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COVID-19 has significantly impacted our lives in many ways. It has even led some people to start reconsidering the importance of life insurance to protect loved ones who would be left behind should something happen.

“If you’re researching life insurance for the first time, don’t be surprised if you find it intimidating and confusing. Life insurance can be complex, and everyone’s needs are different — there is no one-size-fits-all,” says Louis Colaizzo, senior vice president of Erie Family Life. “The best advice is to talk with your insurance agent who can walk you through how the various coverages work and help you determine the type and amount that’s right for you and your family.”

In the meantime, here are answers to five of the most common questions people have about life insurance from Erie Insurance:

  1. Can you get life insurance during the pandemic? Most healthy people can still purchase coverage but there may be a different process, as insurance companies are making changes to provide quotes while maintaining social distancing. Others may offer insurance that doesn’t require a medical exam. For example, Erie Insurance offers a policy called ERIExpress Life that was designed to serve people who may have thought the process was too lengthy or complicated. It offers affordable life insurance in as little as a few minutes with a simple application and no physical exam.
  2. Why is life insurance important? Maybe you just got married, had your first child, bought a house or are thinking about putting a child through college. Whatever major life change is happening, that’s usually when people think about life insurance. Life insurance can provide peace of mind and ensure your loved ones are able to handle not only final expenses, but also pay off debts, such as credit cards and even a mortgage.
  3. How much does life insurance cost? The cost will vary based on the type and amount you purchase, but it is often much more affordable than many people think. Depending on the type of policy and amount of coverage, a policy can cost less than $15 per month.
  4. Is it taxable? Most of the time the death benefit from a life insurance policy is not taxable for beneficiaries, which is one of its advantages when it is part of an overall financial plan.
  5. What’s the difference between term and whole life insurance? Term provides coverage for a specific number of years and is generally the most affordable option. For example, some people may buy a term life insurance policy so it’s in effect just long enough to pay off a mortgage or cover a child’s college tuition costs, but later it is no longer needed. Whole life insurance is designed to last a lifetime and builds cash value.

“Now that you have some basic information under your belt, a next step is to have a deeper discussion with your insurance agent to find out whether you need life insurance and if so, what type and how much,” says Colaizzo. “When it comes to life insurance, the only wrong choice is doing nothing at all.”