The terrifying daily death tolls resulting from the coronavirus (COVID-19) pandemic outbreak may be causing many of us to think about our own mortality, particularly if we’re responsible for a family or business loans. In our Guide to Life Insurance Protection, we consider how suddenly we’re having to think about things we haven’t thought about before – including the unthinkable.
Understandably, we would rather not think of the time when we’re no longer around, but this crisis has highlighted the importance to protect the things that really matter – like our loved ones, home, lifestyle and business – in case the unexpected happens.
The outbreak of the coronavirus may mean you have concerns about your life insurance (which is sometimes called ‘life cover’ or ‘death cover’) and whether you’re covered. If you have life insurance to provide for those left behind or to cover business loans after your death, it’s important to keep paying the premiums, even if you’re tempted to put it on hold to cut costs. You could lose your cover and may struggle to find the same level of cover if you start another policy later on.