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Life Insurance and the Coronavirus: Your Questions, Answered

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NerdWallet Information to COVID-19

Get solutions about stimulus checks, debt reduction, altering journey insurance policies and managing your funds.

Life insurance coverage is a method to supply monetary stability in your family members after you die. Understanding your coverage and how COVID-19 impacts your protection is vital for each you and your loved ones.

To that finish, NerdWallet has put collectively a information on what you must learn about life insurance coverage and the present world pandemic.

Does life insurance coverage cowl deaths from COVID-19?

Life insurance coverage insurance policies can pay out in the occasion of a demise from COVID-19. Though a life insurance coverage firm could change tips for future candidates, insurers aren’t in a position to alter any insurance policies which have already been offered. This implies if you have already got life insurance coverage, your organization gained’t be capable to all of a sudden change the coverage and deny your beneficiary a payout in case you die from the coronavirus. Nonetheless, an insurer could reject any life insurance coverage declare if the policyholder submitted an inaccurate life insurance coverage software or didn’t pay insurance coverage premiums.

Are you able to get life insurance coverage if in case you have the coronavirus?

Proper now, insurers are asking folks to attend till they’ve recovered from the coronavirus to use for all times insurance coverage. When making use of for a coverage, you’ll be requested to reveal your medical historical past, together with whether or not you’re at the moment sick. Some corporations are particularly asking candidates if they’ve been handled for COVID-19. As a result of the coronavirus could make somebody terminally sick so shortly, you seemingly gained’t even be capable to buy a assured difficulty coverage, a kind of life insurance coverage that doesn’t require a medical examination or in depth well being questions and affords a comparatively small demise profit.

How has COVID-19 affected the life insurance coverage software course of if you’re wholesome and don’t have the coronavirus?

Making use of for all times insurance coverage has modified in a couple of key methods in the wake of the coronavirus pandemic, together with:

  • Medical exams and information are required for many forms of life insurance coverage purposes. People are being instructed to observe social distancing tips that embrace avoiding pointless journey and human interplay. As a part of this mandate, many nonessential medical places of work are closed, making it tough to get affected person information. Some insurers are providing a digital software course of that enables accepted candidates to obtain life insurance coverage with no medical examination.
  • Previous journey historical past and future journey plans to high-risk areas for the coronavirus could have an effect on whether or not you’ll be able to apply for a coverage instantly earlier than and after journey.

Life insurance coverage charges have remained the similar as earlier than the pandemic, however this might change in the future.

Will journey historical past have an effect on your charges or software course of?

Candidates are often requested to reveal any worldwide journey plans when making use of for all times insurance coverage. Whereas this info continues to be often required, now there are also ready intervals for anybody who has traveled wherever abroad. Nonetheless, this steering might change and insurers could place extra restrictions.

Will medical exams be delayed?

Some corporations are extending medical examination time frames. Sure corporations are nonetheless providing in-person exams, however availability could also be restricted and rely in your location. As well as, insurers could ask you to postpone the examination in case you’re sick or have not too long ago traveled internationally. Some insurance coverage corporations are providing protection — each time period and everlasting insurance coverage — with no medical examination by means of a digital software for wholesome candidates. Clients can obtain life insurance coverage (usually from $1 million to $three million) by answering questions on-line or by means of a telephone interview.

What in case you can’t pay your life insurance coverage premiums since you misplaced your job resulting from COVID-19? Will you lose protection?

Contact your insurer in case you don’t assume it is possible for you to to pay your premium. There’s often a grace interval to pay an insurance coverage invoice, round 30 days. If the invoice is paid throughout this time, your coverage will stay in drive. Some corporations are extending grace intervals, and state regulators are requiring it in sure states. Outdoors of a coronavirus-related monetary hardship, if a premium isn’t paid after the grace interval, the coverage is usually voided. Most insurers let prospects apply for reinstatement three to 5 years after insurance coverage is misplaced, so long as they show they aren’t too dangerous to insure. To find out how wholesome they’re, policyholders might need to reply medical questions or take one other life insurance coverage medical examination. Different choices to assist with prices embrace altering how usually you pay your invoice (month-to-month, quarterly) or decreasing your protection.

Life insurers

AIG:
Life: 800-888-2452
Variable Common Life: 800-340-2765

Guardian Life: 888-482-7342

John Hancock: 800-732-5543

Lincoln Monetary Group: 800-487-1485

MassMutual:
All life insurance coverage: 800-272-2216
Assured acceptance and simplified complete life insurance coverage: 844-872-2200

Nationwide: 855-590-9777

New York Life: 800-225-5695

Northwestern Mutual: Strive your native workplace or name 866-950-4644

Pacific Life: 800-800-7646

Penn Mutual: 800-523-0650

Prudential: 800-556-8527

State Farm: Name your State Farm insurance coverage agent. The overall quantity is 1-800-782-8332.

Transamerica: 800-797-2643

Auto, house and life insurers

Allstate: Name your Allstate agent. The overall quantity is 800-255-7828.

American Household: 800-692-6326

Amica: 800-242-6422

Auto Membership of SoCal (AAA in Southern California): 800-924-6141

Auto Membership MI Group (AAA in a number of Midwest states): 800-222-1134

Auto-Homeowners: 800-288-8740

CSAA (AAA in Northern California and a number of different states): 800-922-8228

Erie: 800-458-0811

Farmers: 888-327-6335

Geico: 800-207-7847

The Hartford: Non-AARP members name 877-896-9320; AARP members name
800-423-6789.

Kemper: 866-860-9348

Liberty Mutual: 800-290-7933

Mercury: 800-503-3724

MetLife: Name 800-438-6381 if in case you have MetLife house or auto insurance coverage by means of an employer; name 800-422-4272 if in case you have particular person protection.

Nationwide Basic: 888-293-5108

Nationwide: 877-669-6874

NJM: 800-232-6600

Progressive: 800-776-4737

Safeco: Name your native unbiased agent. The overall quantity is 800-332-3226.

State Farm: Name your State Farm insurance coverage agent. The overall quantity is 800-782-8332.

Vacationers: 800-842-5075

USAA: 800-531-8722

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