Estate Planning during Covid 19

March 2020 – As a result of this pandemic, many people are updating their wills, powers of attorney and representation agreements, and if worried whether their family might be vulnerable if something should happen to them, they are also buying life insurance. For those self isolating and social distancing, life insurance companies are becoming more flexible by offering more digital channels, relaxing some medical underwriting requirements and coverage extensions. Depending on your age and the amount of insurance you apply for, medical testing might be waived in favor of doctor’s reports or medical records. For those with past medical issues, life insurance may still be offered with exclusions or other measures. Some insurance is also available without any medical evidence of insurability. Most insurance companies now have technology such as e-applications and e-signatures to conduct non face to face business. Some insurers are also offering extended grace periods allowing for a 90 day payment delay, rather than the usual 30 day delay. Missed payments are only deferred, and must be paid once people get back to work. If your policy lapses, you may not be able to re-qualify for new insurance, and any replacement coverage won’t be on the same terms.