The Truth About COVID and The Impact On Life Insurance
Written by Daniel Ray, Life Insurance Expert |
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Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
If you are in search of COVID and the impact on life insurance, you’ve come to the right place!
Do you know what will happen if you get a COVID vaccine? And how it can affect your life insurance plan? We’re here to tell you that this little-known vaccination could be affecting your rates and coverage.
Ready to find out more about the COVID vaccine and its impact on life insurance policies? You are in the right place.
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- Will Covid-19 Vaccination Disqualify Your Life Insurance Policy?
- Will Life Insurance Cover COVID Vaccine?
- Life Insurance and COVID Vaccine
- Applying For Life Insurance and What To Expect In The Coronavirus Era
- Other Factors That May Impact Your Application Being Approved
- Preventative Steps That Can Be Taken During The Coronavirus Pandemic
- FAQs
Will Covid-19 Vaccination Disqualify Your Life Insurance Policy?
The American Council of Life Insurers recently confirmed that the COVID-19 vaccine will not affect your life insurance. If you have an existing policy and receive a vaccination, it will remain intact even in the event of death from complications or any other cause. So, go ahead and get vaccinated!
Furthermore, if you’ve been denied life insurance due to the pandemic, reach out to us. We work with carriers specializing in various health impairments and can find the right match for you.
What about if you already received the COVID Vaccine
According to Swiss Re, one of the largest reinsurers and life insurance providers in Switzerland: You’re still eligible for coverage even if you recently received a COVID-19 vaccine. Getting vaccinated won’t impact your rates.
The life insurance company will not be concerned about your recent vaccination reaction, as it doesn’t affect their underwriting.
Hospitalization due to a rare adverse vaccine response, along with medication, could impact the medical review process. However, don’t let these risks deter you from applying for a check because they are highly unlikely in most cases.
Above all, PinnacleQuote is the best way to find affordable life insurance. We work with over 2 dozen of America’s top insurers so that you can get coverage quickly and efficiently no matter what your health impairment or pre-existing condition may be.
In fact, we are headquartered in Jacksonville, FL, and have clients in ALL 50 states.
What if You Haven’t Received The COVID-19 Vaccine
How does covid vaccine affect life insurance? Should I get vaccinated for COVID-19?
The answer…
The vaccination is not yet available in your state or area, but don’t worry because it doesn’t affect life insurance coverage.
If you have been waiting to apply for this vaccine until now and haven’t already applied when given the opportunity last year then do so immediately after reading this blog post! Life insurance can help protect yourself from financial ruin if anything were ever to happen during a pandemic like this one.
Will Life Insurance Cover COVID Vaccine?
How does coronavirus affect life insurance? The answer is that it depends.
For some, the virus may be a matter of survival, forcing them to rethink all aspects of their future in case something were to happen.
However, for those who haven’t experienced anything near death’s door yet, there isn’t much change other than concern for those more severely impacted by this condition and general discomfort.
The thought of losing your life to this virus is terrifying, but for over 200,000 families in America it has turned out not just a possibility. Let’s examine the impact on existing policies and how new ones may affect you or other family members going forward.
Life Insurance and COVID Vaccine
Pandemic insurance coverage is not an exception to the rule that life insurance policies cover you for any cause of death. If it’s within a year since purchase, they’ll likely pay out even if the death is related to a pandemic.
With few exceptions, life insurance policies will pay for any cause of death once the policy is in force. But what about coronavirus?
Good news: Many companies have honored existing coronavirus-related claims because this viral infection is not considered war or terrorism-related. Instead, it falls under a specific exception, which only applies if you die from a pandemic.
How will COVID affect life insurance companies?
Don’t be shy about how the coronavirus might impact your existing life insurance policies.
Get in touch with the company, or review everything you have going for yourself and make sure there are no exclusions that could apply if something were to happen due to an epidemic like this one gets worse – just don’t wait too long!
There are a few reasons why an insurance company might deny your claim. They could be denied for any of the following:
- The period of contestability is the best time to make a claim. If you die during this two year window, your loved ones will have access to all information about what caused death and can be eligible for compensation. In other words, if somebody has been denied based off their pre-existing condition they should appeal before it’s too late!
- Non-payment of premiums – what happens when you exceed the grace period for payment? Your policy will lapse! But even if this happens, there might be ways to get reinstated. You just need to know how; call us at 855-380-3300 ext4, or ask us at in**@pi***********.com today about our reinstatement process and requirements in order apply again without any problem whatsoever.
- Failing to disclose certain health conditions on an application can result in the denial of payments for insurance fraud.
For instance, if you smoke but claim to be a non-smoker on your forms and the company finds out that cigarettes played a role in your eventual death, they will deny the payout for policies bought with false information.
If your policy has been active for over two years, and you had a coronavirus detection before applying (via a blood test), the company should still pay death benefits, even if there was an interruption.
COVID Cases By Age In The US (as of 8/2021)
| Age | COVID Cases Per 100K People | Percentage of COVID Cases | Population |
|---|---|---|---|
| 0-9 | 4,363 | 5.1% | 12.3% |
| 10-19 | 9,249 | 11.5% | 13.0% |
| 20-29 | 14,110 | 19.0% | 13.9% |
| 30-39 | 12,988 | 16.6% | 13.2% |
| 40-49 | 12,146 | 14.8% | 12.5% |
| 50-59 | 10,895 | 14.2% | 13.2% |
| 60-69 | 8,784 | 9.9% | 11.4% |
| 70-79 | 8,039 | 5.3% | 6.7% |
| 80+ | 9,585 | 3.6% | 3.8% |
How Does Life Insurance and COVID Vaccine Affect When Your Applying
How does coronavirus affect the life insurance you’re applying for?
