During the COVID-19 pandemic a lot of questions came up by many of my clients and even new prospects in regards to life insurance coverage during the pandemic. So I though it would be a good topic to write a blog post on.
Some common questions that seems to come up regarding life insurance and COVID-19 are:
- Question: Will my existing life insurance still cover me if I got COVID-19 and passed away.
- Answer: Yes, as long as you have an active life insurance policy in good standing, your beneficiaries will get a death benefit should you die of COVID-19 related complications.1
- Question: If I don’t already have life insurance, will I be able to purchase it during the COVID-19 pandemic?
- Answer: As of this writing, the answer is yes. Life insurance companies continue to offer new life insurance policies for those who would otherwise qualify without the pandemic happening. However, getting covered could take longer, particularly if you are in a high-risk group, have recently traveled to a hot zone or had COVID-19 yourself.1
- Question: Will age be considered in life insurance approvals due to a higher risk factor for older applicants during COVID-19 pandemic?
- Answer: Several large insurers restricted sales of new life policies for older adults. However, some companies have loosened age restrictions put in place early in the pandemic “as they’ve gained more information and data about what constitutes a higher COVID-19 risk.”
“Insurers will continue to evaluate the situation as more data becomes available, and they are watching the vaccine rollout closely,” Spinello says.1
To read more on this topic click on the web link below to read full article:
https://www.aarp.org/money/budgeting-saving/info-2020/insurance-policies-during-coronavirus-faq.html
1. Source: AARP Answers: Your Insurance Coverage and the Coronavirus by Andy Markowitz
https://www.aarp.org/money/budgeting-saving/info-2020/insurance-policies-during-coronavirus-faq.html
Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334.