life insurance
Life Insurance Policy Terms of Use Concept

Life insurance can be a tricky subject to understand, made even more complicated with today’s pandemic. In response to the new and ever-changing trends following COVID-19 diagnosis and recovery, many insurance companies have put a limitation on when individuals can purchase insurance and if at all. 

What Details Do Life Insurance Companies Look At? 

The concept of restricting who can purchase life insurance is not one that is entirely new. Companies have long put restrictions on who can purchase life insurance with pre-existing conditions. Insurance companies want to make a profit, and that means restricting just how people may utilize their services, largely based on health and age.

When insurance companies quote you, you may have to go through medical underwriting to get a thorough assessment of your health. If you have a health issue, you will generally be met with a higher premium rather than denied outright as people are considered holistically. If you’re wondering how to find a life insurance policy without perfect health, you may want to consider policies that don’t require a medical exam.

The entire act of insurance companies delving out policies is a measurement of risk and assessment, which is why the unknowns have COVID-19 have complicated the matters. 

Your Body Following COVID-19 Recovery

The coronavirus impacts our bodies in ways we’re still learning. Scientists are unsure of the long-term effects, but there is a possibility of long-haul complications, especially when in individuals with pre-existing health complications. 

These are health conditions that impact a life insurance company’s willingness to accept you or give a low-rate policy: 

  • High blood pressure
  • Obesity
  • Cancer
  • Smoking
  • Asthma
  • Depression
  • High cholesterol
  • Anxiety 
  • Heart disease 
  • Diabetes

Unfortunately, all of these conditions have been known to complicate a person’s recovery from COVID-19. Pairing already risky health ailments with a deadly disease means that life insurance companies are restricting policies.  

Life Insurance Companies Limitations on COVID-19 Patients

Many insurance companies have done away with instant insurance policies for individuals who have recently healed from COVID-19. Instead, these insurance companies have enacted a 1 to 3 month waiting period for survivors before they can purchase a term policy. 

Following the increase in deaths and payouts by insurance companies, this appears to be their way to recuperate losses as they adapt to today’s changing world. This waiting period is similar to when some insurance companies limit the ability for new customers to purchase following a diagnosis or health care for a certain period of time. 

Will COVID-19 Impact a Current Life Insurance Policy?

If you already had a health insurance policy and then passed away from COVID-19, the benefits would still be payable to your family. Previously active plans will not be affected by COVID-19 restrictions like new prospective plans are. Additionally, your vaccine status is not relevant in your insurance policy application or payout. For further assistance. write for us for assistance on the insurance policy. 

The Bottom Line

While most insurance companies aren’t turning away new customers because of their coronavirus diagnosis, they are limiting how quickly you can purchase a plan. On a base level, health insurance companies will only give policies to those that are relatively healthy and free of health problems in the near past. Recovering from COVID-19 is not necessarily a health problem, but it can certainly complicate already existing ones. If you’ve recently recovered from COVID-19 but are otherwise healthy, you can expect to wait for your policy to kick in anywhere from one to three months instead of being denied.

Read Also: Benefits Of Buying Online Health Insurance

Many life insurance companies have done away with instant life insurance policies for individuals who have recently healed from COVID-19. Instead, these insurance companies have enacted a 1 to 3 month waiting period for survivors before they can purchase a term policy.