Experts say getting term life insurance is just as easy as it was before the coronavirus — and just as cheap

Liz Knueven

Mar 21, 2020

Life insurance applications aren't changing too much, experts say. 

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• Life insurance isn't changing, even in the wake of coronavirus, experts from three online life insurance agencies say.
• Life insurance is still available, and applications are the same as they've always been. Medical exams might be changing under certain circumstances, however. 
• Experts also say prices for term insurance are holding steady, even among a rise in applications.

The new coronavirus has uprooted much of daily life in the US. But when it comes to life insurance, experts don't see much changing. 

The application process, premium prices, and underwriting will be the same as they've always been, say experts from three different online life insurance agencies. It's still possible to get life insurance policies, and for term life policies, prices are expected to hold steady.

Life insurance is still very much available, and three experts from three different life insurance agencies report an uptick in policy applications in March 2020.

Allison Kade, a marketing director at online life insurance agency Fabric, says its products aren't changing. "If you're a healthy young person and you're applying for life insurance, your rates shouldn't be changed due to this coronavirus," she said. "The underwriting process is the same if you were to apply today as if you were to apply two months ago."

None of the experts Business Insider spoke with expect to see changes in premium prices due to the coronavirus outbreak. All are still offering applications, and all say their applications are the same as they've always been. 

In most cases, medical exams are still happening as planned

If the life insurance you're applying for requires a medical exam, chances are that it will still go on as planned, unless you're uncomfortable or are sick. 

Generally, these medical exams are done by paramedical examiners, also called parameds. These professionals are different from registered nurses working in hospitals and emergency rooms. Oftentimes, medical exams are conducted in your home or office, without a trip to a doctor's office or hospital. 

"We have heard from some customers that they are a little hesitant about completing the medical exam right now," Haven Life's head of risk solutions Mark Sayre told Business Insider. The online insurance agency is planning to offer a 90-day extension on the medical exam portion of the application while offering immediate coverage up to $1 million.