How COVID-19 Is Affecting Life Insurance
The truth is that very, very few people who would have been recently insurable in the first place have died of COVID-19 in Canada. The vast majority of deaths from the Corona Virus have been amongst the elderly and already sick. For this reason, term life insurance premiums have not been affected at all. We do, however, expect increases in permanent (whole life) insurance due to record low-interest rates.
However, the subsequent economic damage due to the shutdown is affecting life insurance in major ways. The most disruptive impact is that insurance medical exams are not getting done because nurses are practicing social distancing. The silver lining is that many companies are still providing insurance, and the process may be faster if the medical examination gets bypassed.
The bottom line is that if you are reasonably healthy, then now is an easier time than ever to get insured because medicals are being temporarily waived. It’s also a good time to get whole life insurance to lock in a premium before they increase.
With many years of experience, Camlife Financial Corp, in Vancouver, British Columbia, helps families and businesses with their financial planning, insurance, and investment needs. We do not charge a fee for service as we receive direct compensation from the investment or insurance company.
We serve clients across Vancouver, Richmond, West Vancouver, North Vancouver, Burnaby, Surrey, White Rock, Langley, Coquitlam, Maple Ridge, and New Westminster.
If you have any questions about life insurance or any other financial matters, please contact us by clicking here. To learn more about the other consultancy services we have to offer, please click here.