Life insurance during covid

We are now in the sixth month of the COVID-19 situation, and with the everlasting news cycle giving us stats every day, we are reminded of our mortality.

It has shown us that death and illness can strike at any time. Are you prepared for that if that happens to you?

If you haven’t had one already, it’s time to have a serious conversation with your loved ones about buying or upgrading your term life insurance policies.

The pros of having a term life insurance policy heavily outweigh the cons because there are no cons; a life insurance policy will financially protect your family when you die.

Not having one means that your family will have to go through the emotional and financial stress of planning your funeral and the days beyond.

Related: Top list of insurance companies in Nigeria

Because the world is still semi locked down, most insurance companies have had to shut their physical doors. At drop-dead, we offer term life insurance policies that you can apply online and get a quote in mere minutes.

Continue reading about how you can and should get a life insurance policy during the COVID-19 situation.

Can I Even Get Life Insurance At This Point?

There is a myth going around where people are saying that term life insurance rates are through the roof now that there is public health care and life insurance companies are taking advantage of it to boost their prices up.

If you currently do have COVID-19, it may affect the premium, but if you are healthy and have not had the virus, your rate will remain that same as if you applied for a policy before the situation.

Don’t let panic and false statements get in the way of purchasing something as important as term life insurance!

Will I Need to Get a Physical Exam?

Generally speaking, you will not need to get a physical exam before applying for a term life insurance policy.

At drop-dead, we offer 20 years of term life insurance that will cover between $100,000 to $450,000.

As long as your requirements fall between those coverage amounts, you will not need to get a medical exam.

With that being said, if you need a policy that covers you for more than $450,000 or if something comes up during the application process, drop-dead may ask you to get a medical exam to complete the process, but that is rare indeed.

At this point in time, having any amount of coverage will help out your family a lot if you pass away.

I think we all know that with COVID came difficult times for most. Now we can see the light at the end of the tunnel, coinciding with the arrival of Summer and days outside in the fresh air and sunshine, which we all desperately need.

We’re slowly emerging from our safe home bases. Shaggy haired, unshaven, bra-less, and weary, still a little uncertain of what exactly the rules are in this post virus life.

But along with this unexpected world situation also came some positives. Many people got to spend more time at home with their children.

Parents that were usually gone from 7:30 am to 7:30 pm all of a sudden had this unexpected gift of time with their children if they got to work from home.

Lots of kids 20 years from now will probably remember this as one of the best times of their life.

Mum and Dad were home all the time, we played together as a family, had three meals a day together, got to stay up late, and sleep in. From a kid’s point of view, COVID kind of rock.

Another positive spin that came about was that it really got us all thinking about our own mortality, which is something most people actively try to avoid because it makes us uncomfortable.

Why would we think about death and term life insurance when we are young and healthy and feeling good, in our prime, and presumably decades away from our ultimate demise?

But from COVID rose an increase in term life insurance applications because all of a sudden there was something to worry about.

This strange new illness that didn’t care how old you were and how to fit you were. And that got people thinking “what if…”

And with the “what if” late-night ponderings came the research into term life insurance, and why it is a good idea for everybody, at any age. It gave many the kick in the a$$ they needed to get going on buying a policy.

People discovered that with one trip to the drop-dead website, they could get an instant quote and get covered too by the best and cheapest term life insurance platform in Canada.

After realizing how affordable drop-dead rates are, the application process is next. It’s a quick, easy to use a process that will take under 15 minutes start to finish.

You do not have to speak to a human at all (unless you want to or have questions). You do not have to go into an office and meet with a broker, no one is going to stick you with a needle to take your blood.

It’s all online. drop-dead is the best and we are the cheapest. Just get it done…..because there are still lots of things you can die from. Don’t wait until it’s too late.

Term life insurance is cheap. Cheap like the budgie. It’s gotten cheaper over time as fewer and fewer people die from disease and accidents.

Some of you find it difficult to think about the future and what will happen to your loved ones when you die.

Well, you’re reading this, so it has definitely crossed your mind. When making any big decision in your life, it’s always critical to do your research in order to choose the best option. Buying term life insurance is no different.

Thankfully you found drop-dead term life insurance just in time, Canada’s best and cheapest online term life insurance platform.

We have perfected the online buying experience for term life insurance. Go ahead and try other sites, they are not even close to the best!! drop-dead is the best by far.

It’s important to understand the ins and outs, especially when it comes to providing your loved ones with the financial protection they need. Part of that can be discovering how life insurance companies determine the price.

Do your homework when shopping around for the best plan. Cheap is important and comparing what you are getting in return for the premiums paid.

It’s in your best interest to understand how your health and lifestyle choices will affect your rates and what type of term life insurance works best for your situation and budget.

How Types of Life Insurance Affects Premiums

When deciding which life insurance option to choose, you can opt for either permanent or term plans.

If you buy term life insurance, buy it online from the cheapest, easiest online platform. That would be drop-dead term life insurance.

