The coronavirus has consumers evaluating their insurance coverage. Here’s what you need to know about pandemics and life insurance.

Bars are closing. Restaurants are switching to takeout only. And across the nation, life insurance companies are fielding a flood of calls from consumers.

If you don’t already have life insurance, you may be considering using a service like Policygenius to quickly comparison shop for a better rate. Even those who have it may be interested in upping coverage or double-checking what’s covered.

Whatever your situation, keep reading to find out what you should do if you want insurance, or what’s covered by any existing policies you have.

What insurance covers

Life Insurance In The Age Of Coronavirus -what insurance covers

If you already have life insurance, you may be checking your policy declaration page to make sure pandemics are covered. Yes, if your policy is already in place, it will not exclude pandemics.

For those just now buying a policy, though, there are some considerations. In anticipation of an increase in claims, some insurers may begin changing requirements for any new policies they issue. You should always shop around to get the best deal.

New policyholders need to be aware of the risk that travel can pose during this time. For all life insurance policies, you will face something known as the contestability period. If you pass during the first two years of holding the policy, the insurer may investigate the cause of your death and deny payment if you misrepresented yourself in any way, including participating in activities the insurer deems “high risk.”

Because of the spread of coronavirus, some insurers have deemed travel to specific countries as high risk, and would deny you from getting coverage if you had upcoming travel plans to those places. In order to avoid putting yourself at risk of losing a payout, you should always answer your entire application honestly, including disclosure of your upcoming travel plans.

Coverage by policy type

Any traditional life insurance policy—term, whole, or universal life—will not exclude deaths by pandemic, just as they’d cover death from any other illness. As long as you were upfront about your health and travel plans, as well as answering all questions honestly, your beneficiaries shouldn’t face any issues.

Check carefully to make sure what you think is life insurance isn’t actually accidental death and dismemberment policy. There are some overlaps between the two, but accidental death and dismemberment insurance is specific to accidents, like car crashes or loss of limb. Illness-related deaths aren’t covered.

Applying for life insurance

Life Insurance In The Age Of Coronavirus - applying for life insurance

Consumers naturally react to news of an impending risk like COVID-19.

If an area is suddenly in the path of a possible earthquake or flood, insurance policies to cover those risks will spike.

The same goes for threats to life, even if the risk is relatively low. If you have loved ones that depend on you, it might be time to think about applying for life insurance in case something should happen. Maybe you’ve been meaning to take out a life insurance policy, but other tasks have taken priority.

The problem is, you might not be the only one deciding to apply for a policy right now. Insurance companies are adjusting to the current uncertainties, so you may need to expect a longer process if you choose to apply for life insurance in the near future.

During a pandemic, you may not want to spend time in a doctor’s office. For that reason, keep in mind that some insurers require a medical exam for approval. If this is a concern, shop around for an insurer that doesn’t require an exam or, at least, look for one that will allow the test to be done at your house.

How to get life insurance

The good news is, there are multiple ways to get life insurance. You can go online and find an insurance company and get a quote from them. If you prefer the one-on-one option, track down a local independent agent for a quote. The last option, which is growing in popularity, is to go with an independent online broker.

Whichever route you choose, it’s important to price around. Some sites will even shop around for you, gathering quotes from multiple insurers to help you find the best rate. But many sites make the quote process so easy, you can price various insurers on your own without much effort.

Great rates on coverage

Ready to start looking around?

I’ve lined up a few life insurers that are likely to get you connected with a policy quickly and painlessly.

Policygenius

Life Insurance In The Age Of Coronavirus - PolicygeniusShopping multiple insurers takes time. Policygenius streamlines the process, letting you complete one application to get quotes from multiple providers in minutes.

Their licensed experts can help you figure out which policy is the best fit for your needs, and once you apply, they’ll walk you through the application process – and handle all the paperwork – at no extra cost.

Plus, in the age of coronavirus, Policygenius is taking staying safe seriously. That’s why they’ve partnered with Brighthouse SimplySelect℠ to offer term life insurance that requires no medical exam. 

After you call and answer an over-the-phone questionnaire, you can get covered for up to $2 million and maintain a low premium (which is not common for no-medical exam policies). This significantly speeds up the process, and you can get insurance in a matter of days, rather than weeks or months.

Sproutt

Life Insurance In The Age Of Coronavirus - Sproutt

Sproutt considers your whole lifestyle when finding you the best rates on life insurance. Their claim to fame is their Quality of Life index, which is a 15 minutes application that asks you questions about your health and lifestyle choices. They’ll issue you a score along with suggestions to better your health.

When you take action and follow their suggestions, you’ll find yourself living a healthier life and, equally as important, securing lower life insurance rates. Sproutt will provide you with a curated list of life insurance companies that are best for your needs and your budget. If you have any questions along the way, you can always speak with a Sproutt advisor who can happily help you through the process.

With coverage amounts ranging from $50,000 to $3 million, you should be able to find a plan that easily fits into your budget.

Bestow

Life Insurance In The Age Of Coronavirus - Bestow

Another company with impressive turnaround times is Bestow. Instead of requiring a physical exam or blood draw, Bestow relies on big data to make approvals. Best of all, if you’re approved, you’ll know in a matter of minutes.

The application process starts by requesting vital statistics like your weight and height. You’ll then choose a coverage amount and get an instant rate quote, but this is just a rough estimate. In the next step, you’ll enter more details that will help Bestow arrive at a more accurate number.

You’ll need to authorize Bestow to access your medical data in order to proceed, but it’s one of the best ways to get life insurance quickly.

Bestow offers coverage of $50,000 to $1.5 million and the option of a 10, 15, 20, 25, or 30-year term.

Term Life Insurance With No Medical Exam

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Summary

Life insurance will help give you peace of mind, not only for the coming weeks but also in the years that follow.

It’s never been easier to get an affordable life insurance policy quickly, without even having to leave your house. And in the age of coronavirus, now is definitely the time to shop a few different providers to make sure you’re getting the best deal available.

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About the author

Total Articles: 49
Stephanie Faris has written about finance for entrepreneurs and marketing firms since 2013. She spent nearly a year as a writer for a credit card processing service and has written about finance for numerous marketing firms and entrepreneurs. Her work has appeared on Retirable, The Motley Fool, MoneyGeek, Ecommerce Insiders, GoBankingRates, and ThriveBy30. Learn more about Stephanie on her website or find her on LinkedIn, Facebook, or Twitter.