Critical illness and life insurance during COVID pandemic

Having been in the insurance industry for about 20 years, I’ve had the opportunity to know many people behind the insurance claims. I’ve seen young people getting critically ill completely unexpectedly. I’ve witnessed situations where husbands and wives have died within days of one another. A few people we’ve seen pass away of COVID-19 did not have life insurance. That’s why I’m saying from the bottom of my heart, please, have life insurance.

Critical illness and life insurance are on the rise.

Many Canadians are “panic buying” life insurance due to coronavirus pandemic. Applications for life insurance are on the rise. The increase is largely due to a fear of death and greater awareness of financial risks associated with mortality.

 However, while protecting your family from financial fallout is never a bad idea, a fear of contracting Covid-19 should not be the main reason for buying life insurance. I only would recommend buying life insurance if you don’t want your loved one to experience a financial tragedy on top of losing you. Only if there will be a financial hardship for your loved ones if you pass away.

Applying for life insurance is easier than ever

During COVID pandemic, applying for life insurance has become easier than ever. If you’re ready to buy coverage, life insurance companies are fully open for business.

Non-Face-to-Face Life Insurance Sales

Selling life, critical illness and disability insurance online or by phone – Non-Face-To-Face insurance sale – is the best and the easiest way of getting an insurance product during COVID-19 pandemic. No medical examination required. You don’t even need to meet with your insurance adviser in person.

Insurance products available on the Non Face-to-Face application process include:

• Life Insurance: up to $5,000,000 (Universal Life insurance is not available which has to be sold face-to-face)
• Critical Illness: up to $500,000
• Disability: $5,000

No Medical Exam Life Insurance

If you are a senior, or you’ve been denied life insurance in the past due to your health, or you’re concerned you may be denied life insurance should you seek it, you may consider no medical exam life insurance.

No Medical Exam Life Insurance allows you to get coverage with no medical examination. A typical life insurance application includes dozens of questions about your health, prescriptions, family health history, driving record and dangerous activities such as sky-diving. Now, all you need is to answer a few simple health questions to start your application. With no medical exam, life insurance may be the perfect solution for you. It can be accessible and functional if:

• You are a smoker.
• You have been turned down for life insurance in the past.
• You are overweight or suffering from health complications due to weight.
• You do not want to go through a medical exam.

Life insurance prices are at all-time lows

Now is the time when many life insurance products are priced at all-time lows, but the winds are shifting: insurance companies started raising prices in order to compensate for lower investment gains. A year from now, I think that prices will be higher. I don’t believe we’ll see prices as low as they are now.

One more reason to buy critical illness or life insurance now

New concerns are emerging around applicants who have had COVID-19. Today, nobody knows how the virus affects a person’s long-term health and life expectancy. Will insurers be offering the best rates to applicants who had COVID-19? I think COVID-related questions will quickly become a standard part of applications. Have you been diagnosed with COVID? Has someone in your household been diagnosed with COVID? “Yes” answers could lead to a postponement of your application.

So, if you are ready to buy critical illness or life insurance or both, buy it now.