Maybe people are giving more thought to buying a policy now than they might have at any point in the past. The virus has turned out to be really dangerous.
In addition, this can make it seem like an appropriate time for them to give some serious consideration about coverage for the family to protect them if something were ever going to happen with Coronavirus!
If you’re still searching for a policy or uncertain about whether it’s worth the hassle, realize that there’s no better time to obtain coverage than now. The prices will be low and so will your rates once this pandemic blows over!
Does insurance cover vaccines?
Above all, the recent coronavirus crisis is having a significant impact on life insurance. From over 700,000 deaths in America alone to just under 5,000,000 worldwide; it’s no wonder that companies are taking these claims seriously and reviewing applications for new policies accordingly.
Applying For Life Insurance and What To Expect In The Coronavirus Era
Getting approved for life insurance is easier than ever if you’re under 60 and in good or excellent health without any signs of the virus.
The CDC has determined that people with coronavirus risk factors may encounter increased difficulty when applying for coverage, as insurers consider their condition to be high-risk.
- Obesity
- Asthma/COPD/Sarcidosis
- Chronic Kidney Disease CKD
- Diabetes
- Compromised Immune System
- Liver Disease
- Heart Disease
- Over Age 65
- Seniors in Nursing homes/LTC Facilities
If you’ve got any of these risk factors, it pays to work with an insurance company that specializes in your condition.
Other Factors That May Impact Your Application Being Approved
The insurance companies are tightening their restrictions for people with certain health conditions.
For instance, if you’re over 65 years old and have a significant condition like asthma or diabetes that requires regular care, expect fewer available policies because these ailments can be contagious.
Traveling to a foreign country is exciting, but if you’ve recently returned from a CDC high-risk country or plan future trips there, there may be changes.
To process new applications during this time without risking exposure, your insurance company will likely require proof of a brief quarantine stay. Make sure everything checks out!
Preventative Steps That Can Be Taken During The Coronavirus Pandemic
The coronavirus has been a big problem for many people, but it’s not all bad news. The virus can even have some positive outcomes if we take action and overcome our fears!
I recommend these five things:
- Paying Your Premiums Should Be a PRIORITY
Don’t make the mistake of canceling or reducing your life insurance coverage when times get tough. It can be a major issue in pandemic periods because, as with any other type of insurance, maintaining it should be a top priority for you!
- Make Your Health a Priority
Follow the CDC coronavirus guidelines on how to protect yourself. Since there is a connection between poor health and this virus, commit to an improved lifestyle of yours: maintain a proper diet; get regular exercise
- Call US For The Lowest Cost Life Insurance
Now is a great time to buy life insurance. You never know when you might need it, so why not get the least expensive policy possible?
Choosing a low-cost provider means you can get higher coverage than what most people typically secure on their own. It’s your best option for peace of mind in an uncertain world. - Don’t Put Off Buying Life Insurance If You Think You Need It
Don’t wait until it’s too late to buy life insurance. The consequences of not having this vital protection can be severe, and the virus is only adding another layer of complexity to your already stressful situation! Start by comparing the top insurance companies for coverage today. Being prepared now will ensure you’re ready when tough times come around again, as they inevitably do.
- No Exam Life Insurance May Fit Your Fancy
One of the best ways to get life insurance quickly is by not having a medical exam. If you’re virus-free and simply want coverage, consider the no-medical-exam option to quickly initiate coverage with minimal hassle.
FAQs
Generally, COVID-19 has not significantly changed eligibility for life insurance. However, applicants who have recently had COVID-19 may experience a temporary delay in obtaining coverage until they have fully recovered.
Yes, standard life insurance policies typically cover deaths due to COVID-19, as they would with other illnesses, provided the policy was in effect before the illness.
Some COVID-19 survivors, especially those who experienced severe symptoms or long-term complications, might face additional scrutiny or temporary delays when applying for life insurance.
Many insurers have adapted to more digital processes for applications and medical examinations, reducing the need for face-to-face interactions.
Insurers may require a waiting period after recovery from COVID-19 before issuing a policy, especially in cases of severe illness or hospitalization.
Receiving a COVID-19 vaccine generally does not negatively impact life insurance applications. In fact, it’s often viewed as a positive health decision.
Yes, life insurance policies typically cover pandemics. They typically do not have pandemic exclusions, and therefore, COVID-19 related deaths are covered.
Many insurers reported an increase in applications since the onset of the pandemic, as more people became concerned about financial security and health risks.
Yes, applicants should disclose if they have had COVID-19, as with any other significant health event, to ensure accurate assessment and coverage.
The claim processes remain largely unchanged, although some insurers have streamlined their procedures to handle increased claims and to accommodate pandemic-related challenges.
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Conclusion
The end of life is a scary thing to think about. But with COVID, you can make it less frightening by considering the impact on your loved ones and finances in advance.
If you’re looking for an affordable plan that will provide coverage when the time comes, we have a wide variety of life insurance quotes available online or over the phone at any time!
Call us today so we can help ensure that your family will be cared for after you’re gone. Do not wait until tomorrow- start planning now to give yourself peace of mind and enjoy life.
