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Effects of the COVID-19 Pandemic on Life Insurance

COVID-19 came as a threat to humankind and people were left with no choice other than to get locked down in their homes. The outbreak of the pandemic took a toll on lives and that is why the demand for life insurance policies has been on an increase during this period. People are planning for the worst that may happen and life insurance comes as a first choice when it comes to protecting the family financially in case a person is gone.

If you are reading this, chances are that similar thoughts crossed your minds. That is why we have come up with this article to describe what changes you can expect in life insurance policies after the coronavirus marked its global entry. Also, if you want to get a life insurance policy to protect your loved ones from financial stress during the critical period, then Haven Life can be a good choice as they have an experience of more than 160 years in the insurance industry. They help you purchase the policy digitally and offer affordable life insurance plans so that your family stays strong financially if the worst happens.

Read on to have a better insight.

  1. Is COVID-19 Covered Under Life Insurance Policies?
  2. Will You Pay an Increased Premium Now?
  3. Can Travel Plans Affect Your Insurance Application?
  4. Buying Life Insurance Policy During the Pandemic

Is COVID-19 Covered Under Life Insurance Policies?

The first and foremost question that concerns the public at large is whether the coronavirus disease will be eligible for coverage under the life insurance plan or not. If you are already having a life insurance policy then your nominee will receive the death benefit in case the pandemic takes away your life. This will apply even if you have a travel history of pandemic hit countries.

On the other hand, if you are availing a fresh policy then make sure that you remain truthful about your travel history and medical conditions. Even if you are facing any symptoms, be straightforward with it and do not attempt to hide the fact. Doing so can affect your insurance claims, and the same might not get approved.

Will You Pay an Increased Premium Now?

You can relax as the life insurance premiums are not going to be affected due to the coronavirus. So, the cost of your existing policy is not going to shoot up because of the fact that coronavirus has come into existence.

However, if you are planning to buy a policy during the pandemic period then you might experience a higher insurance premium than you would otherwise come across. The reason for the same is the mortality rate has been increased due to the pandemic so chances of death become higher, and that is how a higher premium comes in.

Can Travel Plans Affect Your Insurance Application?

The insurers in the USA are following a 30-days waiting period under which you need to wait for 30 days before applying for a life insurance plan if you have recently returned from a trip to any international location. If you have applied for insurance coverage and then planning to make an international visit then also you will be required to reapply for the coverage after a period of 30 days has elapsed since you returned to the country.

In addition to this, there might be a scenario where you face any respiratory infection or any illness, then the final decision about whether you will be eligible for the insurance coverage or not will be taken only after the waiting period of 30 days gets completed.

If you have some urgent travel plans or are otherwise curious to get any information about how coverage can be impacted in your case then you can get in touch with Haven Life. They will not only help you with your queries but also help you apply for the insurance plan.

Buying Life Insurance Policy During the Pandemic

If you are also wondering whether you can buy a life insurance policy during this period then you can relax since insurers are not barring anyone from applying for the life insurance policies. You can submit your applications with your insurer and expect to get the same approved. However, make sure that you do not conceal any facts from your insurer and the same can disqualify you from availing claims later.

Also, you might be asked by your insurer to undergo a medical test within a prescribed period. Once all the formalities are completed your plan shall be active. Considering the volume of cases that the insurers must be handling due to the novel coronavirus, you might experience certain delays in the processing of your applications.

If you are not having any life insurance policy in hand then it is better than you get one now. You need not wait until the pandemic is over. It is important that you take all precautions and as a result buy a life insurance policy to protect your family against all odds. These days you can apply online for insurance plans like in the case of Haven Life. Insurance policies are essential but that doesn’t mean that they should be costly. That is what Haven Life believes and to get an estimate of how much you might pay for insurance with them, you can easily check the same at their website using the tool “Estimate Your Rate”. No matter which company you choose, make sure that you keep yourself and your family protected by way of life insurance.