The COVID-19 pandemic has a lot of people considering whether they have enough life insurance. While the risk of dying from the novel Coronavirus is relatively low, daily news coverage reminds each of us of our mortality. If you have loved ones who would struggle financially if you were to die prematurely, now is the time to evaluate your insurance coverage needs and apply for additional life insurance to protect your family.

The good news is that most insurance companies are still issuing policies during the pandemic. And, while it seems counterintuitive, it may be easier now to obtain coverage than it was before the pandemic. In large part, this is because social distancing and precautionary measures have made insurance medical screenings impractical, if not impossible in some cases.

Because of this, you may be able to obtain coverage without undergoing a medical exam by using a virtual application and/or phone interview process. Rather than limiting policy issuance because of limitations on in-person medical exams, some insurers have expanded the types of policies available for issue using automated underwriting. That means the approval process is often faster than normal in many cases.

There are some instances where it may be more difficult to obtain coverage, or at least the process may be slower. People with some pre-existing medical conditions that have been identified as potential high-risk factors for COVID-19 may be denied coverage. It is also worth noting that if you have, or if an immediate family member currently has, a positive COVID-19 diagnosis, insurance companies will want you to wait until after recovery before you apply for a policy.

If you have traveled internationally recently, you may be subject to a waiting period for coverage. Similarly, if you have upcoming travel plans to a country that has been deemed to be at a higher risk for COVID-19, the insurance company may delay approval until they feel sufficient time has passed after your trip. Don’t be tempted to lie about recent or upcoming travel (or anything else!) on a life insurance application or interview though. Doing so could invalidate your policy if you die during the policy’s “contestability period,” leaving your loved ones without the coverage you intended to provide.

Unfortunately, the pandemic has also highlighted the potential danger of relying on employer-sponsored life insurance coverage. In most cases, when people lose their jobs due to economic factors or for any other reason, they also lose their employee benefits – including life insurance.

There is no time like the present to talk to an experienced insurance professional who can help you evaluate your coverage needs, understand various policy types and options, and help you navigate the application and approval process. To learn more about applying for life insurance to protect your loved ones, contact Christopher Ferguson Insurance in Tyngsboro today!