Life insurance is always a necessity, but in the midst of a global pandemic, it’s even more essential. Many insurance carriers have now made it possible to apply for life insurance completely electronically. Here’s what you need to know about contactless underwriting and applying for life insurance during COVID-19.
The Medical Exam
Typically when you apply for life insurance you will go through a lengthy application process as well as a medical exam that an underwriter will review to determine your rates -- but this has changed due to COVID-19. Now, the vast majority of carriers are offering contactless underwriting services to limit the risk of COVID transmission. This means you don’t need a medical exam and all you have to do is apply with an agent, fill out a medical history questionnaire and submit electronically.
Since there’s no longer a required medical exam, anyone applying for life insurance will need to fill out a questionnaire about their medical history as part of the application process. This will then be reviewed by an underwriter in place of the medical exam to determine monthly rates.
There’s no better time than now to apply for insurance because, without the medical exam, the application process has never been easier. If you have questions about applying for life insurance during COVID-19, contact us to get in touch with one of our agents.