COVID-19 has impacted us all greatly. This infectious disease caused by the novel coronavirus has brought everyday life to a grinding halt and changed the meaning of the term "normal", as we knew it. Due to the pandemic, life insurance has been in the spotlight for quite some time now.
People are increasingly becoming interested in knowing if there is such a thing as coronavirus life insurance. The answer to this dilemma is that technically, there are no specific COVID life insurance plans. But there’s good news. Regular life insurance plans cover deaths due to many reasons, and COVID-19 deaths are also covered by life insurance.
Now, the benefits of life insurance extend well beyond covering coronavirus-related deaths alone. It can even help you build a better life post-COVID. To understand how this will come about, let’s take a quick look at how the pandemic has transformed everyday lifestyles.
Changes in Lifestyle Brought About by Coronavirus
One of the major lifestyle changes that the pandemic has brought about is the rise in work-from-home culture. With social distancing being the essential norm of the day, offices shut down, working remotely became the need of the hour. This has led to an increase in sedentary lifestyle among the people working from home.
Screen time has also increased because a lot of activity has moved online during this pandemic. From shopping and payments to working and staying updated about the state of affairs, online has become the general state of existence for most people. This has no doubt increased the time we spend looking at the screens of devices like televisions, computers, and smartphones. Even classes for school-going children have moved online.
On the upside, people have also become more conscious of everyday hygiene. Personal hygiene has become more important, and for many people, the routine of washing hands, sanitizing things before using them and masking up has almost become something of a habit.
How Insurance Can Help You
Given these lifestyle changes, life insurance in the post-COVID world will continue to be as relevant as it is now. Let’s see how it can help you build a better life post-COVID
1. Life insurance helps take care of priorities
The coronavirus outbreak has put health and well-being in the spotlight. While life insurance was often looked upon as one of the options to avail only tax benefits, or as a means of securing families future. It is important for one to realize that they can plan their life insurance to ensure financial protection so that their families life goals are intact in the long run.
2. It helps you be prepared for contingencies
Unexpected emergencies can end up straining your financial situations. And financial stress can reduce the quality of life by a huge margin. Life insurance plans can help you ensure that such a situation does not crop up in your life post-COVID or even normally as it would be. With a life cover in place, you could be prepared for contingencies that may crop up in life provided you have planned well.
3. It encourages you to develop a healthy lifestyle
Some insurance plans require individuals to undergo medical tests either at the time of purchase or at the time of renewal of the policy depending on terms and conditions of the policy. In case the individual has poor lifestyle habits like smoking or alcohol consumption, the premiums could slightly be higher for such lifestyle habits. Considering the current COVID-19 situation, it could be a reason that could encourage one to develop a healthy lifestyle and keep themselves safe.
All in all, your life insurance plan could prove to be a reliable ally for you and your family as you continue to ensure the safety of your loved ones be it during the pre or post COVID times.