COVID -19 A Few Thoughts and Tips on Life Insurance Disability Insurance for Income Protection

For Individuals Families Professional Practices and Business Owners

The long-term mortality effects of COVID -19 are unknown. Its spread has alarmed us, confused us, and alerted us about the temporary nature of our life with our mortality risk our morbidity risk and our economic risk. For most of us our earning power is our greatest financial asset. Take away our income and you take away not only our freedoms but the basic necessities and luxuries of life.

A sound financial plan must recognize the value of life and disability income protection for families and in the professional’s practices and in the business ownership world. The following thoughts and tips should help answer some of your Life & Disability Income Protection in this COVID -19 pandemic.

If you already have Life & Disability Insurance policies in place for Income Replacement Planning /Final Expense Planning /Mortgage Protection Planning /Children’s Educational Planning / Retirement Planning/Estate Planning/ or you are a professionals or you are a business owner with /Buy/Sell Planning Agreements /Keypersons Plans /Business Loans Outstanding if you die or become disabled from the Coronavirus will your Life Insurance Companies pay out the claims?.

The general answer to this is Yes as nothing has changed for your current Life Insurance and Disability Insurance is active and in force .However please check with your agent or your life insurance company if you need specific answers about your existing life and disability policies to protect r yourself your family or your professional practice or your business ownership and your employees.

If you want Life or Disability Insurance now to protect yourself your family or your professional practice or your business in this COVID -19 pandemic environment can you apply for insurance today?

Yes you can if you qualify based on your health and income your occupation and lifestyle .However with the virus spread many life insurance companies will postpone Life or Disability Insurance applications now due to travel history and if you have been in close contact with someone who tested positive for COVD-19 .You will be required to provide a statement of good health .Some Life Insurance companies premiums will be higher than others no matter your circumstances so it pays to shop many companies or have an independent agent do it for you to find the right policies .You will need Insurance coverage to replace income based on your expenses and debts e.g. credit cards mortgage debt your personal your professional and your business requirements .

No Medical Exam Insurance. Another important issue is insurance underwriting and medical exam requirements for insurance applications. Some states are prohibiting in house medical exams as preventive health safety measure. To overcome this some Insurance carriers have waived exam requirements within limits based on age and amount of insurance coverage. Non-medical exam accelerated underwriting insurance when available will have higher premiums but it may be either have these type of policies or nothing .Once you have one of these non-medical exam type policies you can always shop later for medical exam type coverage to lower your premiums or increase your benefits . You could try to see if you can qualify for a better policy later when the restrictions are lifted and the virus is contained if you are prepared to take an exam.

Alan Hazley 40 years + of experience in the financial service business


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