Fortunately, as a New Article by Life Ant Explains, there are Options for People who Have Lost their Life Insurance Coverage
The founders of Life Ant, a life insurance quote comparison website based in Manhattan, have just posted a new article to the company website that discusses how many people who have lost their jobs due to the coronavirus crisis no longer have life insurance coverage.
To read the in-depth article, which is titled “Life Insurance Coverage Gone for Many Unemployed Due to Coronavirus” in its entirety, please check out https://www.lifeant.com/life-insurance-coverage-gone-for-many-unemployed-due-to-coronavirus/.
As a company spokesperson noted, the founders realize that the COVID-19 pandemic has wreaked havoc on the economy and labor force in the United States. Nearly 15 percent of people have lost their jobs, which means they no longer have their employer-provided benefits like life insurance coverage.
This concerning situation inspired the founders to research and write the new article, which looks at the current situation and offers some solutions to people who are currently unemployed.
First, as the new article noted, people who are laid off may be able to maintain their life insurance coverage through COBRA, but they will have to pay the full cost.
“The good news is that this is usually a discounted rate compared to what they will pay for an individual policy,” the article said, noting that anyone laid off can inquire with their HR director about what they will need to do to maintain their coverage.
Those who have lost their jobs may also look into purchasing a term life insurance policy. Because they are short in length—usually 5 to 10 years—this can be a very budget-friendly option; as a bonus, the policy can be canceled at any time.
“Most reasonably healthy people can get coverage on a policy of this duration for under $10 a month, as long as the coverage amount is under $100,000,” the article noted.
Finally, the article pointed out that companies can furlough their workers for up to 12 weeks, while still maintaining their benefits. Employers should consider this option over a traditional layoff, the article noted, because it will give their team time to look for other work and replace their benefits.
About Life Ant:
Life Ant is a life insurance quote comparison website founded in 2014. Life Ant is based in Manhattan, New York, and has sold millions of life insurance policies in its short existence. Please visit https://www.lifeant.com for a free life insurance quote today.