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18 March 2020
It is reasonable to assume that a global health crisis like the coronavirus would have some impact on your life insurance policy acceptance and premiums, if you are currently in the application process stage.
The World Health Organization (WHO) has declared the coronavirus or COVID-19 a pandemic. The virus has spread to all corners of the world, infecting almost 2 lakh people and killing close to 8,500. In India (at the time of publishing this story), 147 people have tested positive for coronavirus and three people have died, according to the Ministry of Health and Family Welfare.
So, now the question rises, will a life insurance policy cover the death of a policyholder due to COVID-19? Also, will you be able to get a life insurance policy after contracting the virus?
12 March 2020
Financial protection is critical for this segment where the loss of a breadwinner can lead to financial catastrophe. Insurers need to use technology and innovation to provide sustainable solutions for these customers.
Life insurance plans are financial instruments that primarily provide protection against financial risks. There are two types of financial risks that need to be protected against – untimely death and old age. The untimely death of a breadwinner places a family at a risk for future livelihood expenses and during retirement years the income-generating capacity of an individual reduces. Thus protecting future income is very critical.
11 March 2020
Few if any types of insurance are less talked about yet so critical than life insurance. Its significance is right there in the name: If the unfortunate fate we don’t like to talk about suddenly and unexpectedly befalls you, life insurance is there to ease the process for all those around you after your passing.
We don’t like facing down potential doom, but digging into the details of life insurance policies is paramount to getting optimal coverage. And as with any insurance, there are a lot of details to consider. Whether you’re contemplating the options provided through your employer or other offerings on the private market, just the basic different forms of life insurance are enough to make you feel deeply uncertain.
MDRT is a knowledge bank of financial service professionals. The biggest resource is the membership itself; interacting with MDRT members will change your mindset of how the financial profession is growing.
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