DOES LIFE INSURANCE COVER THE CORONAVIRUS OR COVID-19?

It’s no secret that the coronavirus has caused a lot of panic among the Filipino citizens. It greatly affected the economy and the lives of millions. In a span of one year there has been thousands of casualties. Because of  this, people started to take notice of the importance of Life Insurance.

But what exactly is life insurance? It is a legally binding contract between an insurer (the life insurance company) and the policyholder (insured). Insurance policy is the contract between the insurance company and the policy owner. 

People with little to no knowledge regarding this might think that it’s easy to apply for an insurance policy during the pandemic. Life insurance takes many factors into consideration. When an individual trying to invest in a policy has a much higher risk of mortality, they are likely to pay more in order to get insured or worse, the insurance company could reject insuring them. But if the policy holder was already investing in an insurance plan before the pandemic hit, depending on the policy, in the event that they happen to pass away due to Covid-19, their family and beneficiaries would still recieve the death benefit. 

A common misconception that people tend to believe is that investing for life insurance can benefit them if they catch covid-19 in a way that it can cover their hospital expenses but that’s health insurance. What life insurance does is that it grants you peace of mind knowing that if an unfortunate event happens to you that would result in you being unable to work, or worse, dying, your family will be left with an amount of money that could replace your income.

But that doesn’t mean that it’s a bad idea to invest in an insurance policy right now in the pandemic, in fact it’s never a bad idea to invest in one. But one should not start investing for life insurance just because of the global pandemic and thinking it can save your life. People should think of it as an essential, it is a tool that lets you live your life confidently knowing that your family will be financially secured in the future. 

Regardless of the situation, covid-19 related or not, there will always be an insurance provider with an insurance policy that would best suit your needs. All you have to do is assess your situation, consider your earnings and find out what would cater to your specific needs. 

With all the insurance providers out there right now, it can be difficult to choose one which you’ll commit your hard earned money to. A trustworthy and certified company out there is Manila Bankers Life Insurance Corporation. They have been serving Filipinos nationwide since 1967. They are duly recognized and authorized by the Philippine Insurance Commission. The company creates customized life insurance packages based on the requirement of its major and significant customers.

The Coronavirus has easily defined the year 2020, but don’t let it define your whole life. When it comes to life insurance, it’s always the best choice to invest early in your life but also keep in mind that it’s better to be late than never at all.