With the COVID-19 running through our country and across the world, here are six things that you need to consider when purchasing new coverage.
1. Lab Requirements
Do you want to submit labs for the insurance company or do you want to buy a policy that is free of lab requirements?
2. Processing Delays
For varying specific reasons, the Coronavirus has many employees away from work. Be mindful that with some staff out, the insurance companies will be slower processing your file, so the typical 2-4 week turnaround time may be elongated.
3. Delays Obtaining Medical Records
For the same reasons, along with medical staff just being overwhelmed with patients, one can expect delays with obtaining medical records of a potential insured.
4. Case Postponement Due to Recent Travel
If you have been to a Level 3 or 4 travel advisory country as of late, that will most likely result in a postponement until you have been back in the USA for 30 days. You can view a map of travel advisories here.
5. Case Postponement Due to Upcoming Travel
If you have travel coming up that you are not postponing, then your case will probably be postponed until you have returned and been settled for 30 days.
Please note: The rules regarding travel and COVID-19 are not meant as absolutes across all companies. Some carriers are more stringent and some carriers have not yet put out their policy about this. However, a 30-day postponement is a good rule of thumb to go by.
6. Case Postponement If You Tested Positive for COVID-19
If you have already tested positive for COVID-19, your case may be considered 30 days after that positive test. This would involve providing current medical records that proves you are no longer affected. Each carrier may have a specific timeframe they require for the new application.
Our firm has the ability to process everything electronically, so there is no need to meet with anyone person-to-person or to transfer any physical documents.
There are still ways to obtain your coverage which are easy and efficient, but things are getting more complicated. Therefore, if the reasons for case postponements do not apply to you, now may be a good time to begin the underwriting process.
If you think you may be in jeopardy due to recent events in your life, you can still contact our team to assist you with an actual game-plan moving forward, so that we can prepare to submit an application when the time is right. With the long-standing relationships we hold with major insurance companies across the country, we can find the right carrier for your lifestyle and medical history.
Good luck out there and if we can be of service let us know.