How Will COVID-19 Affect Your Life Insurance Coverage

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Term Life

How Will COVID-19 (Coronavirus) Affect Life Insurance?


Updated with new information on May 27, 2020.

If you already have life insurance, you are covered – a company cannot make changes to a policy that is already active. If you do not currently have coverage, however, your application may be affected. Here’s what you need to know:

If you’re covered – you’re covered.

If you already have term life insurance, you can continue to rest easy knowing you have nothing to worry about. Your active policy is secure and will remain unchanged.

Your safety is our priority.

If you utilize Zander for your life insurance, your exam will be completed by a third-party paramedical exam company, which is closely following CDC guidelines to ensure the protection of their staff and clients during the pandemic. Exam staff will be conducting appointments and testing as usual during this time, with additional emphasis on hand-washing and other precautionary measures.

Age restrictions may apply.

As insurance companies remain unsure of the full effects of this virus, some have implemented age limits for those applying for life insurance. It’s typically cheaper the earlier you buy, so it’s always a good idea to take of this sooner rather than later, but especially in this situation.

Travel to certain countries may have an impact.

If you have recently traveled (or plan to travel) abroad, be specific about your travel history or plans on your application. This question is always on the application, so don’t worry that this will prevent you from obtaining coverage. But if you have traveled to high-infection areas like China, South Korea, Iran, or Italy to other Level 3 countries as noted on the CDC website (this list changing as developments occur), your application may be postponed for a brief time period. Otherwise, at this time, we have not seen any other changes in eligibility or rates from insurance companies.

Policies vary by insurer.

Keep in mind that each insurance company is handling the pandemic differently. It is important now, more than ever, to shop around to make sure the company you choose meets your needs. That’s our role, to help. Our Guides are familiar with each company’s policies and can help you find the one that best fits your individual situation.

Don’t wait until the crisis is over to get insured.

It is especially important to make sure your family is protected during a health crisis. Unless your health has been adversely affected (or may have been affected by travel to certain regions) you likely won’t have your application affected. In short – apply as soon as possible.

As always, we are committed to protecting your family, and are here to serve you. Our team is prepared to answer any questions you may have and help you get the coverage you need. Please do not hesitate to reach out with any questions or concerns during this time.


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