Covid-19
Among the many contemplative moments brought on by weeks of pandemic-induced isolation, you might be asking yourself whether you should get life insurance—or whether your existing policy covers death due to the coronavirus.
Sure, your family may be driving you batty as you all try to occupy the a single bubble of personal space for an uncertain amount of time, but you still want to know they’ll be taken care of in the event of a worst-case scenario.
I spoke with Nicholas Mancuso, senior operations manager at insurance comparison site Policygenius, to about the process of getting or maintaining life insurance during the coronavirus pandemic.
Know that you’re certainly not the only one with questions: Mancuso said there’s been a marked increase in interest around life insurance policies at Policygenius, although the company hasn’t been tracking whether that’s specifically due to coronavirus concerns.
Here’s what you need to know—just keep in mind that we’re talking only about term life insurance, which covers you for a certain number of years, and not any other life insurance product.
ValuePenguin has a comprehensive guide that breaks it down by age and benefit level. Experts usually recommend getting a policy valued at 10-15 times your annual salary.
Getting covered still takes a minute
The life insurance underwriting process usually takes three to eight weeks while a carrier walks you through the application process and determines your level of risk. If you apply for accelerated underwriting, it may take less time.
One change to note during the pandemic is that some insurance carriers are waiving what’s called conditional receipt—the temporary coverage they offer while you’re going through the approval process. That means while you’re getting approved during the coronavirus pandemic, you won’t have that temporary coverage. You also may need to sign a good health statement saying your condition has not changed between first applying for a policy and finalizing and paying for it.
Covid-19 Can You Still Get Life Insurance During the Coronavirus Pandemic?
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