Why Insurance Is More Important Than Netflix

There’s been a dangerous trend that we’ve seen lately in our industry. This trend is clients cancelled their insurance policies during this pandemic. We realize that with countless people having suffered financial hardships during this time and that having your mortgage payment made and food on the table is more important than having insurance in a worst-case scenario. However, cancelling a policy should be the last resort for any clients. As the minute you are without coverage (assuming Murphy’s Law is correct), something can happen.

                        Why You Should Not Cancel Your Coverage During This Pandemic:

1. If you reapply for insurance, you will be rated at your new age, including higher premiums and, in some cases, subject to underwriting. Suppose you’ve developed a health condition that may lead to a rated policy or potentially uninsurable. In that case, you’ll be sorry that you cancelled your policy to begin with.
2. Speaking of underwriting, considering doctors and nurses are on the frontline of this pandemic, the last concern on a doctor’s mind is getting your Attending Physician’s Statement (a doctor’s note outlining a client’s health which is sometimes requested by the insurance company) to an underwriting company for review. Suppose you have to go through the underwriting process again. In that case, you risk having an unforeseeable delay with getting this information back to the insurance company for consideration.
3. In the worst-case scenario, you pass away without having coverage in place. This means that the outstanding debt for your mortgage falls to your spouse and/or children. Without sufficient financial help, they cannot afford to continue with the mortgage payment on a sole income.

While it’s not my place to muddle in your finances, perhaps there are areas in your spending habits that you can cut back on. Do you really need that monthly Netflix subscription when they already have Crave, or maybe it’s a lifestyle change such as quitting smoking will present you with significant long-term health benefits, including a lower premium on coverage when they have been one year smoke-free. It may be helpful to take some time to meditate on your monthly cash flow and analyze areas in which you can save money in.

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