Life Insurance and Mental Health: How Coverage Reduces Stress

As we near the halfway point of 2020, this year continues to be nothing like we expected. Many people have been experiencing emotional, health-related, or even financial stress due to the chaos and uncertainty that we’ve experienced in this country, especially from COVID-19 and the economic repercussions.

This stress has definite physical effects and takes a toll on your mental health. Worrying about the wellbeing of your loved ones in the case of your death should not be something that contributes to the strain on your mental health. Obtaining life insurance can minimize that stress, bringing you comfort in today’s unpredictable market as you plan for your family’s financial future.

While there is so much information available on life insurance, it can be daunting to figure out where to start. However, doing proper research is crucial to obtaining a life insurance plan that is right for you. This is especially important as the 2020 LIMRA insurance barometer study revealed that fewer workers hold employer-sponsored life insurance, and more are considering or have already purchased individual life insurance.

In these circumstances, taking the time to understand what the right amount of coverage is for your situation can contribute to a greater feeling of security as you know that your loved ones will be financially cared for in case something were to happen to you.

How Much Coverage Should You Get?

The truth is, how much coverage you get depends on how much coverage you will need. There are many kinds of policies out there, and as you search, you will need to choose a plan that provides as much as your loved ones will need to in the case of your death. If you have debts, a mortgage, or would like to provide for college education for your kids, consider how much you will need in order to cover all of those expenses in addition to providing enough for your family to maintain their standard of living.

You will also want to take into consideration the company that is providing the coverage. A life insurance agent can connect you with well-established and highly rated coverage providers that you can depend on in the long run.

Factors That Will Affect Your Coverage

Your coverage is determined and affected by a multitude of factors that are taken into account  when applying. Of course, health is a priority. The healthier you are, the better rates and coverage you may qualify for. Your health will be calculated with the information about your current condition and any underlying health conditions such as heart disease or obesity, whether your family has any history of specific diseases or other conditions, how active you are, and whether you smoke or not.

Age is also important when determining coverage and pricing. Premium rates drastically increase for older applicants—even if they are fairly healthy—and those over the age of 70 may have a more difficult time getting the coverage they need.

Your coverage will also be affected by any high-risk jobs or activities you participate in. Such jobs include areas like law enforcement, fire fighting, logging, and construction jobs, among others. Certain hobbies such as skydiving, rock climbing, and even surfing are also deemed high-risk. The risk of injury or death from these occupations and activities is much higher than others, so if these risks are a part of your life, you may be able to expect higher rates.

If these criteria make you feel discouraged about obtaining the coverage you need, there are options available for those who are considered to be at a higher risk. However, if possible, making changes now to improve your health and eliminate risks from your lifestyle can help qualify you for more coverage when you apply for life insurance.

Policy Options and Their Coverage

You may have heard of whole or permanent life insurance, which is a type of policy that never expires and has the option to build cash value that you can even use before death. Though these policies often demand higher monthly premiums, you can rest in the confidence of having coverage until you die. In this case, the financial security offered may be well worth the cost.

If you are currently under financial stress, life insurance can still be affordable. For example, if whole insurance is not a viable option for you, or you know you will only need a policy for a certain amount of time, term insurance may be a better alternative. Term insurance allows you to take out a policy for a set term of anywhere from a few years to thirty years or more. The policy and its coverage, however, will eventually expire. This means that, if you outlive the policy, you will not receive the death benefit and may need to consider purchasing another term policy if necessary.

For those who are still anxious about COVID-19 and don’t want to put yourself at risk, there are life insurance policies available that do not require you to take a medical exam. Instead, this type of insurance is underwritten based on a more detailed medical questionnaire in order to determine your eligibility for a policy. This choice can result in higher premiums if you aren’t young or healthy, but for vulnerable groups in the current situation, the reduced health risk may be a more viable option.

Choose to Stress Less

We know tough times like these can cause enormous amounts of stress. With life insurance, you can benefit your mental health and eliminate some of the stress of life by investing in a secure financial future. At LifeQuote, we have the tools and information you need to help you find the best coverage at the most affordable price from our variety of policies available. Get a free quote from us today and replace the stress in your life with the comfort of coverage