Consider reviewing your life insurance during this Pandemic

BY FAZAAD BACCHUS

COVID-19 has given us a rude awakening. Nothing is real until it happens to us or someone close to us. This is the case of COVID-19 for many who have been affected by having someone fallen ill due to this illness. In the first instance I thought we were faced with a false illness a hoax at best, I thought it might have been a political ploy by warring countries and we citizens were simply caught up in the middle. However, I was to find out differently.

A close friend of mine at the age of 57 went to the hospital to do a routine blood test, exhibited the symptoms of COVID-19, and was immediately admitted. She was never seen by her family again. She passed away in the hospital without the last hugs and proper goodbyes. Do you expect that at age 57 you might be hospitalized and never see your children or family again because they are not allowed to visit you?

In certain sectors, COVID-19 has wreaked havoc on the population especially in large cities and nursing homes. In Ontario, it has taken its toll on seniors and to such an extent that it had become unbelievable. It has exposed the living conditions of many seniors where even the politicians have become appalled. Now the tune is changing, and recently more and more young people are becoming infected including children. We are definitely living in uncertain times.

Life Insurance sales have skyrocketed in the last three months. Many people have started to take stock of their financial situation and their obligation to their families. Life insurance is a gift of love, it is a gift given to your loved ones in case you were to pass away prematurely. However, it shouldn’t have to take a catastrophe like the one we are in the middle of to think of whether or not we have made adequate provisions for our loved ones.

Family income: Life Insurance is most important for the father or mother who has children and is unable to leave a sufficient reserve to take care of their daily needs or a roof over their head. In this case you can have your advisor quantify the amount of coverage you need and purchase a policy accordingly. It is only this life insurance reserve that will provide the income they will depend on.

Last expenses: Consider life insurance if you have not set aside money for your last expenses and funeral expenses. These costs can run your dependents anywhere from $15,000 to $20,000. Where will this money come from? Purchasing a policy helps to offset this cost and ensures that this cost does not create a burden on your family. You can use a small portion of your social security benefits to pay for the policy. If you need any assistance with any of the above, please call your advisor.