Life Insurance and Corona Virus
Does Life Insurance Cover Deaths Due To Corona Virus?
When thinking about life insurance and Corona virus many of us are on unfamiliar ground. In reality, for many of us, a pandemic is something we have little to no real personal experience with. Because we have only heard about such things through stories by our parents or grandparents. But the reality is that outbreaks have happened before, and we will get through this one just like we have the prior ones. But how does it affect something like life insurance? For example, if I were to die from COVID 19 will my life insurance, or my parent’s life insurance pay out?
| PRIOR HEALTH OUTBREAKS | |
|---|---|
| Smallpox | 1600’s |
| Yellow Fever | 1700’s |
| Cholera | 1800’s |
| Scarlet Fever | 1800’s |
| Typhoid Mary | 1900’s |
| H1N1 Flu (Spanish Flu) | 1900’s |
| Diphtheria | 1900’s |
| Polio | 1900’s |
| H2N2 Flu | 1900’s |
| 2nd Measles Outbreak | 1900’s |
| Milwaukee Contaminated Water | 1900’s |
| H1N1 Flu | 2000’s |
| Whooping Cough | 2000’s |
| HIV and AIDS | 2000’s |
| COVID 19 | 2000’s |
Your Life Insurance Should Cover You in the Event of Your Death by COVID 19
The good news is YES the life insurance you purchased prior to the Corona Virus pandemic should pay for deaths resulting now from COVID 19. You are covered as long as your policy isn’t an Accidental Death and Dismemberment type policy. Because sickness and illness are not normally covered by these types of policies.
You should also be aware that your insurer cannot change your premiums or your health classification due to COVID-19 exposure. That includes if you had a COVID-19 illness or if you are at a higher risk of exposure due to your job or travel.
Also be aware that social media reports of life insurance companies denying claims on a policy if the customer received a COVID-19 vaccination are FALSE. The American Council of Life Insurers has released the following statement: “Life insurers do not consider whether or not a policyholder has received a COVID vaccine when deciding whether to pay a claim” … “Nothing has changed in the claims-paying process as a result of COVID-19 vaccinations.”
Life insurance has been around since the early 1700’s. Although many changes have occurred, the core purpose and benefits of life insurance have remained intact and they will continue to provide benefits when they are need most. Read more about when you need Life Insurance the most in my article about the Life Insurance Roadmap.
If you have questions about how COVID may have affected your life insurance please don’t hesitate to call Chris Wilson at (619) 980-7263. He can review your coverage and recommend the best course of action to protect your family.
