Zombies are common in entertainment. Television shows, movies, books and comics make us imagine what it would be like to live in a zombie apocalypse. And after a year jampacked with natural disasters, disease and murder hornets, it’s no wonder we’re all a little wary of what 2021 may bring. While we won’t know for sure what to expect in the coming months, a zombie apocalypse no longer seems as far-fetched as it once was.
If zombies jumped out of the television screen and into our homes, it might as well be good to know - would insurance cover the damages caused by a zombie apocalypse?
Are Zombies Covered by Life Insurance?
Until un-life insurance is created, zombies will not be covered by life insurance. Of course, no matter what type of zombie we’re dealing with, fast or slow, there are too many shared factors that would prevent a life insurance agency from covering a zombie. Let alone, it’s not a great business plan for insurance agencies. After all, zombies could potentially collect on their own policy - right? And if the apocalypse somehow didn’t collapse the insurance industry, then this business plan certainly would.
But this doesn’t mean we can’t learn from a zombie apocalypse.
The Benefits of Life Insurance (For the Living)
For a zombie, life insurance could be a way to get rich quick because the benefits of life insurance are meant for the living. But, say, you were to fall victim to a zombie attack, you’d want to know that your loved ones will be taken care of financially.
These benefits of having a life insurance policy include:
- Covering the cost of funeral expenses
- Providing monetary support to loved once, like schooling and living expenses
- Covering any estate charges when distributing assets
- Paying off debts, like a mortgage, which could financially cripple loved ones without additional income
But as it stands, only 54 percent of adults in the United States have some form of life insurance.1 And, though this is not an exhaustive list of benefits, it demonstrates general advantages that individuals without life insurance would miss out on.
How Much Coverage Will I Need?
According to the Federal Reserve, 12 percent of individuals would not be able to pay an emergency expense of $400 or more without selling property or going into debt.2 But the expenses following the passing of a loved one are far beyond $400.
The takeaway? Families everywhere need to prepare ahead of time for an unexpected passing. Whether you choose to prepare through the use of a life insurance policy or set aside some savings, preparation is key. Losing a loved one is already immensely painful and challenging, and financial pressure does not need to be included.
The goal of an adequate life insurance policy is to provide lasting financial support to your family, this includes factors like cost of living as well as planned and unplanned expenses. Always consult with a financial advisor when determining what coverage amount is right for you.
How Much Is Life Insurance?
The cost of life insurance depends on several factors, including:
- The type of life insurance you enroll in - whole, term, universal etc.
- Policy length, if your policy is not permanent life insurance
- Your age and gender
- Geographic location
- Your current health and preexisting conditions
- The total amount covered
The cost of your premiums will adjust within a range based on several of these factors. And, unfortunately for many zombies, undeath is likely considered a preexisting condition. Along with a diet of brains and the lack of employment, this would cause premiums to financially cripple even the most frugal of our shambling friends.
Though a zombie apocalypse is unlikely, we can learn a lot from the possibility. Understanding the costs and benefits of life insurance can help you secure your family's financial security. Here a GuideSpring Wealth Strategies we believe having a life insurance plan is vital to a successful financial plan. If you would like to talk further about your financial plan, schedule a meeting using the link below.