The widespread COVID-19 outbreak can make applying for life insurance more complicated. If you already have a policy in place, and if you were to die of the virus, your family would still receive your death benefit.
The long-term effects of COVID-19 aren’t yet known, and its rapid spread has many on high alert. As of now, some life insurance companies have no changes in their application approval based on the current spread of the virus. However, some life insurance companies may postpone your application if you have a member of your household recently traveled outside the U.S. or if you have been exposed to someone who has tested positive for COVID-19.
If you happen to contract the coronavirus, the way each life insurance company will treat your application will vary. Insurers may reject or postpone your application for up to 90 days or until you have made a full recovery.
As the impact of the coronavirus continues to develop, how insurers approach life insurance applications and policies could change. So, now is the best time to shop around to get the best life insurance policy. Cosmo Insurance can work with you for free to help you shop around for the right life insurance policy.
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
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