CHARLOTTE, N.C. — Final expense experts say the hundreds of coronavirus deaths we continue to see each day has forced many to face the reality of mortality and more closely consider life insurance policies for themselves and their loved ones.
“A lot of existing policyholders are asking if I pass away from the virus will it still payout and the obvious answer is yes,” Choice Mutual CEO Anthony Martin says.
But he adds it gets tricky for those without a policy. For example, if you currently have the coronavirus-- you can’t get a life insurance policy. The only exceptions are those policies with guaranteed acceptance since they do not check for medical or lifestyle history, yet even still there’s a catch.
“That wouldn’t help you because all those policies have a two-year waiting period so if you pass away from any accidental reason they don’t pay you out,” Martin says.
Also, if you get the virus then recover, some carriers are now requiring a 60-day waiting period before you are able to apply for life insurance. Experts say with or without the coronavirus crisis—if you’re able to act now you should.
“They’re never going to get it cheaper than it is today. It can only cost them more and make it more difficult for them to get it in the future.”