young people get life insurance?

Young people should look into getting life insurance because they can get cheaper rates than anybody else, and in return, they know they are protecting the ones they love. 

A $100,000 term life insurance policy for a 20-year-old female with no underlying conditions averages out to under $13 a month. Women are more likely to need life insurance at this age than men because of the likelihood that they are taking care of a young child. 

Getting insurance will ensure that there is something in reserve for them in case of a tragedy. 

The rates can get a little more complex if you smoke or drink. These are activities that many young people do even more than older people. It’s something that you normally wouldn’t bat an eye at because we all do silly things with our health when we are younger. But it will definitely matter to a prospective life insurance agent. 

People in their 20s never think anything bad is going to happen to them, but the coronavirus has been a wake-up call. Nobody is invincible. At least considering whether life insurance is right for you at a young age isn’t going to hurt.  

As a bonus, you may be able to bundle life insurance with car insurance, getting cheaper rates on both.

The chances are that most people in this demographic won’t need it if they don’t have others for whom they are responsible, but it’s there for you and your family at an affordable rate if need be. Even if you are single without children, think about whether you are financially responsible for anybody else in your life. 

If you are the provider for your mother, father, or grandparents, you should feel the urge to protect them from financial instability in the face of potential tragedy. Don’t you want to be there for those who took care of you when you were growing up? Of course, you do. Life insurance will take care of this concern.

Will life insurance still be necessary after the pandemic?

It’s great to see so many younger people and other demographics that usually ignore their health and futures start to think about what comes next for them. This is really one of the only positive side effects of the pandemic. But will it last when the virus is finally in the rearview mirror?

The answer is somewhere in the middle. In the immediate future, this pandemic will continue to feature prominently in our lives. Because of this unfortunate reality, younger generations are going to continue to take action and reorganize their thoughts on protecting themselves and the ones they love. 

Generation Z is greatly concerned with self-improvement. This means they want to use health and safety innovations to improve their lives. They have grown up in the age of social media and can compare their lives to those around the globe in the course of a few seconds and several clicks. 

Life insurance as an industry is an inevitable one at this point. The concerns for our health and safety are going to last far longer than the coronavirus, but the disease has left a mark on the way we think about our futures and the ones we love. 

Even after this nightmare ends, the population should be more aware than ever of the risks of an unhealthy lifestyle on their finances. Protecting your assets and letting your loved ones live comfortably after you die is one of the most responsible things you can do while living on this planet. 

That is an undeniable fact. 

Shawn Laib writes for the life insurance comparison site, He wants to help people understand the pros and cons of taking out life insurance at any age.