There is little doubt that Covid-19 has had a transformational effect for many of us and even if you have managed to avoid being impacted directly by the virus it will be most likely that you have been forced into thinking about your and your family’s health and how to protect them.

Taking care of your loved ones when you are not around to do so is a fundamental reason why you would sign up for a term plan and if you have been putting off taking out term insurance the virus will no doubt have given you a fresh impetus to sort this aspect of your financial planning out as soon as possible.

Here are some major reasons why term insurance is so important.

The reality of life moving forward

Even if you are a younger adult and don’t think your health will be compromised by the virus because your immune system is still strong and youthful you may be surprised to discover that health records suggest otherwise.

Worryingly, almost half of Covid-19 deaths relate to people below the age of 60, which means that there is no room for complacency in terms of being affected by the pandemic.

Covid-19 has created a new way of life and a more uncertain health and financial landscape for so many of us and that is the new reality of life as we know it.

A cornerstone of your financial planning

The pandemic has clearly introduced a new level of uncertainty into our lives and that alone is a clear reason for justifying the need to arrange term insurance.

Term insurance plans are reasonably straightforward to understand compared to some other financial products and it provides you with the means to cover a specific cash value that your loved ones would need to pay off the mortgage and have enough money to carry on family life without you to take care of the bills.

A flexible solution

Your financial circumstances and needs can change in an instant, which is definitely something we have witnessed as a result of Covid-19 and the uncertainty it has introduced into our personal and working lives, and that is another reason why term insurance offers a flexible solution.

Term insurance has no savings element attached to it so you simply get life cover for a specified term and that means that if you have to cancel the policy or change the terms for any reason you should be able to do do this more easily than if you had a life policy with a savings element.

A cost-effective way to get the cover you need

You don’t want to pay more for life cover than you have to and term insurance premiums are likely to be a lot lower than a cash value policy.

Granted, you don’t get any money back when you cancel a term insurance policy, but if the Covid-19 pandemic has focused your attention on the need to sort out your financial plans and protect the financial future of those you love, it makes a lot of sense to consider this types of term insurance policy as a viable and cost-effective solution.

Term insurance introduces an element of certainty in these uncertain times.