Life Insurance During Coronavirus Is Still Achievable
/If you’re a parent like me, you may have abandoned cleaning those dirty dishes or picking up the toys on the floor in favor of sleep. It’s hard out here working full time, parenting at home (or managing through a change in daycare/school/camp schedules), and carrying the emotional stress of our world being upended by not only coronavirus, but black bodies dying. If you’re not a parent, I know this COVID-19 state still comes with its challenges. Either way, please make sure you cut yourself some slack and let go of any perfectionism during this time - you have a LOT on your hands, and it’s OK to rest and let some things go.
Well, I stayed in connection with you via my Charisse TV YouTube. If you missed my short 2-minute clips, please check them out here as I try to take some of the burden away from you by giving you wealth-building tips and strategies. Please subscribe so you don’t miss these videos directly to your inbox!
After these videos, I got a few questions on buying life insurance during the coronavirus, and thus I wanted to share with you my own journey.
My close to buying life insurance during coronavirus story
The April 2019 birth of my daughter caused my husband and me to re-evaluate our life insurance policies. Our employer-provided life insurance coverage just did not cut it anymore. While we were not buying life insurance during coronavirus, our process has been close enough in timing to hopefully be helpful. It was a bit of a slog, but we each bought a simple 20-year term policy. Now, I started the approach in November of last year, but it took several months to do the in-home exam, coordinate with the insurance company, and go through all the paperwork. In the coronavirus social distancing era, many life insurance companies have relaxed some of these steps, so that is good news. I didn’t want permanent life insurance - universal or whole - on the basis that I did not want to pay for coverage over my entire life.
Permanent life insurance surely costs more and it can get complicated, and there are several key differences between permanent versus term insurance. After talking to my own financial advisor (yup, you know I have one - I live by what I preach on financial advisors), we don’t need permanent life insurance now. I can figure out what other insurance I want (and we need) after 20 years, assuming I make it that far. God-willing, I will. But, I have made the commitment to provide a death benefit to my loved ones if I die unexpectedly. In parallel, over the next twenty years, I plan to continue to invest for my retirement, and the beneficiary on my retirement accounts are those same loved ones, so that gives me comfort. In 20 years, I’ll take a look at where I am and evaluate my insurance options.
Getting a life insurance policy is a personal decision, and buying life insurance during the coronavirus can come with its own set of anxieties given the ever-present risk of dying from the virus. And, as we all face this scare, it’s an opportunity to prepare accordingly.
Now, if you’re not working right now or feel strained financially, take a deep breath - you can come back to life insurance later!
Inspiration for the week
Here are a few articles to keep you moving and shaking, and thinking about how to create the wealth you seek:
Finally, I am saddened by the recent death of John Lewis. I loved his fight, and my life is better because John walked this earth. In his honor, I’ll leave you with one of my favorite John Lewis quotes:
"You are a light. You are the light. Never let anyone – any person or any force – dampen, dim or diminish your light. Study the path of others to make your way easier and more abundant."
- John Lewis, From his 2017 memoir, "Across That Bridge: A Vision for Change and the Future of America”
Go forth with your light this week!
