• About Us
  • Contact Us
  • Latest
  • Terms and Conditions
  • Privacy Policy
The Frisky
  • Home
  • News
  • Health
  • Celebs
  • Movies
  • Love
  • Relationships
  • Style
  • Entertainment
  • Parenting
  • Royals
  • Travel
Health

Taking Life Insurance For Parents Amidst COVID-19 Pandemic – What You Should Know?

by Maja Vucetic April 25, 2020
by Maja Vucetic April 25, 2020 Source: medium
1.7K

Coronavirus outbreak has thrown the world into disarray with vital sectors of the global economy coming to a halt. The virus has spread across the globe infecting more than 1.5 million people and killing over 90,000 people. As the pandemic shows no signs of slowing down, you might be wondering whether now is the best time to get life insurance coverage for your parents or yourself.

Well, you have come to the right place if you wish to know everything about life insurance coverage amidst the coronavirus pandemic. As it stands, life insurance sales are surging as people come to terms with the potential fallouts of the deadly virus.

Contents

  • Can I get life insurance amidst the COVID-19 Pandemic?
  • Types of Life Insurance You Can Buy For Your Parents during COVID-19
  • Term Life Insurance
  • Factors that affect life insurance premiums amidst COVID-19
  • Will Coronavirus pandemic affect life insurance coverage rates?
  • Will Life Insurance Coverage Cover Death from Coronavirus?
    • Bottom Line

Can I get life insurance amidst the COVID-19 Pandemic?

Source: The Economic Times

If you’ve been looking for a reason to buy life insurance coverage for your parents above 50 years, then you might as well have a solid one.

The statistic shows that older people are at higher risk of dying on contracting the deadly virus, given their reduced level of immunity. With the ever-increasing probability of one contracting the deadly virus, now may be the right time to buy life insurance coverage for your parents.

If your parents are healthy and haven’t contracted COVID-19, then the application process would be simple. The application process would be the same as the one pre-COVID-19. However this time you will have to do everything remotely from home, given the lockdown and social distancing regulations in place around the U.S.

Upon applying a life insurance policy for parents above 50 years, you will be subject to normal underwriting guidelines, but with a few COVID-19 related questions. However, you may have to pay more on premiums given the increased risk of COVID-19.

For people who have recovered from the virus or those who currently have, it is also possible to apply. However, the insurer may be hesitant to offer coverage until full recovery. Coronavirus affects the lungs in severe cases, thus one of the reasons why an insurer may be reluctant, to provide coverage.

Types of Life Insurance You Can Buy For Your Parents during COVID-19

Source: Time Magazine

While you can get any life insurance coverage for your parents, it is important to note that some policies might be well suited for navigating the coronavirus pandemic.

Term Life Insurance

Source: blairinsurancellc.com

Term life insurance might as well be the best life insurance policy for your parents amidst the COVID-19 epidemic as opposed to permanent life insurance. The fact that this type of policy s designed to last several years or decades would be perfect for lasting the coronavirus.

A term life insurance policy could prove to be affordable during challenging times. Should it run out of coverage, before the COVID-19 pandemic, all you will have to do is reapply? However, you might have to contend with some strict underwriting until the epidemic eases off.

Factors that affect life insurance premiums amidst COVID-19

Source: The Star

While preparing to take life insurance coverage for your parents, you need to be aware of some of the factors that might affect the number of premiums you end up paying for coverage. Age is one of the factors that an insurer is likely to take into consideration according to over50lifeinsure.com. If your parents are above 50 years, you might end up paying much more, given the increased risk of death, should they contract the deadly virus.

Gender is another factor taken into consideration when computing the number of premiums. Currently, men have proved to be more susceptible to dying on contracting the virus as compared to females. Conversely, if you are taking coverage for your father who is above 50 years, then you might be hit with a much higher charge.

Current health and family medical history is another thing that an insurance underwriter is likely to look into while drafting the life insurance coverage policy. If your parents have underlying illnesses or bad medical history, then it might be hard to secure coverage.

Will Coronavirus pandemic affect life insurance coverage rates?

Source: Common Dreams

Insurance companies have already started factoring in the increased risk of death due to the coronavirus. For people who took life insurance coverage much earlier, there is nothing to worry about, as agreed rates stand and unlikely to be affected.

However, for people planning to take life insurance coverage amidst the pandemic, higher rates are a possibility. Economic fallouts, as well as the adverse effects from the influx of deaths due to the coronavirus, is already forcing insurers to reevaluate premiums when it comes to new applications, especially for older people above 50 years.

That said, now may be the best time to take life insurance coverage as they appear to be highly underpriced, given the increased risk of death amidst the coronavirus pandemic. The value that the insured is getting for a dollar of life insurance premium is currently much higher than it is usually is.

Will Life Insurance Coverage Cover Death from Coronavirus?

