This is the Question Posed by the PBS News Hour Podcast 12/29/20
The podcast points out that people are making plans for the long-term not the short-term. They are striving to live joyfully and intentionally, connecting more with family and with those that need help. The podcast suggests “The pandemic may be affecting the way people think and plan and the threat of death and dying comes into it. As a result, protecting our families has become a priority.”
During these many months, we have noticed the change in our clients’ attitudes toward protecting their families. They have taken the time to review their important documents, update their wills and review their life insurance. They have worried that they may not have sufficient coverage and wonder if their policies will last long enough. Many have decided to convert some of their term coverage to permanent worrying that their assets may not grow as anticipated. Those who have felt indestructible both young and old are feeling more vulnerable and have decided to act.
What has been on the future “to-do” list is now being addressed as clients are determined to make sure everything is in order. For clients whose parents have needed caregiving, there has been additional emotional and financial stress. Adult children have stepped in to provide care when they worried about strangers bringing the virus into their parents’ homes. This has caused many to decide they need to enhance their life insurance coverage and get themselves long term care insurance to protect their own children in the future.
Here’s what you can do:
- Make sure you are comfortable with the amount of life insurance you own.
- Make sure your policies do not run out before you feel they should.
- If your only coverage is group term be sure to get individual policies.
- Create a summary of what you’ve got and share this with your family.
- Call me– I am happy to review and evaluate your policies. If they are worth keeping, I will tell you. If you can improve your coverage, we can figure that out together.