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Zolo Offers Tips on Planning and Getting Life Insurance During COVID-19 Pandemic


To help figure out life insurance needs, how much coverage to get, and whether or not it’s even possible to get a policy, Zolo created a mini-guide.

Toronto, Canada, March 27, 2020 --(PR.com)-- The purpose of life insurance is to help plan for future, unknowable but potentially devastating events. But life insurance can be tricky to navigate — even worse now that the world is dealing with the global coronavirus outbreak. To help figure out life insurance needs, how much coverage to get, and whether or not it’s even possible to get a policy, Zolo created a mini-guide.

Whether facing a global pandemic, like the coronavirus, or a smaller personal crisis, life insurance can help protect family and loved ones from a devastating financial blow. There are strategies and tips to help virtually anyone get some type of life insurance coverage and, as a leader in the Canadian real estate marketplace, with more than nine million users starting their property research each month, Zolo.ca can help.

To get life insurance coverage now or in the near future, here are few things to consider:

Halt on all new business:
Some insurance providers have temporarily stopped offering new life insurance policies. This will make it difficult should you require coverage in the near future.

Coronavirus exclusions:
Some insurance providers have already started to add COVID-19 exclusion riders to new life insurance policies. It means getting new life insurance coverage is possible but the policy will not cover any illness or death related to coronavirus (or a related virus, such as SARS or MERS). This exclusionary rider could become an industry standard.

Greater focus on travel restriction:
Going forward, anyone who plans to travel to higher-risk regions can expect even higher premiums, or even application denials.

Consider a guaranteed acceptance life insurance policy:
This is a type of life insurance you can get without medical or lifestyle underwriting. Typically, premiums are more expensive and most policies require a two to three-year period of paying premiums before a beneficiary can make a claim.

Use short-term solutions to bridge the gap:
If you’re in the market for life insurance and can’t get a provider to give you a quote, consider adding mortgage life insurance, a type of coverage offered by your mortgage provider. This type of life insurance is designed to pay off the rest of your mortgage in the event that you die. Keep in mind, it’s non-transferrable and works using a declining payout (so the payout decreases as you pay off your mortgage, even though premiums stay the same).

About Zolo
Zolo is one of Canada's most popular online national real estate marketplaces. Each month, more than 9 million buyers and sellers start their real estate search using Zolo. As a tech-disruptor national brokerage, Zolo provides users the data and resources needed to make better-informed property decisions.
www.zolo.ca

Romana King is an award-winning personal finance writer and real estate expert. She writes for big banks, insurance providers, newspapers along with businesses. She is an expert that is sought after by the media to comment and give insight on personal finance and real estate issues.

For more information or to schedule an interview, please contact:

Romana King,
Director of Content at Zolo and award-winning personal finance writer
romana.king@zolo.ca
416-895-5407
Contact Information
Zolo
Romana King
416-895-5407
Contact
www.zolo.ca

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