It’s Life Insurance Awareness Year: How Covid-19 is Shaping our Future

We are living in an unprecedented time.  Since the first pandemic in generations came to our shores each of us has had to come to terms, in a new and profound way, with uncertainty.  Understandably, many people have thought deeply and differently about their future and the future of those that they love.  Searching for security in uncertain times is not a knee jerk reaction of fear, but a contemplative exercise in prudence.  

For many, obtaining life insurance provides this security.  The knowledge that should anything happen to them, their family will be still be provided for.  This is a year for life insurance awareness.  As with everything else, however, there are questions being asked about how to acquire life insurance during this outbreak.  The good news is that while Covid-19 has shut down many businesses, the life insurance industry has responded with technology and safeguards to let people file applications, meet standards of approval, and acquire policies to protect them and their families.  

How can Apply for a Policy or Meet with an Agent during the Shutdown?

While it’s true that many insurance agents’ offices are closed to the public during this time, agents are able to work remotely to meet the needs of their clients as well as helping new clients find a policy that works for them.  ‘Face to face’ has taken on a different meaning in a world of Zoom calls and Skype connections but it has not slowed down the industry.  

It is often possible to apply for a new policy or to purchase additional coverage online.  Interviews can be conducted by telephone or the internet while meeting the requirements of insurers.  

While an online application is convenient, the knowledge of a professional insurance advisor is still recommended.  Fortunately, advisors are able to assist you wherever you may be and while the times may have changed, the process is largely the same. 

What About Medical Exams?  Do I still need One?

Depending on your age, health, and other factors it is entirely possible that you will not need an in-person medical exam in order to apply and be approved for life insurance coverage.  There have been many innovations in accelerated underwriting and ‘same-day issue’ policies that require only a few questions regarding your age and health to obtain a policy.  

If your coverage amount is for less than $500,000 and you are under 55 years old, there are many policies available to you that do not require extensive medical exams.  

In the event that the insurer requires a medical examination, many of these can be done from home or in a sanitized testing facility.  Your safety and the safety of others is the chief consideration during this time.  

It’s my First Time Purchasing Life Insurance, What do I do?

You are not alone.  Many people, having been home for these past months have opted to take the step of securing their families’ future with a life insurance policy.  There are many term policies that can be issued rapidly and cover a term of 5, 10, or 20 years.  These policies have affordable monthly premiums and are well suited for people who want to have something in place while they are out of their office due to the pandemic.

Call an insurance advisor and see what options are available to you and your family.  With the vast array of policy vehicles available today, there is sure to be one that fits your life and your budget.

Has Covid-19 Changed What Policies are Available?

While the virus has had a serious impact on so many industries, life insurance has remained largely untouched in terms of policy restrictions.  There are some insurers who ask applicants to sign a statement indicating whether or not they currently have Covid-19 or have contracted it in the past.  This is by no means a majority of companies and having contracted the virus does not mean that you are ineligible for coverage.  

An Uncertain Today does Not Have to Mean an Uncertain Tomorrow

We are in this together and we will get through this together.  The renewed awareness we have about the tools available to secure our future will result in more people being covered no matter what tomorrow brings.  Speak with a life insurance advisor and see how you can find peace of mind.