More people opting for life insurance during pandemic

PITTSBURGH — As the COVID-19 death toll continues to climb, more and more people are opting for life insurance.

A recent study found that one-third of consumers are more likely to purchase life insurance within the next year because of the pandemic.

“Any time there’s a situation where there’s a mass loss of life, of course we’re going to see an interest in life insurance, so, like after 9/11, after the pandemic, we’re actually seeing people want to increase their life insurance,” said Connie Cottrill, Regional Vice President of Sales for Securian Financial.

Securian is one of the largest group life insurance companies in the United States, selling insurance to large corporations and enabling them to insure employees.

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Cottrill said that as of late, they’re seeing people of all ages express interest in policies.

But what if you’ve already contracted COVID-19?

“You’re going to want to disclose if you’ve had COVID or have any long-lasting impacts from COVID,” Cottrill said.

Having caught COVID-19 will not get you declined, Cottrill said. However, a chronic condition developed from COVID-19 could impact you, depending on the insurance company or policy.

“It could. In the group space, it’s not a reason for us to decline someone from a medical underwriting perspective,” Cottrill said. “But, most certainly, if there are some long-lasting effects from COVID, it could impact whether or not you’re accepted.”

Getting the COVID-19 vaccine, however, will not impact your ability to get covered.

Recently, the state’s Insurance Commissioner assured Pennsylvanians that “receiving the COVID-19 vaccine will not impact their ability to purchase life insurance, or their ability to collect on a policy.”

“We actually hope people will get the vaccine,” Cottrill added.

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