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Insurance You Need in a Pandemic

Insurance You Need in a Pandemic from North Carolina Lifestyle Blogger Adventures of Frugal Mom

This past year has rocked the foundation of pretty much everything we knew. Our daily routines have been disrupted, plans flat-out canceled, and jobs lost. 

Unfortunately, if you haven’t signed up or renewed even one of your insurance policies, you’re only making yourself more vulnerable. Not having proper forms of insurance during a pandemic is as risky as driving without car insurance

Thankfully, If you’ve been searching for some security in this pandemic chaos, I’m happy to tell you that insurance providers are there to give you some comfort.

What is a pandemic?

The word “pandemic” has been tossed around a lot this year, but what does it mean, and how do we know we are in one? 

Epidemic and pandemic are not the same, although we often hear them being used interchangeably. Understanding brings comfort, so let’s break it down.

An epidemic is classified as an outbreak of a disease that affects a large proportion of a population in a specific geographical location. In comparison, a pandemic is defined as any disease that spreads across several countries, affecting many people.

We experienced an epidemic within the early stages of the COVID-19 outbreak, but as the virus spread, we entered the pandemic territory. With the entire world on high alert, we are in one of the few modern pandemics since 1918.

How long will the COVID-19 pandemic last?

I hope you’ve found at least three ways to keep busy at home yet because the coronavirus is here to stay. Don’t worry, you won’t have to adapt to the life of a shut-in, but you shouldn’t be waiting for the world to get back to normal, either.

COVID-19 will likely have a permanent effect on how we interact socially, conduct business, and how we see both personal and public healthcare.

Because of how things have changed and the future uncertainty, all forms of insurance are more important than ever. Knowing how to utilize your insurance policies will be valuable knowledge for 2021 and years beyond.

Must-Have Policies During a Pandemic

Straight up and non-sugar coated, you need every form of insurance right now. Yep, I’m talking home, life, auto, health, dental, and even travel.

This is not a sales tactic to rush you into overspending on policies you won’t use but to get you to take insurance coverage seriously. In unprecedented times you cannot have too much coverage. Save your what-if anxiety by knowing the kinds of policies that are the most relevant to you.

Pandemic Health Insurance Coverage

 Health insurance is the one you probably already knew you’d find here. Anyone can become infected with the COVID-19 virus, so even if you are a relatively healthy person, you should continue coverage.is the one you probably already knew you’d find here. Anyone can become infected with the COVID-19 virus, so even if you are a relatively healthy person, you should continue coverage.

Paying out of pocket for medical expenses is a prevalent cause of debt in this country, so avoid that issue altogether by being covered. Take proactive prevention steps with your bills and physical health by keeping up with your checkups and finding ways to boost your immune system.

Life Insurance Thanks to 2020

Remember when I said COVID-19 isn’t going away? Well, life insurance companies know it, too. Life insurance is an emotionally difficult topic because no one likes to think about dying or losing those they care about. 

However, an uncomfortable few minutes could save you an uncomfortable decade of grief. There would be the Geico slogan for life insurance if it needed one. 

The good news is that if you are looking for a new life insurance policy, now could be a great time to get it. A list of pros for buying life insurance now are:

  • More no-exam policies are being approved. You will not be required to take a physical health exam to get approved for a policy.
  • We’re seeing the most competitive pricing in years. Not only are you more likely to get approved right now, but the policy you open could be the best deal available for the duration of the pandemic.
  • Check life insurance off the to-do list. Sometimes it takes something severe to stop procrastination. Considering everyone is vulnerable, now could be the best time for family members to sign up together and make sure a post-life plan is discussed.
  • Get more back on taxes. If you experience a loss, what you receive as a life insurance beneficiary will be tax-free.

A list of cons that could cause potential issues are:

  • Waiting too long to get insured. As the pandemic continues, demand for coverage is increasing, and premium rates could increase for the same values of currently low-priced policies.
  • Not worth the extra expenditure. Only you can know whether this is true for yourself. COVID-19 has put many of our livelihoods in jeopardy, so this may not be a realistic option at the moment. 

Use this time to research life insurance rather than wasting time getting denied if you’re not in a stable financial situation. If you have vulnerable family members who are either immunocompromised, elderly, or pregnant, now is the time to find what policies could be best for your family.

Travel Insurance Fit for Quarantine

If you’ve never had travel insurance, you’re not alone. Most people view travel insurance as unnecessary, but like everything else, COVID-19 has changed that. 

Group Medical Services is a great way to ensure that you and your family are well-protected while traveling. With GMS (Group Medical Services), you can get coverage for medical expenses, trip cancellation or interruption, lost or stolen baggage, and more. It’s a great way to make sure that you have peace of mind knowing that if something unexpected happens while traveling, you will be covered.

Staying safe and responsible during the pandemic doesn’t mean you have to lock the door and throw away the key. Needing to get some summer travel should not be guilt-inducing at this time. We are a year deep into a pandemic, and you deserve some relief.

For any kind of trip, you plan to take in 2021 through 2025, you should invest in travel insurance to protect your wallet. In the age of COVID-19, merely paying for the fine print isn’t enough. When opening a travel insurance policy, here are some questions you should ask to ensure complete coverage:

  • Can my policy be used even if my airline offers a voucher for a canceled flight?
  • What are the most relevant policies for the kind of trip I’m taking?
  • Will I be covered if I have to quarantine where I am traveling?
  • Can my travel insurance assist with medical costs if I become sick during my trip?
  • Is there coverage in case I do not receive COVID-19 test results back in time for my trip?

Pandemic Precautions

Enjoying life right now may seem complicated, but living in fear isn’t the only way to stay safe. Actually, it will probably cause you more harm than good.

Insurance types like those listed here and others are necessary for the prevention and protection of your financial and physical well-being. Even everyday practices like washing your hands, wearing a mask, and refraining from crowds will fall short of helping you once directly affected by COVID-19. 

Stay safe. Stay healthy.

danielle beck

Danielle Beck-Hunter writes and researches for car insurance site, CarInsuranceComparison.com. Danielle is an insurance expert who has written for multiple public health nonprofits that have closely followed the COVID-19 pandemic.

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