Coronavirus Covid-19 and Life Insurance

With widespread anxiety about infections and viruses, individuals are getting their financial houses in order. One way folks are getting their ducks in a row is securing life insurance. Statistics show that life insurance applications are up about 30% since January.

The CDC and the World Health Organization (WHO) have declared the Coronavirus (COVID-19) as a pandemic. The virus has spread all over the world, infecting over 13,000,000 people and killing over 572,000 according to worldometers.info.

As of the latest reports, the CDC has confirmed 3,236,130 cases in the United States with 134,572 deaths. Here in Virginia, the Virginia Department of Health (VDH) shows 68,814 cases and 1,861 deaths.

Update Richmond Virginia area Coronavirus cases

Location                Cases                Deaths
Richmond City           2432                   35
Henrico                 2891                  173
Charles City              41                    3
New Kent                  74                    1
Goochland                131                    6
Hanover                  483                   31
Chesterfield            3216                   62
Hopewell                 209                    5
Petersburg               335                    8
Colonial Heights         158                   20
Prince George            245                    1
Powhatan                  92                    2

With the constant updates, it’s easy to get overwhelmed by the news stories and statistics. But, before we just sign up for something, let’s do a little research.

Advice for Life Insurance Panic Buyers

What’s the old saying – “an ounce of prevention is worth a pound of cure”.

washing hands prevents coronavirus

If the Coronavirus has compelled you to get life insurance, that may not be a bad thing. Typically, securing life insurance is a “I’ll do it later” task. So, if this motivates you to stop procrastinating, your family will thank you.

Circumstances like this happen and unfortunately we are limited on what we can do about it, so now is the time to get prepared. Age, health and medical history are all factors for life insurance approval. What if an unexpected health issue shows up down the road. Get secure now, be as prepared as you can be.

Here is the take away – Act now, but get advice from the experts.

Don’t panic shop for life insurance, you want to choose the correct type of policy and coverage amount. Get in touch with an experienced life insurance broker that can explain your options.

How fast can I get a Life Insurance policy?

road to life insurance, are you insured?

The normal life insurance application process for a medically underwritten policy can take several weeks to complete.

The steps include –

  • Tedious application
  • Medical exam, blood work
  • Doctors’ records
  • Time to verify information

This process can erode a person’s patience.

But life insurance buyers today now have faster options. Some of the insurance carriers offer policies that skip the medical exam and consolidate the underwriting time, even having an instant decision. 

No-exam policies are available for Term Life, Mortgage Protection, Whole Life and Final Expense/Burial policies. These fast life insurance options use an E-App (online process) or phone interview. The application takes about 15 minutes to complete.

These no-exam policies align with the unknowns of today, folks looking for life insurance may want to avoid a medical exam. This would eliminate having to go to a doctor’s office and risk possible exposure to the Coronavirus.

Final Thoughts

In conclusion, don’t scramble into the wrong policy for you. Do some research first. Then, when your ready give us a call. We will advise you on specific plans that will best fit your needs.

Here at Life Choice Advisors, we recommend a no obligation ‘needs assessment’ with one of our brokers. Now we have the ability to assist you in comparing your best options on the phone.