Now Is an Excellent Time to Review Life and Disability Coverage

Key Takeaways

• COVID 19-extended grace periods on premium payments may be available
• During these challenging times, many insurance carriers are being very flexible with their current and prospective policyholders.
• Now is a great time to consider obtaining, or supplementing, life and disability coverage.
• Much of the application can be done virtually and may not require an in-person medical exam.
• Please check with your advisor before trying to skip or reduce your monthly premiums during the crisis.

The global health pandemic has forced many of us to think deeply about our own mortality and how fragile life and financial security can be. I know this can be an unpleasant topic, but many successful people are taking the time to review their insurance coverage now. The pandemic is a frightening example of how easily something that is completely out of our control can have a devastating effect on our financial situation. But there’s another reason smart people are reviewing their coverages.

During these challenging times, many insurance carriers we work with are providing a great deal of flexibility for their current and prospective policyholders. Many carriers are allowing additional time for policyholders to make their regularly scheduled premium payments if they have been affected by COVID 19. Depending on your situation, this is something you may be considering.

At Soundmark, we strongly encourage our clients to pay insurance premiums on time, but we understand that everyone’s situation is unique and these premiums may be low on your priority list. Before missing a payment, however, please reach out to your advisor to review the pros and cons of skipping payments or negotiating a temporary reduction in premiums.

Unprecedented flexibility

Many life and disability carriers are also making it easier for new applicants to get covered. If you or someone you know is considering life or disability insurance, now is a great time to do so. Much of the application can be done virtually and depending on your situation and needs, may not require an in- person medical exam.

Select advisors at Soundmark are licensed to sell life and disability insurance in several states and are happy to review your current coverage to ensure that this is still your best option. We can also help you obtain new coverage to further protect your loved ones and your business. If you or someone you know has concerns about their life and disability coverage options, contact us at any time. We’re happy to help.

This report is intended to be used for educational purposes only and does not constitute a solicitation to purchase any security or advisory services. Past performance is no guarantee of future results. An investment in any security involves significant risks and any investment may lose value. Refer to all risk disclosures related to each security product carefully before investing. Soundmark Wealth Management, LLC, its advisors and its affiliates do not provide tax or accounting services. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax or accounting advice. Please consult with your tax advisor prior to engaging in any transaction.