How has Coronavirus (Covid-19) impacted Life Insurance?
The unexpected health crisis that hit the whole world made an unbearable impact on big countries and especially on the small and striving nations, including the Philippines. When the world suddenly came to halt, a few months later, the declining economic status resulted in some establishments and businesses closing down. Many businesses struggled to survive, but some, however, remained standing and gradually but surely, adapted to the new normal. Ultimately, Covid-19 has impacted all of our lives in one way or another, so it should come as no surprise that it has affected the life insurance companies as well too.
No changes in the application process
For the most part, the actual steps of the process remain relatively unchanged. Just like before, you will go through the same health checks and nurse visits however, your health questionnaire is done online or over the phone. For any area of the industry that cannot be done online or over the phone, extra precautions are being taken. For nurse visits, additional PPE is being worn, and it’s recommended that you wear a mask and any home visits.
The only addition to the actual application process is about COVID- tracking questionnaires at the very end. This survey asks about your current health concerning coronavirus, similar to questions you may be requested before going to any medical appointments. It is required to answer all questions throughout the application process, both general health and coronavirus with 100% honesty. Some people were intentionally untruthful in the application, thus the life insurance provides denied future claims.
You may not be able to apply for life insurance if you currently have COVID-19
You can apply today, but if you’re currently sick with COVID-19, there’s a chance that the insurance company will opt to delay your application until you have made a full recovery. When you start your application, if you flag that you have COVID-19 right at the start, providers will likely ask you to apply once you’re healthy due to the risk of long-term health impacts. There have been cases where applications are entirely declined due to contracting the coronavirus during the application process.
With these coronavirus application delays, it’s essential to apply sooner rather than later. Once you have your policy in place you can put all these delays and concerns about being covered to rest.
Your travel history is unlikely to affect your life insurance application
The only way past travel would impact your life insurance application is if you ended up catching coronavirus on your travels. However, any travel scheduled for upcoming months may have an impact. Your potential insurer will likely want to know the specifics related to any planned trip over the next 12 months. Since non-essential travel remains recommended against, this could result in a delay to your application, as mentioned above. So while it won’t impact your premiums, given you don’t contract COVID-19 throughout your travels, it may affect the length of your application process.
