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How Post-Pandemic Living Affects Your Life Insurance Needs



Things have changed since 2020. But how might these changes affect your financial needs?

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I know I’m not alone in thinking that time has lost all meaning since the pandemic began. What used to feel like an hour now sometimes feels like a day, and what used to take a month now happens in a minute.

But like many others, I have realized that the important thing is not how fast or slow something happens – but rather that we take a moment to assess where we are, what we are doing and where we want to go. Shouldn’t that be what life is all about?

In that spirit, there’s no better time to make some critical decisions about your finances. Ultimately, when you can assess where you are today and where you want to go tomorrow, especially in the wake of a pandemic, you can have thoughtful discussions with your partner and/or financial expertise about what you need to get there. In many cases, having a long-term financial strategy in place best bridges that gap, and that includes having enough life insurance coverage.

As the pandemic progresses, expectations have certainly changed. Post-covid life insurance is just one example of how individuals are adapting to this new normal. Individuals are encouraged to take control of their future now, so that their loved ones are not faced with financial hardship later. Here are some ways you can stop and figure out your goals, and how life insurance can be part of that planning.

In this article:

Proactively discuss what is changing

While no one can predict what the future of covid will look like, there is a growing consensus that most people want to find a “new normal.”

Each individual must define what that means for them and their family. But for many, this is a unique opening for you to think about what the consequences of these decisions could mean financially after the pandemic.

Maybe you’re someone who has watched countless others take part in The Great Resignation, and is finally ready to step out on your own too. Doing so could mean giving up your workplace-sponsored group life insurance, as well as taking out a small business loan. If you were to die without your own individual life insurance coverage, let alone before the loan is repaid, know that your family members could face significant financial hardship.

On the other hand, you might be thinking about buying a new home – after all, it’s no secret that the real estate market is booming. Ultimately, whether you moved to the suburbs during the height of the pandemic and are ready to return to the city or vice versa, new property often means a new mortgage. If you were no longer in the picture, your beneficiaries can use the death benefit from a life insurance policy to help pay off your mortgage. Do you have sufficient coverage to help pay your mortgage expenses should the unthinkable happen? Now is the time to talk through these precautions and explore additional coverage.

Recognize what (something) remains the same

For some, life after a pandemic may be similar to life before March 2020. Sure, we might mask up when we go indoors, but especially if you have kids, a return to normal means a return to the status quo.

If this is you, it may mean that your financial situation or commitments will remain largely the same in our ‘new normal’. However, the circumstances and the context have changed. If you have older children (or still have student loans of your own), for example, student loan payments were paused through May 1, 2022. Or maybe you moved your kids into private schools—as many public schools experienced prolonged closures—and introduced new expenses .

In other words, while your priorities may have remained the same, the ways in which you fund those priorities may look and feel a little different. So even if you don’t feel like you’ve made a big life adjustment, you should make sure that, should the worst happen, your existing life insurance coverage is still enough to cover the new ways in which you’re reaching their goals.

We are all assessing what it means to live in a post-pandemic world. Doing so is important. As we go through this process together, using this time to proactively see how your priorities are or aren’t changing will help you put steps in place to achieve what you most desire—including protecting those you love long-term. Post-covid life insurance encourages individuals to better prepare for their future.

Visit Haven Life today for a more reliable future for you and your loved ones.

Our editorial policy

Haven Life is a customer-centric life insurance agency supported and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe that navigating life insurance decisions, your personal finances and overall well-being can be refreshingly simple.

Our editorial policy

Haven Life is a customer-centric life insurance agency supported and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe that navigating life insurance decisions, your personal finances and overall well-being can be refreshingly simple.

Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less difficult if they fit your situation.

Haven Life is not authorized to provide tax, legal or investment advice. This material is not intended to provide and should not be used for tax, legal or investment advice. Individuals are encouraged to obtain advice from their own tax or legal advisor.

Our disclosures

Haven Term is a term life insurance policy (DTC and ICC17DTC in some states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in some states, including NC) issued by CM Life Insurance Company, Enfield, CT 06082. Police and driver form numbers and features may vary by state and may not be available in all states. Our agency license number in California is OK71922 and in Arkansas 100139527.

MassMutual is rated by AM Best Company as A++ (Superior; Top category of 15). The rating is valid from 1 April 2020 and is subject to change. MassMutual has received different ratings from other credit rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The driver is not available in all states and is subject to change at any time. Neither Haven Life nor MassMutual is responsible for the provision of the benefits and services made available under the Plus Rider, which are provided by third party providers (partners). For more information about Haven Life Plus, visit: https://havenlife.com/plus.html

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