The recent stock market volatility and health concerns resulting from the COVID-19 pandemic are causing some people to take a closer look at life insurance. According to a recent survey by the not-for-profit research trade association LIMRA, 49% of respondents felt a heightened need for adequate life insurance coverage during COVID-19.

“We know that one in three AAA Members surveyed said they intend to buy life insurance in the next five years,” says Betty Schick, Senior Vice President and Chief Experience Officer for AAA Life Insurance Company. “I think COVID-19 is a catalyst to push people to take action that they’ve been meaning to take and to start asking questions.”

See how AAA can help you make the right life insurance choices to prepare for all of life’s events and help protect your family.

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“With the current market volatility, people are uncertain about what they should do,” says Schick. “Our life agents provide certainty in an uncertain market, offering a full range of products that can serve as the foundation of anybody’s financial plans.”

These products are available online, via the mail or the phone, and from local agents, so you can do business when you want, where you want and how you want—a valuable option when considering life insurance coverage during COVID-19.

What should you consider before you talk to a specialist?
Schick offers some advice no matter how you choose to buy life insurance: Before you make a purchase or visit with a life insurance specialist about your finances, think about what you’re trying to accomplish. Do you want to replace income, protect a mortgage, prepare for retirement, make plans for your estate or something else? Your answers can help a life insurance specialist understand your total situation. Then the specialist can complete a needs analysis and work with you to develop a solution that meets your specific goals.

Are you making an informed decision?
When people are asked about life insurance, many without coverage say they are reluctant to consider it because of two persistent myths: Life insurance is difficult to purchase and it’s expensive. Both of these are false.

Some kinds of life insurance don’t require a medical exam, and, according to information from a recent survey by LIMRA and Life Happens, a life insurance and financial services trade organization, consumers think life insurance is three times as expensive as it really is.*

If you already have life insurance but your policy is old or your situation has changed, AAA Life Specialists offer a complimentary, no-obligation review.

Talking about life insurance can feel intimidating at first, but the basics are simple. There are two general kinds of life insurance: term and permanent. Term covers you for a set time, usually 10 to 30 years. It’s great for covering student loans, a mortgage or car payments. Permanent is designed to last a lifetime and has extra features like a cash value component that can grow. It’s great for supplementing retirement income or leaving a legacy.

“Life insurance is a key component of a person’s financial plan,” says Schick. “People are worried now about finances and jobs. But life insurance is all about peace of mind. You buy it, you’re prepared in case something happens, and it protects your family.”

Get Answers To Your Life Insurance Questions

AAA Life Insurance Specialists can help you understand what products meet your needs in uncertain times like these.

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