The COVID-19 pandemic resulted in an unprecedented impact in everyone’s life and has got people wondering what the future holds for them. How will the futures of education, employment, and health look like? Is it still even possible to future-proof one’s life?
“If you have been thinking about life insurance, the time is now to act.” On a survey issued to 1,500 people, True Blue Life Insurance found that while 69.7% of the participants feel their outlook on life insurance is unaffected by COVID-19, people fear that the cost of life insurance could potentially increase. People also “believe testing positive for COVID-19 shouldn’t affect life insurance.” The survey was administered to gather insights on how COVID-19 has affected people’s outlook on life insurance. It was conducted from February 16 to February 28 and the overall gender disaggregation was 52.5% male and 47.5% female.
Indeed, some insurers take into consideration factors such as comorbidity and COVID-19 infected individuals. COVID-19 related questions are now part of the due diligence of insurers when looking into health history.
Brian Greenberg, True Blue’s CEO, said, “We haven’t seen it become more difficult for applicants in general to obtain coverage over the course of the last year, although we usually advised people who’ve been seriously ill with COVID-19 or developed a related serious illness to wait a while before applying.”
According to True Blue, in their experience, a waiting period of 30 to 60 days is needed for people who contracted the virus. Requirements and likelihood of getting approved for life insurance depends on the insurers’ policies and often, it depends on whether the applicant already has other underlying conditions.
While only 9% of the survey respondents thought that testing positive for COVID-19 would affect their ability to buy life insurance, 16.8% thought that they would have to pay more for life insurance if they tested positive.
The survey results also revealed that a slightly higher percentage of the respondents were more eager to buy life insurance (4.2%) than those who said that they were less eager 4.0%.
For people who are concerned about the potential effects of COVID-19 on their ability to future-proof their lives, True Blue Life Insurance reiterated the reality that insurance policies become more expensive over time.
It is still unclear whether premiums will increase later as there haven’t been any substantial spikes in overall rates yet, people who have contracted the virus recently will likely have to pay more, according to Greenberg. “That’s another reason we usually recommend waiting until some time has passed before applying.”
Find out more: https://www.truebluelifeinsurance.com/.
About True Blue Life Insurance
True Blue is an industry leader of and market for life insurance policies. True Blue compares policies from 60 life insurance companies through expert agents.