Given the unpredictability of the pandemic, you and your loved ones may be inclined to re-evaluate your insurance needs. According to MIB, life insurance activity increased due to the COVID-19 pandemic at a record rate.
Insurance companies are continually adjusting to the changing market conditions, and experts are still debating the pandemic’s long-term repercussions. There is little reason to believe that the death toll from COVID-19 will significantly raise life insurance prices, though you should still educate yourself on how the pandemic can affect life insurance premiums.
Can I still purchase life insurance coverage if I get COVID-19?
You can still get life insurance even if you’ve been diagnosed with COVID-19, though the cost may change depending on how severe your symptoms end up being. Due to the extra consideration needed to evaluate your application based on your pre-existing ailments, your insurance company may even delay your coverage.
You shouldn’t have any trouble getting life insurance even if you’ve been diagnosed with COVID-19, provided it doesn’t have any long-term repercussions. It’s important to tell the truth during the medical exam for life insurance because any deception on your part could be considered life insurance fraud and result in the cancellation of your policy.
Note: Don’t believe everything you read about life insurance and the COVID-19 vaccine online. Life insurance policies and claim payments are not affected by the vaccination.
Can the vaccine positively impact the need for life insurance?
The vaccine will not influence your life insurance premiums or coverage in any way. According to some experts, the potential for premium cost hikes due to COVID-19 may even be mitigated.
By August 2021, COVID-19 had already become the third largest cause of mortality in the United States. When deciding how much to charge for a life insurance policy, companies generally consider the applicant’s age, gender, and state of health.
The vaccination improves your immunity and ultimately makes you a less risky insurance candidate, which means lower premiums. For instance, if you develop a severe infection after getting vaccinated, you will not become as sick as you otherwise would have. You also lower your risk of developing long-term symptoms, including anxiety, depression, chronic lung damage, and heart problems.
Making a life insurance claim during the pandemic
As the COVID-19 pandemic has spread, no-medical-exam policies have gained popularity. They are inexpensive while being totally contactless and, in some cases, even less expensive than alternative policies. Temporary coverage, which would pay out if you pass away before your permanent policy goes into effect, is commonly available to applicants to ensure they are protected during the application process.
Assuming nothing changes drastically, the pandemic will affect the people applying for coverage rather than those already insured. The following criteria may also affect your life insurance application, though this will vary from company to company. A licensed insurance agent will help you narrow down your options and select the plan that best suits your needs.
Vaccination record
Franklin Life and Annuity represents numerous insurance providers, most of which don’t inquire if you’ve had the COVID-19 vaccine or any other vaccination. Your vaccination status will therefore have no bearing on your insurance coverage or rates.
Limits on travel
If you are planning to travel overseas, you might have to postpone your application process till after you return. However, if you have pre-existing coverage and die of COVID-19, your beneficiary will still receive payment.
If you’ve been out of the country within a certain timeframe or are planning a trip overseas, several insurance companies may delay their decision on your application. Your application may also be delayed if you or a member of your household has just returned from a trip outside the US.
Age and health factors
Certain life insurance providers have changed their eligibility requirements, including raising the age limit for applicants and limiting the severity of pre-existing conditions that can be covered. One way to guarantee coverage is to consult an independent life insurance agency, such as Franklin Life and Annuity. We can help you compare policies and choose an insurer that will accept your unique situation.
Get in touch with us today to start discussing your needs, and we’ll find a personalized solution that will offer comprehensive coverage at an affordable rate. We work with some of the most reliable life insurance companies in Houston, TX, so you can rest assured that you and your loved ones are always protected, whether you’re looking for life insurance or final expense insurance coverage.