- Can I buy life insurance during a pandemic?
Yes! At the moment, life insurance companies are treating the coronavirus outbreak as they would any other illness or travel advisory, which means you can apply for a policy without worrying about price hikes or additional requirements.
- What about the medical exam?
Getting a clear picture of your health is how a life insurance company determines your rate. But since many Americans are homebound for the foreseeable future, often in states that have placed a temporary hold on in-home medical exams, there are other options available. Many insurers offer options for temporary coverage until exams resume. Some qualified applicants can even skip the medical exam entirely. And for those who do need an exam, medical examiners are adopting stringent safety measures, including modified scheduling and wearing PPE.
- Should you get life insurance during a pandemic?
While the short answer is yes, a pandemic shouldn't be the sole reason for securing the right financial protection for you and your family. Life insurance is a risk management tool, so if you have outstanding debts or people who depend on your income, you should have life insurance. It's there to protect your loved ones from financial suffering in the event anything should happen to you and take care of end of life expenses such as medical bills, funeral and burial costs
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