The world has been turned upside down by the COVID-19 virus, impacting people and companies across the globe. Individuals and families have already begun to experience the impacts of this pandemic as millions have found themselves in unfamiliar territory in terms of their jobs and finances. What are the next best steps to take financially in such uncertain times? Today's Aegis blog post looks at some steps to consider in the midst of our uncharted global experience.
The impact to businesses from COVID-19 has left stock markets across the world reeling, with investors watching nervously as the markets rise and fall dramatically on a daily basis. But does this mean you should pull your money out of the stock market due to panic? Many seasoned investors would suggest that it is wiser to leave your money in the market and even consider investing more if possible in order to buy at a better price. Our country and economy have rebounded from many disasters before, such as 9/11, the SARS outbreak, the dotcom bust, and the Great Recession of 2008, and we will recover from the COVID-19 in due time. It is best to consult with a financial advisor before making any major decisions to ensure you're making the best possible decision for the long-term.
For some, the COVID-19 virus has impacted them on a financial level because job losses have resulted in the loss of employer-based health insurance. If you find yourself in need of health insurance, it's important to remember that you do have options available, although they might come at a slightly higher cost than your previous coverage. Individuals who have lost health care coverage, due to COVID-19 job losses or any other reason, can qualify for a special enrollment period with the Affordable Care Act (Obamacare), with plans available at multiple price points and coverage needs. Also, employees may also qualify for COBRA coverage, which allows for a continuation of existing employer coverage but at the full cost of the plan.
Job uncertainty due to COVID-19 has also left people considering what they will do about life insurance needs, since many people only have life insurance coverage through their employer. Now is the ideal time to consider getting a secondary life insurance policy separate from work coverage so that your family and beneficiaries can remain protected during this global pandemic. A supplemental Life Insurance policy offers an added layer of financial protection, and ensures that expenses and financial obligations will be covered if the need arises.
Aegis Insurance & Financial Services is available to help individuals, families, and businesses navigate these complex and uncertain times. While we might not have all the answers on what is to come, we will work together to find the next best step for you and your needs. Please feel free to contact our office at 713-850-7622 for information on insurance needs or with any questions you may have.