In the past few months Covid 19 has touched nearly every facet of life, including life insurance. So, the burning questions many are wondering is; "does life insurance cover Covid 19?", "Can I still get life insurance during Covid 19?" and the short answer to these questions are yes. As long as your policy is active if you were to pass due to Covid-19 your beneficiaries would still receive the death benefit. What Covid-19 has affected is the application process. However, this does not meant you cannot apply and get coverage during this pandemic, there are just tighter restrictions to those applying. For example:
Don't take these restrictions as a sign that it's not the right time to get coverage, because for many it is actually the perfect time to get insurance. Accelerated underwriting has never been easier, and with the entire process being virtual, you can even get life insurance the couch while social distancing!
At Lifestyle Life we are committed to helping our clients understand their needs and goals to make educated decisions. There are various philosophies to choosing the best policy for your situation. Our philosophy is that your policy's job should be to help your family maintain their standard of living. Replacement of your income is the safest way to do this in the event of your untimely passing. Take into consideration are how long your family will be relying on your income; it could be until you turn 65 or just until your kids are through college. Other factors are savings, and any debts that you may have or potential family support.
One of our favorite tools that helps us accomplish this task is our income replacement calculator. The calculator takes into account a number of factors that serve to pinpoint a monetary figure of what your heirs would need to maintain their standard of living should you pass.