If you want to buy permanent life insurance, call us at drop-dead life insurance. Permanent life insurance is complex and you need to speak to a broker.

Not just any broker because 99% of brokers should be flipping burgers at MacDonald’s, but a drop-dead broker…. Is the cream of the crop!!

Your prices may increase based on the amount of coverage you need to financially protect your loved ones.

Where would you need to allocate your funds and resources? A few common debts and expenses that can be covered with a death benefit include:

  • Pay off your house
  • Pay for your funeral and final expenses
  • Pay for your children’s education
  • Pay off personal loans

To illustrate the difference between life insurance options, consider the concept of owning or renting a home.

Owning a home can be equated to having a permanent life insurance policy. You make your mortgage payments and have the comfort of the home for the duration of your life.

In contrast, having a term life insurance policy is similar to renting a home.

You get to enjoy the comforts of the home for a specified period, but keep in mind that once the lease is up, you have the option of renewing or ending the term.

Permanent life insurance usually has higher premiums. While the term has lower premiums, and depending on your plan, the term will come to an end at a specific time.

At this point, you can make the decision to renew your policy.

If your needs change, then depending on the plan, you may be able to convert your term policy into a permanent one without providing any evidence of health.

Keep in mind if you successfully pay off larger expenses, a term plan may provide the desired protection, and you may not require coverage for the full duration of your life.

Why it’s Better to Apply for Life Insurance Earlier in Life?

life insurance

There are many reasons why applying for life insurance earlier in your life can be beneficial:

  • Lock in your price while you’re healthy
  • Prices are cheaper and it’s easier to buy coverage
  • The online application process is very fast and simple

Is Life Insurance Right for you?

If you’re going to die, then life insurance is right for you. If your intelligent, then dropped term life insurance is very right for you.

The right life insurance plan can give you peace of mind knowing that your loved ones will be financially protected.

Naturally, price is the most important consideration for people when shopping around for life insurance.

Drop-dead term life insurance is the cheapest and best online platform available in Canada.

By understanding how term life insurance prices are determined, and the value and benefits that you are getting in return, may help in your decision.

Buck up buttercup!! Buying term life insurance is not overwhelming. In fact, it’s super easy and cheap.

Yeah yeah, we know that thinking about your death is a tad tricky, but it’s going to happen. That’s a promise.

So, you may as well buy term life insurance so your loved ones can keep the house and your kids can go to school.

No one wants to end up under a bridge or working the pole for a living. You dying without term life insurance significantly increases the likelihood of that happening.

Don’t use the “I will do it later” defense… it’s just lame. 15 questions written in plain English that you can understand. drop dead has made it so simple a grade one student can do the application.

I know this for a fact because my son who is in grade one did my application for me.

The ‘important-but-later’ attitude towards life insurance is in part the result of some outdated thinking and a general misunderstanding of the entire concept.

As my friend Joey says – “let’s bust some myths!”

Myth #1: “It’s too stressful to buy term life insurance.”

Reality: Do you find it stressful to think about your own death?

If you do, then buying term life insurance should reduce your stress level because it gives you the peace of mind knowing that your loved ones will be taken care of in the event of your passing.

It’s important to think about your future self and consider that the stress of dealing with setting up a policy is minor compared to the sting without term life insurance.

Think about it this way – if you’re out on a boat, does knowing that there’s a life jacket onboard increase your stress?

Myth #2 “I’ll pay a lot of premiums and not get anything for it…term life insurance is a scam.”

Reality: This usually is an argument made by people who bought life insurance and never had to make a claim.

It’s easy for those people to think that they didn’t get any value for the premiums they paid, which is absolutely untrue.

Like all insurance, life insurance mitigates the financial hardship that can arise when something bad and unpredictable happens.

Statistically, most people don’t die during the term of their policy, but it’s impossible to know ahead of time whether you will fall into the majority that outlives their policy or the minority that unfortunately doesn’t.

If you outlive your policy, it doesn’t mean you didn’t get value from it…your beneficiaries would have received a large payout relative to the premiums paid in the event you did pass away.

Myth #3: “I don’t need coverage because I’m single and don’t have children.”

Reality: A spouse and kids are just two of the many factors to consider when deciding whether you need term life insurance.

Other common ones include parental obligations (i.e., having to take care of your parents in their twilight years), having outstanding debts with a co-signer, and end-of-life costs such as a funeral.

You should also consider expected future obligations…for example, while you might not have kids now, do you expect to in the future?

Planning for the future pays off the most when you start early, particularly with respect to life insurance where coverage is usually cheaper to buy the younger you are.

Myth 4: “Only breadwinners need life insurance.”

Reality: Take the following example – Jamie and Pat are parents to two young children.  Jamie works as an accountant and Pat takes care of the kids at home.

A life insurance policy on Jamie would certainly provide income replacement and lifestyle protection for Pat and the kids in the event of Jamie’s death.

