Understanding the Coronavirus (COVID-19) and Life Insurance Policies

A couple in their kitchen reads about the Coronavirus and how it relates to their life insurance policy

Life insurance is an easy way to protect your family financially in the event you’re no longer there to take care of them. Life insurance can help pay for things such as the mortgage, college tuition, final expenses and more. When a global pandemic—such as the 2019 Novel Coronavirus—hits, you might be wondering how it will impact your current life insurance policy or if there’s benefit in purchasing a policy now.

Let SelectQuote help you navigate the process during this trying time and ensure your family and loved ones are supported.

Attention New York and New Jersey policy owners: Learn more about the extended grace periods as an effect of COVID-19.

The Origin of Coronavirus (COVID-19)

COVID-19 is a new strain of the coronavirus that has infected hundreds of thousands of people worldwide. As of March 11, 2020, the World Health Organization (WHO) declared the situation as a pandemic and the CDC and WHO are actively monitoring the outbreak. 

Common signs of COVID-19 include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure, and sometimes, death. The virus is transmitted by droplets generated when an infected individual coughs or sneezes. To protect yourself and others, wash your hands frequently with soap and water or an alcohol-based hand sanitizer. Additionally, it’s important to practice social distancing, which includes deliberately increasing the physical space between yourself and others to avoid spreading the illness. Staying at least six feet away can help lessen your chances of contracting COVID-19.

Does life insurance cover the Coronavirus?

If your existing life insurance policy covers death due to natural causes, it should also cover death from the virus. Life insurance policies already in place likely won’t see any changes due to COVID-19. 

If you don’t have an existing life insurance policy but are looking to protect your loved ones, you may still be able to. How each carrier and state treat life insurance applications will vary, but there could be potential limitations, delays or additional questions throughout the application process due to the pandemic. 

SelectQuote can answer any questions you have about obtaining life insurance at this time. And in just minutes, we can compare coverage and rates from some of the most trusted carriers around, so you can shop for life insurance from the comfort of your own home. No in-person meeting is ever required and we can answer any questions you may have and help you find the right coverage with the right carrier at the right price for you and your family during these uneasy times.

Applying for Life Insurance during the Coronavirus Pandemic 

It’s safe to assume the coronavirus could add some potential obstacles to obtaining life insurance, but that doesn’t mean it’s impossible to start the process. Whether your application was already being reviewed or you’re interested in purchasing a policy, many companies are taking precautions on a case-by-case basis. As the nature and impact of COVID-19 continue to develop, insurance companies and states will continue to adjust the application process and policies.

For the time being, though, the easiest way to get covered is by shopping around and considering your options; both of which you can do from the safety of your own home by working with SelectQuote. Let us take the pain out of the process during this overwhelming time—get a free quote today.

Applying for Life Insurance without a Medical Exam

As a safety precaution, some states are delaying medical exams, which could prolong the completion of a term life insurance policy. If you’re looking to get covered as soon as possible, though, a potential option could be applying for coverage that doesn’t require a medical exam, such as accelerated underwriting, guaranteed issue whole life insurance or final expense insurance. These types of policies might not always offer optimal coverage, but they can provide peace of mind and financial support in the case the unexpected happens. 

FAQs about Life Insurance and Coronavirus 

  • Does my policy cover death from COVID-19 or a pandemic?
    If you already have a life insurance policy in place that covers death due to natural causes and you were to pass from the coronavirus, your beneficiaries should still receive the pay out.
  • Does the two-year contestability period impact whether I’m covered from death by COVID-19?
    Life insurance companies do pay claims during the two-year contestability period, but any claims made within those first two years will be more thoroughly reviewed to ensure all of the information on the application was truthful and complete. If you answered the question in your life insurance application honestly, then you should not have to worry about whether a claim related to COVID-19.
  • Can I get coverage if I recently traveled to or plan to travel to China, Italy or other affected regions?
    Underwriting guidelines are continuing to evolve as a result of COVID-19. Therefore, individuals applying for life insurance at this time might have to answer additional questions in regard to both domestic and international travel. There could potentially be a waiting period after traveling to ensure applicants have not contracted the virus.
  • Are life insurance premiums going up as a precaution?
    Life insurance rates are not currently increasing as a result of COVID-19, but it’s important to note that if an applicant contracts an illness prior to coverage, it could potentially increase the cost of their premium or make an applicant ineligible for original proposed coverage.
  • Can I still get instant, no medical exam life insurance coverage?
    At this time, you should be able to apply for instant, no medical exam life insurance, but this could evolve over time.
  • If I’m sick should I take a medical exam?
    If you are experiencing any type of illness or infection, it’s advisable to postpone a life insurance medical exam until after you’re feeling better. Being sick could skew the results of the exam, which would not present the underwriting team with the most accurate depiction of your health.

Ready to shop for life insurance? SelectQuote can help.

At times like this, we can all feel a little uneasy, and something as simple as making sure your family and loved ones are financially protected can provide peace of mind. At SelectQuote, we can help you compare rates from the privacy of your home in just minutes. We independently shop some of the most trusted insurance companies in the country, finding you the right coverage with the right carrier at the right price.

We do the shopping. You do the saving.