This is an unprecedented time in our world today. Coronavirus is making everything so uncertain, and now more than ever, insurance companies are trying to provide people the right tools for them to take care of their families and make sure there is some sort of security and foundation. Now is not the time to panic, but to do your research and figure out if purchasing or updating your life insurance plan is the right option for you and your family.
What Has Changed?
People are still being diagnosed everyday with coronavirus and are not only worried about themselves but also their loved ones and extended family. Many people are wondering if coronavirus is covered under their policies, and the simple answer is yes. If you are currently enrolled in a policy and are paying your premiums, then the pandemic will not affect your coverage. Companies can’t change your health care classification or rates on an active policy, even if you have traveled recently or have been exposed to someone with the virus. Moreover, if you pass away from the virus, providers can’t deny your family from receiving benefits. New information is still being brought to light, which means that changes are still being made daily, however life insurance providers are doing their best to make adjustments and stay as up to date as possible.
Purchasing Life Insurance During the Coronavirus
During these tough times it is important to know that you are still able to purchase life insurance, however the process might take a little longer. If you choose to purchase life insurance, then there are some things you should know beforehand. If you currently have symptoms for coronavirus, or have tested positive for it, then you likely will not be able to get life insurance until after you have fully recovered. If you are completely healthy and thinking about purchasing life insurance, then you can apply for coverage and expect to be approved.
If you are applying for a life insurance policy that requires a medical exam you may still be able to do an in-person exam as usual, however this may vary. Depending on the company they might extend the deadline to take the medical exam, accept medical records from a previous doctor’s visit in place of the exam, or just waive the medical exam requirement altogether. It is important to note that if you choose to use your previous medical records, that it may slow down the application process because many offices are closed so it can be harder to track down patient records.
If you are travelling or have been travelling, then your application may be affected. Many companies are postponing application approval if you have been outside of the US within the last 30 days, or have futures plans to travel outside of the US. Furthermore, if a member of your household has traveled outside the US, or someone you have been in close contact with has tested positive, then your application may be postponed.
It is important to stay positive during these tough times and try to not dwell on things out of our control. If you are thinking about purchasing life insurance, then make sure to do all your research and work with an experienced agent. The coronavirus might be a wakeup call to purchase life insurance whether you think you absolutely need it or not. Life insurance mitigates risk for your family members if you happen to die unexpectedly. If you are thinking of purchasing life insurance, then do not hesitate and apply as soon as possible.
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