Search

Life Insurance Benefits During COVID-19

Apr 14, 2020

During these unprecedented times, we are all looking to find ways to budget and make cut backs to our spending. Where is it smart to save and where should we continue to invest and spend our money? We reached out to Rob Barnett of Barnett Wealth Management to help us understand the importance of continuing to pay your life insurance premiums during the COVID-19 pandemic.

Should I Cancel My Life Insurance To Save Money During COVID-19?

There are many factors that were taken into consideration when you originally applied for your Life Insurance policy such as your age and health. If you cancel your policy now, you may pay more to get a new policy as you will likely be older and your health may have changed. You may not get the same type of policy you originally had at the same premium.

Why Is Keeping Your Life Policy Intact Most Beneficial during the COVID-19 Pandemic

Once you are qualified for a policy the only one that can cancel the policy is the insured or owner. If you panic and cancel the policy, you may not be able to replace it when you want. If you have a permanent life insurance policy, it may have a cash value built up which you may be able to borrow money from at a time like this or have some of the cash value pay the premiums on the policy for a period of time until life gets back to “normal”.

Budgeting For Your Life Insurance Premiums

Budgeting is very important during a difficult time such as right now. Keep in mind, if you are working from home you will be saving money on gas, you are most likely eating meals at home, maybe you have cut back on those daily Tim Horton’s coffees. There are hidden savings all around us that we don’t even notice as they have become normal expenses. Keep these ‘nice to have’’ expenses in mind when looking at your budget and remember the important ‘need to have’ expenses which you should continue to budget for.

As your Hometown Broker, we care deeply for our clients and our community. We are unconditionally committed to helping and servicing our valued clients anyway we possibly can! Contact us anytime. Our offices remain open to all our clients via phone at 1-855-385-4226, email at [email protected] or text at 289-802-1843.

related blogs

Read related blogs

Our blog is packed with the tips and tricks you want to read, and deserve to know.

Host Safe Gatherings in a Post-COVID World – Liability Insurance Considerations September 22, 2021 After long periods of time isolating

A COVID-19 Update: Offices NOW OPEN for Walk-ins July 19, 2021 WELCOME BACK ONTARIO! As of July 19, 2021, Duliban

A COVID-19 Update January 14, 2021. With an alarming increase in COVID-19 cases across the province and country, Duliban Insurance

A COVID-19 Update September 30, 2020. A message from Jason and Adam Duliban: We hope you and your loved ones

Your Hometown Broker Committed to Flattening the Curve June 19, 2020 Since the Ontario Government declared the state of emergency

May 8, 2020 CAA Insurance Company introduces a $100 Auto Insurance Relief Benefit for Ontario policyholders in addition to the

Duliban Insurance Brokers in Ontario

About Us

History

Locations

Meet The Team

Resources

Our Insurers

Claims

Referral Program

Blog

Join The Team

Careers

Contact

Auto

Classic Car 

Electric Vehicle

High Risk 

Motocycle

Ride Sharing & Uber

Home

Condo

Airbnb

Cottage

Landlord

Tenant

Business

Small Business

Commercial Auto

Commercial Property

Contractor

Cyber

Liability

Farm

Recreation

RV

ATV & UTV

Slingshot

Snowmobile

Boat

Tractor Protect

Mich Stars

We have a 4.8 rating from over 600 reviews