Does Life Insurance Cover Coronavirus?

If you are purchasing life insurance, a global health crisis like COVID-19 can have some consequences in your policy. The good news is if you already purchased life insurance, your family will be paid the death benefit in the event you pass away due to the pandemic. Life insurance offers great financial protection when your family needs it most.    

You may consider purchasing a policy and stay updated on how news of an outbreak might shape your current policy. A global health crisis like the widespread of COVID-19 outbreak that started back in 2019, could make applying for life insurance more complicated.

If you have an active policy in place, your family should receive the death benefits if you were to die due to a pandemic illness, even if you knowingly traveled to infected areas. Life insurance essentially covers pandemics, if you were truthful about your exposure to illness and travel plans throughout the application process.

So, what exactly is a pandemic? It’s a newly introduced disease that spreads globally. An epidemic, on the other hand, is when the illness is constrained to one specific region.  Some pandemics of the past such as the 1918 Spanish flu, have been deadly. Thanks to modern medicine and the right intervention in place, there are many tools available for either tracking or preventing pandemics. Regardless of the outcome, it’s good you have a financial plan set up such as life insurance.

Since your health and medical history are deciding factors in what type of policy premiums you will pay, it’s realistic to assume that a global health crisis will impact your policy, especially if you are currently in the application process or about to start it. Since the risk of mortality has increased, there is a chance insurance companies may hold on insuring you or you may have to pay higher premiums.

If you already have life insurance, you are good to go. Your beneficiaries will receive the policy’s death benefit if you were to die – that is when you have been paying your premiums. Keep in mind, if you were to contract the coronavirus and it impacts your overall health before you applied for life insurance, you may end up with a costlier life insurance policy. Request a life insurance quote here.

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