However, even as COVID-19 affects various important facets of our lives, there are still ways to make sure that our goals and hopes for the future remain secure. One of the most effective ways of making this possible is availing the right plans that provide for COVID-19 Insurance. Let us discuss this in detail.
What is COVID-19?
At the root of the current pandemic outbreak sweeping across the globe is a viral disease known as COVID-19. This disease is also known as novel coronavirus since it is the most recently discovered disease among the family of viruses known as coronavirus. People infected with the novel coronavirus can experience a range of symptoms including cold, cough, fever, runny nose, sore throat and shortness of breath. In more severe cases, it can affect the lungs and kidneys, cause pneumonia and even prove fatal. [1]
How COVID-19 can affect your life goals
COVID-19 has proven to be a difficult disease to manage because it can quite easily transmit from one individual to another. As a result, it has placed severe restrictions on our daily life, movement and day-to-day functions. It has affected the way we live and work, thereby affecting companies as well as the national and global economy.
It has also placed people in a state of medical uncertainty. Being diagnosed with the disease can not only adversely affect one’s mental and physical health, but the costs of healthcare can cause a blow to one’s financial health as well.
With possible medical emergencies and job uncertainty looming large, the pandemic can cause a negative impact on your short-term and long-term life goals. Without a financial security net in place, people can find themselves in a future where they are not adequately prepared to fulfil their major aspirations in life.
How to secure your life goals with term insurance
In a situation as dire as this, it is important to have a long-term investment in place that can help you and your family even if the worst happens. Several of the financial concerns brought upon by the current pandemic can be put to rest by holding on to your existing term insurance plan. If you do not have one, you can consider availing a suitable plan that provides protection against COVID-19.
Insurance plans covering COVID-19 are essentially contracts that provide a predetermined coverage, ensuring that you have a secure financial safety net in place for your family. In the event of your unfortunate demise due to a COVID-19, your beneficiaries will be eligible to receive a death benefit. As a result, all of your well laid-out life goals such as your children’s education and marriages can be fulfilled without any hurdles. Moreover, your family can manage any financial liabilities or debt payments for years to come.
Why stay invested in your ULIP to fulfil your life goals
Apart from purchasing a term insurance plan, it might also be worthwhile to hold on to any existing investments you might have. In particular, staying invested in your ULIP plan might be a useful financial decision for your long-term financial goals.
ULIP plans yield optimal results when you stay invested in them for a long period, such as 15 to 20 years. As they are market-linked investments, they benefit from the power of compounding. In addition, a longer time duration can help them weather fluctuating market conditions and result in favourable returns over time. Even though the markets are currently undergoing a rough time, market conditions are expected to stabilize in due course of time. In the course of a decade or more, your ULIP plans might have generated returns that may help you fulfil any life goals you might have planned.
Conclusion
Although COVID-19 has disrupted the way the world functions, there are still ways in which we can protect our life goals. Both your short-term and long-term life goals can be secured by availing the suitable insurance plan that also covers COVID-19 for you from a reliable insurer. Moreover, even amidst the current chaos, your existing investments such as a term insurance policy and ULIP plans should be held on to. They may prove valuable in the end and may help you get your life goals done.
Sources:
[1] https://www.webmd.com/lung/coronavirus
[2] https://www.who.int/emergencies/diseases/novel-coronavirus-2019
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