Financial Relief from COVID-19

Financial Relief from COVID-19

We are still in the throws of the coronavirus pandemic, and people are feeling its effects worldwide. Small business cash flow has also been interrupted due to these events and is causing a fair amount of stress and anxiety for individuals and business owners.

Here is how you can gain some financial relief from COVID-19.

Personal Insurance

During the coronavirus pandemic, we have seen an increase in the number of life insurance applications that have been submitted. During the first half of the year, applications rose by approximately 1.5% over the previous year. This is according to information from the MIB Life Index.

With life insurance, you can protect your family and yourself financially; however, don't let the coronavirus be your only reason to purchase a life insurance policy. Consider if there could be a financial hardship for your loved ones if you pass away.

Do you have a spouse, partner, or children you take care of? You don't want your loved ones to experience financial hardship while they mourn. The right life insurance policy can provide you and your loved ones with greater peace of mind and even greater financial stability for the future.

Commercial Insurance

If you own a small business and have been affected by the pandemic, then you can find relief when you choose the right commercial insurance policies for your business. Business interruption insurance usually includes civil authority and dependent property coverage.

It helps cover the losses resulting from physical loss or damage to the property caused by natural disasters like hurricanes as well as fire and wind damage and theft. It doesn't necessarily provide coverage for the coronavirus. However, each situation is different, and everything will be reviewed on an individual basis.

Property Insurance

Some property insurance policies provide vacancy provisions, meaning that provisions can be removed or reduced if a property has been vacant for more than 60 consecutive days before the loss.

Finding Insurance During the COVID-19 Pandemic

Many people have also lost their jobs and income due to the pandemic, ultimately losing their insurance coverage. If this is your situation, it is important to prioritize finding a new plan. For newly unemployed individuals, insurance companies have special enrollment times so they can sign up for plans. Some might even have the option to stay on their former employer's insurance; however, this option can prove to be quite costly since the individual bears the full weight of the premiums.

If you have lost your job or you have a business suffering as a result of the pandemic, then you should know that there is relief available. Taking steps now can help you ensure a more stable financial future for yourself and your loved ones.

If you want more information about personal or commercial insurance options available to you, don't hesitate to contact the experts at Panorama today to discuss all the options currently available to you.

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