In the last 8 months, The exception is pediatric deaths. Just like wearing a mask, washing hands frequently and maintaining social distancing are the best defences against COVID-19, evaluating your financial needs, buying the needed add-ons and taking coverage until the right age are some of the best defences against "panic-buying" of term life insurance. One must never forget that financial protection of dependents using term life insurance is the only one key aspect of the right financial planning. Furthermore when a government tells people not to panic buy, that's when you know you had better do it quick! Godfrey Joseph, UK Do you know What is ? Dont forget to try our free Income Tax Calculator tool. Copyright © A few months back, one such incident happened with the family of Mr. Ramesh Mathur – 38, who bought a term life insurance plan in the month of March – just when the pandemic strike India. Well, while it is important that you invest in the right term life insurance policy to financially protect the future of your loved ones, “panic-buying” in insurance may cause unnecessary wastage of money. A few months back, one such incident happened with the family of Mr. Ramesh Mathur-38, who bought a term life insurance plan in the month of March – just when the pandemic strike India. Since the onset of the COVID-19 pandemic in the country, the term life insurance industry is experiencing something of a renaissance. The result seems logical given the core objective of term life insurance; a financial backstop in the event of your sudden demise. Photos taken during the â¦ During this period of heightened financial security anxieties, it is important to set aside some time to review your financial value and assess your financial needs in the years to come. Do not âPanic-Buyâ life insurance due to the COVID-19 pandemic â Hereâs why Santosh Agarwal. Shoppers are urged not to panic buy (Image: Getty) But it admitted that imported fresh produce, including fruit and vegetables, may be affected. The last lockdown clearly showed we will not run out of supermarket supplies, so please do not hoard or panic buy." Panic buying has been rife amid the global spread of the new coronavirus, with consumers around the world stockpiling goods like hand sanitizer, canned foods and toilet paper. Manchester United should only enter the January transfer market if âthe right playerâ becomes available, says Gary Neville, with the Red Devils warned off âpanicâ buys in a tricky window. In order to make sure that what you are planning to buy to protect the financial future of your loved ones is still relevant after several years, it is important to invest in the right product. However, this amount was not sufficient to take care of the financial needs of the family as Mr. Mathur had a home loan of Rs 35 lakh which had to be repaid and also he had two kids aged 9 years and 5 years, and a wife who were all dependent on him. With that Rs 50 lakh, his wife had to repay the home loan, a part from taking care of the financial needs of the kids that included their education, marriage and daily lifestyle expenses which was practically not possible without asking for financial help from other family members. This is supported by a recent Swiss Re report that states that Indian consumers are second most active in the Asia-Pacific region in seeking insurance during the COVID-19, driven by financial concerns. Nora Fatehi made some quirky videos during lockdown. 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