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Answers to Your Most Important Questions

About Your Current and Future Life Insurance

BY HOWARD WOLKOWITZ
Will insurance companies put exclusionary Riders on
Am I covered for Covid-19 now? future policies?
Yes, current life insurance policies do not include a pandemic Possibly, but it’s still too early to answer.
exclusion.
Can insurance companies stop issuing policies?
Will I be able to get coverage for Covid-19 in the Yes, they can but they probably will not. What may happen is med-
future? ical underwriting may become more restrictive.
Insurance companies are watching this closely to decide if future
policies will exclude death from a pandemic event. What if I was tested or treated for Covid-19?
If you test positive for Covid-19, you will need a clean bill of health
Are underwriting guidelines changing now? to apply. If you tested negative, you can apply for coverage.
Not yet, presently insurance companies are conducting business BY HOWARD
as usual and adding on-line applications and possible exclusion of WOLKOWITZ What if I am planning overseas travel or a cruise in
para-med and lab requirements to expedite the underwriting the future?
process for currently healthy people. Insurance companies may decline or suspend your application
until a vaccine is created.
Will underwriting guidelines change in the future?
It’s too early to tell. What if I am laid off and only have a group life policy?
Most group life insurance policies are not portable. Ask your HR director if you
Can insurance companies increase current premiums on exist- can take your policy with you if you laid off.
ing life insurance policies?
No, but they can lower there earning rates, causing your cash value to grow Each day brings new questions and new answers. I will do my best to provide
slower and therefore you may need to increase your premium payments in the you updates as they unfold.
future.
Please continue to contact me with questions or concerns
Can this current pandemic impact premiums on future policies? at howard@healthofyourwealth.com or (954) 558-3673.
Yes, if deaths exceed guidelines plus cushion.

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South Florida Hospital News southfloridahospitalnews.com May 2020 13