Factors to Consider
When deciding whether to purchase life insurance after receiving the COVID shot, there are several factors you should take into account. Firstly, consider your overall health and any pre-existing conditions you may have. Although the vaccine provides significant protection against severe illness from COVID-19, it does not eliminate the possibility of other health issues. Therefore, if you have underlying health concerns or a history of medical conditions, life insurance can still provide financial security for your loved ones.
Age and Lifestyle
Another important consideration is your age and lifestyle. Life insurance premiums tend to increase with age, so purchasing a policy sooner rather than later can help lock in lower rates. Additionally, if you have a high-risk lifestyle, such as participating in dangerous activities or having a hazardous occupation, life insurance can provide valuable coverage and peace of mind, even if you have received the COVID shot.
Future Planning and Family
Lastly, think about your future plans and the needs of your family. Life insurance can be a crucial tool for financial planning and protecting your loved ones in the event of your untimely death. If you have dependents, such as children or a spouse who rely on your income, life insurance can provide a safety net to ensure their well-being. It can cover expenses such as mortgage payments, educational costs, and outstanding debts, easing the financial burden on your family during a difficult time.
In summary, while receiving the COVID shot can offer significant health benefits, it does not negate the importance of life insurance for many individuals. Factors such as health conditions, age, lifestyle, and family circumstances should guide your decision. Consulting with a financial advisor or insurance professional can help you assess your specific needs and make an informed choice regarding life insurance coverage.
Off the Cuff…
Hi, this is Mike Sheehan. I’m not dressed too professionally here, but I was just doing some work at my desk and I came across this article and I thought it was very timely and wanted to share it with you.
You know, we’ve gone through a lot here over the last couple, two or three years with this COVID situation, the COVID shot situation. And , always in the back of my mind being in the life insurance business, what does the life insurance industry have to say about this? They’ve certainly had enough time to look at this. And I will tell you in the 30 plus years I’ve been in the business the life insurance underwriters or actuaries are probably the most talented people on the earth. They know their numbers. And so for the life insurance industry to speak out. I think there’s some validity here. I’m not going to mention the article specifically, but if you want to know what the article is or where I’m reading this from, you’re more than happy to reach out to me at FinancialProf.org.
But let me just read a little bit here. It says here that “…the article posed the gigantic question that we have all been asking for two years now, I guess they are finally catching up with the rest of us. The real concern for life insurers lies in preparing for an unexpected wave of death claims and the impact on the assets under management. Do they have enough reserves to weather these outflows given the excess deaths? It’s not just about death or health, it’s about the industry’s ability and readiness to manage this monumental outflow. A predicted massive outflow of nearly 40 percent of life insurance assets under management. Could be gone by 2040.”
Then it goes on, “When we factor in the rise in payouts on death claims. The magnitude of the situation demands urgent attention by the industry. In a neutered, bland language of risk management professionals”, and I kind of laughed at that because that’s the case. I’ve met some actuaries, and yeah, they’re pretty, they’re pretty bland, but they know their stuff. “The statement rings a four alarm financial fire and screams from the industry’s burning rooftops. I don’t blame the author for avoiding speculation about the cause of excess deaths.” So that’s interesting. They’re not pointing at speculation about “where these XX deaths are going to happen. It’s not the insurance industry’s job.”
So, it was very interesting that and then it ends here, “it seems like prudent advice if I were in my 20s to 40s. and jabbed, I’d buy the biggest, not only life insurance policy, but long term disability policy that you could afford.” And certainly if you’re married. So it was something that I thought was very catching because I’ve asked this question to insurance executives and I’ve never gotten an answer. You know, what have you guys been doing?
What do the numbers look like, based on the circumstances of the “maybe fallout” of folks that did get jabbed and how this could affect the life insurance business. So it’s kind of two-fold here. One, the insurance company’s aware of it, they’re planning, but hey, are you aware of it and are you planning? So again, you can reach out to us at FinancialProf.org.
Until we talk again, make it a great day.
