IQ Test For Kids

What do traditional life insurance policies cover?

Standard life insurance policies cover death from any cause, anytime, anywhere. The only exception is death by suicide. If you die within the first two years of purchasing your life insurance policy, you will be paid the amount of your declared death benefit, not the full amount insured.

Conventional life insurance policies are not immediate and require careful planning. There are several steps required to obtain a conventional life insurance policy, including:

• Complete the application
• Get a life insurance medical exam
• Submit medical records
• The information is verified and reviewed by the life insurance company.
  

Will my life insurance cover the coronavirus?

If you already have life insurance, your coverage includes death from coronavirus, either on US soil or abroad. Even if you travel to an area where illness is common, an active life insurance policy covers death from pandemic viruses. There is no exception to the epidemic in life insurance policies.

If you are currently applying for a life insurance policy, you may not be covered against coronavirus. You may encounter a late application process or higher premiums when applying for life insurance during a pandemic. It is important to remember that life insurance policies are inactive until you officially sign the appropriate documentation provided by the life insurance company and pay your first premium in full.

Can I get life insurance coverage if I have coronavirus?

If you are infected with Coronavirus during the application process, you may not be able to get life insurance coverage. Some life insurance companies will consider approving your policy on a case-by-case basis. Other insurance companies will reject your application entirely or postpone your offer until you make a full recovery. If you recover but have long-term health consequences as a result of the virus, you can get higher premiums. If you make a full recovery without expecting long-term health consequences, your insurance premium shouldn't be much higher than if you've never contracted the virus.

It is imperative that you are honest with the life insurance application process. If you already have active coverage, you also need to be honest during the application process. There is a challenge period, usually in the first two years of your policy, during which life insurance companies can investigate false filing materials. If the life insurance company discovers that you were not honest with the application process, it can deny payment of death benefits.

The dispute period is the most common period of time for a life insurance company to investigate fraudulent information. However, if the life insurance company finds out that you lied about your application, you can still refuse to pay death benefits at any time during your policy.