Life (Insurance) in the Time of COVID-19

As the COVID-19 pandemic has spread, we’ve been bombarded with reminders of our own mortality. It has reinforced the idea 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 also be wondering what you can do about it. With physical distancing protocols in place for much of the nation, you may be asking yourself if you can even get life insurance during the worst pandemic the U.S. has seen in at least a century. Read on for the answer to that question and more.

Can I just apply online?

While you can absolutely secure a life insurance policy without any having to meet with us in an office setting, it is important to fully understand your needs and the type of policy that you should pursue. All of the necessary information to determine these items can be completed over the phone or an app such as Zoom or FaceTime. We will then send you a personalized quote that meets your specific needs.

Will I have to get a physical exam?

This is the most frequent question that we have been asked during this pandemic. We’re seeing more and more companies foregoing the traditional life insurance exam and replacing it with short phone interviews to go over necessary medical information. Instead of requiring a new lab test, the insurance company may allow you to submit lab work from a recent physical with your own doctor instead of needing to complete a new exam. With the updated underwriting guidelines from many A+ rated companies due to COVID-19, you can get as much as $2,000,000 in coverage without needing a new blood test! Take a look at the table below as a general rule of thumb regarding how recent the physical with your doctor would have needed to occur to be eligible for a “no physical exam” underwriting status:

I’m not sick, but could COVID-19 affect whether I can get life insurance?

While underwriting criteria hasn’t changed substantially during the pandemic, some companies have added additional questions to determine if you are eligible for a new policy. Determining if you’ve been exposed to the virus or have completed foreign travel within the last few months would be new questions that have been added to the underwriting decision.