As the coronavirus continues to upend nearly every aspect of our lives, insurance companies are changing the rules on how people can apply for life insurance.
Here is what you should know if you are considering applying for life insurance during the coronavirus pandemic.
Most healthy people can still buy life insurance, and it will typically cover coronavirus-related deaths.
However, if you currently have symptoms of COVID-19 or have tested positive for it, you likely won't be able to get life insurance until you have recovered. Once you are better, you can apply for a policy.
If you are healthy and thinking about buying life insurance, know that the application process may take longer for some applicants, but it's not too late to get coverage if you need it.
"I think that this is a good time — even if yo are young and healthy — to take into account your financial situation and that of your survivors," said Steve Weisbart, senior vice president at the Insurance Information Institute. Otherwise, "In many cases [they] really would be left stranded and in tough shape financially."
Even before COVID-19, most insurers asked about upcoming international travel on life insurance applications. Now, many companies are implementing waiting periods for international travelers in light of the U.S. State Department's health advisory warning Americans against traveling abroad.
If you have recently traveled internationally, or if you have plans to do so, you will likely need to wait to apply for a policy until you have been back in the United States for 30 days.
