COVID-19

Life Insurance Policy & the COVID-19

We all know the death benefit if somebody has died of COVID-19—moreover, common concerns both for current life insurance policyholders and people looking for coverage at present. 

For policyholders, you can relax knowing you’re covered, even if you happen to pass away due to complexities from COVID-19. You will also be fully covered for customers applying now if you pass away due to COVID-19 difficulties once your application is at the point. Once you’re accepted, there is no waiting period for this coverage to come into force.

The only exemptions for coverage today are regular ones that were put in place before the pandemic:

  • Death by suicide in the initial two years 
  • Further clauses in your policy excluding particular causes of death – like a skydiving accident if you’re a pro skydiver (rare)

These bans apply to people entering the pandemic with an insurance plan or new policyholders. 

The Application Process for Life Insurance Will be Unchanged

For most components, the exact steps of the process continue almost unchanged. Just like previously, you go through the equivalent health checks and nurse visits. Your health survey is done online or over the phone. 

Many areas of the industry cannot be done online or over the phone; extra precautions are being taken. For nurse visits, extra PPE is being worn, and it’s recommended that you wear a mask and visit home. If your nurse visit is being done in a lab, it will possibly be mandatory for you to wear a mask.

The only addition to the actual application process is a short COVID inquiry at the very end. This questionnaire asks about your existing health concerning coronavirus, comparable to questions you may be requested before going to any medical appointments. This may include:

  • Have you been in contact with any confirmed cases of COVID-19?
  • Have you travelled within the last 14 days?
  • Do you have any coronavirus symptoms (cough, lack of taste, sore throat, or smell, fever, etc.)?

Remember to solve all questions throughout the application process, comprehensive health and coronavirus explicit, 100% honestly. If it is revealed that you were deliberately fraudulent in your application, your life insurance provider can refuse future claims. 

You Cannot Apply for Life Insurance if You Have COVID-19.

You can apply now, but if you’re suffering through COVID-19, there’s a risk that the insurance company will opt to hold your application until you have made a complete recovery.

As the pandemic has sustained, there have been more and more examples of these delays taking place.

These delays due to COVID-19 appear at various stages throughout the application process:

  • While the application is still being processed, you have to confess to your life insurance provider if you’ve been diagnosed, even if they are still acting on your application, as it is a reasonably significant change to your health. 
  • When you start your application, if you have COVID-19 right at the beginning, providers may ask you to apply once you’re healthy due to the risk of long-term health impacts. 

You Can Shop for Life Insurance Today 

Yes! If it’s easier to shop from home now than it was at the beginning of the pandemic

In March 2020, all were trying to figure out how to move their practices online. And take the right safety measures for anything that had to occur in person. Application processes are still not entirely online, but with more information on COVID-19, the industry can serve you with even better security measures in place. 

To make your application process even more accessible, keep a focus on policies that have instant approvals in place. Depending on your age and current health, you can find providers that will provide you with a thoroughly underwritten policy based on inquiries you answer yourself – no nurse visits required!

 

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