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Life Insurance Covers Coronavirus and You Can Still Get A Policy

life-insurance-cover-coronavirusAlready have a term or whole life policy? Relax! Your life insurance covers Coronavirus.

If your policy is active before you are diagnosed with any health issue, your beneficiary is protected.

As of right now, you can still buy coverage too! A few top-rated providers are even offering life insurance online with no medical exam required. Continue reading for the latest updates.

Quick Article Guide:

1. Does My Life Insurance Policy Cover Coronavirus?
2. Can I Still Purchase a Life Insurance Policy?
3. How Do I Buy Life Insurance Online or Over the Phone?
4. What’s the Approval Process for No Exam Life Insurance?
5. Recent Life Insurance Updates for COVID-19

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Does Life Insurance Cover COVID-19?

If you have term or universal life insurance in place BEFORE you are diagnosed with a health issue, your policy will payout. Most whole life insurance policies also pay for any cause of death. The only exception is guaranteed issue insurance that has been active for less than two-years.

Guaranteed issue life insurance is usually purchased by individuals with a terminal illness and coverage is limited to $25,000. If the insured passes away during the first two years of coverage, their beneficiary will receive a refund of the money they’ve paid into their policy plus 10-20% interest.

Is It Too Late To Buy Life Insurance?

As of May 5th, you can still buy life insurance. And, once your policy is active, your beneficiaries are covered. Some companies are also offering life insurance online or over the phone. These policies do not require a medical exam and most applications are approved within a week or two.

Here is a current list of life insurance providers that are still offering policies without a medical exam:

Company
Coverage Amount
Issue Ages
American General (AIG)
$100,000 - $499,999
Up to 50
American National
$100,000 - $1,000,000
Up to 60
Assurity
$100,000 - $500,000
Up to 65
Encova
$100,000 - $500,000
Up to 70
Fidelity
$25,000 - $1,000,000
Up to 65
Foresters
$25,000 - $400,000
Up to 60
Guardian
$100,000 - $3,000,000
Up to 60
John Hancock
$100,000 - $3,000,000
Up to 60
Legal and General (Banner)
$100,000 - $1,000,000
Up to 70
Lincoln
$100,000 - $1,000,000
Up to 60
Mass Mutual
$100,000 - $1,000,000
Up to 64
Minnesota Life
$100,000 - $2,000,000
Up to 54
Mutual of Omaha
$100,000 - $300,000
Up to 65
National Life Group
$100,000 - $2,000,000
Up to 60
Nationwide
$100,000 - $2,000,000
Up to 60
Pacific Life
$50,000 - $1,000,000
Up to 69
Penn Mutual
$100,000 - $5,000,000
Up to 65
Principal
$100,000 - $1,000,000
Up to 60
Protective
$100,000 - $1,000,000
Up to 60
Prudential
$1,000,000 - $3,000,000
Up to 60
Sagicor
$50,000 - $1,000,000
Up to 65
SBLI
$100,000 - $500,000
Up to 60
Security Life
$100,000 - $1,000,000
Up to 60
Transamerica
$25,000 - $249,000
Up to 70

*Company offerings are subject to state availability, can change at any time without notice, and are provided for illustrative purposes only. 

By asking you a few questions about your health and coverage needs, our experts can quickly identify your best options saving you time and money. Give us a call today. Toll-Free: 855-247-9555.

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Buying A “Simplified Issue” Life Insurance Policy

Buying a life insurance policy can be as easy as filling out an application or picking up the phone. Companies like Bestow allow you to apply online, so you’ll never have to speak to an agent. The entire process takes only about 15 minutes, but they tend to be picky with health issues.

If you are in less than perfect health you’re probably better off with a company like SBLI or Sagicor. Both providers are “Excellent” rated, and they are lenient with applicants that have preexisting conditions. With these companies, a policy can be purchased over the phone in about 20 minutes.

Every life insurance company sets their own approval guidelines, and some companies are willing to offer larger policies than others. To find your best option for coverage, we recommend working with an independent agency that represents at least a few dozen life insurance providers.

Not only will this strategy save you money, it can also prevent your application from being declined. An experienced agent can quickly match you with the best provider for your needs and health profile. We can also help you move to another provider if a better option becomes available.

