How the coronavirus pandemic affects life insurance plans

The coronavirus has changed daily lives a lot. It also has more people starting to consider life insurance as a way to protect their families in the event something tragic happens. Others are looking back over their policies to see if they are covered in the event that anything in their lives changes. But with the world being so different, it might feel like an even more daunting task than it would be under normal circumstances.

At Independent Insurance Associates, we are here for you with clarity about life insurance and coronavirus insurance coverage. We understand how difficult this time has been for everyone and want to make sure that you have all the information you need to make an informed decision. Have other questions? Reach out to us!

How to get life insurance during the coronavirus

The good news is that you can still apply and get life insurance. Most providers have not changed their rates for healthy people who are applying. However, it can be more difficult for those who have health issues and are older, but most policies are still available. If you have been out of the country, however, most providers are requiring you to wait 30 days before applying.

Once you apply and are approved, your coverage can begin immediately, although some of the requirements might be delayed or changed.

Life insurance medical exams during coronavirus

If your policy requires a health exam, this could be delayed based on standards in place by the CDC or if you are feeling sick. Some providers have changed their requirements so that you either have more time to complete the exam or you are exempt from it for the time being. If your provider does not require an exam, you might be required to answer additional questions about your health history. They may also reference records of your prescriptions and doctor’s records.

If an exam is still required, these are performed by paramedical examiners who do not work in hospitals and are not consistently exposed to the virus. Most of the time, they can come to your home or office to perform the exam instead of requiring you to go into a doctor’s office. Your health is the top priority of these providers, so nothing that will put you at a great risk will be considered.

How do furloughs affect life insurance

If you are furloughed, you may have a few different options, but these options depend on the company you work for and the policy that you have through them. Some providers say that they are allowing companies to keep furloughed employees under their coverage for up to 12 months. If you are laid off, you may be able to convert the term policy you had with your employer into a whole life policy. In this case, an increase in premium is likely to happen, so considering starting a new term plan if you are healthy is a good option to consider.

The world of life insurance can feel overwhelming, especially during these times. You should be talking to someone who can answer all your questions and get you on the right track with your policy. If you’re looking for a local life insurance company to help guide you through these confusing times, we’re here to help!