Life Insurance after Covid: How post-pandemic living impacts your life insurance needs
Things have changed since 2020. But how might those changes impact your financial needs?
I know I am not alone in thinking that since the start of the pandemic, time has lost all meaning. What used to feel like an hour now sometimes feels like a day, and what used to take a month now happens in a minute.
However, like many others, I’ve come to realize that what matters is not how fast or slow something happens—but rather that we take a moment to assess where we are, what we’re doing and where we want to go. Shouldn’t that be what life is all about?
In that spirit, there is no better time for making some critical decisions about your finances. Ultimately, when you are able to assess where you are today and where you want to go tomorrow, especially in the wake of a pandemic, you can have thoughtful discussions with your partner and/or financial professionals about what you need to get there. In many cases, what will best bridge that gap is having a long-term financial strategy in-place, and that includes having sufficient life insurance coverage.
As the pandemic wears on, expectations have certainly shifted. Life insurance after covid is just one example of how individuals are adjusting to this new normal. Individuals are encouraged to take control of their future now, so their loved ones aren’t faced with financial hardships later. Here are a few ways you can stop and take stock of your goals, and how term life insurance can be a part of that planning.
In this article:
Proactively discuss what is changing
While no one can predict what the future of COVID will look like, there is growing consensus that most people want to find a “new normal.”
Every individual will have to define what that means for them and their family. But for many, this is a unique opening for you to think about what the implications of those decisions could mean financially post-pandemic.
Maybe you’re someone who has watched countless others partake in The Great Resignation, and are finally ready to go out on your own too. Doing so might entail giving up your workplace-sponsored group life insurance coverage, as well as taking out a small business loan. Should you die without your own individual life insurance coverage, let alone before the loan is paid back, know that your family members could face a significant financial hardship.
On the other hand, maybe you’re looking to purchase a new home—after all, it is no secret the real estate market is booming. Ultimately, whether you moved to the suburbs during the height of the pandemic and are ready for a return to city living or vice versa, new property often means a new mortgage. If you were no longer in the picture, your beneficiaries could use the death benefit of a life insurance policy to help pay your mortgage. Do you have sufficient coverage in place to help pay your mortgage costs should the unthinkable happen? Now’s the time to talk through these precautions and explore additional coverage.
Acknowledge what is (somewhat) staying the same
For some, post-pandemic living might look very similar to life before March 2020. Sure, we might mask up when headed indoors, but especially if you have kids, a return to normalcy means a return to the status quo.
If this is you, this might mean that your financial situation or commitments will largely remain the same in our “new normal.” But, even still, circumstances and context have changed. If you have older children (or still have your own student loans), student loan payments, for example, were paused through May 1, 2022. Or maybe you moved your children into private schools—as many public schools experienced prolonged closures—introducing new expenses.
In other words, while your priorities might have stayed the same, the ways in which you are funding those priorities could look and feel a bit different. So even if you don’t feel like you’ve made a big life adjustment, you should make sure that, if the worst should happen, your existing life insurance coverage is still sufficient to cover the evolving ways in which you are meeting their objectives.
We are all assessing what it means to live in a post-pandemic world. Doing so is essential. As we collectively go through this process, using this time to proactively see how your priorities are or are not changing will help you put steps in place to achieve what it is you most desire — including protecting those you love for the long term. Life insurance after covid encourages individuals to better prepare for their future.
Visit Haven Life today for a more dependable future for you and your loved ones.
About Wade SewardRead more by Wade Seward
Our editorial policy
Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.
Our editorial policy
Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.
Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less hard if they are a fit for your situation.
Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.
Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.
MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.
Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners). For more information about Haven Life Plus, please visit: https://havenlife.com/plus
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