However, it is also important for them to consider what would happen in the event Pat passes away.

Jamie may incur additional child-care costs (e.g., daycare or nanny fees), be forced to find a more flexible but lower-paying job, or reduce hours, all of which might negatively impact the financial well-being of the household.

Hence, life insurance isn’t just for breadwinners – it’s for anyone who would leave behind financial obligations upon his or her passing.

Myth 5: “I’m better off putting my money in a savings account instead of investing in life insurance.”

Reality: Putting money away is always a good idea – no myths there.  But unlike assets, which generally grow over time, the types of obligations that life insurance covers tend to be incurred in full upfront and paid down over time.

A basic example of this is having a child – the average cost of raising a child to age 18 is around $250K, and that obligation exists on the day the child is born.

It may take quite a few years to save up enough to cover that amount, and if you pass away unexpectedly, your assets might be insufficient and will likely stop growing, but the financial obligation will persist.

Life insurance covers the gap between your current assets and future obligations.

Myth 6: “I have enough life insurance through work.”

Reality: Many working Canadians have life insurance coverage through their employer as a benefit.

If you’re one of them, it’s important to look at how much coverage you actually have through your employer and whether it covers your needs.

In most instances we’ve seen, coverage through work is not sufficient to cover an individual’s financial obligations (and top up programs though employers are often more expensive over time than a standalone term policy).

Also, life insurance through an employee benefits program isn’t portable – generally speaking, if you leave your job, your coverage on that policy will end (you may have the option of converting it to an individual policy, but premiums on converted coverage will typically be higher and the amount that can be converted is often capped).

An individual term policy on the other hand is not tied to your employer, which means if you switch jobs or quit working, you will still have coverage.

Myth 7: “Life insurance is really expensive!”

Reality: Term life insurance is actually quite affordable, particularly when obtained directly from the insurance company (as is the case with drop-dead) instead of through a broker.

This is best illustrated with an example – a 30-year-old female who doesn’t use tobacco can get a 20-year, $500K drop-dead term life insurance policy for only $24.50 per month, or about 80 cents per day.

Also, keep in mind that life insurance isn’t all-or-nothing…some coverage is better than none and with dropdead, it’s easy to scale up or down your coverage depending on your budget.

Myth 8: “I’m too young/healthy for life insurance.”

Reality: Age and health are two of the biggest drivers of how much a life insurance policy will cost.

The best time to buy life insurance is when you’re young and healthy because that’s when you’re able to lock in the lowest premiums.

Planning ahead can save you money (and stress) in the long run.

Additionally, your loved ones probably most need downside protection early in your earning years since at that point your potential for future savings hasn’t yet translated to actual savings.

Myth 9: “I can only buy insurance through a broker.”

INsurance policy

Reality: While this has historically been the case, dropdead is modernizing life insurance in Canada.

With dropdead, you can buy coverage direct from the carrier and entirely online.

It takes as little as 10 minutes to get covered.  And because we skip the brokers, we’re able to offer some of the best rates in the industry.

dropdead wants to change the narrative of term life insurance from a sold product to a bought product. What do we mean by this?

Some products are sold; such as life insurance, financial services, used cars, etc..

On the flip side, a bought product is a doctor or a dentist a veterinarian, etc..

For example, visiting a doctor is a bought product but term life insurance is a sold product. When you visit the doctor, you are called a patient.

You sit and wait and think the doctor is so great that he is helping you blah blah blah. He may be a total idiot, but you’re still buying from him. You don’t feel sold. Why is that?

People feel they are being sold life insurance… unfortunately, that’s largely due to the massive number of incompetent brokers in the market.

It’s the old joke of feeling greasy after speaking to a term life insurance agent that just wants the sale to generate commission because that’s his only source of income.

It’s a crying shame really because life insurance is super important. Don’t even start with that “I can self-insure” bullis!t, you’re smarter than that!

Let’s get into some tangible examples.

When you go and buy a new car, can you drive off the lot without having car insurance? No you cannot. So now you have insured a depreciating asset, your car.

Next, you take that same piece of sh!t car and drive it to the hospital to pick up your newborn child. Can you leave the hospital holding your precious bundle of joy without a car seat in that car? No you cannot.

But wait!!!! You can leave the hospital without life insurance. That is so incredibly dumb it should be illegal.

Just like car insurance and car seats are mandatory, so should the purchase of life insurance be mandatory if you have children. It’s so ultra-irresponsible to have a kid and not have coverage.

You can make up a thousand bullsh!t reasons about how you don’t need life insurance, but be real with yourself. If you die with no coverage, your kids are in a significantly worse position.

Money may not buy happiness, but life without any money sux balls. If your kids have no cash, you just failed as a parent.

Now stop procrastinating and log onto www.dropdeadlifeinsurance.ca Be a decent human being and look after your affairs.

Don’t wait till it’s too late. drop-dead term life insurance is the best and cheapest life insurance solution you could wish for.

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