Depending on the type of policy that you have, it may be possible to have the policy pay for itself for a period of time. If you have a policy that builds cash value, it is often possible to use the cash value within the policy to pay premiums. This will keep the death benefit level and save money out of pocket. It should be noted that this is usually not a permanent solution as eventually the cash value would be exhausted. Once this happens, the policy would lapse.
As of this writing, most life insurance companies are continuing to take new applications. Many have included a “Statement of Good Health” at the time of issue, which is a form simply saying that your health hasn’t changed from the day that the application was done. Most insurers also ask about recent travel history and upcoming travel plans. This isn’t new to our situation now. Travel questions have been on life insurance applications for years. If someone has traveled to an area of the world that was heavily affected by the virus, there may be a waiting period before the company considers making an offer to the client.