Am I covered for Covid-19 now?
Yes, current life insurance policies do not include a pandemic exclusion.
Will I be able to get coverage for Covid-19 in the future?
Insurance companies are watching this closely to decide if future policies will exclude death from a pandemic event.
Are underwriting guidelines changing now?
Not yet, presently insurance companies are conducting business as usual and adding on-line applications and possible exclusion of para-med and lab requirements to expedite the underwriting process for currently healthy people.
Will underwriting guidelines change in the future?
It’s too early to tell.
Can insurance companies increase current premiums on existing life insurance policies?
No, but they can lower there earning rates, causing your cash value to grow slower and therefore you may need to increase your premium payments in the future.
Can this current pandemic impact premiums on future policies?
Yes, if deaths exceed guidelines plus cushion.
Will insurance companies put exclusionary Riders on future policies?
Possibly, but it’s still too early to answer.
Can insurance companies stop issuing policies?
Yes, they can but they probably will not. What may happen is medical underwriting may become more restrictive.
What if I was tested or treated for Covid-19?
If you test positive for Covid-19, you will need a clean bill of health to apply. If you tested negative, you can apply for coverage.
What if I am planning overseas travel or a cruise in the future?
Insurance companies may decline or suspend your application until a vaccine is created.
What if I am laid off and only have a group life policy?
Most group life insurance policies are not portable. Ask your HR director if you can take your policy with you if you laid off.
Each day brings new questions and new answers. I will do my best to provide you updates as they unfold.