How To Buy Life Insurance During The COVID-19 Pandemic

Here's how to buy life insurance during the COVID-19 pandemic:

life insurance medical exam

MassMutual, for example, now has alternatives. “Given the challenges paramedical examiners are facing and customer concerns about COVID-19, MassMutual is offering to substitute information from medical records for the insurance labs/physical measurements in order to continue to offer life and disability income insurance,” says Dr. Jacki Goldstein, Head Medical Director at MassMutual.

Depending on the insurer, alternatives to a medical exam may be less available if you’re seeking a very high coverage amount, you’re older or you have medical conditions. John Latona, General Manager of Haven Life, a digital life insurance agency backed by MassMutual. Options for no-exam life insurance policies were growing even before the outbreak of COVID-19. Many life insurers use “accelerated underwriting” for at least some of their applications. This process uses data about the applicants and cuts the approval time down to less than a week or even 24 to 48 hours.

You might also be asked if you’ve been tested or treated for COVID-19. Expect a postponement on your application for a certain time period if you have. “If you're feeling symptomatic, disclose that proactively,” advises Latona of Haven Life. Life insurers will typically have their ratings on their websites, such as ratings from A.M. Best and Standard & Poor’s.

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