5 Things to Know about Life Insurance and the Coronavirus

 

With the global spread of the coronavirus (COVID-19), it’s natural to look for additional ways to protect your loved ones. And for many people, that may include purchasing life insurance. However, the uncertainty of the illness and the economy can make it seem too complicated to get the coverage your family needs.

Below, we answer common questions regarding life insurance and COVID-19 that may help you make a more informed decision.

1. Are term life insurance policies being issued during the pandemic?

Yes. Life insurance companies, including Nationwide®, are still issuing life insurance policies for most healthy people. We’re treating the COVID-19 outbreak the same way we would treat any other illness or travel advisory.

When possible, we’re modifying and accelerating our process to ensure your ability to keep a safe social distance by waiving in-person labs, exams, and collection of medical records for those who qualify.

If modification isn’t possible and alternative sources of data are insufficient, we’ll also consider using personal health records and exam results completed within the past 12 months.

Your safety is our priority, and we’re evolving our process to ensure you can get the coverage you need without exposing you to health risks.

If you have been diagnosed with COVID-19 or recently traveled to a high-risk country, your life insurance application may be delayed or require additional testing.

2. Does life insurance cover deaths from COVID-19?

Yes, life insurance will pay a claim for coronavirus-related death in almost all cases. Keep in mind that there may be exceptions, especially if false information is provided on the application about foreign travel or a COVID-19 diagnosis.

3. What happens if I have a life insurance policy then get exposed to or diagnosed with COVID-19?

If you already have a policy in force, life insurance companies cannot penalize you for getting ill or for traveling to an area with an outbreak of COVID-19.

4. Have term life insurance costs changed due to COVID-19?

COVID-19 has not had an impact on life expectancies or what we are charging for term life insurance yet. Your premium is based on you. Your age, health, sex, and the amount and duration of coverage are what determines how much you will pay. Once your term life insurance policy is purchased, the premiums are locked in for the duration of the policy and cannot change.

5. Is there an affordable way to get the protection I need?

Budgets are top-of-mind for most people right now, but if you decide life insurance is right for you, you may want to consider term life insurance. It’s the most affordable type of life insurance and costs less than many people think.

For example, a 36-year-old male purchasing $500,000 of coverage for a 20-year duration would pay around $31.50 per month1.

If you lost your life insurance coverage at work, had a reduction in your household income, or simply want an affordable way to protect the people you love, then term life insurance may still work within your budget.

You can explore different options, get a free quote, or contact our licensed financial coaches today at 1-866-207-9160 for more information.

1Preferred, Non-Tobacco

As your personal situations change (i.e., marriage, birth of a child or job promotion), so will your life insurance needs. Care should be taken to ensure this product is suitable for your long-term life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as gender, health and age, and has additional charges for riders that customize a policy to fit your individual needs.

The post 5 Things to Know about Life Insurance and the Coronavirus appeared first on Now from Nationwide ®.