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Posted on: 11 May, 20

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.

Projecting ourselves into the future to see what‘s around the next bend For many of us, projecting ourselves into the future to see what‘s around the next bend is not an easy thing to do. However, without thinking, we insure our cars, homes and even our mobile phones – so it goes without saying that you should also be insured for your full replacement value to ensure that your loved ones and business are financially catered for in the event of your unexpected death. Making sure that you have the correct type and level of life insurance in place will help you to financially protect them.

Life insurance provides a safety net. Ultimately, it offers reassurance that your family and business would be protected financially should the worst happen. We never know what life has in store for us, as we’ve seen in recent weeks with the outbreak of COVID-19, so it’s important to get the right life insurance policy. A good place to start is asking yourself three questions: What do I need to protect? How much cover do I need? How long will I need the cover for?

Download the PDF to see the full document.

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