How to be Secured During COVID-19 with Life Insurance

​Life insurances have always been essential. It is being given more emphasis lately, especially since COVID-19 turned the world upside down. Below is information you might want to know about your insurance coverage when dealing with the coronavirus.

• Life Insurance Inclusions
  Insurance companies have worked to include COVID-related services in both existing and new insurance policies. As long as you have an active one in good standing, your insurer cannot change premiums. The insurer won’t be able to change your health classifications even if you are at a higher risk of exposure. 
  
  You would also not be charged out-of-pocket expenses for federally approved COVID vaccines, no matter your policy.
  
  
• No Insurance Coverage? Not a Problem
  Life insurance companies are still offering new term life and whole life policies. However, getting covered could take a longer process, mainly if you belong to a higher-risk group. You can also get coverage through Medicare, which will cover all costs for federally authorized COVID-19 testing and vaccines. 
  
  There are also the Affordable Care Act health plans that will pay for all emergency services and hospitalization.
  
  
• Age as COVID-19 Risk Factor Taken Into Account
  Many large insurance companies have restricted the sale of life insurance policies on older adults. Some have either suspended or delayed applications for adults aged 76 and above. Some are also not accepting applications from adults who are 80 and older. 
  
  However, other companies have loosened age restrictions since they’ve gathered more data and information on what is “higher COVID-19 risk.”
  
  
• How COVID Can Affect Long-Term Care Insurance
  Policyholders could see their rates be affected by periodic group increases. The increase would be based on the insurer’s actuarial projections and claims history. Using this data, insurers could request state legislators to approve an increase in LTC premiums for similar policyholders. 
  
  However, such changes would not immediately happen as insurers still need to conduct research and analysis.

Conclusion
Choosing the right life insurance that meets your budget and needs is still the most important thing. Over the years, your priorities, your family situation, and life goals might change. It is the ideal time to revisit and re-evaluate your policy to suit your needs perfectly.

At Insurance Marketplace, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (541) 779-0177 or Click Here to request a free quote.