The current COVID-19 pandemic has led many people to consider the necessity for Life Insurance. What may have seemed as an after thought just a few months ago, suddenly is of greater importance. No one knows exactly when a tragedy might strike, so being prepared is only method to somewhat ease the mind in these turbulent times.
Life insurance is the most consistent method of transferring wealth and/or creating wealth. With that said, too many individuals and families have no coverage or insufficient coverage. This is mostly due to the fact folks simply don’t have the knowledge base to get the coverage they need. Throw in the current pandemic, and many might feel they simply can’t get coverage at this time. Well I’m here to tell you. that’s not the case however it does depend on the carrier.
Some carriers are adjusting coverage options
As a result of the pandemic, many insurance carriers are limiting options. More specifically, older possible clients might find it difficult to get coverage where before the pandemic would have be able to get coverage. Underwriting as an industry is usually standard across the board. However, the carriers financial overall strength might impact their decision making whether to cover what they might classify as high risk client. Some carriers might still require the medical requirements while other might wave the requirements depending on the coverage amounts.
If you currently have a policy
If you are currently insured, your carrier should honor the claim as a result of COVID. There are some exceptions and it’s important you stay informed. Now would be a great time to review your current policy. Make sure you policy is in force. If your policy is in the first 2 years since it’s inception, the carrier may contest the claim. In that process, they will go over you policy with a fine tooth combo. One of things they will look for are incomplete or inaccurate information on the application. Additionally, make sure the premiums are being paid and there are no lapse in coverage. Finally, make sure the policy is not an accidental death policy. Many work related insurance plans offer high coverage amounts but only pay claims that result for a accident.
I want to get covered
Getting life insurance isn’t all that difficult. It is recommended that you do your homework. Not all policies are equal. Additionally, some agents will push products that might not the best solution for your family. For more information about the different types of policies available, please review my post “Life Insurance – Which one should I have”.
If you would like a hassle free, non-binding quote for getting coverage, please email me directly at louis@louisromero.com and I will gladly review your individual situation.