Like most industries, the Coronavirus has affected the life insurance business too. How this will affect you completely depends on your age and health history. For younger and healthy individuals, it has made the underwriting process a bit easier and more streamlined by allowing some applicants to secure coverage without a medical exam. All that is needed is to complete a phone interview and they may order medical records or might not. For these expedited underwritten policies, you can expect an approval in a week or two. However, if you are over age 70 and/or have some preexisting health issues it has made it a little bit more difficult. Many insurance companies are worried about the long-term health effects and comorbidities of the coronavirus. This includes people with diabetes, heart disease, past cancer, compromised immune systems, etc. Depending on the company, it also can include any persons over age 70 no matter the health history, some companies are not even willing to consider coverage.
As always was the case before coronavirus, each insurance company has different underwriting standards, and there is no industry-wide rule for COVID-19 guidelines as far as obtaining a policy. Even if you are 70 or older and/or have preexisting health conditions, it is still possible to obtain a policy. That is why it is so important to speak to your independent life insurance agent (call us…hint hint) to see which company would work best for your specific medical history and offer you the lowest rate for the coverage you want to secure.
If you have a complicated medical history, such as diabetes, compromised immune systems, cancer history, and/or heart disease, it is very important to go over this with us. Many insurance companies are postponing coverage to a lot of people with these issues indefinitely. Whereas before the pandemic it would have been possible and much easier to obtain a policy. Again, that is why it is so important to speak with us, as we are aware of each company’s current COVID guidelines.
Something else to consider if you have a pre-existing major medical condition, is what happens if you do contract COVID. There are a lot of unknowns about the virus and the long-term effects of the virus, and as a result, some insurers are not willing to offer coverage at all. If you have previously tested positive but have since fully recovered, at this point, with most companies, that should not majorly impact your ability to obtain a policy – though some insurers may postpone offering coverage for 30 or 45 days from when you recover. This will be heavily dependent on your experience with COVID, along with your medical history.
It is so important to lock in your coverage before you test positive and/or develop any health conditions, related to/not related to COVID. Right now, you might be able to qualify for a policy at an affordable rate. However, if you wait, something might happen that could prevent you from getting a policy at all, or it may result in qualifying for coverage at a much higher rate that may/may not be workable for your budget.
If you have any questions about life insurance or would like to get a quote for coverage, please give us a call at 888-972-0024.
You can also send us an email by clicking here: E-mail Us
Want to schedule a time to speak with an agent? Schedule A Phone Appointment