Since its first appearance in China late last year, COVID-19, or coronavirus, is having a significant effect on daily life in the U.S. Closed schools, canceled events, and travel disruptions are the new normal as much of the country enacts stay-at-home orders.

Unfortunately, this novel coronavirus initially appears to be deadlier than the typical seasonal flu. During uncertainty like this, it’s normal to think about the plans you have in place to keep your family secure – including life insurance. Whether you’re thinking about purchasing life insurance in the wake of the coronavirus outbreak or wondering what your current policy covers, here’s what to know.

How can I keep myself and my family safe during the coronavirus outbreak?

The World Health Organization (WHO) has declared the novel coronavirus a global pandemic – the first since the 2009 H1N1 (swine flu) virus. The Centers for Disease Control and Prevention (CDC) reports that older people and those with underlying health conditions, like heart disease, lung disease, and diabetes, are at greater risk for developing serious symptoms.

To help keep your home safe and healthy, the CDC recommends the following preventative steps:

• Wash your hands for at least 20 seconds
• Avoid touching your face
• Ensure your home stays sanitized and clean
• Stay home if you are sick
• Follow CDC guidance about closures and avoiding crowds

With the announcement of the travel ban to Europe for at least 30 days, it’s also important to be aware of existing travel restrictions designed to prevent the disease from spreading. If you need to travel, carry hand sanitizer and extra disinfectant wipes to wipe down surfaces you come into contact with. Also, be prepared to be away from home for longer than expected if you get sick or need to be quarantined.

Is now a good time to buy life insurance?

In general, sooner rather than later is always better when it comes to buying life insurance. The younger you are, the less expensive your policy typically is. It also means you’re protected in case you develop a condition later in life that would prevent you from qualifying.

If the outbreak has you thinking about protecting your family financially, it’s important to be aware of certain recent changes because of coronavirus:

• New travel restrictions. Insurance carriers are taking a close look at countries that were never considered travel risks before, like Italy, where the outbreak has been particularly severe. When you apply, your insurance company will likely ask you about where you’ve traveled recently. You might need to wait and apply again if you’ve been to a country that was especially hard hit by coronavirus.
• Medical exam delays. If you apply for a policy that requires a medical exam, exam companies are now taking extra precautions to keep their own workers safe. If you’ve had the hallmark signs of coronavirus, like fever and respiratory distress, or traveled within affected areas, they may decide to delay your exam by 14 days.

Bottom line: Expect the process of purchasing a life insurance policy to take a little longer in some cases, which is why there’s no time like the present to get started.

What if I want to buy life insurance more quickly during the coronavirus outbreak?

If you want to get covered sooner, you have options. For many of Fidelity Life’s life insurance plans, you can get approved in as little as one phone call, instead of waiting six to eight weeks.

For example, our RAPIDecision® Life insurance uses information from public databases and other sources to help many people get covered the same day they apply. You can typically qualify right away for a combination of traditional life insurance and accidental death coverage, which provides a payout if you die in an accident. If you choose, you then have up to six months to take a medical exam – giving you peace of mind while the coronavirus outbreak plays out. As long as the results line up with your initial application, your policy will provide a payout for any covered cause of death. Fidelity Life may also be able to waive the need for a medical exam altogether.

Many of our other products, like RAPIDecision® Final Expense, also let you lock in coverage quickly with no waiting period or required underwriting.

Am I covered from coronavirus if I already have life insurance?

As long as you have an active life insurance policy, coronavirus – like any other illness – would typically be covered. Some other plans, like accidental death benefit coverage, only cover you in case of an accident, not an illness. While most people who contract coronavirus thankfully will have mild cases, you can count on life insurance to protect your family in a worst-case scenario. If you’re concerned about your coverage, talk to your carrier about the specifics of your policy.

Working together to stay safe

Now, more than ever, is the time to work together to stay safe and healthy. With the right planning and safety precautions, you and your family can work with the rest of your community to curb the spread of the coronavirus. If you’re looking to take extra precautions, give our agents a call to talk about your life insurance options. We’re here to help.

At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed and updated regularly to ensure the information is as relevant as possible.