Has Covid Made You Rethink Your Insurance Coverage?

When the pandemic struck last year some people were too distracted by the news to take a look at their existing insurance coverages. Having major medical coverage is good, but if one were to be seriously ill and hospitalized, out-of-pocket expenses like deductibles and coinsurance could quickly take their toll on a family's finances. 

And the loss of income from being out of work could also lead to unpaid bills piling up. Extra stress doesn't necessarily help a situation like this. 

That is why many people took a second look at their insurance policies in the last year or so. It seems that almost everyone knows someone who has had the virus. Even though most managed to have mild symptoms and rode it out at home, we also know those who have been seriously ill from it and even died. 

Over the last year people have begun purchasing more disability insurance, along with hospital indemnity plans, and even increasing their life insurance coverage. I recently met with a group of teachers who all had some level of interest in at least one of the above mentioned plans because they had co-workers who had fallen ill due to Covid. I suppose it hit home for them.

Putting these policies together, some agencies have constructed a loosely knitted "Covid package" plan to get the message out. Sales for these plans have increased, especially the hospital indemnity plan. The weird part was that many people I spoke to seemed to have never heard of this policy before, so I would assume that the agents were not discussing them with their clients. 

Hospital Indemnity plans are exactly what they sound like. They help defer the out-of-pocket costs of being admitted and confined to a hospital. We offer a fine plan that has good benefits. If you would like a quote or more information, click here. 

Aside from the plans mentioned above, our agency has had an increase in sales of our Short Term Home Health Care (STHHC) Plan. Due to the very high rates of infections in assisted living and skilled nursing facilities, more people are wanting to make arrangements to stay in their own homes when they get older. The STHHC policy does just that, by helping to pay for cost of caregivers in the home. To watch a short video on the policy, click here.

The cost of having in-home caregivers is about double of that in a facility. Taking the burden off of family members makes these kinds of plans especially attractive, plus the family members don't have to worry about putting their own careers (and families) on hold.

Of course, everyone could use additional life insurance. Studies have shown that of those who own life insurance, up to 40% don't have the amount of coverage they actually need. And it isn't nearly as expensive as people think it is.

If you aren't sure if you have enough coverage for Covid or the next pandemic, drop us a note or book a short phone appointment. We'll be happy to look over your existing coverage and see if you need to fill any gaps. In the meantime, please stay healthy.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!