Insurance Publisher, Finder.com
Now is a great time to get your finances in order, but life insurance might not be the highest priority item on your list. Start by setting up or padding your emergency savings fund in a high yield savings account with enough money to cover a few months of unemployment. Continue paying into your 401k, Roth IRA or other long-term savings account. Start cutting your bills and monthly payments, including your insurance, grocery bill and phone plan. Set a budget and a savings goal, and work towards paying down your debt.
Once you’ve done all that, life insurance might be the next item on your list. However, it’s probably going to be harder for everyone to get a policy right now. Some life insurance companies are facing delays in setting up new policies until testing facilities and hospitals open back up for the medical exam part of the application. Before you sign up for a policy, take the time to read up on what you’re actually paying for and consider how you’ll make the payments after your stimulus check runs out.
Unless you’re in a high risk group, your odds of dying probably haven’t gone up by much due to the coronavirus. Seniors, public-facing employees and people with compromised immune systems or pre-existings conditions might want to take this opportunity to open a no-exam policy if they were already considering getting life insurance. But if you’re not in one of these groups, your stimulus check or other money you’ve set aside might be better used to shore up your financial plan first.