The coronavirus pandemic has been daunting. While it has flipped our worlds upside down, it has been even more harrowing for frontline workers in the medical field. Doctors, RNs, nurse practitioners, and more forced into a fight, while a majority of us were simply asked to just stay at home to stop the spread.
These frontline heroes were left with a looming uncertainty of what each day would entail, combating an invisible enemy and keeping themselves and their families protected against the virus. That’s why it is important for these heroes and their loved ones to have a safety net in the event of anything during these times. Term life insurance companies are here to help.
Term-Life Insurance Policies
Term life insurance is one of the more common forms of life insurance across the United States. Term life policies guarantee payment of a death benefit if the insured person passes away in the time frame of that term. Once the term expires, a policyholder can renew, convert the policy to permanent life insurance, or allow the life insurance policy to run out.
Premiums for term policies are based on a person’s age, medical history, and life expectancy. Some insurance companies will even take into account your career and hobbies as factors when determining life insurance premium payments. Those factors are brought into play for a permanent policy as well.
The Life Insurance Policy for You
When looking at various term life insurance quotes, it is important to have an understanding of just how much life insurance you need. Younger people usually end up opting for a term policy, solely to have protection, but with the thought process of their passing being unlikely at this point in time. For example, a 30-year-old may purchase a ten-year term life insurance policy.
If they were to die before the age of 40, the insurer will pay their beneficiary. After 40, that term policy has expired and a beneficiary isn’t awarded the policy’s death benefit. You can renew the policy at the end of that ten-year term. However, if you are diagnosed with a terminal illness, you may face pushback in renewing your life insurance coverage.
Pre-existing conditions like high blood pressure, high cholesterol, and chronic illness could result in a higher premium for any life insurance policy. You may want to weigh a term policy for now, and consider a permanent life insurance policy down the line, as you expand your family or reach a later point in life to assure your family’s financial future has that needed protection.
How Insurers are Giving Back
Some life insurance companies recognize the sacrifice being made by medical workers during these unprecedented times and are going as far as to offer up free life insurance coverage for a period of time throughout this unique situation. Other insurers are offering greater guidance for the best rate or discounts on their term life insurance.
The need for medical workers is greater than ever, and some medical workers have found themselves looking into different academic programs to put themselves on a specialty track or expand their responsibilities. Through MSN nursing programs, a registered nurse can earn a master of science in nursing, qualifying them to be a nurse practitioner. Nurse practitioners are trained to assess patient needs, order laboratory and diagnostic tests, and even create treatment plans as part of patient care.
MSN programs are designed to prepare you for advanced practice, harnessing the skills and abilities to assume leadership roles. Through the certification process, a master’s program student can gain an understanding of major healthcare systems and patient’s needs. It is a credit to an entire life of work for people in the medical field, who have devoted themselves to bettering people, even in the most trying of times.