How Does the Coronavirus COVID-19 Affect Life Insurance?
The CDC recently upgraded the coronavirus disease COVID-19 to a worldwide pandemic.
Therefore, we thought it relevant to make an article about how it affects life insurance.
First and foremost, if you currently have life insurance, COVID-19 does not affect your policy.
It will remain active.
If someone with a life insurance policy, unfortunately, dies as a result of COVID-19 the life insurance policy will payout.
If you’re applying for life insurance or plan to, this is when COVID-19 may affect things.
Life insurance companies determine whether coverage can be approved and at what cost based on the applicant’s mortality risk.
The mortality risk is essentially determining a person’s probability of death
based on a number of statistics.
The factors that are studied can vary based on what’s happening in the world and COVID-19 is definitely a factor right now.
Your mortality risk can be affected by traveling.
Currently, the CDC recommends that everyone avoid travel to certain international destinations such as China, Iran, South Korea, and most of Europe.
If you have recently traveled to a location under a travel advisory,
or have plans to, your application may be postponed until travel is complete.
If you have general upcoming travel plans, don’t let this discourage you from applying for life insurance.
And if you live in a U.S. state that is currently under a state of emergency, you can still apply for life insurance.
As a life insurance broker, Quotacy works with many of the nation’s top life insurance companies and can shop your application around to find the best fit for you.
Depending on your particular situation, while one company may decline or postpone you, another may be willing to approve your application.
Your Quotacy agent has the most up-to-date information directly from insurance companies and will figure out if you can be approved
and how much it will cost.
While your agent can’t guarantee approval they will try their best working on your behalf.
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