Ohio insurance companies premiums are on the rise because of COVID- 19

Life insurance policies increase nationwide due to coronavirus
Published: Feb. 25, 2021 at 7:57 PM EST
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CLEVELAND, Ohio (WOIO) - The high human toll during the pandemic and the high cost of getting either medical or life insurance has become a top priority for the right price.

For Sarah Widler that means more money to improve her policy, and she’s not thrilled about it,

“I’m not surprise, but I really hate it. Because it is not fair to us”, said Widler.

Widler is boiling mad about the rise in medical insurance premiums during COVID.

The vaccine might appear to be a shot in the arm.

But for this mother and grandmother, the health insurance costs are a blow to the gut for seniors.

“Our rates because of our age and because what’s been wrong with us over the years; and we are the ones with the least income, and we are kind of stuck where we are,” said Widler.

Many firms are experiencing a tremendous rise in business with double-digit increases in the number of life insurance policies that have been sold during the Covid-19 pandemic, relative to last year. The upward trend is largely due to a fear of death and greater awareness of financial risks associated with mortality, said Larry Tidmore.

“Insurance is there to make money. They’re cover risks to give people the assurance that their families are taken care of in case of their demise. However, it is something that I don’t see going away any time soon as far as rates and life insurance policies”, said Tidmore.

Tidmore has been in the insurance industry for nearly 50 years, and he has never experienced a season in the insurance business like this.

“This might be a lifetime thing for us. We might have to be vaccinated every year because of it. All those are things we have never faced before....never”, said an exhausted Tidmore.

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