COVID-19 (Novel Coronavirus) and Life Insurance Policies

Life insurance is an easy way to protect your family financially in the event you’re no longer there to take care of them. The death benefits from your life insurance policy can help pay for expenses like your mortgage, your children’s college tuition, final expenses, and more.When major events happen—such as the emergence of the COVID-19 global pandemic in 2019—it’s important to understand the impacts on your current life insurance policy or to explore the benefits of purchasing a policy if you don’t already have one.

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The Origin of COVID-19

The novel coronavirus COVID-19, an airborne respiratory virus, emerged in late 2019. It quickly spread globally and was declared a pandemic by the World Health Organization (WHO) on March 11, 2020. The federal declaration of COVID-19 as a public health emergency (PHE) ended on May 11, 2023.

Common signs of COVID-19 can first appear 2 to 14 after initial exposure to the virus and include:

Fever
Cough
Fatigue
Lost of taste or sense of smell (especially during early onset of symptoms)

Other symptoms of COVID-19 may include:

Shortness of breath and breathing difficulties
Muscle aches and body chills
Sore throat
Runny nose
Chest pain
Headache
Nausea and vomiting

In more severe cases, the infection can cause complications like pneumonia, severe acute respiratory syndrome, and kidney failure. In some cases, it can be fatal. Because COVID-19 infections can pose a significant risk to your health, you probably have questions about how your life insurance policy may be affected if you get sick. Read on to learn more.

Does life insurance cover death due to COVID-19?

If your existing life insurance policy covers death due to natural causes, it should also cover death from COVID-19. Coverage will vary based on many factors, including age, location, medical exam results and the carrier you purchase the policy through.If you don’t have an existing life insurance policy, SelectQuote can help. We’ll answer any questions you have about life insurance and COVID-19, and in just minutes, we can compare coverage and rates from some of the most trusted carriers around, helping you protect your family even through difficult times.

Applying for Life Insurance Post-COVID-19 Pandemic

In the aftermath of the COVID-19 pandemic, you may have questions about your life insurance eligibility. If you’ve been diagnosed with COVID-19 prior to applying for life insurance, it typically won’t affect whether or not you’ll be approved. However, if you have long-term health issues as a result of contracting COVID-19, your premiums may be higher than if you had a COVID-19 infection with no lingering effects. Like other medical conditions, however, if you demonstrate improvement in your long-term COVID-19 symptoms, the carrier may be more flexible when determining your rates. They’ll also consider the severity of your infection. For example, if you apply for life insurance after a recent hospitalization due to COVID-19, your premiums may be affected.

Applying for Life Insurance Without a Medical Exam

If you’re worried about your eligibility for life insurance after having COVID-19, you may apply for no medical exam life insurance. This allows you to forgo the medical exam process and includes policy types like accelerated underwriting, guaranteed issue life insurance or final expense insurance. They may offer less coverage in comparison to traditional policies, but they can provide peace of mind and financial support in the case the unexpected happens.If you’re interested in learning more about getting covered without a medical exam, we can answer any questions you might have.

FAQs about Life Insurance and COVID-19

Does my policy cover death from COVID-19 or a pandemic?

If you already have a life insurance policy in place that covers death due to natural causes and you were to pass from COVID-19, your beneficiaries should still receive the payout.

Does the two-year contestability period impact whether I’m covered from death by COVID-19?

Life insurance companies do pay claims during the two-year contestability period, but any claims made within those first two years will be more thoroughly reviewed to ensure all of the information on the application is truthful and complete. If you answered the question in your life insurance application honestly, then you should not have to worry about a claim related to COVID-19.

Are life insurance premiums more expensive due to the COVID-19 pandemic?

Life insurance rates are not currently increasing as a result of COVID-19, but it’s important to note that if an applicant contracts an illness prior to coverage, it could potentially increase the cost of their premium or make an applicant ineligible for the originally proposed coverage.

Can I still get instant, no medical exam life insurance coverage?

If you’re 60 years old or younger, haven’t had COVID-19, or you have recovered from COVID-19 without any lasting health impacts, you may qualify for our instant coverage life insurance. You can get same-day coverage of up to $5 million in less than an hour. You still have options even if you have health conditions with final expense insurance. Coverage limits are lower, but you don’t have to worry about a medical exam.

If I’m sick, should I still take a medical exam?

If you are experiencing any type of illness or infection, including COVID-19, it’s advisable to postpone a life insurance medical exam until after you’re feeling better. Being sick could skew the results of the exam, which would not present the underwriting team with the most accurate depiction of your health.

Ready to shop for life insurance? SelectQuote can help.

One of the most important benefits of life insurance is peace of mind knowing your family will be protected, even during tumultuous times. At SelectQuote, we can help you compare rates from the comfort of your home in just minutes. We independently shop some of the most trusted insurance companies in the country, finding you the right coverage with the right carrier at the right price.