Application activity for Americans under 44 rose about 3.4% year-to-date, while activity for ages 45 to 59 was up 0.5%, the industry group reports.
While protecting yourself and your family from financial fallout is never a bad thing, a fear of contracting Covid-19 should not be the determining factor for buying life insurance, Barbara Ginty, a certified financial planner and host of the “Future Rich” podcast, tells CNBC Make It. “I only would recommend buying life insurance if you have a need for life insurance,” she says.
Generally, the questions to ask yourself before buying life insurance are: Will there be a financial hardship for your loved ones if you pass away? Do you have a spouse, partner or child depending on your income? Did you buy a home with a spouse or partner that is based on two incomes? Did a parent co-sign a student loan that will not be discharged if you die?
“You don’t want a loved one to experience the tragedy of losing a loved one in addition to a financial tragedy,” Ginty says. “A financial tragedy is preventable.”
If you do have a need for life insurance beyond just fear that the pandemic may affect you and your family, here’s a look at what you should know about this type of protection before you dive into any purchase.
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