Several of our clients have questions about their life insurance policies, especially now. Sadly, thousands of people have already succumbed to the coronavirus in the U.S. and around the world.
If you have a life insurance policy, it’s helpful to know that COVID-19 is covered and insurance will likely pay out for deaths you may experience in your family. However, there are important exceptions to be aware of.
3 Life Insurance Requisites to Check Now
According to statements from industry leaders, both whole and term life insurance policies likely cover deaths as a result of the coronavirus. However, policy holders should make sure that they’ve done three important things:
Submitted a complete and truthful application.
If you have lied about your weight, your income, or other details on a term life insurance application, an insurance company can refuse to pay a claim. It’s important to be as truthful as you can when you sign up for a life insurance policy. If you have questions about an application, don’t hesitate to ask!
Paid insurance premiums on time.
It’s important to remember that your insurance policy can lapse for nonpayment. If you pass away before the policy is reinstated, your beneficiary will not receive a payout. Most insurance companies will offer a grace period or help you find solutions if you are having trouble staying up-to-date with payments, especially during the coronavirus pandemic. Again, ask questions if you need extra help.
Verified the extent of life insurance coverage.
Some policies only cover accidental death and dismemberment. This kind of policy is not designed to cover illness or disease, only accidents. If you are unsure about just what type of coverage you have, now is the time to double check with your insurer.
Low Cost Life Insurance is Here When You Need Us
Please know that during these challenging times, the team at Low Cost Life Insurance is here for you. If you have questions about a policy, or if you are interested in term life insurance, please call at 1-877-794-TERM (8376) and/or visit our website. We hope you and your family are well, and we look forward to speaking with you soon.