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Life insurance during COVID-19
The past few months have come with a lot of uncertainty — both related to personal health and financial well-being. As COVID-19 continues to disrupt various aspects of our daily lives, life insurance is top of mind for many and has raised questions about the process of applying for life insurance. Below are the answers to some of the most commonly asked questions.
Can I apply for life insurance right now?
Yes, many of you can still get a policy in a timely manner despite the current challenges caused by COVID-19. If you ever applied for a life insurance policy in the past, you know it can involve a bit of paperwork (either online or in-person) and, in some cases, medical exams.
Is it more difficult to apply for life insurance during COVID-19?
Applying for life insurance is not more difficult, however there may be delays in the evidence gathering process due to social distancing measures. You can start the application process by talking to an advisor. If you’re working with an agent, they’ll likely be available to meet with you remotely and get the process started.
How much longer will it take to approve my application?
How long it takes depends entirely on the amount of coverage you are applying for and your personal health history. The time it takes to approve a policy can range from 15 minutes to several weeks or more.
If I or my spouse has been furloughed, can we still apply for a policy?
Yes, people who are unemployed may still be considered for coverage.
Is now a good time to get life insurance?
If you’re looking for coverage to protect loved ones and provide peace of mind, it’s always good to consider life insurance.
Need more answers & inspiration?
Be sure to check out all our helpful Ideas & Insightsarticles. And do come back often as we’re frequently adding to it to make sure you are ready to tackle your next financial goal.
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