According to life insurance company AccuQuote, the coronavirus outbreak has driven the demand for life insurance policies skyhigh. US News reports that the company is receiving between 35 to 50 more applications every day. If you’re curious about how coronavirus is impacting life insurance, below is a handy guide to some key info.
Healthy People Can Still Get Coverage
If you’re healthy you can still get life insurance, but you might want to act fast. While most insurers haven’t increased their premiums for healthy applicants, some in the industry expect that to change within a few weeks. One thing to keep in mind when applying for life insurance now is that if you’ve been out of the country, the company will likely ask you to wait 30 days or more before applying to ensure your health.
Covid-19 Exposure Doesn’t Necessarily Exclude You
If you have had Covid-19 or have been exposed to the virus, you can still get life insurance. While the details vary by company, most insurers will simply ask you to be symptom free for a certain period before applying.
You Can Likely Delay Payments
If you already have life insurance and are struggling financially, contact your agent. Most life insurance companies are allowing consumers to pause their payments for now. Just make sure you do your part and contact your agent so they understand your situation.
Things Will Change
The coronavirus is a unique situation for everyone. Keep that in mind, as insurance companies will be adapting and changing their policies as more information about the virus becomes available.