Symmetry Financial Group: Will Life Insurance Protect You During a Pandemic?

As we face the global health crisis of the coronavirus (COVID-19) pandemic, many are wondering how to protect their families in the event that the unthinkable should happen. If you’re curious about how you can protect your family and loved ones in times of uncertainty such as this, it’s important to know how life insurance can protect your beneficiaries in the face of the COVID-19 pandemic, as well as how insurance carriers are reviewing policy applications during the pandemic.


How does life insurance work during a pandemic?

Life insurance companies base their coverage amounts on the probability of mortality of the insured. They mainly consider such factors as the insured’s age and current health status, as well as lifestyle factors such as smoking, when they apply for coverage. This means that a global crisis such as a pandemic would not have an impact on coverage for a young and healthy individual seeking life insurance.  If you are in overall good health when you apply for life insurance, it’s likely that you’ll have no problems qualifying. There are many policies available that don’t even require applicants to go through a medical exam.


Will my existing life insurance policy cover me during a pandemic?

Yes. If you have already purchased insurance and have an active policy in place, in most cases, your death will be covered if you should die due to COVID-19, and your family will receive the full death benefit amount. Life insurance policies generally cover death caused by a pandemic as long as you were healthy at the time that you applied, your premiums are paid on time, and you activated your coverage before the outbreak. When you apply for a policy, you may be asked about your risk factors, such as foreign travel or exposure to a virus.

It is important that you answer all questions truthfully in order to ensure proper coverage. Bear in mind that some insurance carriers maintain a “contestability period,” of about two years or so after activation of the policy. During this period, the insurance company may go back and review the information you submitted in your application, for example, travel to high-risk locations that you may have disclosed on the application. While carriers do pay claims filed during the contestability period, it may take a bit longer to process the claim, as they may choose to review your application details as part of the approval process.  If you were honest on your application, you won’t have to worry about whether you’ll be covered during a pandemic.


Is this a good time to buy life insurance?

Yes. Life insurance is always a good idea. It lets you sleep at night knowing that your loved ones are protected in the event of an untimely death. And there is no better time than the present to purchase this type of protection for your family. At Symmetry Financial Group, knowledgeable agents with access to over 30 of the nation’s top insurance carriers can help you select an affordable life insurance policy that fits your budget and goals. With some policies costing as little as $1/a day, you can secure a great plan from the comfort of your home by connecting with a Symmetry Financial Group agent in your area.

Life insurance protects your loved ones in the event of a tragedy. And now, it is easier than ever before to secure a good, affordable life insurance policy. Symmetry Financial Group agents can help you secure the best policy to fit your budget and life goals, and you’ll have plenty of plan options to choose from, with policies offered by over 30 of the nation’s top-rated insurance carriers.

Even in light of the current global crisis, life insurance policies are being approved at normal rates, and premiums are not expected to go up in price as a result of the pandemic. The only thing that may impact your application at this time is travel to high-risk areas.  Applications by individuals who travel to high-risk areas are being handled on a case-by-case basis by most insurance carriers. If you traveled to high-risk countries such as China, Japan, Mongolia or nearby areas within a 30-day window, you may still qualify for coverage, but it may take a bit longer to process your application.

At this time, if you want to purchase a life insurance policy, it would be best to cancel any travel plans and contact a Symmetry Financial Group agent to help you select the best policy for your particular circumstances. Symmetry Financial Group agents are trained to help you select a carrier and policy that serves your specific needs so you can keep coverage affordable.


How can I buy life insurance during the pandemic?

Securing a solid life insurance plan is as simple as contacting a Symmetry Financial Group agent in your area.  They can help you sort through a variety of plan options provided by 30 carriers, explaining customized options for such things as term lengths, death benefit amounts, and riders that can provide protection against additional threats such as critical illness or disability. Your best bet if you want to protect your family now is to contact a Symmetry Financial Group agent who can help you find a plan that suits your budget and lifestyle, as well as explaining your chances of qualification for coverage with different carriers.

Symmetry Financial Group agents even offer video conferencing options to help you secure a policy from the comfort of your home. They can easily walk you through the process and help you secure the right coverage for your particular situation.

Don’t wait to secure essential protection for your family and loved ones.  Contact Symmetry Financial Group today and request a quote. A trained and knowledgeable agent in your area will soon contact you to help you find the most suitable policy for you and your family.

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