Pandemic Raises Need for Life Insurance

African American insurance agent wearing protective face mask while showing something on digital tablet to her clients in the office

Would it surprise you to learn that more people feel they need a life insurance policy now that we’re in the midst of a pandemic? According to this report from CNBC, life insurance applications have increased since the previous year, sparked in no doubt by people worried about contracting Coronavirus.

The article goes on to say that fears of COVID-19 shouldn’t be your only deciding factor in whether or not you buy insurance, but it certainly has helped many individuals who were on the fence about life insurance put things in perspective. It also raises a few questions, which we’ll be diving into today.

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The first thing you might be wondering is, “will life insurance actually payout for a pandemic-related death?” According to expert insurance brokers, the short answer is yes. To be more detailed, though, most insurance policies are adaptable — even during a pandemic — and cover things that you might not have considered before. If there’s ever any doubt in your mind, however, you can always check the details of your policy to make sure that you’re covered.

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Now, if you already have a life insurance policy, that’s one thing. What about those who want to apply for a new policy, however — is it still possible to get one during the pandemic? Once again, the answer is, in general, yes. There are some details you’ll want to be aware of before you do so:

  • It might take a longer than normal to get approved
  • Some insurance carriers have raised their rates
  • Coronavirus risk will play a role in your ability to get approved
  • You might be required to take an in-person exam, and if your ability to leave the house during the pandemic is limited, this could prove difficult.

You’ll also need to think about age when you’re applying for a new life insurance policy. Some carriers have actually decided to suspend their sale of policies to older adults, because advanced age is a serious Coronavirus risk factor.

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Before rushing to any action, you should weigh your reasons for wanting to get a life insurance policy. In many cases, though, it’s a sound decision. Do you have family who depend on you to provide income? Will your death cause financial hardship to those you know and love? If the answer is yes, then you’ll want to look into getting that life insurance policy sooner rather than later.