To obtain an accurate quote based on your health profile, call us at today at 955-247-9555. You can use our free quote form below to instantly compare life insurance rates from more than 50 providers.

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What’s the Approval Process for Life Insurance Without An Exam?

One of the most common misconceptions about no exam life insurance is the approval process. No medical exam is not the same as, “no questions asked.” If you are purchasing more than $25,000 of coverage, the company you decide to apply with will need to check your medical records.

Most providers review your records electronically. They will also evaluate your prescription history, motor vehicle records, and criminal history. Minor health issues like blood pressure medications shouldn’t effect anything, but health issue like diabetes are an automatic decline with many providers.

The entire approval process takes less than two weeks with most companies, but if you are in excellent health, faster options are probably available. In general, the companies with a longer approval process tend to be the most lenient with applicants that have serious heath issues.

If You Need Life Insurance, Don’t Wait!

coronavirus-np-exam-life-insuranceIf you need life insurance protection, we recommend buying your policy as soon as possible. An influx in mortality rates from COVID-19 will undoubtedly result in higher life insurance premiums. Securing coverage could also be a lot more difficult, if not impossible, in the near-future.

As businesses send their employees home and doctors offices shut down, the approval process will likely experience delays. Young and healthy applicants might not have any problems, but for those with extensive medical records or preexisting health issues, this probably won’t be the case.

It’s also possible that some companies could stop offering new policies altogether if they experience an influx in death claims. Over the last two weeks, some providers have already started to adjust their approval process for the COVID-19 pandemic.

Here are some of the latest updates as of 05/05/2020:

Cincinnati Life
As of March 23rd, The Cincinnati Life Insurance Company is requiring a signed Statement of Good Health from every new applicant upon the delivery of their approved policy.

American General (AIG)
As of March 27th, AIG is requiring a good Health Statement for all applications. They’ve also announced that they’re no longer accepting applicants over the age of 70 or anyone with severe health issues.

For younger applicants in average or better heath, the medical exam can be waived or substituted if the person has a had a recent physical exam with a favorable Attending Physician Statement.

Lincoln
As of March 30th, Lincoln is requiring a Declaration of Insurability on ALL new policies to verify no changes to the applicant’s health.  The company is also accepting photo images of underwriting and policy documents in lieu of physical paper.

John Hancock
New applications from John Hancock include questions about recent travel and close contact with anyone that has tested positive for Coronavirus-19. In the “Special Instructions” box of Part I, Section L. the company also asks about household members and travel aboard cruise liners.

Guardian Life
Guardian Life recently announced that they will offer up to $3,000,000 of term life insurance without an exam. The offer is currently valid until June 1, 2020.

Prudential
On April 20th, Prudential began offering to $3 million of term life insurance without a medical exam. They also offer an accelerated death benefit if you become terminally ill and need to access your death benefit BEFORE you pass away.

SBLI
As of April 17th, the Savings Bank Life Insurance Company restricted approvals for new applicants with substandard health risks. Folks over the age of 60 must be in Table 2 or better health to avoid being declined. Most applicants under the age of 60 are not affected unless they have severe health issues.

*We expect all life insurance providers to eventually require a statement of good health before activating coverage. Our agency hasn’t noticed an increase in life insurance rates at this time, but we have seen a huge influx in new applications. 

JRC represents dozens of top-rated life insurance providers and we’re licensed in all 50 states. Give us a call today at 855-247-9555 for the latest updates, or you can request a free quote below to compare your options.

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How We Can Help You Find the Right Policy

Every life insurance provider establishes their own approval process, maximum issue ages, and coverage limits. An experienced agent that represents dozens of highly-rated providers can help you navigate through your options, saving you time and money.

Our impartial shopping services are completely free and our licensed agents offer at least 10 years of life insurance experience. By asking you a few questions about your health and coverage needs, we can quickly identify your best options and provide you with accurate quotes.

We’ve helped thousands of clients and businesses with their life insurance needs and we can help you too. Our agency offers term life insurance, permanent life insurance, and whole life insurance with no medical exam and immediate coverage.

Remember, life insurance covers Coronavirus, but your policy must be active before you are diagnosed. Call us today for an affordable policy with accelerated underwriting and skip the medical exam. You can also compare rates online by using our free quote form below.

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Cliff Pendell

VP of Marketing at JRC Insurance Group
Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.
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