Everything You Need to Know About Life Insurance Coverage and Coronavirus Pandemic

  • Are you eligible to get an insurance policy after being infected with the virus?
  • The death benefit is the sum assured at the time of the purchase of the policy.
  • If your application is in process and you already have Coronavirus infection, then the insurer might hold or even reject your policy application.

COVID-19 or coronavirus has affected almost every corner of the world, infecting and causing the death of innumerable people. Governments, health establishments and various industries across the globe are working day and night to safeguard their people from its effect. Here insurance companies have a significant role to play, as people invest in insurances to secure themselves and during a crisis like this, people seek their support.

In the present scenario, the main question arises whether your life insurance policy covers COVID-19 or not, as it’s an unprecedented situation that has come up. Also, are you eligible to get an insurance policy after being infected with the virus? Read through to know more.

If you already have a term insurance policy.

In such cases, if the policyholder passes away due to coronavirus, the nominee of the policy is eligible to get coverage amount as the death benefit.  The nominee or the beneficiary must be aware that the death caused by health issues usually gets covered under term insurance, as well as other life insurance policies.

The death benefit is the sum assured at the time of the purchase of the policy. It is payable by the insurance company to the nominee after the demise of the policyholder. The sum assured is mentioned in the policy document which the nominees can check.

If buying a policy now, will it cover coronavirus?

If you are in the process of buying a term life insurance or any life insurance, then you must remember that insurers consider your health and medical condition while determining the policy premium. So, if your application is in process and you already have coronavirus infection, then the insurer might hold or even reject your policy application. However, if you are not infected with the virus at the time of buying the policy but afterwards you get infected, then the death benefit amount is payable to the nominees. Always remember to disclose all your details correctly to avoid rejection of insurance claim. Also, do carefully go through all the exclusions in the policy to be aware of the situations wherein you will not be covered.

In a nutshell, any form of life insurance offers financial security for your family in your absence. A global crisis like COVID-19 outbreak can happen anytime and might make the application process of life insurance a bit more complicated. However, if you have an active policy, then you don’t need to worry! Even if something happens to you in the present scenario, your family is entitled to get the insurance death benefit as most of the life insurance cover pandemics like COVID-19. You just need to invest in a life insurance policy first. Then you should clearly mention everything about your health at the time of buying life insurance and rest is taken care of by the insurer.

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BimaKaro

BimaKaro.in is the brand name for the retail insurance division of DJT Insurance Brokers Pvt. Ltd., which is an independent, privately owned insurance broking company in India. DJT Insurance Brokers provides life and general insurance solutions to both individuals and corporate clients.


https://bimakaro.in/

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