Four Things To Know About Your Insurance & Covid 19

Life insurance has never seems as important as it does in 2020. A pandemic taking over the world and altering the very fabric of what people once considered normal life will do that. It is now more important than ever to know what your insurance product options are, what your current policy covers, and what you can do to increase your coverage if you are not happy with what you learn about your policy or the company that holds it.

This Covid-19 pandemic is going to reshape our culture for the foreseeable future. This may be a season virus with peaks and troughs, it may slow down for periods before resurfacing, and it will certainly impact communities around the globe at different times and with different levels of severity. Knowing where you stand is vital since it’s now to the point in some areas that those looking for insurance policies are being turned away at numbers never seen before.  So here are four important things to know about life insurance options with where the world currently stands:

Am I covered if I die from the Coronavirus?
The short answer here is most likely yes. As long as your initial policy application was complete and without error – and assuming you have been paying your premiums on time – then the likelihood is that your policy will pay out for a pandemic death. The major exception here is that anyone who bought and maintained an accidental death only policy would not be covered. This type of insurance product option covers you for car accidents and other such unexpected events and does not cover deaths from disease or illness.

Can I still apply for life insurance?
Yes you can. The key here is to be honest on your application, especially regarding questions surrounding your overall health and your travel history. Insurers aren’t looking to deny claims for people who it benefits them to cover, so people under the age of 45 with a clean medical history are far less likely to be turned away – or have a jacked up policy rate – than people who are older with preexisting medical conditions. If you are looking to pick up a life insurance policy then you are advised to do so sooner rather than later by experts in the field.

Are my rates going to spike?
No.  One of the benefits of life insurance as compared to other insurance policies that we carry – such as car or home auto – is that the rates are locked in place for the entirety of the policy. That means that this global pandemic can be taking over the world – or theoretically the zombie apocalypse could be upon us – and your rate would maintain the same level as before. Any company trying to push your rate higher should be reported.

Where are the best deals?
Compare insurance product options and shop around to make sure you are getting the best deal. There are plenty of websites out there that will show you options after completing a short questionnaire and the process has been refined online to the point that it is very simple and effective. Be aware that some insurers may want you to complete a standard medical while others will not. If this is a problem during this period where the doctor’s office can seem like a scary place then count that in as part of your personal decision making process.

Be aware that this is an ever-changing situation. Some states have implemented grace periods into their insurance policies while others are carrying on with business as usual.

Article by Vital Guidance