Life Insurance After COVID: Can I Still Buy It?
How Are Life Insurance Companies Reacting to the Corona Virus Pandemic?
Obtaining life insurance after COVID is still an evolving issue. Life insurance is a market place which becomes sensitive to health concerns that may affect mortality rates now or in the long term. So, many companies are grappling with what’s going on with COVID 19 and how it has and/or may affect those mortality rates in the future. Some companies may make changes to what rate class you can receive or even choose to pass on some applicants entirely if they have any other health conditions.
Currently there are high rated companies which have not adjusted their rates or plans yet. They are accepting applicants who have had COVID 19 in the past. However, I would suggest that if you are considering the purchase of life insurance that you not wait. So, take the first step now and get qualified. The longer COVID 19 persists and more data comes in, the more likely it is that companies will make adjustments. Programs may change and/or rates may rise to mitigate higher claims concerns.
What Are Your Options for Life Insurance After a COVID-19 Infection?
The process for obtaining a life insurance policy is fairly easy and you have a few different options to consider.
Term Life or Permanent Life insurance, one with Living benefits for Critical and Chronic illness or one with out. Fully underwritten for lowest price or simplified issue allowing more health concerns usually without an exam. Whether or not you’ve had COVID-19, read more about the timing and reasons to buy life insurance in my article about the Life Insurance Road Map.
What ever your need, the two most important factors affecting your ability to obtain life insurance are age and health. Those are usually stacking up against us as time progresses. So don’t wait too long… You could have to go without protection and bear the risk for your family or loved ones.
If you have questions about obtaining life insurance after a COVID infection please don’t hesitate to call Chris Wilson at (619) 980-7263. He can explain your options and recommend the best course of action to protect your family.
