Does Life Insurance Cover Coronavirus?
The coronavirus pandemic has sent the world into disarray and brought uncertainty into many people's lives. Understandably, you'll have many questions regarding your existing policy or if you are looking to take out a new one. In this guide, we aim to give you all the information you need to put your mind at rest.
Coronavirus and existing policies
With coronavirus being an emerging health risk, you may be wondering if it’s going to be covered on your existing policy. As with all the information on this page, the exact policies will depend on the individual insurance providers but there are some rules that you can be almost certain of.
One of those certain policies is that you are going to be covered by any death due to coronavirus. There is no reason why your existing policy isn’t going to cover a virus, even if it has only emerged recently. If you have an existing policy then you can relax about your coverage.
That being said, the usual stipulations apply in regards to being truthful on your application. If you have lied about your risk of contracting coronavirus or any pre-existing conditions then this could invalidate your policy. This is not isolated to coronavirus and applies to any health issue.
If you have any doubts then it’s best to contact your insurer directly but as a rule, coronavirus will be covered on your life insurance.
Coronavirus and new policies
The story with coronavirus and new policies is going to be a little different but almost all insurers are going to cover for it. While it has unfortunately killed many people across the globe, the risk of any individual dying from it is still very low. Due to that, it's going to have a minimal impact on whether or not you can get a policy and whether it will be included within it.
That being said, it is likely that you'll be asked questions specifically related to coronavirus on your application. The range of these questions will differ from one provider to the next but they will be related to your history with the virus.
You’ll most likely be asked if you are currently suffering from any symptoms, whether or not you have had the virus, if you've been in contact with someone who has had the virus, if you have been asked to self-isolate and also if you are regarded as high-risk.
If you answer negatively to these questions, it doesn’t mean that you’re going to be denied life insurance. Instead, it may simply mean that you have slightly higher premiums or your application is postponed until symptoms clear. Again, it always pays to tell the truth as you never want to run the risk of your claim being invalidated.
Should I get COVID 19 insurance?
It’s a scary time for many people at the moment and it makes sense that you’d be thinking about what you’d leave behind should you pass away. The reality is that you never know what life could through at you and getting COVID insurance is a good idea not just for coronavirus, but any other illness that can happen.
Instead of thinking about COVID 19 insurance, it’s best to just think of the merits of regular life insurance. While it’s always worth double-checking, all reputable companies are going to include coronavirus insurance within their standard policy.
Therefore, you get life insurance for Corona and everything else. While the individual risk from coronavirus is quite low, getting general life insurance is usually a sensible decision.
Life insurance coronavirus FAQs
What if you’re struggling to pay an existing policy due to coronavirus?
Not only has coronavirus only caused health issues but it has caused huge financial concerns. Whether it is redundancy, furlough or loss of work, it has been a challenge. With existing policies, many are offering a payment holiday or a deferral of payment for anyone struggling.
Is coronavirus regarded as a critical illness?
Coronavirus is very unlikely to be regarded as a critical illness and won’t be on the list of critical illnesses covered by your insurer. That being said, if you become disabled or another illness is triggered by coronavirus, then you would be covered for that as long as it’s written into your policy.
Am I definitely covered for coronavirus?
If you’re worried, it’s always best to contact your insurer directly to get the clarity you need. Your policy will have specific terms and conditions but there is nothing to suggest that you won't be covered as long as you have completed the application truthfully.
How has coronavirus changed applications?
As mentioned earlier, you'll likely be asked more questions that are specifically tailored to life insurance for COVID 19. Aside from that, your insurer will work with you if it needs more detail with the challenges of the current climate taken into account such as with obtaining medicals. It can be a little more difficult at the moment but it’s worth it to get the cover you need.
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