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APRIL 23, 2020 | YOUR LIFE INSURANCE
You may be asking yourself, " Do I really need to wear a mask just to buy a loaf of bread?" "Will my Kids or Grandkids go back to school in the fall?" "Will I even be able to get life insurance?"
I don't have an answer to the first two but what I do know is that YES you can still buy life insurance to protect your family.
Below are more questions you may be asking yourself.
A: As long as you were honest in the application process about health, travel, and pre-existing conditions, yes, term life insurance policies sold by Haven Life cover death from the coronavirus.
A: Yes, you can still apply for term life insurance and, if approved, get coverage started immediately. If you need to take a medical exam to finalize coverage (which you will be notified of when your application is submitted), please note there could be limitations in availability during this time. All applicants now have 120 days to complete the medical exam. And in many cases, you can have temporary coverage in place until you take the medical exam.
Please keep in mind that due to an increase in application volume and added review that may be needed during underwriting, it could take a bit longer to receive your final decision and offer.
Q: Can I get coverage if I recently traveled to or plan to travel internationally?
A: Underwriting guidelines as a result of COVID-19 are evolving. For individuals who are applying for our MassMutual-issued policies, there may be additional questions in the underwriting process about international travel and potential waiting periods for a decision as a result.
Coverage eligibility for life insurance applicants with confirmed travel plans to State Department Level 3 or 4 countries (which currently includes all countries) will be postponed and require a 30-day waiting period after they return to the U.S. Once the 30 days have passed, individuals may reapply. This waiting period and applicable countries may change as we learn more. Additionally, if you have recently returned from international travel with an illness or respiratory infection, then a decision on coverage eligibility would be postponed until after the 30-day waiting period.
Q: Are life insurance premiums going up as a precaution?
A: Life insurance premium rates are not increasing as a result of COVID-19. Please keep in mind that if an applicant contracts an illness, then that could increase the cost of the premium or make an applicant ineligible for coverage.
A: You might have guessed we’d say this, but: the answer to this may evolve, too.
Currently, eligible applicants may either qualify for our InstantTerm, no medical exam experience, or may be able to get temporary coverage in place while they complete a medical exam and await the results. Due to the need for additional caution surrounding international travel, you may need to answer some questions from an underwriter about plans before receiving an offer. Keep in mind that it’s important, to be honest in the application process. The issuance of the policy or payment of benefits may depend upon the truthfulness of answers provided in the application process.
Whether some follow up questions or a medical exam are needed, we work very hard to make dependable buying term life insurance as simple as possible. Once an application is submitted, which takes about 15 minutes, you will be notified of whether you are approved for coverage or if more information is needed. Customers who need to take a medical exam now have an extended period to take it – 120 days.
A: This provision in your life insurance contract protects the company from fraud or false application information. Life insurance companies do pay claims during the two-year contestability period. That said, any claims made within the first two years of owning a policy will be more thoroughly reviewed to ensure application information was truthful and complete. As long as you reported honest information on your life insurance application, including sharing health conditions or international travel plans, then you have little reason to be concerned about if a claim related to COVID-19 would be paid.
A: In most states, applicants are still able to schedule the medical exam to be performed at a location of their choosing. The third-party exam administrator we use, ExamOne, has rigorous safety procedures in place to protect patients and employees from coming in contact with infectious diseases.
Before scheduling, ExamOne is now proactively asking applicants about fever or respiratory illnesses as well as recent travel to ensure the health of its examiners. If an applicant is currently experiencing an illness or was recently in a State Department Level 3 or 4 countries, the medical exam will be postponed for 14 days.
For the health of paramedics examiners, please do not schedule a medical exam if you are sick or if the location where you plan to take the exam may be contaminated.
A: The third-party exam administrator we work with, ExamOne, takes the proper precautions to protect life insurance applicants and employees from coming in contact with infectious diseases. In light of the COVID-19 public health emergency, ExamOne has taken additional measures to bolster preparedness. These precautions include frequent disinfecting of all surfaces, frequent hand washing, and creating a special response team along with special training for employees.
Especially in uncertain times like these, we want customers and medical examiners to feel comfortable and remain healthy. All applicants now have 120 days to take the medical exam, so if an individual doesn’t feel comfortable taking the exam or if there are limitations in exam availability, there will be adequate time to take the exam at a later date. For applicants who are nearing the end of the allotted time for the exam, please contact customer success to see if we can provide an extension.
A: Generally, if you are experiencing any type of illness or infection, it’s advisable to postpone taking the life insurance medical exam until you feel better. Being under the weather can skew the results of your medical exam, which would not present the underwriting team with an accurate depiction of your health.
If you have any concerns that you might be sick or experiencing symptoms like a sore throat, cough, or shortness of breath that are commonly associated with this virus, please contact a medical professional immediately and do not schedule a medical exam.
