CoronaVirus Causes High Demand for Life Insurance in Vancouver, Canada

The panic shopping for coronavirus planning doesn’t end with food, water and toilet paper at Costo or Super Store. Some consumers are also panic shopping for life insurance, especially in Vancouver.

In the face of widespread fears about infections and quarantines, many Canadian are getting their financial houses in order.

Aha Life Insurance in Vancouver, which offers life insurance and other financial help, says it has seen a 50% increase in life insurance applications since mid-February. The company has also seen a similar increase in the critical illness insurance as well.

People “are thinking of ways to protect their families,” says Tim, Advisor of Aha Life Insurance.

Life insurance companies will give a fixed amount of money tax free to the beneficiaries in case the policy holder dies.

Life Insurance in the Age of Viruses

Any traditional life insurance policy, such as term life insurance, will be a suitable financial safety net.

The modern life insurance policy covers death by any cause at any time in any place, except for suicide within the first two policy years.

An accidental death & dismemberment policy (AD&D) is much more limited and covers deaths only when they’re accidental, such as a plane crash or accidental fall. It doesn’t cover deaths caused by illness and disease, or even just old age.

And guaranteed issue policies typically have a “graded death benefit” and won’t pay the full amount if you pass away within the first two years of owning the policy. Guaranteed issue policies are sold with no health questions and no medical exam.

Getting Life Insurance Fast in Canada

The traditional life insurance application process can take several weeks to complete. There’s typically a lengthy application, a life insurance medical exam, and then time for the life insurance company to receive doctors’ records and verify information about you. Many life insurance applications use this underwriting process today.

But life insurance consumers now have options for speedy applications. No-exam life insurance policies skip the medical exam and shorten the underwriting time.

Talk to a licensed Life Insurance Agent in Vancouver

Instant policies are generally available to younger and healthier people. If you don’t qualify for instant life insurance, you may be sent through a more traditional process with a medical exam.

Consumers may have new reasons to try to avoid a life insurance medical exam, aside from convenience. There was a recent customer who wanted a no-exam policy because they didn’t want an examiner coming to the house and didn’t want to go to a exam center, in order to avoid a possible coronavirus exposure.

Advice for Life Insurance Panic Shoppers

If coronavirus concerns have compelled you to get life insurance, that’s not necessarily a bad thing. Often life insurance shopping sits at the bottom of the to-do list.

No matter what has brought you to the tipping point for buying life insurance, “the important thing is to take action,” says Adam from Aha Life Insurance. “The problem is that you’re not getting any younger and you might run into an unexpected health issue later. It’s important to lock these things in now.”

Even with a short timeline, you want to make the right pick for a coverage amount and policy type.

“If you find yourself panic shopping for life insurance, stop and focus instead on getting the right amount of coverage for the right length of time,” says Adam of Aha Life Insurance. “Don’t focus on the possible manner of death because that’s impossible to predict. An experienced life insurance agent can help with valuable advice if you are not comfortable shopping on your own.”

Talk to a licensed Life Insurance Advisor in Vancouver First