The COVID-19 pandemic has changed the way people think about
many things — including the fragility of life. If you do not
already have a will and estate plan, you may have been thinking
more about putting them in place. The same applies to life
insurance. Here are some of the issues you should consider.
Do you need it?
If you have others depending on you financially, your top
priority is likely to ensure they will continue to be provided for
after you are gone. Life insurance can help achieve this goal.
These policies are appealing because small payments now can produce
a proportionately much larger payout at death. But the fact that
the return on the investment generally is not realized until death
can also be a downside, depending on your financial situation and
goals.
