Coronavirus has hit Welland, Ontario – the city of rails and water – as hard as it has hit most other Canadian towns. People witness people they know, love, and respect die from this horrific virus. However, in the same vein, they cannot afford to be too afraid. Truthfully, they cannot afford much of anything.
Those that have their health work as much and as hard as the pandemic allows. Some people are lucky enough to have careers where working from home is an option. Others can go to the workplace. However, others have been indefinitely laid off. They are looking for ways to put food on the table and a roof over their head. With all of these concerns, people are cutting expenses wherever they can. They are not eating out as much. They no longer participate in standard forms of entertainment. They stay home because there is a pandemic and because they cannot afford to go anywhere.
Yet, these same people refuse to give up what they consider one of the most essential expenses during a pandemic: their life insurance policies.
Do People Believe Life Insurance is Essential?
A local company recently took a survey of the people in Welland and throughout Canada. The survey results show 77% of the people questioned are actively cutting back expenses where they can. They are cutting food budgets, entertainment costs, travel costs, and more.
However, the same survey showed that only 13% of the people surveyed are willing to cut their life insurance budget. Many people are increasing their life insurance benefits to ensure their family is covered if something happens.
It seems, most Canadians believe that in these uncertain times, life insurance is a necessity. They will forgo anything else to pay the life insurance premium. Furthermore, they insist on purchasing the insurance while still healthy, which could change any day.
What are Canadians’ Fears During the Coronavirus Pandemic?
People in and around Welland are losing their jobs in large numbers. As a result, they are having difficulty keeping their homes, feeding their children, and paying their bills. While the government is doing everything it can to help, it does not make the problem or fears disappear.
People are frightened that they will get deathly ill. They have seen what COVID-19 can do to a person who is otherwise seemingly healthy. They have watched people they know end up in the hospital for weeks or months on a ventilator system. Some are lucky enough to come home eventually. Others face a bleak alternative. As a result, their families must learn how to live without their loved ones emotionally and financially. If they have life insurance, their families are a little less worried about how they can make it day-to-day. They can at least pay the bills while they try to move on to a life without their loved ones.
In other cases, people are afraid that with money so tight, they will be unable to save anything for the future. They cannot save for college, retirement, or their family’s wellbeing. They are scared that if anything happens to them, their family will be impoverished. Worse yet, they are afraid that if nothing happens to them, their family will still have nothing.
What are the Benefits of Life Insurance During the COVID-19 Pandemic?
Life insurance offers many benefits to individuals in the best of times. However, people believe life insurance offers many options that they cannot live without during a pandemic.
The truth is life insurance I more than peace of mind. It is an opportunity to save for the future, even when you do not have any disposable income left to save.
Life insurance comes in several forms. It can be a whole life or universal life insurance policy which matures at a certain point. Once it matures, you can use the benefit while still alive to help yourself and your family. These policies also allow you to borrow against their cash value for a fee.
Therefore, during a pandemic, you can borrow against your life insurance policy to make ends meet when all else fails. These policies are also affordable options to help pay for your child’s expenses when they age. If you buy a policy for a newborn child, you can pay a minimal premium. Once it matures, that child will have a large sum in savings to help with the purchase of a first home, graduate school, or other essential life events.
You can also purchase life insurance as an annuity. An annuity allows you to save money that can be used in retirement. However, if you pass before retirement, it pays your beneficiary the benefits.
These benefits provide a wonderful cushion for anyone worried about life during the coronavirus pandemic. However, it also helps provide for people who need financial support if they die due to the pandemic. Essentially, life insurance in Welland helps provide for almost all of a family’s needs due to the coronavirus pandemic.
Final Thoughts
The coronavirus pandemic has changed life as we know it. It has cost people their jobs, financial security, savings, way of life, and lives. People are doing their best to move along in life without feeling completely overwhelmed and utterly lost.
Life insurance plans offer the opportunity to save money for necessities, such as household bills and food, while also providing financial peace of mind in the event of death from this deadly virus.
People insist on paying their life insurance premiums even when they cannot afford many other bills. They do not want to lose the equity they built up in their policies if they need the money to keep a roof over their head and food on the table in the near future.
With no quick end in sight for this pandemic, people are trying to adjust to the best of their ability. Maintaining their life insurance policy helps them prepare for an uncertain future so they can attempt to live as close to normal life now as the pandemic allows.
To learn more about why people in Welland, Ontario are thinking about life insurance, contact the experts at Hometown Insurance at 289-606-0103. Our licensed professionals will be happy to answer any questions you have.
Sources:
- https://www.newswire.ca/news-releases/canadians-value-life-insurance-more-during-pandemic-survey-872780385.html
- https://www.lifehealthpro.ca/news/covid19-is-showing-canadians-the-light-on-life-insurance-335826.aspx
- https://toronto.ctvnews.ca/more-canadians-consider-life-insurance-during-pandemic-survey-suggests-1.5296297
