Life insurance for COVID-19 positive individuals might seem difficult to acquire, but that is certainly not the case. In fact, there is good news in that even if you have tested positive you can purchase a life insurance policy. However, let’s take a closer look.
First, if you have an active life insurance policy and you were to die of a pandemic illness such as COVID-19, your family would receive the death benefit — even if you had traveled to an area with a known outbreak of the coronavirus. Also, if you keep your active life insurance policy current by paying your premiums on time, the insurance company can’t raise your premiums if you get sick with COVID-19.
And here’s more good news: if you don’t have life insurance coverage now, you can still apply. It just might take a little longer to get approved, depending on where you live and what your circumstances are.
If you’re in good health, there shouldn’t be any other concerns. Even if you test positive for the coronavirus you can still apply for coverage, although you can expect the insurance company to postpone any decisions on your application for 30 days or so, until you’ve made a complete recovery.
We can’t emphasize enough how important it is to be 100 percent honest on your application. Otherwise, your beneficiaries may not receive the death benefit.
(Source: Marketwatch.com)