You are not wrong for taking a look into your life insurance policies with the number of lives lost to the pandemic. With Covid-19 pandemic raging globally, many have pictured several worst-case scenarios. This is not the time to panic but take the right life decisions.
Let’s put things straight from onset, if your loved ones lose you to Covid-19, your life insurance policy will alleviate their sufferings. They are assured of a death benefit regardless of whether you travel to a Covid-19 prone location.
Here’s another information regarding life insurance; in so far you have an active life insurance policy, the insurer cannot increase your premiums if you get sick with Covid-19. The only impediment is if you just recently purchased a policy without disclosing your Covid-19 status.
Even if you do not have an active life coverage, you can still apply. However, it may take a longer while before it might be approved. Just ensure you state your health status in black and white.
What If You Are Currently Positive?
Yes, you can still purchase a life policy. However, the insurer will delay the application until you are fully recovered from Covid-19. Don’t be surprised if an insurer reject your application if you are positive, just try another insurer.
For those who have tested positive to the virus, the insurer might decide to increase the premium, it’s at their discretion.
If you’ve recently travelled to a high risk country also, the insurer might decide to suspend your application for 30 days. This will allow the insurer to be sure that you have a clean slate of health.
Final ThoughtsCovid-19 and Life Insurance
Regardless of your Covid-19 status, you still stand a chance at purchasing or renewing your life insurance policies. It’s all about preparing for an unknown eventualities, a situation Covid-19 has made more pronounced.