The coronavirus pandemic continues to affect many aspects of our lives, particularly when it comes to health and longevity. COVID-19 has forced many people to think about their health and the importance of being prepared. What would happen to your family if you died unexpectedly? Would your beneficiaries have enough money to pay the bills?
Let’s take a closer look at how COVID-19 is impacting life insurance and what you need to know to be prepared.
Does Life Insurance Cover COVID-19 Deaths?
Yes. Your policy will cover you if you pass away from COVID-19. Life insurance companies cannot change the terms of coverage for active policies, so anyone who was covered before remains covered.
Is it Harder to Get Life Insurance with the Pandemic?
Applying for life insurance in New Jersey may take longer and be more expensive, especially if you’ve been infected with coronavirus or recently traveled to an area with a heavy outbreak. In fact, some insurers have stopped selling policies to customers older than a certain age. We can expect terms and rates to continue changing as insurers adapt to this “new normal.”
The good news is that some insurance companies are removing on-site medical exams because of shutdown and social distancing. This means you might be able to get life insurance without having to do an in-person exam.
How are Insurers Responding to the Pandemic?
Some insurance companies are willing to defer premium payments for the time being for those who have lost their jobs. If you’re temporarily struggling to make your monthly payments, it’s worth talking to your life insurance company to see what options you have.
Will COVID-19 Affect Life Insurance Long Term?
It’s too early to know the answer to this question, as some people who have had COVID-19 are reporting long term effects. If there are lasting consequences to the coronavirus, it’s possible that the cost of coverage will increase for COVID-19 survivors.
How Important is it to Have Life Insurance in NJ?
Life insurance has always been essential but it’s even more so now. Anyone who provides care or financial support to their family members should have life insurance. If you aren’t married and don’t have any kids, you probably don’t need life insurance just yet. However, it’s important to know that this could change in the near future.
Don’t be left without life insurance! The pandemic has reminded us that life is fragile. Contact Leonard Financial Solutions for free life insurance quotes in NJ.
Let’s take a closer look at how COVID-19 is impacting life insurance and what you need to know to be prepared.
Does Life Insurance Cover COVID-19 Deaths?
Yes. Your policy will cover you if you pass away from COVID-19. Life insurance companies cannot change the terms of coverage for active policies, so anyone who was covered before remains covered.
Is it Harder to Get Life Insurance with the Pandemic?
Applying for life insurance in New Jersey may take longer and be more expensive, especially if you’ve been infected with coronavirus or recently traveled to an area with a heavy outbreak. In fact, some insurers have stopped selling policies to customers older than a certain age. We can expect terms and rates to continue changing as insurers adapt to this “new normal.”
The good news is that some insurance companies are removing on-site medical exams because of shutdown and social distancing. This means you might be able to get life insurance without having to do an in-person exam.
How are Insurers Responding to the Pandemic?
Some insurance companies are willing to defer premium payments for the time being for those who have lost their jobs. If you’re temporarily struggling to make your monthly payments, it’s worth talking to your life insurance company to see what options you have.
Will COVID-19 Affect Life Insurance Long Term?
It’s too early to know the answer to this question, as some people who have had COVID-19 are reporting long term effects. If there are lasting consequences to the coronavirus, it’s possible that the cost of coverage will increase for COVID-19 survivors.
How Important is it to Have Life Insurance in NJ?
Life insurance has always been essential but it’s even more so now. Anyone who provides care or financial support to their family members should have life insurance. If you aren’t married and don’t have any kids, you probably don’t need life insurance just yet. However, it’s important to know that this could change in the near future.
Don’t be left without life insurance! The pandemic has reminded us that life is fragile. Contact Leonard Financial Solutions for free life insurance quotes in NJ.
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