As health officials continue to learn more about what this virus means for us long-term, we’re understanding more about how this will affect the insurance industry as well. Rate increases and restrictions on who can apply have become more prevalent and aren’t slowing down any time soon. As you consider the best way to protect your loved ones, here are a few of the most frequently asked questions about the effect of the coronavirus on life insurance:
Will the coronavirus affect life insurance prices?
If you already have a policy in place, know that the Coronavirus pandemic will not change that. If you don’t yet have this protection, however, you should move quickly. Companies have had to implement pricing increases because of the risk older age groups face, and whether or not everyone will absorb these increases or if it will only affect the older demographic is still unknown. In short: prices won’t be going down anytime soon, so it’s smart to get your application in as soon as possible. New data on the mortality rates of the coronavirus have also led to a continued tightening of restrictions on who can apply, so waiting means risking the possibility of being unable to get the coverage you need.
When will things go back to normal?
Insurance companies have widely acknowledged that this could change the underwriting process forever. The possibility of long-term damage to the lungs and heart means that even once an individual recovers from the virus, they may have more serious complications down the road, which may make effect of the coronavirus on life insurance coverage even more difficult and expensive to obtain. Even a vaccine may not change this fact, as news of re-infections has surfaced.
Is it safe to get a medical exam?
We continue to work with the medical exam companies to find the safest, quickest ways for you to complete this requirement. The exam companies with whom we work are following CDC guidelines to ensure your health and safety. We’re also seeing new developments in electronic medical record retrieval and alternatives to in-person exams for some individuals, meaning that you may be able to complete this requirement without meeting with an examiner.
We’re here to support you during this difficult time and will do everything in our power to help you secure this necessary protection for your family. Please don’t hesitate to reach out to us by phone or email with any questions or concerns.