Life Insurance Companies Impose Waiting Periods Due to Coronavirus Risk


If you are thinking about buying life insurance, you may have to wait a little while longer. Insurance companies are starting to impose waiting periods if you've traveled to countries with widespread coronavirus outbreaks.

Life insurers are worried about insuring Americans who have traveled to countries the Centers for Disease Control calls the worst for potentially catching coronavirus, which includes China, Iran and Italy. Laura Adams, a personal finance expert, says she's not surprised some companies are imposing a 30-day wait on potential life insurance buyers.

“Life insurance is very different. It can turn you down based on things like your health status, whether you smoke,” Adams explained. “Even things like where you traveled, your plans for travel.”

Adams says insurance companies are trying to risk less in wake of the pandemic.

“I think it’s more of a wait and see approach. So I would think about it in terms of a pause rather than the inability to get life insurance,” Adams added.

If you are looking to buy life insurance, she says either wait or make sure you shop around.

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