Can I still get life insurance during the coronavirus pandemic?

The short answer to this all-important question is yes. As we’ve seen in every other area in life, there has been an interruption of normal activities. While no one can really tell what will happen during this covid-19 crisis, and just how long it will last, it Senior mother being hugged by daughter has certainly changed how every type of business is done. Insurance is no exception. The resulting uncertainty will have an impact on those applying for life insurance and typically not for those who already have a policy.

If you are applying for a new policy there may be restrictions on getting approval. In general, this should not prevent you from getting a policy, but it may slow down the process. These restrictions do vary by the insurance company, and by the State in which the policy is issued. There are several covid-19 related restrictions that may have a direct impact on whether you get approved for life insurance, and/or the processing time of your application. This is not a total list of every situation, but this is what we see most frequently:

Applications from those who have recently traveled internationally can be delayed.

Those who have tested positive for covid-19 may be declined by some insurance companies and postponed up to as much as 90 days by others.
There may be a delay even for those who have come in close contact with someone else that has tested positive for the coronavirus. While close contact may not be clearly defined, an example of having someone in your household who has tested positive would certainly qualify as such.
Many companies will not accept 30-year term policies, but shorter terms like 10, 15 or 20-year terms may be allowed.
In-home visits for medical exams, which involve taking blood pressure, drawing blood, etc., none of which can be done at a safe distance is now being replaced by using electronic medical records, and other similar services to determine the health status of an applicant. The upside here is that, in this instance, a decision can often be made more quickly.

For those who already have a policy, and have paid an adequate amount of premiums into that policy, this pandemic or any other major health concern would not prevent benefits to be paid when needed.

For some, this covid-19 pandemic will make it more challenging to apply and be accepted for a new life insurance policy. For most, this could be the very best time to apply, because many of the restrictions can often work in a new applicant’s favor.

If you have general questions, thinking about getting coverage for you or a loved one, and need answers during this uncertain time, give us a call. We at Community Assurity Group are here to help. You can reach us at 877-790-7310, or email a specialist at info@communityassurity.com.

Can I still get life insurance during the coronavirus pandemic?

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