Life Insurance Protects Your Family Estate One of the hardest things we may be forced to face in our lives is the loss of a spouse. Sure, having life insurance won’t bring our loved ones back, but it can substantially help ease the financial impact on those left behind – including making sure they don't have to worry about having to move when they already have so much to manage. You may not realise it now, but losing a partner can lead to a situation where we are forced to replace our home, or we may even lose it. Loss of a partner also means loss of an income, especially if they are the main breadwinner in the family, which can have far-reaching effects. So, it goes without saying that sometimes, families can no longer afford to stay in their homes. Therefore, having a plan in place, including buying life insurance and making a will that you keep up to date, can give you peace of mind that your loved ones will be able to stay in and take care of your family home.
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Influence of COVID-19 on Life Insurance Policy If you have already got a life insurance policy, you don't need to worry! Your policy will not change automatically; your payout is not dependent on whether you have been vaccinated or not, had COVID-19 or not, or anything similar. The real problem arises when other coronavirus-related things occur, such as job loss, loss of income etc. Some insurance companies have adapted and understand that this is a unique time we live in and that these are unforeseen circumstances no one could have predicted, and to help you cope with these problems; they might want to offer you a payment holiday for up to three months before they void your policy. Check with your agent or insurance provider if you qualify for it. If you have got add-ons attached to your life insurance policy, you may want to check if your insurance needs have changed during this period of time. Most insurance companies will waive any normal fees and other charges if you switch