Does Life Insurance Cover Coronavirus?

March 27, 2020

If you’re in the market for life insurance, a global health crisis like the coronavirus (COVID-19) might have you taking stock of your current financial situation to see how you can protect your loved ones during a time of uncertainty. Today, we’re explaining how life insurance covers COVID-19 and taking a look at how insurers review policy applications during a pandemic.

As always, there is no better time than the present to protect what you love most with life insurance. When you connect with a Symmetry agent, they can help you get an affordable policy that best fits your budget and plans. And the best part is that you can secure coverage (some rates as low as $1/a day) all from the comfort of your home when you virtually connect with an agent in your area.

How do life insurance companies treat pandemics?

Life insurance companies are historically risk averse, providing coverage amounts based on the mortality of the insured. They primarily focus on the age and current health status of the individual at the time they apply for coverage, so a pandemic wouldn’t have a direct impact on a young and healthy individual applying for coverage.

If you are generally healthy at the time you apply for life insurance you likely won’t have any problems qualifying (and many policies are offered with simplified underwriting, meaning you won’t need to take a medical exam to qualify).

If I secured life insurance before COVID-19, am I covered?

In most cases, if you have an active policy in place, your family will still receive a death benefit if you pass away due to COVID-19. Life insurance generally covers pandemics so long as you were truthful in your application, you’re paying your premiums on time, and you secured coverage prior to an outbreak (your carrier may ask you about foreign travel or direct exposure to a virus when you apply for a policy).

Don't forget the insurance company's contestability period

Keep in mind that some insurance carriers have a “contestability period,” lasting around two years after the policy was purchased, during which the insurance company can go back and review the information you submitted – in this case, think about any travel plans to high-risk countries you disclosed on the application. Life insurers do pay claims during the contestability period, they just might take a closer look at the application details during this time frame.

If you were truthful on your application, you have little reason to worry about whether a COVID-19 related claim would be paid.

What if I still need to purchase life insurance?

Purchasing life insurance ensures that your loved ones are protected through all of life’s ups and downs. Applying for life insurance is easier than ever before, and we offer policies from more than 30 of the top-rated carriers in the industry so you have plenty of options to choose from.

Even in the current climate, policies are being accepted at usual rates, and premiums aren’t expected to rise. The only exception is travel to high-risk areas: Some insurers are addressing applications on a case-by-case basis if you traveled to affected areas including China, Japan, Mongolia or nearby countries within a 30-day window. You can still get coverage if you’ve visited high-risk areas, you might just experience a bit of a delay.

To secure life insurance coverage, your best bet is to cancel travel plans and to contact an agent who can shop for a policy on your behalf. Your agent can help you find a carrier that offers policies tailored to your specific needs so you can get coverage at an affordable rate in a timeframe that fits your schedule.

Should I buy life insurance now?

While a global health crisis shouldn’t be the catalyst for getting life insurance, it can cause you to realize just how important it is to ensure your loved ones are financially protected if tragedy were to strike.

Life insurance works to protect those you love most with customized options for term lengths, death benefit amounts, and riders that protect against additional circumstances such as critical illness or disability. The best step you can take is to get in touch with a Symmetry agent who can assess your budget, lifestyle, and likelihood for securing coverage through different carriers.

To make it even easier, your Symmetry agent offers video conference options to help you get a policy in place without having to leave your home. They can walk you through the entire process and help you get the best-fitting coverage for your needs and budget.

With video conferencing available, you can meet with your agent without leaving your home

After one conversation, your agent will present you with several options to choose from, saving you the hassle of shopping around to compare rates. We partner with more than 30 of the highest rated insurance carriers in the nation to get you the best life insurance, mortgage protection insurance, retirement plan, annuity (and more) at the best price.

Request a quote today and an agent in your area will be in touch to help you get the best-fitting policy for your needs in just a few simple steps!

 

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