During a global pandemic like what people across the world are experiencing, it’s not uncommon to take stock in your life. Suddenly, people worry about their mortality because of rampant pandemic conditions.
With the news updating daily on the number of people sick and dying, it’s hard not to worry about the potential of getting sick or even dying. With so many people falling victim to COVID-19, it’s sadly a reality.
Others think about life insurance because they were once covered by a work policy that they no longer have in unemployment.
Are you wondering if you can even buy life insurance during the coronavirus pandemic?
Read on to learn about life insurance plans during the COVID-19 pandemic.
Can You Get Life Insurance During the Pandemic?
With so many things closed, even temporarily, you might wonder if you waited too long to think about life insurance. Can you even get it now? Is it possible to purchase a policy during the time of quarantine and shut down?
The answer is yes, you can still get life insurance. Many companies are still writing policies and life insurance agents are available to guide you through the process.
Fair warning, it is not the same process pre coronavirus, but nearly anything is the same. In some cases, it’s easier and in other cases, the process has slowed down.
Let’s take a closer look.
Applying for Life Insurance Plans
First, if you already have life insurance, nothing for you has changed. If your application for insurance was already started when the coronavirus hit, you should be okay too. Unless your application process had just begun.
If you now want to apply but haven’t started yet, you can still do it. Although insurance companies are going to be more careful that you are not already sick with the coronavirus.
They will likely ask you more questions related to symptoms of the virus. Insurers may also ask if you or a member of your family has traveled outside of the US in the last month. They may also ask if any member of your family has been sick with the coronavirus. If you answer yes to any of these questions, some insurers may ask you to delay your application.
Could some life insurance companies be placing restrictions on writing policies for some who are more susceptible to the coronavirus? This is a possibility. The truth is you need to work with an agent who can look at your individual circumstances and find you an insurance company who will work with you.
There are some companies who are willing to still proceed. Individual life insurance agents can help you with their carriers to know who is best to apply to. Many companies allow applicants to complete the application online. This avoids the face to face contact.
Medical Exams During the Pandemic
Under normal circumstances, before the pandemic hit, to get a whole life policy you would need to have a medical exam. You would answer a series of questions about your health, health history, and medication. Typically a medical examiner would come to your home and do an exam. Often they take a blood and urine sample and get some basic health data about you.
Some states where restrictions have been more significant, medical examiners can’t come into homes. In other places, they are still allowed to do this but with all the necessary safety precautions in place. They will, of course, want to ask some questions whether anyone in the house has been or is currently sick.
There are a few companies who are even opting to waive the medical exam. If you can find a company willing to waive an exam, now is the time to apply. Having said that, just because you apply, don’t assume you have the policy locked in. If you are in a high-risk group, the life insurance company may ask you to wait until an exam is available before approving your policy.
If you worry about coverage and feel anxious about how long it might take during the coronavirus, some come life insurance companies will issue temporary coverage while you go through the process of applying.
This will likely not be the same policy you have once you get through the application policy but it will still provide you with death benefits in case the worst happens.
Companies who issue temporary coverage will still usually require you to go through the full application process.
Life Insurance Premiums
Life insurance premiums consider many factors. Some of these include:
- Smoker or nonsmoker
- Family history
- Driving record
- Credit score
So, your medical history will impact a health insurance premium. That doesn’t mean if you get the flu or have broken your leg you will have higher premiums. If, however, you have high blood pressure or a cardiac condition, your rates will reflect it.
How does the coronavirus impact rates? Rates won’t automatically be higher because there is the coronavirus pandemic. Even if you caught the coronavirus and healed to your normal health, you shouldn’t expect the rates to be higher.
If, however, you caught the coronavirus and then had longer-term issues as a result of the virus, you might expect your premiums to be slightly higher.
With record rates of unemployment across the country, many insurance companies are offering extended grace periods to pay premiums. If you already have life insurance and are struggling to pay your bill, contact your insurance company. They may already be offering more time to make that payment.
Coronavirus Impact on Life Insurance
Whether you’re living through a global pandemic or not, having life insurance is important. It provides you peace of mind that your loved ones have protection in the event you can’t do it anymore.
If you want information on getting life insurance and don’t want to wait for COVID-19 to settle down, we can help. Contact us today for more information about the life insurance we have available for you.