4 things that COVID-19 can teach us about the importance of life insurance

July 01, 2020

Port of Spain, Trinidad—COVID-19 is changing the world: how we do business, how governments provide social services, and even how we interact with friends and family. What it has also done is teach us the value of life insurance for life’s unexpected moments.

Unit Manager Camille Sinanan, a Sagicor advisor with the Ralph Coutain Branch, outlines four things COVID-19 can teach us about the importance of life insurance.

The ‘IF’ in Life. IF death occurs prematurely, IF you get a critical illness, IF you outlive your retirement money. With COVID-19, this IF is greater, since it’s an invisible enemy. You can walk right into it and not know until it is too late. IF this happens and death occurs, then your life insurance policy, once adequate enough, can preserve your family’s financial stability.

Savings. There are different kinds of life insurance policies. There are those that provide a death benefit, and there are those that have the additional option of the living benefit of savings, which will help with the financial strain of reduced income or no income. Based on the type of life insurance one has, it can act as a buffer during this time, as you can access the funds when needed. 

Relationships. You may hear about networking when it comes to your professional life but don’t discount how important building relationships is for your financial wellbeing. Cultivating and maintaining your relationship with your advisor and insurance company can be helpful during a crisis.

Reassess. A review of your portfolio simply means assessing the policies you have at present and what benefits or clauses you can take advantage of at this time. The best policy is the one in force!  During this time where reduced income or lack of income is a reality, and you are unable to manage your present premiums beyond Sagicor’s three-month moratorium, you can contact your agent to discuss reducing your present coverage to accommodate a reduced manageable premium.  This option is much better than allowing the policy to lapse.