Broker Check

Buying Life Insurance during COVID

May 18, 2020

COVID 19 has and will change a lot of things.  How we communicate, travel, do business and socialize have been altered in significant ways.  But that is just the obvious changes.  Others are happening that many are not aware of and some unforeseen changes are sure to come, possibly months down the road.  The Article that I recently posted regarding life insurance companies and their willingness to underwrite new policies holders provides us with TWO very important lessons.  These are lessons that everyone should take a little time to reflect on now or, as they say, forever hold your peace.  Like it or not everything is in a state of constant change.  COVID or no COVID change is inevitable.  Why, because it’s a form of evolution.  Whether it’s the dodo bird or weak financial institutions, environmental changes and stress weeds out the weak.  You can say whatever you want about “these unprecedented times” we are experiencing.  The fact remains, some companies are fine and welcoming new policy holders.  Even making it easier to obtain coverage while others turn people away.  Yet they are operating with the same actuarial tables, they are in the same industry, writing business in the same country.  The dodo bird was not the only bird on the island of Mauritius.  But when it encountered an unprecedented event, the arrival of Dutch sailors, their evolutionary flaw was exposed.  No fear of humans.  No need to ask, “what’s for dinner.”  They weren’t built for such a sudden and unexpected threat to their environment.  What’s the point?  No one worries about risks when everything is going smoothly.  One, if these recent events have you contemplating issues you haven’t in the past, take meaningful action now.  Two, there is a huge difference between value and price.  Choosing the right financial partners can be critical to the long-term success of your financial plan.  Value often shares a similar virtue with character, it’s often revealed in times of adversity.