Most companies have had to adjust the way business is done, if it can even be done, during the COVID-19 crisis. Most face-to-face meetings have been replaced by video calls, telephone and email. Some businesses require close physical contact such as insurance, which usually requires a visit by a nurse; these visits were stopped during this crisis and insurance companies have adapted. Insurance providers have announced non-face-to-face application procedures - these non 'in person' applications can be done over the computer with an internet connection or by phone with your advisor.
Each insurance company has its own rules, but they have loosened the stringency on medical testing. That is great news for anyone that is looking to apply for life, illness or disability insurance. For example, if you are under the age of 50 you can apply for life insurance of up to $1 million without any fluid testing - i.e. blood or urine tests. For ages 51-60 you can apply for life insurance of up to 300K and so on. There are still health questions you answer by phone and questionnaire, but, with the new guidelines set by the insurance companies, a visit by a nurse is not necessary. We have no idea how long these relaxed guidelines will be in place, take advantage while still available.
The non-face-to-face applications can be done for investments as well as insurance. If you have cash from a large sale or in savings accounts, it is a good time to consider starting dollar cost averaging back into investments. It may be time to have this discussion.
The COVID-19 crisis has made us aware of our vulnerability and how important it is to protect your family. Call today!
Carol Plaisier, CFP®, Investment Advisor with HollisWealth, a division of Industrial Alliance Securities Inc., and Insurance Advisor with Hollis Insurance Agency, can be reached at the HollisWealth office at 166 E. Island Hwy Parksville or by phone at 250-586-1332, by email at carol.plaisier@holliswealth.com, or online at www.carolplaisier.com.
This information has been prepared by Carol Plaisier who is an Investment Advisor for HollisWealth®. Opinions expressed in this article are those of the Investment Advisor only and do not necessarily reflect those of HollisWealth. HollisWealth® is a division of Industrial Alliance Securities Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Insurance products provided through Hollis Insurance Agency.