I had several concerned people contact me and ask three common questions about COVID and Life Insurance. I answered their questions. However I thought I’d create another blog post to address these three common myths regarding life insurance and COVID-19.
Myth 1: Insurers won’t pay out if you’ve had a COVID-19 vaccine
Answer: False
The COVID-19 vaccine does not impact an insurer’s decision to pay out claims, as confirmed by the American Council of Life Insurers in March 2021. In addition, the vaccine is typically not used to determine your eligibility for coverage. In fact, it may open up coverage for those with underlying health conditions, as the vaccine reduces the risk of dying from COVID-19.1
Concerns over whether life insurance covers deaths from COVID-19 are also largely unfounded. In most cases, life insurance policies cover infectious diseases, such as COVID-19.1
Myth 2: My existing life insurance won't cover me, if I got COVID-19 and passed away.
Answer: False
As long as you have an active life insurance policy in good standing when you got COVID-19, your beneficiaries will get a death benefit should you die of COVID-19 related complications.2
Myth 3: If I don’t already have life insurance, I won’t be able to purchase it during the COVID-19 pandemic?
Answer: False as of this writing.
Life insurance companies continue to offer new life insurance policies for those who would otherwise qualify without the pandemic happening. However, getting covered could take longer, particularly if you are in a high-risk group, have recently traveled to a hot zone or had COVID-19 yourself.2
1. Source: NerdWallet Article by Georgia Rose, Entitled: "The 6 Biggest Life Insurance Myths About COVID, Cost and Coverage” https://www.nerdwallet.com/article/insurance/the-6-biggest-myths-about-life-insurance
2. Source: ARP Answers: Your Insurance Coverage and the Coronavirus by Andy Markowitz
https://www.aarp.org/money/budgeting-saving/info-2020/insurance-policies-during-coronavirus-faq.html
See more COVID-19 related life insurance blog posts, by clicking the web links below:
Life Insurance During COVID-19 Pandemic
Life Insurance For Younger Buyers Have Jumped Due To COVID-19
Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334.