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Applications for life insurance are on the rise—here’s what you should know before you buy

Applications for life insurance are on the rise—here’s what you should know before you buy

Life insurance applications have been on the rise during the coronavirus pandemic. During the first half of 2020, application activity for life insurance rose 1.5% from the previous year, according to the MIB Life Index.
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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