Source: The Economic Times

If you had taken life insurance coverage for your parents before the coronavirus pandemic, then you need not worry a bit. The insurance company is obligated to pay should your loved ones die of coronavirus.

However, for people planning to take life insurance coverage for their 50-year-old parents amidst the COVID-19 pandemic, things could be different.

Some insurance companies are offering life insurance policies while excluding deaths from coronavirus. That said, it is important to ask whether the insurance company would honor life insurance coverage should death arise out of coronavirus.

Given the number of insurance companies in the market, you are sure to find insurers willing to offer life insurance coverage without excluding deaths caused by the deadly virus.

Bottom Line

Coronavirus has affected the way people live their lives with things looking bleaker by the day. With the value of each dollar in a life insurance premium looking a lot higher than before, now may be the best time to take a life insurance coverage for your parents.

COVID-19 PandemicLife InsuranceparentsratesTypes
Maja Vucetic

Maja is a talented writer and content editor at TheFrisky, with a diverse range of interests spanning from the arts to gardening and interior design. A graduate of the Faculty of Arts, Maja brings a unique perspective and a passion for creativity to her work.

previous post
9 Pro Tips for Designing Your Dream Cafe Racer
next post
Why Casein Protein Cannot Be Ignored in Muscle Building

Related Posts

Managing Allergies in Children: A Comprehensive Guide for...

April 21, 2025

How to Create a Stress-Free Moving Experience for...

September 21, 2023

What’s Happened to The UK Property Market in...

June 7, 2023

Categories

  • Accessories
  • Animals
  • Anime
  • Art
  • Astrology
  • Beard Care
  • Beauty
  • Betting
  • Biography
  • Blog
  • Business
  • Buying Guides
  • Cannabis
  • Cars
  • Casino
  • CBD
  • Celebs
  • Children
  • Citizenship
  • Clippers
  • Clothes
  • Computer
  • Couple Time
  • COVID-19
  • Crime
  • Crypto
  • Culture
  • Design
  • DIY
  • Economics
  • Education
  • Entertainment
  • Environment
  • Family
  • Fashion
  • Featured
  • Food
  • Food & Drink
  • Furniture
  • Galleries
  • Gambling
  • Games
  • Gardening
  • Gifts
  • Girl
  • Gossip
  • Guide
  • Guys
  • Hair
  • Hair Care Tips
  • Hair Dryers
  • Hair loss
  • Hairstyles
  • Health
  • Highlights
  • History
  • Hobby
  • Home
  • Horoscopes
  • Hot Rollers
  • How to …
  • Industry
  • Internet
  • Interview
  • Law
  • Legal Advice
  • Life
  • Lifestyle
  • Love & Sex
  • Love Your Self
  • Makeup
  • Marketing
  • Medicine
  • Mind & Body
  • Money
  • Motorcycle
  • Movies
  • Moving
  • Music
  • Nails
  • Net Worth
  • News
  • Parenting
  • People
  • Pets
  • Photography
  • Products for Hair
  • Real Estate
  • Recipes
  • Relationships
  • Religion
  • Royals
  • SEO
  • Shopping
  • Skincare
  • Sports
  • Studying
  • Style
  • Super Stars
  • Tech
  • Technology
  • The Body
  • Tips
  • Tips & Tricks
  • Tools
  • Toys
  • Travel
  • Type
  • Uncategorized
  • Vape
  • Vehicle
  • Video
  • VR
  • Wedding
Footer Logo
  • About Us
  • Contact Us
  • Latest
  • Terms and Conditions
  • Privacy Policy

© 2024 - All Right Reserved.

TheFrisky.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. Amazon, the Amazon logo, AmazonSupply, and the AmazonSupply logo are trademarks of Amazon.com, Inc. or its affiliates.

We at TheFrisky participate in various affiliate marketing programs, which means we may earn commissions on products or services that we recommend or promote through our website. When you click on a link to purchase a product or service that we have recommended or promoted, we may earn a commission from the sale. This commission helps us maintain and improve our website and provide you with valuable information and resources.

The Frisky
  • Home
  • News
  • Health
  • Celebs
  • Movies
  • Love
  • Relationships
  • Style
  • Entertainment
  • Parenting
  • Royals
  • Travel
The Frisky
  • Home
  • News
  • Health
  • Celebs
  • Movies
  • Love
  • Relationships
  • Style
  • Entertainment
  • Parenting
  • Royals
  • Travel
© 2024 - All Right Reserved.

TheFrisky.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. Amazon, the Amazon logo, AmazonSupply, and the AmazonSupply logo are trademarks of Amazon.com, Inc. or its affiliates.

We at TheFrisky participate in various affiliate marketing programs, which means we may earn commissions on products or services that we recommend or promote through our website. When you click on a link to purchase a product or service that we have recommended or promoted, we may earn a commission from the sale. This commission helps us maintain and improve our website and provide you with valuable information and resources.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkNoPrivacy policy

Terms and Conditions - Privacy Policy