As the COVID-19 pandemic has spread, we’ve been reminded that illness and death can come at any time, and that has some people thinking seriously about life insurance.
If you’re wondering if you have enough life insurance, you may be asking yourself if you can even get life insurance during the pandemic. Read on for the answer to that question and more.
I’m not sick, but could COVID-19 affect whether I can get life insurance?
While neither the application process nor the underwriting criteria has changed substantially during the pandemic, some companies have added another step, asking applicants if have COVID-19.
With many agents offices closed, can I just apply online?
Yes. You can start the process online. QualityTermLife offers online quotes from dozens of A-rated insurance companies. You can always call to have a conversation about your options, budget and coverage.” Once you are submitted, all paperwork is completed online and on the phone with the insurance company.
But will I have to get a physical exam?
In many cases, no. Most insurance companies set a coverage amount – anywhere from $100,000 to $500,000 – that can be applied for without a physical exam. Most insurers have a streamlined underwriting process. If you are younger than age 50 and in reasonably good health, you may only have to do a phone interview to answer questions about your medical history.”
However, if something comes up in your interview that requires closer inspection, the company could require a simple medical exam that can either be completed in your home or in a testing facility. Of course, they are taking every precaution to make sure people won’t be exposed to the virus (COVID-19).