Life Insurance in the Age of COVID-19

Life Insurance in the Age of COVID-19

While the curve is flattening and the economy is opening back up, the risks of COVID-19 still remain.  With the threat of a second wave possibly overcoming our communities, many businesses are acting cautiously as we progress further into 2020.

If the worst-case scenario becomes a reality, and you or your loved one test positive for the Coronavirus, one of the best ways you can protect your loved ones is by purchasing life insurance.   Of course, everyone envisions their future and how it will transpire but many times unexpected things happen in your life that were not expected.  Lifes events and happenings are sometimes out of your control.

Thinking of what to do should an unexpected event like the COVID-19 disease can be very emotional and overwhelming to handle on your own.  You may have already set plans aside before this event occurred; thus, bringing you back to wondering if you and your family will be protected.

In the event of a death, the most important thing is having your affairs in order, especially if you have your own family designated as the beneficiaries.  The ultimate decision to purchase life insurance far outweighs the decision not to.  Take a look at the list below to see why it is important to have a life insurance policy in place:

What Are the Different Types of Life Insurance?

·         Term life insurance is made for financial protection for a specific point in time, such as 10 or 20 years. Typically, premiums are level and guaranteed for that time.

·         Whole life insurance is a type of permanent life insurance made for lifetime coverage.  Because of the lifetime coverage period, whole life usually has higher premiums than term life.

·         Universal life insurance is another type of permanent life insurance made for lifetime coverage.  In comparison to whole life insurance, universal life policies may allow you to increase or decrease your premium amounts during your lifetime.  Universal life plans typically have higher premiums than term life plans.

Do Not Wait Until the Crisis Is Over!

There is no time like the present!  Right now, that cannot be more vital.  It is essential to make sure that you and your family is covered during this health crisis.  Considering your health has been negatively affected (or considering any recent travel to certain hotspot regions) you will likely not have your application affected.  In essence, apply as soon as physically possible!

As always, we are committed to protecting your family, and are here to serve you. Our team is prepared to answer any questions you may have and help you get the coverage you need. Please do not hesitate to reach out with any questions or concerns during this time.

One of the most important things to remember during the life insurance application process is to be entirely honest and forthcoming.  Contrarily, the beneficiaries on your plan may not be eligible to receive the death benefit – considering that is one of the most important components of a life insurance policy.

Call Plan IV for Life Insurance Policies, Annuities, HR Outsourcing Michigan & More!

As the months have presented themselves as such, this is still an uncertain time, even going forward through the summer.  As businesses are opening back up, we want to do our best to keep in constant contact with you.  Please know that we are still here and available as often as possible, so if you have questions, please do not hesitate to ask them!  But to ensure your message is answered quickly, the best way to reach us is to go through email or cell phones.  Below is the list of numbers and email addresses for you.

·         Beth Bales - (586) 201-9183 /

·         Lindsay Miszcak - (586) 246-6005 /

·         Tom Miszcak - (248) 417-9237 /

·         Garrett Simonis - (248) 602-5519 /

·         Mike Simonis - (248) 505-5400 /

Our experienced staff at Plan IV can explain the types of life insurance coverage and help you choose the life insurance policy that will give you the best benefits and peace of mind for you and your family.  Take a look at our online documents page for information regarding what you might need in your own individualized life insurance plan.

Contact Plan IV at (248) 689-4910 with questions you may have on life insurance plans.  You can also reach out to us on our contact form.

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