As you head into the holidays and start thinking of family and any future goals, you may want to consider the effects COVID has had in regards to applying for insurance.
Obviously, if you have had family changes and needs have changed, this may be a product you are considering to transfer risk away from your family. But, please know that COVID may affect the ability to apply, if you have been exposed or could have been so time is of the essence here.
We have many inquiries about the protocol in a post-COVID environment. Due to the influx of questions, we wanted to share a list of steps to help you identify what may be required of you, before proceeding with an insurance application.
Please note that insurance carriers will be looking into your medical records to determine the necessary timeframes based upon the different scenarios, based upon what is listed here.
Additionally, although most carriers have similar processes and sets of guidelines, they will treat each application individually so each application will be looked at case-by-case basis. However, a general overview is below:
1) If a Client has symptoms of COVID and positive test for COVID; will need approximately 30 days from cessation of symptoms.
2) If a Client has a positive test for COVID and is asymptomatic; will need approximately 30 days from date of positive test.
3) If a Client has a negative test, but symptoms similar to COVID; will need approximately 30 days from cessation of symptoms.
4) If a Client is not tested and/or has a negative test, but was asked to self-isolate; will need approximately 30 days from date of last contact with positive individual.
Please note that personal variables may change the outcome of your offer for insurance. These delays and/or offers for insurance depend on ages of clients, gender, state of residence as well as pre-existing conditions. These guidelines could vary between carriers as well as different rules may be applied to for the product you are attempting to purchase. Also, please note that Life Insurance guidelines can be different from Disability Insurance guidelines and we can help you troubleshoot if you have a specific situation that needs attention.
I am hoping that this was helpful to you, as you think about your family this 2020 and heading into 2021.
Best of Health and Hoping for a Great 2021! — Amber